Another busy week for the SRP news desk as the summer progresses with Marex pushing into the US structured notes market, the launch of a new global structuring team at J.P. Morgan, regulatory updates in the US and Singapore, and new product launches across the board.

In the US, Marex Group has set up its shelf offerings of structured notes under a senior debt indenture for the country’s investors, its filing with the Securities and Exchange Commission (SEC) showed.

The British non-banking firm has qualified as a well-known seasoned issuer (WKSI) benefiting from automatic shelf registration. Marex will join Jefferies Financial Group, another WKSI which was once the sole active non-bank issuer in the US public offering space where there's currently a group of 22 issuers led by J.P. Morgan.

Last week saw J.P. Morgan set up a new global structuring management team with several senior structuring executives taking on new or extended roles. Arnaud Jobert will cover equities for the new structuring team, as well as global strategic indices structuring and solutions, reporting to Rachid Alaoui, co-head of the strategic index business across trading and structuring.

BMO Capital Markets appointed Raina Mathur as managing director, US Institutional derivatives based in New York. She joined from exchange-traded fund (ETF) provider Simplify Asset Management where she was head of quantitative investment strategies (QIS) business development.

Spanish issuer Santander is tapping the US market by branching out of its structured notes offerings for offshore investors into domestic distribution.

The Commodity Futures Trading Commission (CFTC), which regulates US derivatives markets, launched an initiative for trading spot crypto asset contracts that are listed on a CFTC-registered futures exchange.

In Europe, Middle East, and Africa (Emea), Lisbon-based fintech multi-issuer platform ASN Tech has entered into a strategic partnership with AI-driven risk/reward analytics provider IVM Markets.

The two companies have reached an agreement to collaborate and integrate IVM’s pre-trade thematic basket upside and risk optimisation engine into ASN Tech’s multi-issuer pricing tool. SRP spoke to the two start-ups about the potential impact of the partnership on their growth plans as the market continues to expand.

Kepler Cheuvreux and Halo Investing have also announced a strategic partnership to jointly develop and distribute structured products across the Middle East with First Abu Dhabi Bank (FAB) acting as ‘a key client and anchor participant’ in this initiative.

Amundi posted a new inflow of €20.4 billion (US$23.6 billion) in the second quarter of 2025, bringing the total for the first half of the year to €52 billion – almost reaching the level of the whole of 2024 (€55 billion). The French asset manager’s AuM for structured products reached €41 billion as of 30 June 2025, down from €42 billion at the end of the prior year quarter.

In the Czech Republic’s Market Review, an estimated CZK2.4 billion (US$112m) was collected from 105 publicly offered structured products during the second quarter of 2025, according to SRP data. In Switzerland, an estimated CHF13.4 billion (US$17.6 billion) was collected from 26,990 products that struck in June, which reflected a 67% year-on-year (YoY) increase compared to last year’s same period.

Also, SRP’s Nikolay Nikolov took a deep dive into index-linked products and how the equity markets’ swings triggered by US President Trump’s “Liberation Day” announcement made an impact on them.

In Asia, Hong Kong insurer FWD became the latest insurer to join the growing indexed universal life (IUL) market in the city, by launching a new IUL with UBS Global Markets acting as the exclusive index solution provider.

Designed for professional investors, the insurance product is a market first, offering an uncapped indexed account crediting rate, allowing investors to capitalise on the equity markets while getting guaranteed returns, FWD said last week.

Crédit Agricole Corporate and Investment Bank has introduced products linked to the Constant Maturity Treasury (CMT) rates to capture the rate environment. One standout structure the French bank designed and issued last year is an autocallable range accrual linked to the 10-Year USD CMT, Rishad Schaefer, the bank’s head of equity sales and structuring for Asia Pacific, who also leads its cross-asset distribution sales for the region, spoke on the innovation during the SRP Asia Pacific 2025 awards interview.

The monetary policy easing cycle has prompted Maybank Singapore to focus on credit-linked notes (CLNs) layered with FX overlays last year, Edwin Khoo, the bank’s head of treasury investment solutions, highlighted during the bank’s awards interview.

Meanwhile in Korea’s Market Review for July, sales of structured products maintained their momentum, reaching KRW7 trillion (US$5.05 billion), up 18% from the prior year’s period and roughly flat from the prior month. Interest rate-linked products continue to gain traction, led by the three-month Korea Treasury Bond as the most-sold underlying for derivative-linked bonds (DLBs).

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