BROCHURE. The European Structured Retail Product Market Review. Arete Consulting. Publication Date: April Report Code: EUMR11

Transcription

1 BROCHURE The European Structured Retail Product Market 2011 Review by Arete Consulting Publication Date: April 2011 Report Code: EUMR11 Arete Consulting Limited 2011

2 Introduction to Arete Consulting Arete Consulting Limited is a research firm based in London, New York and Hong Kong, providing research and data services related to all aspects of structured products. The company was founded in 2001 and our clients include hundreds of blue chip companies from around the world including all of the major global financial services groups, financial regulators, stock exchanges, index providers and professional services firms. In August 2010 Arete Consulting became part of Euromoney Institutional Investor plc. Arete Consulting 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 over 5,000 registered users and more than 2,000,000 product listings, the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment products globally. The service is used by financial regulators, index providers, investment banks, stock exchanges, retail banks, insurance companies, asset and wealth managers, consultants, lawyers and other firms involved in the market. The products covered by the databases include all forms of structured products across all product wrappers i.e. funds, deposits, notes, bonds, certificates, pensions, life bonds, etc. There are currently over 33 country databases covering markets in Europe, Asia-Pacific and the Americas. The website also provides access to a daily news service, including an archive of over 10,000 exclusive stories on the latest developments in the global markets from innovative new products to tax or regulatory changes and people moves. Page 2 of 36

3 What s in this Report? Completely updated from the 2010 Review, the four-volume 2011 European Review provides detailed information on the retail structured products markets across 18 European markets. The report also includes survey evidence from key players across the region to provide detailed forecasts for each market and rankings of the leading investment banks in each country in terms of competitive pricing and product innovation. A comprehensive Management Summary provides key insights into the overall trends across the region. With unrivalled access to our database of over 2,000,000 retail structured products sold across the region this report contains everything you need to know about the key trends and prospects for the European structured retail products industry. Highlights of the report include: Insights into key trends across Europe and within each of country, including consensus growth forecasts, investment bank rankings, recent product developments and competitive environments Detailed quantitative analysis our product databases containing over 2,000,000 individual retail structured products Analysis and commentary on market sizes, growth trends and forecasts, distribution channels, best selling products, wrappers, payoffs and underlyings Updates on new regulatory and fiscal changes that have impacted the markets in each country Page 3 of 36

4 Who should buy this report? The report provides invaluable market intelligence for anyone involved in the European retail structured products market including: Senior Management in Structured Products businesses Structured Products Salespeople Product Developers and structurers Retail Distributors Marketing Departments Market Research Departments Compliance and Legal Departments Consultancies Regulators Exchanges Some comments from previous purchasers include: As an entity not having a local presence in some of these markets, having a report that puts together all the information regarding what is being done in those markets (e.g. by whom, who is the head provider, what the tendencies are etc) is very important to us. It has proved very helpful for us when analysing new steps in our European structured products business. It saves us a lot of time and gives us an ideal view of the markets. Rodrigo de Sebastian, Global Head of Equity Derivatives, Santander Global Banking and Markets At the OECD we look at all financial issues and risks. To do this you need to know what is happening. We joined up with Structured Retail Products to keep abreast of what is happening in this new and complex area, where issuance in Europe alone has passed the trillion dollar mark for retail clients. There is plenty of detail depending on how deep you want to dig. A good dependable daily service. Dr Adrian Blundell-Wignall, Deputy Director, Enterprise and Financial Affairs Directorate, OECD Page 4 of 36

5 "Comprehensive and insightful research reports covering timely developments, trends and general market information within the Structured Products arena. As a market leader within structured products we find these reports extremely useful and a valuable source of information." Philippe El-Asmar, Managing Director, Head of Investor Solutions, Barclays Capital If you are involved in the European retail structured products markets, as a product manufacturer, distributor, service provider or regulator, this comprehensive and independent annual review is essential reading. Page 5 of 36

