Transcription
SRP EuropeanAwards Report 2019
SRP EuropeanAwards Report 2019Editorial: Pablo Conde, Amélie Labbé, Aleksander Petkov and Marc WolterincData: Aleksander Petkov, Simona Katzarcheva, Petya Andreeva,Gabriela Petrova and Nikolay NikolovIf you are interested in having a similar bespoke report produced for yourorganisation, please contact Kris Deslagmeulder at 44 (0)20 7779 8201 or om
1SRP European Awards Report 2019Structured Retail Products (SRP), part of theEuromoney group of companies, is a news, dataand research company based in London, HongKong, Sofia and New York, providing research andtraining services related to all aspects of structuredproducts.Furthermore It may not be sold for commercial gain, either inpart or in its entirety. It may not be photocopied or printed for multipleuse, with the exception of within the organisationfor which it was purchased. It may not be distributed electronically or otherwisein a manner other than that described above.IndemnityThe information contained herein has been obtainedfrom sources believed to be reliable. SRP disclaimsall warranties as to the accuracy, completeness oradequacy of such information. Use of this report isat your sole risk and SRP accepts no responsibilityfor any problems or incidents arising from its use.AcknowledgementsDistributor AwardsThis report would not have been possible withoutthe support of the structured products fraternityacross Europe, Middle East and Africa whoparticipated in the survey during October 2018, andwhose data underpins this report.Manufacturer AwardsSRP also owns and maintains the specialist industrywebsite StructuredRetailProducts.com. The sitewas launched in January 2003, and has becomethe leading online information resource for theglobal retail structured products industry. Withnearly 5,500 registered users and more than 20million product listings (as of January 2019), thewebsite is the primary information source for a widerange of businesses involved in the manufactureand distribution of structured investment productsglobally. The service is used by financial regulators,index providers, investment banks, stock exchanges,retail banks, insurance companies, asset andwealth managers, consultants, lawyers and othercompanies involved in the market.This report is copyright 2019 Structured RetailProducts Limited. All rights reserved. Reproductionand distribution of this report in any form withoutprior written permission is strictly prohibited.Europe SummaryFounded in 2001, SRP’s clients include all the majorglobal financial services groups, financial regulators,stock exchanges, index providers and professionalservices companies.Copyright informationIntroduction1.1 IntroductionAwards ResultsAppendix
2SRP European Awards Report 20191.2 ScopeIntroductionThis report covers the manufacture anddistribution of structured products in all forms –including wrappers such as funds, notes, bonds,certificates, deposits and life assurance – andusually linked to equities, foreign exchange,commodities, credit and interest rates underlyings.Europe SummaryIt presents information on structured retailproducts markets across the Europe, Middle Eastand Africa (Emea) region.Manufacturer AwardsFor the purposes of this publication, a structuredproduct is an investment product providing apredefined return linked to the price of one ormore underlying assets. These are usually financialasset prices, rates or indices but, in rare cases, canbe the outcome of sporting or other events.The product can usually be broken down intoa number of separate financial instruments,one of which is usually a derivative product.Where a derivative is not used, the product willuse derivatives-based investment strategy orcomputation to provide the return.Although we exclude simple warrants, listed optionsand futures, and delta one products, such as trackerfunds, exchange-traded funds and notes, referenceto these products may be made where relevant.The report is based on quantitative and qualitativeanalysis. SRP surveyed 688 structured productsdistributors across the Emea region in October2018, collecting data on structured productmanufacturers from the point of view of theirdistributor clients. The results from the survey formthe basis of this report. Details of the quantitativeand qualitative analyses are available in theMethodology section of the report.The report provides the followinginformation:1. s cope, methodology and management summaryof the report’s main findings;2. a nalysis of the structured products market in theEmea region based on survey responses;3. separate analysis of the manufacturers by assetclass; and4. analysis of top distributors’ awards.Distributor AwardsAwards ResultsAppendix
