Structured products
WHAT IS THIS? Structured products are investments that have multiple components. For retail investors, the most common form is a bond plus an option – these tend to be standardised, sold in small tickets and large volumes. Managing the risks of large structured products portfolios is one of the biggest challenges dealers face.
Don’t use structured products to bet on politics, say issuers
Structured Products Europe: Panellists speak of Brexit hedges backfiring and Trump win confounding expectations
Structured product innovation under threat, say distributors
Structured Products Europe: Regulatory burdens holding back new structures
Final Priips rules tipped for April 2017
Banks may push ahead with publishing key information documents before compliance date
Dealers split over competing repack standardisation efforts
Rival initiatives aim to standardise documentation for repackaged bond investors
Auditors: the extra line of defence
If CDS skew spikes, some banks may be thankful for conservative accountants
Non-cleared margin rules confuse Asian private banks
Exotic OTC products for Asian high-net-worth investors could be under threat
Industry applauds 12-month Priips delay
Firms say Mifid alignment will minimise legal risks of key information documents
Trump victory: market whipsaw could spell exotics losses
Seesawing markets prompt speculation of big losses for structured product issuers
Skewed views: banks, auditors split on CDS index trades
Views on risks and accounting treatment of arbitrage repack differ across the Street
Buy side turns to credit skew notes for yield pick-up
Revival of credit derivatives arbitrage strategy targeted at insurers and private banks
Priips delay unlikely even as pressure mounts
EC said to maintain the stance that firms can issue information documents without RTS
Bank prop indexes threatened by US tax changes
IRS’s Section 871(m) rule places burdensome requirements on non-qualified indexes sold to non-US persons
Negative Euribor erodes securitisation profits
Implicit floors in notes leave originators facing cost of negative rates on hundreds of tranches
Priips in disarray as nightmare scenario looms for issuers
MEPs send structured products rules back to drawing board as Eiopa chief calls for delay
German industry gears up to oppose CLN ban
German Derivatives Association argues ban is unlawful
MEPs' revolt threatens structured products reforms
Search for 'quick fix' under way before plenary vote on Priips regulation later this month
Hong Kong house of the year: BNP Paribas
Renewed focus on investor education and warrants innovation powers bank to crown
Interest rates house of the year: Societe Generale Corporate and Investment Banking
Multi-asset capabilities and risk recycling allow the bank to bring hit solutions to the market
Asia house of the year: BNP Paribas
Bank reaps rewards of doubling down on Asia as rivals retrench
Commodities house of the year: Societe Generale Corporate and Investment Banking
French bank focuses on client solutions as rivals pull back
Australia house of the year: UBS
Consistency and deep local roots makes Swiss bank go-to house for Aussie supers
Japan house of the year: Societe Generale Corporate and Investment Banking
Innovative reinsurance products helped solve insurers’ fixed indexed annuity hedging needs
Technology vendor of the year: Thomson Reuters
Demand for off-the-shelf pricing from regional and local banks plays to vendor’s strategy
Multi-issuer platform of the year: Contineo
Firm builds platform for strong growth amid tough environment