Changes at the top at Leonteq, plus the latest product news and market reviews from SRP’s news desk.

Leonteq announced a reshuffle of its management team as the bank seeks to streamline its platform after posting ‘disappointing’ earnings results for 2024.

Lorenzo Leccesi, head of sales Europe and deputy head of investment solutions at Leonteq, will succeed Alessandro Ricci, who is leaving the company, as the company’s new investment solutions head based in Milan.

The Swiss issuer has also cut down the number of executive committee members to five from seven, comprising Christian Spieler (CEO), Hans Widler (CFO), Reto Quadroni (CRO), Manish Patnaik (COO), and Jasmin Koelbl-Vogtn (General Counsel).

Leccesi will become part of an extended senior management team alongside two co-heads of markets while Leonteq is preparing to announce a new chief risk officer (CRO) due to Quadroni’s upcoming retirement.

The German association for structured securities has started publishing risk indicators for the entire structured securities market 

Euronext has hired Liz Wright as head of index sales, a newly created role at the bourse operator which manages regulated stock exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal.

In the meantime, STOXX has introduced the STOXX Europe Total Market Defense Capped index, which tracks armament producers at a time of heightened geopolitical tension and a historic upgrade of the continent’s military capabilities.  

The German association for structured securities (Bundesverband für Strukturierte Wertpapiere or BSW) has started publishing risk indicators for the entire structured securities market in its quarterly market volume statistics, as well as detailed information for all product categories.

In Czech Republic, volumes dropped by almost 90% YoY while FX-linked products became the go-to investment for the local investors, our Czech Republic Market Review, Q1 2025 shows.

Frankfurt-based BITA Indexes is expecting to see its first mandate in the structured notes market in Europe by the third quarter as its conversations with the sell-side deepen and branch out from the delta-1 business.

The index provider has been targeting structuring desks as its increasing focus on the sell-side begins to pay off with three signed investment banks.

In a follow-up of the SRP Europe 2025 Awards, Bloomberg – the recipient of this year’s Best RegTech Provider’ and ‘Best Pricing and Risk Analytics Provider’ accolades – has seen rising demand for quantitative investment strategies (QIS) globally as investors started a broader search for differentiated payoffs and customised themes in the structured products space, according to Chase van der Rhoer, head of structured products & derivatives.

In Asia Pacific, Christopher Chan has joined Citigroup as head of markets solutions for financial institutions for Asia South and Asia North based in Singapore. Chan joined from Goldman Sachs where he spent over 10 years as head of FICC and equity distribution for Southeast Asia and as board member of Goldman Sachs Singapore.

Australian Securities and Investments Commission (Asic) has imposed additional conditions on Macquarie Bank’s financial services licence after finding compliance failures in futures dealing business and over-the-counter (OTC) derivatives trade reporting.

Bank of Singapore has observed clients take risk-off strategies aimed at uncertainty surrounding trade disputes with dispersion trades gaining traction, said Vivienne Chia, global head of investment solutions group.

The private banking arm of Oversea-Chinese Banking Corporation (OCBC), logged a 40% year-on-year (YoY) rise in structured products volume in Q1 2025, boosted by equity-linked structures such as accumulators and fixed coupon notes (FCNs).

HSBC has posted a profit before tax of US$9.5 billion for Q1 2025 – down 25% YoY, with the decline primarily driven by the net impact of business disposals in Canada and Argentina a year ago.

In South Korea, sales of derivative-linked securities (DLS) and derivative-linked bonds (DLBs) increased to KRW5.9 trillion (US$4.2 billion) in the first quarter, up almost 19% from the prior-year period, according to the latest figures released by the Korea Securities Depository (KSD).

In this week’s Spotlight series, we looked at some of the registered structured notes issued by Nomura in the US. SRP logs 45 issuances with combined notional of US$180m by Nomura America Finance LLC since May 2024 when the bank returned to equity-linked shelf offerings after an 18-month hiatus as the sole Asian paper.

Last but not least, SRP and LPA have launched a global sentiment survey to capture the pulse of the industry from both buy-side and sell-side professionals.

The survey takes just five minutes to complete, and each participant will be emailed a complimentary copy of the report - complete with peer-benchmarking by region, sector and role.

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