3SRP European Awards Report 2019Description of the surveyIn October 2018, SRP surveyed Emea structuredproducts distributors, receiving 683 responses.The survey was composed of three areas ofinvestigation:Part 1 - QuantitativePart 2 - Qualitative price competitiveness;understanding client needs;innovation and structuring capability; andaftersales service.Captive votes and those representing internaltransaction flows were excluded from the results.This includes votes cast by distributors that areFor the purpose of this report, the scores for eachmain service category for the individual banksare calculated by averaging. Service scores are,therefore, suggestive of the level of service that aclient might expect to receive when working withan investment banking counterparty.Distributor AwardsPart 3 - Data validationThe survey results underpinned the 2019 EuropeanStructured Products Awards, which were handedout on February 6 2019 during the 16th AnnualEurope Structured Products & DerivativesConference in London.Manufacturer AwardsThe respondents were then asked to rank theinvestment banks they dealt with for each assetclass as 1, 2 or 3 (where 1 below average, 2 average and 3 above average), according to fourmain service categories: Providers voted for themselves. W e could not confirm the identity of therespondent. A respondent voted more than once and wecould not resolve the duplication.Europe SummaryWe asked respondents to the survey to specifyup to three investment banks that they use forhedging purposes for each asset class in whichthey are, and to specify the volume of business forthat asset class and the percentage split by bank.part of banking groups that use their parent groupfor 100% of their activity and internal structuringdesks. In addition, votes were not included in thesurvey where:Introduction1.3 MethodologyAwards ResultsAppendix
4SRP European Awards Report 20192.1 Management Summary: It’s not all doom and gloom, is it?IntroductionIntroductionEurope SummarySummaryEuropeIf you’re unsure where to start to summarise the keyissues that 2018 had to offer, read on. Respondentsto SRP’s Europe Awards Survey 2019* have donesome of the work for you: the ongoing trade warbetween the world’s largest economies; widespreadmarket volatility; the search for yield and capitalprotection; challenges surrounding product pricing;the resurgence of bearish markets and; persistentdissatisfaction with Priips and Mifid II.Most of these phenomena are not new, and,unsurprisingly, are expected to continue into 2019.There is little that is actually new, just renewedconcern about the impact of EU regulation andgeneral market volatility.Manufacturer AwardsDistributor AwardsRanking the performance of structured productproviders based on four criteria points such asprice competitiveness, understanding client needs,innovation and structuring capability and aftersalesservice, the survey results reveal a slight worseningin two of the four categories back to 2016 levels, astandstill in one and a significant improvement inthe last. This year’s scores are: price competitiveness– 2.49 (2017: 2.53; 2016: 2.5); understanding clientneeds – 2.58 (2017: 2.58; 2016: 2.51); innovation andstructuring capability – 2.54 (2017: 2.47; 2016: 2.5);aftersales service: 2.48 (2017: 2.54; 2016: 2.5).Bear the markets in mindTaking an industry-wide look, volatility is theword on everyone’s lips and low interest ratesare on everyone’s minds. The term bear market isresonating everywhere.When it comes to challenges specific to equity-linkedstructured products, the current macroeconomicenvironment is very much the key concern with theterm ‘bearish equity markets’ coming back multipletimes. One respondent simply wrote ‘BRUTAL FALL’in response to this first question, which conveys botha sense of urgency and desperation at the prospectof interest rates falling even further.Respondents also outlined a ‘lack of attractiveconditions for yield enhancement products,’ issuessurrounding pricing and the need for strategies torespond to uncertainty including ‘protection againstlosses in volatile markets,’ the ‘re-introduction offully capital guaranteed structured products’ and‘finding the right instruments in bearish marketsaiming at respective portfolio hedging’. Otherconcerns centered around restructuring existingproducts in response to volatile market conditions,and ensuring that there is enough demand for them.On a slightly more futuristic note, automationwas also mentioned as a potential hurdle forthe industry throughout 2019. Despite someindisputable operational benefits, notably in termsof cost reduction and transparency, automation infinancial services advice has inherent weaknesses.A favourite in previous years, the much-debatedMifid II framework made a small appearance thisyear as the industry continues to grapple withsome of its most testing requirements. Even if theindustry is now well-versed on the new rules andconducts it imposes, many questions remain.Awards ResultsOverall service 2.422.40PriceCompetitivenessUnderstandingClient NeedsIndustrial Average 2017Source: Structuredretailproducts.comInnovation StructuringCapabilityIndustrial Average 2018Aftersales Support
