Insights

Stories, insights and analysis of the major trends shaping structured products markets.

Industry Insights

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Stay on top of the latest structured product market developments and trends with all major product, technology, legal and industry insights in one place.

People

See key hires and staffing changes.

People
People: JPM’s co-head of global markets exits for client hedge fund, BBVA beefs up QIS team

7 February 2025

People: JPM’s co-head of global markets exits for client hedge fund, BBVA beefs up QIS team

SRP reports on the latest people moves at J.P. Morgan, BBVA, Indosuez, Santander and Bank of New York Mellon.

People
People: Merrill appoints head of structured note sales

28 Jan 2025

People: Merrill appoints head of structured note sales

Also: HSBC’s ex-EQD structuring head exits; RBC taps BNPP’s private equity specialist; Barclays names Japan macro trading head; Causeway continues to expand.

People
Exclusive: Citi taps Macquarie, bolsters strategic equity solutions in HK

21 Jan 2025

Exclusive: Citi taps Macquarie, bolsters strategic equity solutions in HK

The managing director joins Citi after a 17-year tenure with the Australian bank. Citi also names head of markets sales for China.

People
Arrivals and departures: top moves of 2024 – exchanges and tech providers

21 Jan 2025

Arrivals and departures: top moves of 2024 – exchanges and tech providers

As 2025 begins, SRP looks back at last year’s most relevant people moves highlighting new hires and exits in the world of structured products. In the final instalment, we focus on exchanges and tech providers.

People
Barclays taps ex-Goldman Apac EQD co-head to lead equities

20 Jan 2025

Barclays taps ex-Goldman Apac EQD co-head to lead equities

The former Goldman banker is tasked with leading the UK bank’s equities franchise in the region.

Products

An in-depth review of the latest product launches.

Products
Ex-ABN Amro EQD bankers launch fund of structured products

13 February 2025

Ex-ABN Amro EQD bankers launch fund of structured products

The Amsterdam based fund aims to deliver a return between six and 10% pa by investing in tailor-made structured products.

Products
SIX listings spike as AMCs drive turnover

11 Feb 2025

SIX listings spike as AMCs drive turnover

The number of newly listed structured products on the Swiss exchange reached a 22-month high in January.

Products
UOB Singapore: sales volumes nearly double in mass affluent segment

11 Feb 2025

UOB Singapore: sales volumes nearly double in mass affluent segment

Equity-linked products tied to US stocks drove most of the sales throughout 2024.

Products
Singapore overview 2024: structured warrants outclass DLCs, SG certificates shine

10 Feb 2025

Singapore overview 2024: structured warrants outclass DLCs, SG certificates shine

Hong Kong stock underlyings remained popular for both types of leveraged products listed in Singapore. Tesla-linked daily leverage certificates (DLCs) shined in Q4 2024.

Products
Product wrap: UBS tracks AI basket, Goldman partners with HSBC in Hong Kong on callable play

07 Feb 2025

Product wrap: UBS tracks AI basket, Goldman partners with HSBC in Hong Kong on callable play

In this week’s wrap we look at a selection of structured products with strike dates between 2-8 February 2025.

Regulation

Updates and commentary on evolving market regulation.

Regulation
Esma sets out new rules on benchmarks

13 February 2025

Esma sets out new rules on benchmarks

The proposed new rules are expected to be negotiated among the European institutions throughout 2025.

Regulation
UKSPA: concerns around complexity in determining risk under CCI regime

11 Feb 2025

UKSPA: concerns around complexity in determining risk under CCI regime

The FCA consultation on the Consumer Composite Investments Regime released by the UK regulator just before the holidays will supersede disclosure requirements under the European Priips and Ucits regimes.

Regulation
Fidelity hit with Finra claim over US$11.1m ETN loss

05 Feb 2025

Fidelity hit with Finra claim over US$11.1m ETN loss

The exchange-traded note (ETN) issued by Credit Suisse has caused a loss of US$11.1m after being ‘inappropriately’ recommended by an advisor on the Fidelity brokerage platform.

