The latest product news, market reviews, people moves, regulatory updates and more from SRP’s news desk.
Marex Financial Products has strengthened its presence in the Nordic structured products market with the opening of a new office in Stockholm.
The company’s Stockholm launch marks a strategic push into the Nordics, backed by local service, digital pricing tools and a broadening product pipeline that spans funds, equities and credit.
Since March 2024, when we formally committed to focusing on the Nordic market, we have been very active in the region - Patrick Stockenvall, Marex
“Since March 2024, when we formally committed to focusing on the Nordic market, we have been very active in the region,” Patrick Stockenvall, head of financial products, Nordic sales told SRP.
MSCI expanded its use of alternative data with the launch of the MSCI MKT MediaStats Multi-Asset Index, a strategy that dynamically allocates across asset classes based on real-time analysis of global media coverage to capture shifts in investor sentiment.
“News sentiment is not a traditional factor, but it is clearly an increasingly important driver of performance,” said Stéphane Mattatia, global head of thematic indexes and derivatives licensing at MSCI.
Market reviews and products
SRP’s Q3 2025 review of the European structured products market confirmed that the underlying mix has become increasingly driven by equities.
Stocks and indices together accounted for nearly 79% market share, up from just over 75% in both Q2 2025 and Q3 2024. Within this broader equity expansion, stock-linked products were the main driver increasing sharply to 57%, from 51.8% in Q2 and 53.6% a year earlier, while index-linked products declined to 21.6% after peaking at 23.4% in Q2.
Interest-rate underlyings were largely stable, capturing 13.4% of sales volumes, broadly unchanged from Q2 but well below the 16.7% recorded in Q3 2024.
South Korea’s structured product market wrapped up December strong, with over KRW28.4 trillion (US$19.3 billion) worth of products across the wrappers sold in the month, soaring nearly one-third from a year ago, according to SRP data.
Over 82% of sales in December, or KRW23.5 billion, came from equity-linked bonds, a capital-protect product structure that often features a digital payoff.
Meanwhile, South Korea’s NH Investment & Securities is broadening its equity-linked securities (ELS) sales into the retirement pension market in a bid to attract a new channel of investors.
The securities house has manufactured and distributed eight pension plan-focused ELS since its first launch on 12 December, with total sales of KRW1.7 billion.
In France, Hedios kicked of 2026 with a hattrick of autocalls. H Performance 41, H Performance 53 and H Performance 60 returned annualised coupons of 13.82%, 10.44% and 14%, respectively.
Česká Spořitelna distributed a five-year medium-term note linked to the SGI Global Nuclear VT 8 Index (EUR) in the Czech Republic while BNP Paribas marketed Globalny Tercet II, a two-year digital, in neighbouring Poland.
Structured products listings on the SIX Swiss Exchange in 2025 were the highest on record. Some 169,109 structured products were listed on SIX Swiss Exchange in 2025, an increase of 53% compared to the previous year when issuance reached 110,794.
Spanish exchange Bolsas y Mercados Españoles (BME) reported structured products turnover of €15.8m from 3,676 trades in December. By year-end, a total of 4,821 instruments were available, and listings reached 7,632.
People
Eric Lafon, global head of structured product, structured finance and solution sales at UBS, left the Swiss bank after 25 years of service, SRP understands.
Marex unveiled 15 additions to its solutions unit where structured products are issued and hedged during Q4 2025, including Sarah LaConte for its nascent US business.
Another hire at the British financial services firm is Kerim Haddad as managing director, head of cross-asset structuring based in London who joined from UBS while Henan Jiang was appointed Marex’s China team as vice president, sales. Most recently he held a sales role at Bank of China International.
Leonteq promoted David Meier as executive director, institutional coverage for the Middle East, focusing on the sales of bespoke derivatives, cross-asset structured solutions and former Barclays’ head of equity derivatives solutions structuring for Asia Pacific, Shuichi Akito was appointed head of equities solutions at Hong Kong Exchanges and Clearing Limited.
Regulation
The UK Financial Conduct Authority (FCA) published a review highlighting both strong practices and areas for improvement in the sale of complex exchange traded products (ETPs) to retail investors.
The review, conducted across a range of platform and wealth management firms, assessed how distributors identify their target market, communicate product risks and monitor consumer outcomes under the Consumer Duty.
The European Supervisory Authorities (ESAs) – EBA, Eiopa and Esma – published joint guidelines on ESG stress testing which could indirectly impact structured products as ESG risk frameworks influence pricing and hedging.
Leonteq Securities (Europe) received licence extension approval from Germany’s Federal Financial Supervisory Authority (Bafin), enabling it to support its Swiss parent firm Leonteq Securities AG in trading activities and expanding its retail flow business in Germany.
In the US, a district judge cleared National Life in a lawsuit centring on an indexed universal life (IUL) product linked to an index hedged by Société Générale.
Image: Photosbypatrick/Adobe Stock
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