6 Scope This report presents detailed information on markets for structured retail products across Europe. Although the term structured product is widely used in the financial community there is no single established definition. In fact the term often means different things to different people. For the purposes of this report a structured product is defined as: An investment product that provides a pre-defined return linked to one or more underlying financial prices, rates or indices. The product can usually be broken down into a number of separate financial instruments, one of which is a derivative product. In other cases it uses a derivative-based investment strategy to provide the return. We specifically exclude simple warrants, listed options and futures, and delta one products such as tracker funds, exchange traded funds and exchange traded notes. Nevertheless reference to these other products may be made in the report, where relevant. Within the scope of the report are all product forms (wrappers) i.e. funds, notes, bonds, certificates, deposits, life assurance, etc. In addition the report covers products linked to any asset class i.e. equity, foreign exchange, commodity, property, mutual funds, etc. The report is organised geographically and for each country provides information on: The total assets invested, trends and forecasts for annual gross sales and issuance Product characteristics (wrappers, underlyings, payoffs, term, etc) Competitive environment including rankings of leading derivatives providers Distribution channels Fiscal and regulatory developments The research has been carried out in-house with the primary source being the extensive product databases of StructuredRetailProducts.com. These contain details of over 2,000,000 retail structured products issued in 18 European countries since The countries covered are: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland and the UK. Page 6 of 36

7 The databases contain sales figures for each product. In some cases this is public information when for example the product is in the form of a mutual fund or a registered note. In other cases sales information is not public, for example with deposits or many life assurance products, and so can be obtained only directly from product issuers. Through its longstanding relationships with product providers in each market, StructuredRetailProducts.com is able to obtain accurate sales information even when this is not public. In these cases however, sales cannot be published on a product by product or issuer by issuer basis, but only in aggregate form. In addition to the product data, further information has been obtained from the StructuredRetailProducts.com news service which contains over 10,000 news stories on structured products, dating from The report also includes responses from a survey carried out by StructuredRetailProducts.com amongst the major players in each of the countries in December 2010 and January In addition to other information, this survey provided consensus forecasts of market growth as well as rankings of the leading derivatives providers, in terms of competitive pricing and product innovation, in each market. Page 7 of 36

8 CONTENTS (Volume I) Scope... 6 Management summary Size and growth of the European market Strategic trends External factors impacting market growth Competitive environment Wrappers Payoffs Underlyings Regulatory issues Market outlook Country summaries Austria Belgium Czech Republic Denmark Finland France Germany Ireland Italy The Netherlands Norway Poland Portugal Slovakia Spain Sweden Switzerland United Kingdom Page 8 of 36

9 LIST OF TABLES (VOLUME I) Table 1.1: Outstanding assets 2009 & 2010, and 2011 forecast, bn... 9 Table 1.2: Annual gross sales 2009 & 2010, and 2011 forecast, bn Table 1.3: Assets invested and annual sales per capita, 2010, in euros Table 1.4: Gross sales by distribution channel, 2006 to Table 1.5: Investment bank rankings - competitive pricing Table 1.6: Investment bank rankings innovative product ideas Table 1.7: Gross sales by wrapper group, 2006 to 2010, bn Table 1.8: Gross sales by asset class, 2006 to 2010, bn Table 1.9: Austria - Annual gross sales and assets invested in retail structured products Table 1.10: Belgium - Annual gross sales and assets invested in retail structured products Table 1.11: Czech Republic - Annual gross sales and assets invested in retail structured products Table 1.12: Denmark - Annual gross sales and assets invested in retail structured products Table 1.13: Finland - Annual gross sales and assets invested in retail structured products Table 1.14: France - Annual gross sales and assets invested in retail structured products Table 1.15: Germany - Annual gross sales and assets invested in retail structured products Table 1.16: Ireland - Annual gross sales and assets invested in retail structured products Table 1.17: Italy - Annual gross sales and assets invested in retail structured products Table 1.18: The Netherlands - Annual gross sales and assets invested in retail structured products Table 1.19: Norway - Annual gross sales and assets invested in retail structured products Table 1.20: Poland - Annual gross sales and assets invested in retail structured products Table 1.21: Portugal - Annual gross sales and assets invested in retail structured products Table 1.22: Slovakia - Annual gross sales and assets invested in retail structured products Table 1.23: Spain - Annual gross sales and assets invested in retail structured products Table 1.24: Sweden - Annual gross sales and assets invested in retail structured products Table 1.25: Switzerland - Annual gross sales and assets invested in retail structured products Table 1.26: Annual gross sales and assets invested in retail structured products LIST OF CHARTS Chart 1.1: Monthly sales and issuance, Europe, Chart 1.2: Distribution of gross sales by wrapper, 2006 to Chart 1.3: Distribution of gross sales by asset class, 2006 to Page 9 of 36

