This week’s SRP coverage highlights key developments across structured products markets in Asia, Europe and North America, underscoring shifts in investor demand, regulatory activity and platform innovation.
A dynamic week across global structured products markets saw South Korea’s leveraged ELS rebound, UBS and Société Générale pushing on AMC innovation, and Asia continue to emerge as a key growth region.
European issuance remained steady, anchored to yield-enhancement strategies and autocallables. Italy and France saw strong distributor engagement in sector-focused launches: BNP Paribas extended its footprint with a France-listed note tied to electric-mobility supply chains, while Barclays tapped defensive pharmaceutical exposures in Italy, both reflecting investor appetite for targeted thematic allocations.
A market overview on Hungary covering the whole of 2025 showed that SG dominates while market activity was boosted by FX and ETF index products, and that 39% of all volumes were invested in products offering 100% capital return with the remaining 61% linked to capital-at-risk structures.
Our Poland Q4 2025 market review also showed new activity with Morgan Stanley entering the market and Natixis asserting its dominance.
As part of the SRP AMC report we looked at profiles from UBS and SG which are at the forefront of actively managed certificate (AMC) innovation.
UBS has doubled down on platform-led growth, highlighting multi-asset capability and full lifecycle support as key differentiators. SG has steadily expanded its actively managed certificate (AMC) business, transforming what was once a niche product into a meaningful part of its equity derivatives franchise.
Asia’s structured product markets posted notable activity. South Korea’s ELS market saw a 15% year-on-year increase in autocall outstanding, reaching KRW 11.5 trillion, reversing a two-year slump caused by volatility and regulatory friction.
We also learnt about how structured product players in Asia are closely watching a potential AI bubble, as elevated tech valuations and market jitters carry over from late 2025 into 2026
Regulatory developments remained in focus. with US authorities issuing guidance on the treatment of tokenised securities under existing law, the European Banking Authority consulting on updated risk buffer indicators and methodological guidance, and Hong Kong’s SFC and HKMA seeking input on revisions to OTC derivatives clearing rules. These moves highlight a global push to modernise frameworks in step with evolving financial products and market practices.
On the people moves front, we learnt of Leonteq’s veteran Sébastien Noujaim departure from his role as managing director, head of sales Paris and branch manager at Leonteq, after a 16-year tenure with the Swiss structured products specialist.
Other moves included BCGE appointment of a structured products business head; Raffles hiring a new MD for relationship management; France’s Inter Invest adding a director of partnerships to its ranks; and Goldman expanding its AWM franchise.
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