As the German industry comes to terms with the retreat of Deutsche Bank and Commerzbank from the domestic marketplace, SRP looks at the competitive landscape in the primary issuance market.
Despite geopolitical, monetary policy burdens and regulatory challenges, the German structured products market seems to be coping with the withdrawal of two major players from the equity derivatives market, and is in good enough shape to continue growing. Beyond Deutsche’s de-leveraging actions to offload its flow equity derivatives portfolios; and Commerzbank’s equity markets and commodities activities’ sale to Société Générale, both banks continue
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