March saw the global stock market crash at a scale reminiscent of the great economic crises. This was promptly felt in the structured product world with US$4.58bn worth of products put at risk.
As benchmark indices and stocks across Europe and North America fell to record lows in mid-March, a great number of barrier products, for years a staple of the yield enhancement universe of the Swiss structured product market, have seen their protection mechanisms go to zero. According to SRP data, over 10,300 products lost their barrier protection in March, which removes the safety net on some US$4.58 billion. On Black Monday I (9 March), Black Thursday (12 March), and Black Monday II (16 Marc
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