
VAR versus expected shortfall: why Priips has got it wrong
Hardwiring of older risk measure into Priips means risk ratings could mislead investors

David Stuff is co-founder and chief executive of Cube Investing, a distributor focused on structured investments; Arthur Noble is director of research at Cube Investing
Despite its troubled birth, there is much to admire about the aims of Europe's forthcoming regulatory overhaul of the retail structured products market. First and foremost, the Packaged retail and insurance-based investment products (Priips) regulation will, for the first time, put structured products on a level footing with
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