Regulation
South Korean regulator slams ELS' sales practices

04 Feb 2025

South Korean regulator slams ELS' sales practices

Claims of mis-selling remain as FSS lambasts distributors for lack of suitability and appropriateness checks.

Regulation
HK regulator fines Hang Seng Bank over mis-selling

27 Jan 2025

HK regulator fines Hang Seng Bank over mis-selling

The HSBC Group member has been fined HK$66.4m (US$8.5m) for misconduct while selling investment products including secondary structured notes over a course of nine years.

Technology

Discover technological advances in the industry.

Technology
Vestr: growing AuM underscores scalability of AMC market

22 January 2025

Vestr: growing AuM underscores scalability of AMC market

The AMC market continues in a state of flux with an increasing number of players entering this segment across jurisdictions.

Technology
Australia’s Stropro gears up for capital raise for global expansion

23 Oct 2024

Australia’s Stropro gears up for capital raise for global expansion

The Sydney-based structured product investment platform makes key hires for its global push roadmap and develops AI-powered tools.

Technology
Arta deploys AI copilot, goes global

15 Oct 2024

Arta deploys AI copilot, goes global

The US digital wealth management platform has partnered with Abu Dhabi's Wio Invest to launch wealth-as-a-service for banks globally.

Technology
Korea’s Qraft Technologies capitalises on AI-powered strategies for asset allocations

14 Aug 2024

Korea’s Qraft Technologies capitalises on AI-powered strategies for asset allocations

The Seoul-based AI fintech firm has co-designed an AI-powered index with Solactive to replicate a hedge fund’s long-short investment strategy, which has been deployed via structured products sold in Korea.

Technology
Part 2 - 3AI: passive investing enters new phase as "intelligent" indices evolve

07 Aug 2024

Part 2 - 3AI: passive investing enters new phase as "intelligent" indices evolve

The UK AI company is "scientifically pioneering" the future of alpha intelligence for passive investing as well as developing new enhanced indices.

Market

Key industry events and change drivers.

Market
DBS net profit up 10%, structured products sales remain strong

13 February 2025

DBS net profit up 10%, structured products sales remain strong

The Singaporean bank recorded an 11% growth in net profit for the full year, as structured product issuance remained strong in Taiwan.

Market
SRP Launches SRP Greeks: A New Platform for Greeks Data and Analytics

22h

SRP Launches SRP Greeks: A New Platform for Greeks Data and Analytics

Structured Retail Products (SRP) has introduced SRP Greeks—an advanced solution for Greeks data.

Market
Amundi: structured products AuM at €44 billion, boosted by international networks

12 Feb 2025

Amundi: structured products AuM at €44 billion, boosted by international networks

The asset manager registered inflows of €3.6 billion from structured products in 2024 of which €0.9 billion was recorded in Q4.

Market
Minnesota Life enters Rila market, debuts Jedi index

12 Feb 2025

Minnesota Life enters Rila market, debuts Jedi index

The American insurer has filed a registration statement for its first registered index-linked annuity (Rila) that offers exposure to a Janus Henderson equity index.

Market
Latest: BofA licences new SIX decrement indices

10 Feb 2025

Latest: BofA licences new SIX decrement indices

Also: Janus Henderson and LinkedTrade open new offices and a law firm on the lookout for investment losses caused by Stifel

Data Insights

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Leverage SRP’s data analysis, backed by the world’s structured product database, for an in-depth view of the market’s key trends and dynamics.

Market Reviews

An in-depth view of market activity in some of the world’s most dynamic markets.

Market Reviews
South Korea Market Review, January 2025: autocall sales down YoY, DLBs gain momentum

12 February 2025

South Korea Market Review, January 2025: autocall sales down YoY, DLBs gain momentum

ELS’ sales dropped by 34% compared to the prior year - ELS linked to baskets of indices saw a significant fall, but stock such as Tesla and Nvidia drove some activity last month.