5SRP European Awards Report 2019When respondents were asked what moreservices providers could do to help them, themost common answer by far was, surprisingly:‘nothing more’ (in some instances, with anA lot more requests were directed at issuanceplatforms with a serious proportion of respondentsasking for technological advances. Top of the listwas better ‘connectivity with our internal systems’.‘Basically, [we no] longer want have to go throughthe platforms, but rather through our systemconnected via an API to different platforms,’ saidseveral people. One participant asked for ‘moreguarantees in case of a market downturn’ to bepresent while others requested better lifecyclemanagement along with credit and hybridproducts and competitive prices. Another notedthat ‘pricing by email - rapidity in pricing variationsof a same payoff, easy processing of data via Excel’would be greatly appreciated.But nothing beats the honest wish of onerespondent who expects Kid providers to be‘better in Finnish’.*SRP’s Europe Awards survey was conductedbetween October 1 and October 31 2018. Itgathered 683 responses.AppendixGiven the negative undertone of this year’s surveyresponses, it would have come as no surprise thatbuy-side demands would have been extensive.Index providers were not immune from demands:‘nice to haves’ included new indices on newunderlyings and more transparency.Awards ResultsWish listsThe list of requests was actually a lot longer.Many respondents asked for ‘more coverage ofsmall caps,’ ‘narrower spreads’ and ‘reactivity’.Worth noting was the mention of Priips, with oneperson asking for warrant providers ‘provide moreefficient Kids’.Distributor AwardsFor commodities, one respondent warned:‘Mainstreams in development will put somecommodities under pressure. Oil and gold willremain leaders for volumes, but others like lithiumand nickel will [also attract] interest.’ Anothernoted a growing trend would be ‘autocallablestructures on yield enhancement as long asbackwardation stays in crude oil,’ while the restbelieved that being reactive enough to be able tocatch market opportunities would be the greatestchallenge for 2019.Warrant providers not only need to come upwith ‘more tailored products’. But they also needto go back to basics and produce ‘simple tounderstand products based on indices that are[known] to the clients’.Manufacturer AwardsWidening credit spreads were also one of thetop concerns for the credit asset class. Somerespondents mentioned emerging markets,illiquidity and regulators as potential hurdles foractivity. One respondent believes that, in the worstcase scenario, higher rates could mean higheramount of defaults in high yield space. Anothersaid that the future could be defined by ‘moreconservative products’.But looking at responses more carefully, it’s fair tosay that not everyone was happy with the statusquo. And any provider claiming that they areclient-centric needs to listen carefully to a ratherdetailed list of demands: clients now want supportover a product’s entire lifecycle, including posttrade, not only when it comes to questions relatingto price or infrastructure.Europe SummaryRespondents outlined that following market yieldcurve movements, the ‘protection against interestrate hikes and credit risk’ and the ‘provisionof products that perform well in a rate-hikeenvironment’ would be the greatest challengesahead for interest rate-linked products, as wouldbe dealing with wider credit spreads. Others see asilver lining there insofar as a rise of interest ratescould support innovation and creativity into moreeffectively designed structured products.exclamation mark for added emphasis). Requestsfor technology and pricing and analytics providersto come up with lower prices were, unsurprisingly,also quite common.IntroductionFor foreign exchange-linked products, Mifid 2compliance remains the flavour du jour. Whilelargely focused on firms operating within theEuropean Economic Area, the directive also impactsnon-EU firms which need to provide additionaldisclosures and reports if they are to continuetrading with their EU counterparts. One surveyparticipant enumerated a list of specific concernsincluding ‘emerging markets risk sentiment,’‘increasing US rates,’ the ‘credit bubble in Europe’and the ‘balance of payment crisis in Turkey’.