10 CONTENTS (VOLUME II) 1 Austria Size and scope of the market Tranche and leverage products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives counterparties Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Belgium Market size and scope Tranche products Gross sales volume Total number of products launched Average tranche sizes Continuous products Leverage products Products Product types Capital protection Term Underlyings Page 10 of 36

11 2.2.5 Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Czech Republic Size and scope of the market Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution and marketing Distribution channels Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Denmark Page 11 of 36

12 4.1 Size and scope of the market Gross sales volume Total number of products launched Average tranche sizes Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best-selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives counterparties Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Finland Size and scope of the market Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Leverage products Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Page 12 of 36

13 5.3.2 Major product providers and their market share Major derivatives counterparties Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime France Market size and scope Tranche products Gross sales volumes Total number of products launched Average tranche sizes Continuous products Flow products Leverage products Products Product types Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market shares Third party involvement Major derivatives providers Distribution and marketing Distribution channels Fees and omissions Marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Page 13 of 36

14 LIST OF TABLES (VOLUME II) Table 1.1: Annual gross sales and assets invested in retail structured products Table 1.2: Average tranche sizes, 2006 to Table 1.3 : Outstanding invested in continuous non-leverage products Table 1.4: Austrian continuous non-leverage products launched, Table 1.5: Distribution of sales and issuance by asset type, Table 1.6: Distribution of sales and issuance for core market by asset type, Table 1.7: Top ten underlyings based on gross sales, 2008 to Table 1.8: Top ten underlyings by issuance, 2008 to Table 1.9: Top ten core market underlyings by issuance, 2008 to Table 1.10: Top ten payoffs by issuance, 2008 to Table 1.11: Top ten core market payoffs by issuance, 2008 to Table 1.12: Top ten payoffs by gross sales, 2008 to Table 1.13: Top ten best selling products in Austria, 2008 to Table 1.14: Provider groups involved in Austrian market, Table 1.15: Top ten provider groups by market share and gross sales, 2008 to Table 1.16: Top ten providers by issuance, 2008 to Table 1.17: Top ten providers by core market issuance, 2008 to Table 2.1: Annual gross sales and assets invested in retail structured products Table 2.2: Average tranche size, 2006 to Table 2.3 : Outstanding invested in Belgian continuous products Table 2.4 : Continuous Belgian products open for investment at year-end Table 2.5: Gross sales and issuance by term, Table 2.6: Sales and issuance by asset class in Table 2.7: Top ten underlyings based on gross sales, 2008 to Table 2.8: Top ten underlyings by issuance, 2008 to Table 2.9: Leverage products by asset class and type, Table 2.10: Underlyings used in Belgian leverage products, Table 2.11: Top ten payoffs based on gross sales, 2008 to Table 2.12: Top ten payoffs by issuance, 2008 to Table 2.13: Ten best selling products in Belgium, 2008 to Table 2.14: Provider groups in the Belgian market, Table 2.15: Market share and sales of top ten Belgian provider groups, 2008 to Table 2.16: Top ten provider groups by issuance, 2008 to Table 2.17: Leveraged product issuance in Belgium, Table 3.1: Annual gross sales and assets invested in retail structured products Table 3.2: Gross sales of Czech tranche-based products, 2006 to Table 3.3: Average tranche sizes, 2006 to Table 3.4 : Investment in continuous products in the Czech market, 2009 and Table 3.5: Continuous products available at the end of Table 3.6: Distribution of sales and issuance by term in Table 3.7: Gross sales and issuance by asset class in Table 3.8: Top ten underlyings by gross sales, 2008 to Page 14 of 36

