Banks warn of structured product barriers
The implementation of International Financial Reporting Standards (IFRS) last January could make it more difficult for dealers to enter the structured products business, following new rules preventing firms recognising profits on some structured product trades from day one.
Under previous accounting rules, any profit on a structured products trade could be booked on the day it was transacted, known as day one profit and loss (P&L). But under the IFRS system, and in particular International
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