Comment

The Italian structured products market has always been a pleasure to follow - from a journalist's perspective at least. Innovation is usually in abundance, the sheer number of products on offer is a researcher's delight and structured products professionals in the country are among the most dedicated - and opinionated - in the world.

Not everything is rosy, however. Italy is experiencing a downturn in the sales of structured notes, in no small part due to regulatory strife. As we report on page S8, Consob and the Bank of Italy are yet to fully agree what powers they have. Such confusion has an impact on the industry, so if you have a story to tell about your experiences with regulation, please do get in touch.

On a brighter note, competition is alive and well. This can perhaps best be seen in relation to private banking (see our report on page S2).

Finally, I'd like to say that I have thoroughly enjoyed putting together this report for our inaugural Italian conference, and I look forward to meeting as many of you as possible during the course of the event.