The European watchdog’s study also showed that despite the cost reduction for some payoff types, others were getting more expensive across manufacturers.

Some large issuers of structured products marketed cheaper products in 2023, according to Natasha Cazenave ( pictured ), executive director at the European Securities and Markets Authority (Esma). Cost still vary significantly by payoff type and by country -  Natasha Cazenave ‘We observed that a few large issuers reduced costs for some payoff types including autocall, reverse convertible and barrier reverse convertible,’ said Cazenave, who was speaking during the presentatio