From France’s rate-linked products to Hong Kong’s listed structured products market, here’s the latest going on in the structured products industry brought by SRP’s news.

The French Financial Markets Association (Association Française Des Marchés Financiers, or known as Amafi) is urging the European Commission to ‘address several pressing issues’ relating to structured products as part of the revision of the Sustainable Finance Disclosure Regulation (SFDR).

The current exclusion of structured products from the scope of the rules is a regulatory gap that needs to be addressed, according to Ambra Moschini, sustainable finance manager, Amafi. She said, “some of these products are designed and marketed accordingly and are being sold against a backdrop of continuous growth across Europe.”

France remains the dominant market for interest rate products

In Europe ex-Switzerland, we shed light on sales volumes for interest-rate linked products across Europe ex-Switzerland over the past five quarters – sales of interest rate-linked products across European markets increased from US$6.1 billion to US$15.2 billion – peaking at 33% market share in early 2024 before stabilising near 23% in Q1 2025 .

France remains the dominant market for interest rate products. As of mid-May 2025, the French market accounted for 57% of this segment of the offer, down slightly from 61% in 2024.

Zooming into Switzerland specifically, figures from the Swiss Structured Products Association (SSPA) showed that structured products achieved a turnover of CHF61 billion (US$73.6 billion) in the first quarter of 2025, up by 20% compared to the previous quarter and around 25% on a yearly basis. During the three months ended March, reverse convertibles generated the highest turnover (CHF16 billion).

Also in Switzerland, crypto asset manager 3iQ tapped Geneva-based Criptonite Asset Management to issue an actively managed certificate (AMC).

In The Netherlands, Wilgenhaege’s Double Dutch 21% has redeemed early after three-years, paying 82.20% interest – the equivalent of a net return of 77.54%.

On the other side of the pond, the US Financial Industry Regulatory Authority (Finra) has fined AAG Capital US$100,000 and ordered the firm to pay restitution of US$38,591 for exchanging retail customers’ insurance policies, FIAs and variable annuities for more costly registered index linked annuity (Rila) products. The exchanges violated the SEC’s Regulation Best Interest (Reg BI).

On the arrivals and departures section, Robert Turnbull, managing director, head of retail equity structuring, cross-asset solutions at BMO Capital Markets has exited along with two structurers due to internal changes, SRP has learned.

Turnbull’s mandate has been passed to Michael Rosen, managing director, global head of equities structuring who is also based in Toronto. Rosen has worked for BMO Capital Markets since 2007 with an institutional structuring background.

In Hong Kong’s listed structured products market, Goldman Sachs has stopped listing new products on the Hong Kong Exchanges and Clearing (HKEX) after 20 years.

The US banking giant still has six live derivative warrants (DWs) outstanding with a longer tenor, four of which meet the active quote criteria, the exchange’s data showed.

Meanwhile, Korea Investment & Securities (KIS) stopped bringing new products to market as well, and so did the Bank of East Asia.

Starting from 28 May, Société Générale has added USD-denominated US stock-linked DWs to its product shelves in the city as the French issuer looks to attract US dollar portfolio holders seeking to trade USD-denominated leveraged products in the Asian time zone. The latest launch follows the launch of its first US single stock warrants targeted at the city’s retail investors a year ago.

South Korean securities houses’ first quarter earnings season turned mixed, with Korea Investment & Securities, Samsung Securities and Mirae Asset Securities recording higher sales of equity-linked securities (ELS) in the first quarter of the year, while Hana Securities’ sales dropped. Shinhan’s ELS sales turn tepid.

Image: Adobe Stock.

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