Italy’s new structured products landscape
The collapse of Lehman Brothers, a bank that had produced massive amounts of index-linked products for the Italian insurance sector, left retail investors weary of structured investments and led to a big regulatory shake-up. What role can structured product issuers play in Italy today? By John Ferry
Never mind recovery, the talk among Italy’s structured product issuers after Lehman Brothers collapsed was whether the sector would survive at all. Regulators, already harbouring a reputation for toughness, looked to clamp down hard on derivatives-based investments, while Italy’s conservative retail investors faced a massive counterparty risk wake-up call. And of course the reputation of bank-provided structured investments in general took a big credibility hit. If retail investors had not been
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