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Best in Japan - HSBC

HSBC entered the Japanese structured products business as recently as 2008, but its range of top-drawer products has succeeded in capturing a significant chunk of the market despite the financial crisis and the damage caused by some banks mis-selling Lehman Brothers-linked plans.

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Spotting a niche, HSBC used its prowess in currency trading to produce two notes that soldwell - the Dual Currency and Triple CurrencyDeposits - while its competitors werecaught up dealing with the fallout from theLehman collapse.

"We had an effective strategy, which was clearly focused on foreign exchange trades," says Gifford Nakajima, senior vice-president and head of product development at

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