The introduction of a commission ban in the Netherlands almost a decade ago took away ‘perverse incentives’ for intermediaries but the real change came with transparency, disclosure and standardisation.
The Dutch retail structured products market suffered an even more precipitous decline than the UK in the period before and after its 2013 commission ban. The steepest fall preceded the ban as Dutch providers prepared for their new reality: issuance fell 70%+ between 2010 and 2014, when there were just 38 public offers. Extending the time horizon shows the ban also had a lasting effect: retail tranche products issuance fell from 170 products in 2010 to just 25 in 2021, while sales fell from &eur
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