Regulatory shifts and oversight, autocall research and Korean asset managers, SRP brings you the week in structured products.
The Autorité des Marchés Financiers (AMF) published a study calling on distributors to ensure information provided to retail investors on structured products is “clear, accurate and non-misleading.” The guidance targets marketing materials, including key information documents (KIDs), with the aim of making complex products easier for retail clients to understand.
South Korea’s Financial Supervisory Service (FSS) imposed a total of KRW3.01 billion (US$2.06m) in fines on five domestic securities houses as part of its latest regulatory moves following the investigation into the mis-selling saga of equity-linked securities (ELS) tracking the Hang Seng China Enterprises Index (HSCEI) since 2024.
Meanwhile, Korean asset managers are ramping up derivatives-driven ETF strategies from covered calls to synthetic protective puts as demand for yield and volatility management fuels rapid market growth, supported by regulatory easing and expanding institutional interest.
New York-based Ondo Finance filed a registration statement with the US Securities and Exchange Commission (SEC), through its Ondo Global Markets platform.
The SEC’s Division of Economic and Risk Analysis (DERA) released two reports that map the rapid expansion of active exchange traded funds and quantify how fund mergers have been associated with shifts in fees borne by investors.
As actively managed certificates (AMCs) branches out from its niche origins, Mayer Brown contends that transparency, rigorous documentation and clear regulatory positioning will determine whether the structure’s growing popularity could invite regulatory pushback.
A paper analysing the long-term performance of autocallable structured products found that a well-structured and diversified autocall strategy can be an attractive alternative to traditional investments.
Natixis Corporate & Investment Banking (CIB) has spent more than a decade building a comprehensive actively managed certificate (AMC) platform, positioning the product at the intersection of equity derivatives, securities financing and index innovation.
Alexander Gropper, head of structuring and quantitative investment strategies (QIS) at Salt Financial, has been promoted to chief operating officer (COO). He continues to lead the company’s structuring and quantitative investment strategies team in this expanded dual role.
BNP Paribas appointed equity derivatives sales veteran Terence Tan as managing director, senior relationship manager in the financial institutions coverage team, based in Singapore.
Union Bancaire Privée (UBP)’s Asia structured product business closed 2025 on a high, driven by strong growth across both flow and non-flow products. The Swiss private bank’s structured products traded volumes in the region soared over 90% year-on-year in 2025, according to Karrie Fung, head of sales and execution Asia.
American broker-dealer and wholesaler InspereX is entering 2026 buoyed by strong results from 2025 with notional sales of equity-linked structured products climbing a further 20% from a record level in 2024 which translates to nearly US$7 billion notional.
In December, a total of US$12.6 billion notional amount was booked from 3,888 structured notes registered with the US Securities and Exchange Commission (SEC), up 5.8% year-on-year (YoY), SRP data shows.
Cboe reported that its average daily trading volume (ADV) in January rose across most business lines compared with both January 2025 and December 2025. Multi-listed options reached an average of 14.1m contracts per day in January, up 7.2% year on year, while index options volumes increased 20.8% to 5.48m contracts.
In the meantime, Eurex, Europe’s largest derivatives exchange, together with its clearing arm Eurex Clearing, reported a decline in overall trading activity in January.
According to trading data published by Deutsche Borse, Frankfurt exchanges reported a total turnover of €2.24 billion for January across all instrument groups, with leverage products accounting for €1.53 billion and investment products representing the remaining.
Last but not least, in last week’s Spotlight, we reviewed the top gainers of the S&P 500 components in 2025 and the structured products issuances linked to them.
Image: Andy Borodaty/Adobe Stock
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