SRP in brief: all aboard the trans Europe express

There was solid demand for autocalls – both express certificates and those with a capital protection feature – in Central and Eastern Europe (CEE) during Q3 2025, according to SRP’s market review for the region. 

Given the Slovak tax and regulatory framework, the focus was primarily on express certificates utilizing the autocall feature - Miroslav Dobsovic, Cyrrus

“Given the Slovak tax and regulatory framework, the focus was primarily on express certificates utilizing the autocall feature, which currently represent the most efficient structure for local investors,” Miroslav Dobsovic, country manager at Cyrrus Slovakia told SRP.

Some 60% of the total volumes in the region were invested in products issued in Poland; Slovakia captured 33% market share; Czech Republic registered nine percent, while market share for Bulgaria and Hungary remained marginal.

Meanwhile, in the US market, sales of structured products reached an unprecedented US$19 billion in October, up 24.6% compared to September and an increase of 37% year-on-year (YoY).

InspereX selected Luma’s technology to power the company’s structured note distribution for registered investment advisors (RIAs). Under the agreement, Luma will power structured note access within InspereX newly launched Aria platform, an all-in-one solution for RIAs that will provide access to tools for structured investments, fixed income and alternatives.

Marex issued its first structured note in the US – an autocallable worst-of structure offering a contingent coupon of 27% per annum with memory worth US$835,000 in notional. The launch marks the debut of TeraWulf Inc (MULF) as an underlying asset in the registered structured notes space, according to SEC filings.

Also in the US, Citi is seeking to bring a proprietary equity/gold index with volatility target to investors following offshore trades as gold price reaches an all-time high while Innovator initiated the first monthly distributions for two of its autocallable income ETFs.

People

Vontobel announced the appointment of Georg von Wattenwyl and Charles Karila as co-heads of structured solutions and treasury (SST). They succeed Otto Huber, who decided to leave the company after the sale of cosmofunding to be able to dedicate more time to his family.

Bank of America appointed Denis Manelski and Soofian Zuberi as presidents and co-heads of global markets, reporting to Jim DeMare and Dean Athanasia, co-presidents of Bank of America. The US bank has also appointed Karen Fang and Sarang Gadkari to lead global capital solutions, a newly launched business line focused on serving clients with increasingly complex financing needs across public and private markets.

Vivienne Chia joined Deutsche Bank as global head of private bank investment solutions. Chia, who will be based in Frankfurt, will report directly to Alessandro Caironi, head of banking, lending and investment solutions.

Regulation

The Korean Financial Supervisory Service (FSS) has sent preliminary notices of penalties to five banks over alleged mis-selling of equity-linked securities (ELS). The products were tied to the Hang Seng China Enterprise Index (HSCEI) and the banks involved include KB Kookmin, Shinhan, Hana, NH NongHyup and Standard Chartered Bank.

Leonteq AG completed its transition to the standardised approach under the Fundamental Review of the Trading Book (SA-FRTB), marking a significant milestone in the firm’s regulatory reset and bringing to a close years of supervisory scrutiny tied to past compliance shortcomings.

The European Securities and Markets Authority (Esma) is planning to launch a Common Supervisory Action (CSA) in collaboration with National Competent Authorities (NCAs) to examine how firms address conflicts of interest under MiFID II when distributing financial instruments to retail clients while the UK Financial Conduct Authority (FCA) has published proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable.

Products

Causeway Securities announced that its Causeway Defined Growth Fund has been renamed to Causeway Dynamic Growth Fund, reflecting the fund’s updated return target from 7-8% pa to 8-9% pa.

The updated target return, and new name reflect the evolution of the fund while maintaining its core principles - Andrej Ogorevc, Causeway Securities

“The updated target return, and new name reflect the evolution of the fund while maintaining its core principles,” said Andrej Ogorevc, chief investment officer at Causeway Securities.

In Ireland, Seaspray Private announced the early expiration of its Global Semiconductor Bond, which was issued via Société Générale and linked to the 30 largest US-listed semiconductor companies via the Solactive SOXX EUR AR 5% Index. The product delivered 14.25% gross return over 18 months, equivalent to 9.50% per annum.

Another product that delivered a positive return was H Performance 59, which was marketed in France by Hedios in collaboration with Crédit Mutuel Arkéa. The 12-year product, which sold €11m (US$12.8m) during subscription, delivered a 34% gain in just one year, while its underlying benchmark index, the Euro iStoxx 50 Equal Weight NR Decrement 5%, increased by only 11.11% over the same period.

In other news, Kraken and Deutsche Börse partnered to connect traditional and digital markets; Invesco introduced its first European ETF, tracking the Eurostoxx 50; S&P Dow Jones Indices  launched Spice IndexBuilder, a platform that allows clients to independently design, test and order customised indices; and SIX Swiss Exchange introduced extended trading hours for structured products, allowing transactions from 08:00 to 21:45 CET.

_{Image: Castigatio/Adobe Stock}

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