In the week that saw the SRP Americas Awards 2022, two major banks had key moves and the first batch of callable bull/bear contracts on US indices were listed in Hong Kong SAR.
The results of the Americas awards 2022 are here.
SRP is also excited to announce the imminent launch of its first crypto report. Keep and eye out for it next week!
Citi has named a new co-head of equity and multi-asset derivatives sales and structuring for Apac from J.P. Morgan after the incumbent became global head of a new unit. Effective from August, Cyrille Troublaiewitch has been appointed as global head of equity private markets, a newly-created team, according to a spokesperson at Citi. He continues to be based in Hong Kong SAR.
Previously, Troublaiewitch was managing director, Apac co-head of equity and multi-asset derivatives sales and structuring. This role will be succeeded by Mario Serafino mid next month, who was most recently managing director, Apac head of equity derivatives marketing, according to sources.
Another French lender has seen key staff departures. Aurelien Rabaey, ex-managing director, global head of new products and innovation, financial engineering at Natixis Corporate & Investment Bank (CIB) has recently left following his eight years at the French bank, SRP has confirmed. Based in Paris, Rabaey was global head of financial engineering for equity derivatives and equity markets before taking his most recent role in 2018. He joined Natixis CIB from Société Générale where he was responsible for pricing and distribution of cross asset solutions from 2004 to 2014. Last month, SRP reported that Pierre Moretti has also left Natixis where he was most recently managing director, head of equity structuring for Europe, the Middle East and Africa (Emea).
Also in France, Federal Finance Gestion, a subsidiary of Crédit Mutuel Arkéa, has launched the campaign for Autofocus Transition Climat Octobre 2022. The nine-year structured fund offers access to the S&P France 40 Paris-Aligned Transition ESG 5% Decrement Index. The first and second year of investment, a fixed annual coupon of six percent is paid, regardless of the performance of the index. From the third year onwards, the product is subject to early redemption if the index closes at or above its initial level on the annual validation date. In that case, it offers 100% capital return, plus a coupon of six percent per year elapsed, with the maximum gain set at 42%. At maturity, capital is preserved providing the index closes at or above 60% of its starting level.
Last week saw the launch of the first batch of callable bull/bear contracts (CBBCs) on US indices listed in Hong Kong SAR. Société Générale (SG) is the issuer. The underyings are the S&P 500, Nasdaq 100 and Dow Jones Industrial Index (DJIA), each of which is tracked by four CBBCs comprising two bulls and two bears. The 12 products with a knockout feature were launched on 8 September, three trading days before their listing as required by the Hong Kong Exchanges and Clearing (HKEX).
The SIX Swiss Exchange reported an increase in turnover in August despite the correction on the stock markets. It saw turnover of structured products reached CHF688m (US$720m) in August – an increase of 4.16% compared to the previous month (July 2022: CHF661m). August had 22 trading days with an average 1,587 trades and an order size of CHF19,714 (July: 19,721). The proportion of on-exchange trading fell to 81.53% (July: 82.46%), while that of over-the-counter trading rose to 18.47% (July: 17.54%). There were 6,555 new listings (July: 7,787) and the number of trades, at 34,917, increased by 4.20% month-on-month.
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