6SRP European Awards Report 20192.2 Issuance and volumes between 2015-2018IntroductionOutstanding - Product Issuance & Sales ,000Europe 0,000200,0001,000,000100,000-End of 2015End of 2016End of 2017Manufacturer AwardsTotal Issuance (RHS)End of 2018Total Volumes (US bn) (LHS)Market share by total sales in the period 2015-2018100%90%80%70%Distributor Awards60%50%40%30%20%10%0%20152016Awards ResultsDACHItalyIberiaFrance2017BeneluxCEE2018UK & IrelandNordicsOthersMarket by total sales (US bn) in the period UK & IrelandNordicsOthers
7SRP European Awards Report 2019What will the most popular payouts in your market be over the next 12 months, and why?Other1%Shark Fin1%Callable34%Protected Tracker6%Manufacturer AwardsReverse Convertible7%Europe SummaryRange2%Dual Currency4%Accrual5%Introduction3.0 Trends & PredictionsDigital9%Across Europe, standalone reverse convertiblesand similar products comprising knock outand/or worst of option features were the mosttraded payoff types in 2018 with the DACHregion acquiring the greatest stake. Spanish andPortuguese investors put their trust primarily indigital instruments. The popularity of products withan early redemption option is expected to remainhigh in 2019, since this feature allows investorsto profit from volatility while also providing theopportunity for an early exit in unstable marketconditions and reinvestment of the capital.AppendixThe next most prospectively favoured payoffs arethe worst of option with 16% of votes, the knock outwith 15% and the digital with 9%, respectively. Allthree types remain among the top investor choicesrelative to 2017. However, the popularity of the digitalstructure diminished by 3%, whereas more investorsrecognise the worst of option and the knock outpayoffs as relevant alternatives with both typesnoting an 4% and an 3% increase, accordingly. Lastyear’s front runners – the reverse convertible and theprotected tracker – both noted a nearly 50% dropin investor approval rates, while the dual currencypayoff type is gaining extra attention, jumping from1% to 4% in this year’s survey.Awards ResultsIn line with last year’s results, the callable payoffis expected to retain its leading position as themost popular payoff structure across the Emearegion in the upcoming year, according to 34%of the participants that took part in the SRPEuropean 2019 Awards Survey. Throughout2018, instruments comprising the issuer’sright to a premature product termination werepredominantly issued in combination with thereverse convertible and the worst of optionpayoff types with the Swiss market for structuredproducts utilising the majority of the capital gains.Distributor AwardsKnock Out15%Worst of Option16%
8SRP European Awards Report 20193.0 Trends & PredictionsIntroductionWhich of the following investment themes will be the most prominent over the next 12 months?Europe SummaryProprietary/Customindices3%Volatility - basedinvestments7%Equity - emergingmarkets12%Factor indices1%Equity - developedmarkets38%Manufacturer AwardsEnvironmental, socialand governance17%Distributor AwardsCredit22%Awards ResultsAppendixEquities from developed markets are themost popular investment theme, with 38% ofrespondents to the survey indicating that it willbecome the focal point over the next 12 months.This is followed by the credit asset class with a22% vote of confidence, which, in turn, more thandoubled relative to last year’s inquiry, and 17% forthe environmental, social and governance (ESG)topic. Developed economy equities are attractivefor investors due to their liquidity, low risk andsteady levels, whereas credit-linked notes can drawattention by safeguarding the invested capital. ESGcriteria can offer a valuable way to monitor ethicaland sustainable factors in conducting business.Despite providing risk diversification due to their lowcorrelation to equity-based investments, volatility-based investments lost half of last year’s votes, thusending up with 7% of the respondents believingthem to be a relevant theme in 2019. Another topcontender from the previous year’s list – equitiesfrom emerging markets – saw a 2% decrease inprominence relative to 2017, but their appealinggrowth potential has kept them among the top fourinvestment themes over the next 12 months.Notably, fewer investors put their trust in indices asan important subject matter in 2019 as both factorand proprietary/custom Indices’ votes dropped by80% and 75%, respectively.
