Annual gross sales and assets invested in retail structured products in Germany (€bn)
The structured retail product market in Germany has evolved in a different way from the majority of other European markets. Unlike other markets, where products are typically sold as either bank deposits, bonds (MTNs), funds or life assurance, the German market has evolved out of the listed warrants market so that the favoured wrappers are certificates and notes, issued primarily by investment banks as well as by local retail banks. These are distributed mainly by the networks of the issuers or other local retail banks and especially via the local savings banks; the Sparkassen and Volksbanken/Raiffeisenbanken. In addition, a high percentage of certificates are actively traded on stock exchanges, mainly in Stuttgart and Frankfurt, and they are also available via online portals.