Market Reviews
Poland Market Review, Q4 2024: equity baskets dominate, RBI adds distributor

06 Feb 2025

Poland Market Review, Q4 2024: equity baskets dominate, RBI adds distributor

Structures linked to baskets of equities captured more than 40% market share in Q4.

Market Reviews
Thailand Market Review, Q4 2024: sales up 11% boosted by stock basket, FX products

05 Feb 2025

Thailand Market Review, Q4 2024: sales up 11% boosted by stock basket, FX products

Structured notes linked to stock basket and foreign exchange (FX) have recorded a respective sales growth of 87% and 85% YoY.

Market Reviews
US Market Review, November 2024: HSBC climbs up issue ranking, leverages BofA trades

04 Feb 2025

US Market Review, November 2024: HSBC climbs up issue ranking, leverages BofA trades

The UK bank has entered the top five issuer league table with an almost doubled monthly sales.

Market Reviews
Ireland Market Review, Q4 2024: Canada’s NBC enters Europe via Irish market

03 Feb 2025

Ireland Market Review, Q4 2024: Canada’s NBC enters Europe via Irish market

Thirteen products worth an estimated €23m (US$23.8m) struck in the fourth quarter of 2024.

Analysis

Explore key market themes backed by SRP’s proprietary analysis.

Analysis
Spotlight: global overview market cap indices 2022-2024

7 February 2025

Spotlight: global overview market cap indices 2022-2024

SRP registered an uptick in usage of market cap indices in Europe and especially the US while Apac experienced a notable decline.

Analysis
2024 maturities: SX5E-linked soft-protected products beat underlying, twin wins deliver 20% on average

06 Feb 2025

2024 maturities: SX5E-linked soft-protected products beat underlying, twin wins deliver 20% on average

The second most utilised equity underlying in the structured products market has kept the pace with the S&P 500 index in delivering value to structured products investors in 2024.

Analysis
Nvidia: defensive barriers at safe distance as stock plunges

29 Jan 2025

Nvidia: defensive barriers at safe distance as stock plunges

Only 60 very short-term products linked to Nvidia launched since November 2024 have breached their defensive barriers as a result of yesterday’s historic crash.

Analysis
2024 maturities: SPX-linked products deliver 8% on average to US investors

27 Jan 2025

2024 maturities: SPX-linked products deliver 8% on average to US investors

As the S&P500 continues to reach new heights, we look at how products linked to the most featured equity underlying in the structured products market fared during 2024.

Analysis
Spotlight on… underlying assets in the Czech Republic – interest rate-linked products up 20%

24 Jan 2025

Spotlight on… underlying assets in the Czech Republic – interest rate-linked products up 20%

FX rates remained the dominant asset class in 2024, ahead of interest rates and equity baskets.

Special Reports

Our special reports provide in-depth analysis and actionable insights on emerging trends and market dynamics. Each report is meticulously researched, offering valuable perspectives that help you stay informed with access to exclusive data and expert commentary.

SRP Wrapper Guide Americas 2024
SRP Wrapper Guide Americas 2024

The SRP Wrappers Report Americas 2024 provides an in-depth analysis of the structured investment product wrappers across key markets in the Americas, highlighting regional trends, regulatory developments, and market performance.

SRP Global Market Overview - H1 2024
SRP Global Market Overview - H1 2024

The SRP Global Market Review H1 2024 provides an extensive analysis of structured product markets worldwide, highlighting key trends in capital protection, equity-linked products, and regional sales performance.

France Structured Products Performance Overview
France Structured Products Performance Overview

The SRP French Market Report 2024 analyses the structured products landscape in France, focusing on key trends, regulatory developments, and the growing popularity of equity-linked and capital-protected solutions.