9SRP European Awards Report 2019Manufacturer awards are calculated on the basis of three factors: the average evaluation score from buy-side respondents for manufacturers across all asset classes (30%weighting); aggregated volume data of structured products for the period between October 1 2017 to September30 2018 (50% weighting).Market share by volumeOverall score and industry peer 9%,,UniCreditCitiSociété Générale0.00%Santander1.33%Citi2.65%BNP Paribas5.70%5.00%10.00%15.00% 20.00% 25.00% 30.00%Overall score based on four qualitative criteriaIndustry Peer ReviewMarket share by volumeOverall score and industry peer reviewAwards ResultsBest House, EquityDistributor AwardsBNP ParibasUniCredit4.74%Manufacturer AwardsBest House, EuropeEurope Summary industry peer review, whereby each manufacturer selects its top three competitors in each awardcategory (20% weighting); andIntroduction4.0 Manufacturer 5%UniCreditBNP 46%BNP Paribas6.33%5.00%10.00%15.00% 20.00%25.00% 30.00%Overall score based on four qualitative criteriaIndustry Peer ReviewAppendixSociété Générale
10SRP European Awards Report 2019Best House, FXIntroductionOverall score and industry peer reviewMarket share by erzbankJulius BaerUniCreditEurope SummaryUBS0.38%Commerzbank1.13%Société Générale0.00%Julius Baer0.83%5.00%10.00%15.00%20.00%25.00% 30.00%Overall score based on four qualitative criteriaUnicredit3.33%Industry Peer ReviewManufacturer AwardsBest House, Interest RateOverall score and industry peer reviewMarket share by volumeBNP iCreditDistributor AwardsGoldman SachsSociété Générale0.00%BBVA 0.12%Citi 0.18%BNP Paribas 0.96%5.00%10.00%15.00% 20.00% 25.00% 30.00%Overall score based on four qualitative criteriaSEB10.40%Industry Peer ReviewSEB, 10.40%Awards ResultsBest House, CreditOverall score and industry peer reviewMarket share by volumeCiti .02%BBVACitiBNP ParibasAppendixSEBSociété Générale0.00%Unicredit0.42%UBS 3.52%5.00%10.00%15.00%20.00% 25.00%Overall score based on four qualitative criteriaIndustry Peer Review30.00%
11SRP European Awards Report 2019Best House, CommoditiesUBS2%UniCredit 0%Overall score and industry peer reviewCiti9%Leonteq1%UniCreditIntroductionMarket share by volumeUBSSociété GénéraleLeonteqCiti0.00%5.00%10.00%15.00% 20.00% 25.00% 30.00%Overall score based on four qualitative criteriaIndustry Peer ReviewThe French lender managed to meet the PriipsKid implementation deadline with no disruption,and exploit its cross-asset setup to meetinvestor needs.By supporting clients during this challengingtime, the bank had greater flows andstrengthened its relationships while complyingwith regulation, says Despagne.“The biggest inflows came on the equity side,especially on autocall, and reverse convertiblestructures,” he says.AppendixDespite the uncertainty in the run up to thePriips implementation deadline and the ongoingmarket apprehension around Mifid 2, the French“Regulation is completely part of ourinvestment model, and we continue to adaptto it and make it work,” says Despagne. “Ofcourse regulation has a cost [and] we willcontinue to invest to make sure we properlyanswer to the regulation needs.”Awards Results“Last year, regulation, innovation and thefortification of our cross-asset franchise allowedus to strategically reinforce our client relationsand volumes traded,” says Frédéric Despagne,head of cross-asset distribution Europe (exFrance) at Société Générale.Since the Priips Kid came into effect, on January1, the French bank has had 20 million costs andcharges disclosed to clients, and over 300,000Kids available.Distributor AwardsSociété Générale haswon the top 2018 SRPaward as ‘Best HouseEurope’. The French bankalso collected severalother accolades including‘Best House Equities,’‘Best House ForeignExchange,’ ‘Best HouseInterest Rates,’ ‘Best House Credit’ and ‘BestHouse Commodities’ for its leading role in theindustry and its ability to innovate, deliver aconsistent performance as well as continue togrow and capitalise on its cross-asset set up.bank managed to make a smooth transition.Clients needed a reliable partner and theyfound a dependable one in Société Générale.“We wanted to deliver the best service possibleto our clients, assisting them through thischallenging transition,” says Despagne. “We hadall of the firm working together: traders andstructurers, along with sales and compliance,together with COOs and IT.”Manufacturer AwardsSRP Manufacturers Awards: Best House, EuropeEurope SummarySociétéGénérale88%
