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.
Equity vol strategies get defensive
Floored short funding legs and long vega worked in latest US selloff, dealers claim
US banks shuffle structured product portfolios
Investments classified as available-for-sale drop $8.7 billion across six largest dealers
No fast buck for global banks moving into China
New entrants must not think majority stake in JV will pay immediate dividends
House of the year, Korea: Hana Financial Investment
Asia Risk Awards 2018
Societe Generale defers €1.35 billion of trade profits
French dealer holds back far more than rival dealers
StanChart culls debt, switches model, and market RWAs drop
Structured product RWAs now calculated using internal model, saving $1.1 billion
Korea autocall dealers brace for losses but no 2015 repeat
Traders dampen fears of hedging wipeout despite 20% drop in HSCEI underlying index
Trade war threatens Korea autocall losses
Dealers warn of $240 million in hedging losses if HSCEI index slides further
Rise of the cyborgs: tech remakes the front office
Dealers “have no choice” but to change, says UBS’s Orcel – and plenty of changes are coming
BNPP beats SG on equity trading
Equity and prime services revenues surge 19.3% at BNPP
Prudential Financial braces for higher lapse risk
Net redemptions hit $1.2 billion at US insurance giant
South Korea prepares for EU benchmark equivalence
New regulatory framework aims to allow European firms to continue using local benchmarks
Nervy Korean autocall investors lean on lizards
After volatility surge, buyers give up coupons for better chance of early redemption
European supervisors may step in over Priips confusion
Differences in how issuers disclose product costs harming comparability, observers say
Nikkei sell-off puts Japanese autocall dealers on alert
Risk recycling may backfire if index slump continues
How Asia’s structured products dodged equities sell-off
Dealers deserve praise for improved structures, greater diversification and better risk transfer
Market mayhem hurts relative-value vol trades
Losses estimated at close to $500 million as US index volatility spikes
Structured products house of the year: UBS
Risk Awards 2018: Swiss bank connects clients with cheap execution and innovative investment products – even when offered by rivals
Digitally adapting to regulatory change
Winners' Circle Q&A: Structured Products Europe Awards 2017 | BNP Paribas
Traders blame short gamma positions for Nikkei vol jump
Uridashis, macro positioning and ETFs behind record 23% rise in volatility on November 9
PKA’s CIO on risk transfer and factor investing
Risk30: Low volatility aids and hinders Danish fund
Banks tout new structures amid Korean autocall resurgence
Modified structured products still popular as banks learn lessons of China crash
The future of risk in 10 interviews: volatility, liquidity and tech
Fed’s Powell, JP Morgan CRO, Bridgewater co-CEO all feature in upcoming profiles
UBS’s Athanasopoulos on volatility, Mifid and hedging by machine
Risk30 profile: Athanasopoulos sees opportunities to cut hedging costs