12SRP European Awards Report 2019IntroductionThe bank recorded a significant increasein flows around some of the more popularstructures in Europe and in Asia, but alsoregistered “a big increase of volumes in credittranches, and in capital guaranteed products onmutual funds”.Europe SummaryInnovation also played a key role around someof the bank’s initiatives and performance, and“was a great source of success”.“Our mission is to offer innovative strategicsolutions to our clients,” says Despagne. “Throughcharity autocalls and positive impact finance, weprovided clients with strategic products, allowingthem to attract significant inflows.Manufacturer Awards“This is a great example of innovation that weare really proud of. Investors in positive impactnotes helped finance 3,182 SMEs accounting formore than 100,000 jobs created.”Distributor AwardsSociété Générale expects equity-linkedknockout products to continue driving mostof the activity in 2019 with pockets of demandaround sustainable investing, credit-linkednotes (CLNs), prop indices and other high yieldstrategies such as risk premia.“Autocalls will still be core, especially afterQ4 of 2018 where most indices plunged,”says Despagne. “Flagship proprietary indicesrange will keep on growing and we expect ESGinvestments to drive more volumes. On credit,high yield tranches will keep leading [demand].”Awards ResultsThe bank continues to expand its SG Indexfranchise and capitalise on its structuringcapabilities and indexing expertise.“Our flagship proprietary index range nowaccounts for more than 5 billion of AuMand we expect this to keep growing,” saysDespagne. “Clients used to mostly invest in theEurostoxx 50 and now invest in decrement andequally-weighted indices. The rationale behindit is that it generates good performances, anda better diversification for structured productportfolios.”The French investment bank remains committedto the structured products market as a naturalreflection of its equity derivatives ADN.“It is one of our top priorities to remaininnovative and competitive across all assetclasses,” says Despagne, adding that clientsand investors appreciate the ability toprovide solutions across the board. “In 2018,we strengthened our presence in core assetclasses, while executing innovative trades onnew underlyings such as physical real estate.”Automation and connectivity will also playpivotal role with the bank seeking to continueleveraging an its SG Markets platform andexpanding its tools and functionalities. “Lastyear, several million quotes were processedthrough our ‘SG Market’ platform,” saysDespagne. “Trading volumes through ourplatform have more than tripled in threeyears. Clients want us to provide them with anefficient service, a wide range of products, butalso the ability to accept smaller tickets.”Appendix
13SRP European Awards Report 2019Best Distributor, EuropeOutstanding - product issuance & sales volumeSales volume & 40,00030030,00020020,00010010,000End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)End of 2018-20,0006015,0004010,000205,000-End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)Total issues (RHS)End of 2018-Total issues (RHS)Distributor AwardsTop 5 distributors by sales (US bn)Top 5 distributors by weighted-averageperformance nFondkommission SachsWalker CripsGroup0%GarantumGoldmanFondkommission SachsWalker CripsGroupUniCreditVontobelAwards Results2018161412108642025,00080Manufacturer Awards700600-Europe SummaryThe award for Best Distributor is based on the sales and performance data per product distributedby the buy-side between October 1 2017 and September 30 2018. Strike date is relevant for bestsales and maturity date is relevant for best performance. The results of both are amalgamatedto go towards the best distributor award. Sales volume is the total actual sales invested ratherthan the notional amount, and performance is the annualised return an investor would havereceived with a buy-and-hold approach from the strike date until maturity for a product. Eachproduct’s performance will be weighted according to its sales volume to give a weighted averageperformance of the distributor’s portfolio of maturing products for the period.Introduction5.0 Distributor AwardsAppendix
14SRP European Awards Report 2019Best Distributor, France & BeneluxIntroductionOutstanding - product issuance & sales volumeEurope Summary20018016014012010080604020-End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)End of 30252015105-Total issues (RHS)End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)Top 5 distributors by sales (US bn)End of tal issues (RHS)Top 5 distributors by weighted-averageperformance (%)6100%5Manufacturer Awards80%460%340%220%10Sales volume & issuanceAmundiNatixisSociétéGénéraleBNP ParibasHediosPatrimoine0%HediosPatrimoineBNP ParibasSociétéGénéraleAmundiNatixisDistributor AwardsBest Distributor, Germany & AustriaOutstanding - product issuance & sales wards Results4020-End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)End of 2018Sales volume & 0End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)Total issues (RHS)End of 2018Total issues (RHS)Top 5 distributors by weighted-averageperformance (%)Top 5 distributors by sales (US iCreditUBSCommerzbank0%UniCredit CommerzbankUBSVontobelLBBW
15SRP European Awards Report 2019Best Distributor, UK & IrelandEnd of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)End of 0600500340023002001-Total issues (RHS)100End of 2015End of 2016End of 2017Total Volumes (US bn) (LHS)Top 5 distributors by sales (US bn)0End of 2018Total issues (RHS)Top 5 distributors by weighted-averageperformance (%)100%80%InvestecWalker r AssetFOCUSManageme
SRP also owns and maintains the specialist industry website StructuredRetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products industry. With nearly 5,500 registered users and more than 20 million product listings (as of January 2019), the