15 Table 3.9: Top ten underlyings based on issuance, 2008 to Table 3.10: Top ten payoffs by gross sales, 2008 to Table 3.11: Top ten payoffs by issuance, 2008 to Table 3.12: Ten best selling products in the Czech Republic, 2008 to Table 3.13: List of provider groups in the Czech Republic in Table 3.14: Top ten provider groups based on sales, alphabetically, 2008 to Table 3.15: Market share and gross sales of top ten providers, 2008 to Table 3.16: Top ten providers of Czech products by issuance, 2008 to Table 4.1: Annual gross sales and assets invested in retail structured products Table 4.2: Annual gross sales, 2006 to Table 4.3: Average tranche sizes, 2006 to Table 4.4: Distribution of sales and issuance by term, Table 4.5: Distribution of sales and issuance by asset class, Table 4.6: Top ten underlyings based on gross sales, 2008 to Table 4.7: Top ten underlyings by issuance, 2008 to Table 4.8: Top ten payoffs by gross sales, 2008 to Table 4.9: Top ten payoffs by issuance, 2008 to Table 4.10: Ten best selling products in Denmark, 2008 to Table 4.11: Provider groups in Danish market, Table 4.12: Market share and gross sales of top ten provider groups, 2008 to Table 4.13: Top ten provider groups by issuance, 2008 to Table 5.1: Annual gross sales and assets invested in retail structured products Table 5.2: Average tranche sizes, 2006 to 2010, m Table 5.3 : Investment in Finnish continuous products, 2009 and Table 5.4: Continuous products available at the end of Table 5.5: Distribution of sales and issuance by term, Table 5.6: Distribution of sales and issuance by asset class, Table 5.7: Top ten underlyings based on gross sales, 2008 to Table 5.8: Top ten underlyings based on issuance, 2008 to Table 5.9: Top ten payoffs by gross sales, 2008 to Table 5.10: Top ten payoffs by issuance, 2008 to Table 5.11: Ten best selling products in Finland, 2008 to Table 5.12: Provider groups involved in Finnish market, Table 5.13: Market share and gross sales of top ten providers, 2008 to Table 5.14: Top ten providers based on issuance level, 2008 to Table 6.1: Annual gross sales and assets invested in retail structured products, bn Table 6.2: Average tranche sizes, 2006 to 2010, m Table 6.3 : Outstanding invested in French continuous products, 2009 to Table 6.4: French continuous product launches, Table 6.5: Discontinued French continuous products, Table 6.6: Distribution of issuance by term, 2006 to Table 6.7: Distribution of sales by term, m, 2006 to Table 6.8: Distribution of gross sales and issuance by asset category, Table 6.9: Top ten underlyings based on gross sales, 2008 to Page 15 of 36

16 Table 6.10: Top 10 underlyings by issuance, 2008 to Table 6.11: Top ten payoffs by sales, 2008 to 2010, m Table 6.12: Top ten payoffs by issuance, 2008 to Table 6.13: Ten best selling products in France, 2008 to Table 6.14: Provider groups involved in the French market, Table 6.15: Market share and sales of top ten providers, 2008 to Table 6.16: Top providers of French products based on issuance, 2008 to LIST OF CHARTS (VOLUME II) Chart 1.1: Gross annual sales of retail structured products, 2006 to Chart 1.2: Breakdown of gross annual sales, 2006 to Chart 1.3: Issuance of tranche and leverage products, 2006 to Chart 1.4: Issuance of retail structured products across entire market, 2006 to Chart 1.5: Monthly product sales and issuance across entire market, Chart 1.6: Monthly product issuance and corresponding sales for core market, Chart 1.7: Distribution of issuance and sales by product type, 2006 to Chart 1.8: Distribution of issuances and sales by capital protection, 2006 to Chart 1.9: Distribution of issuance and sales by term, 2006 to Chart 1.10: Distribution of issuance and sales by asset class, 2006 to Chart 1.11: Distribution of core market issuance and sales by asset class, Chart 1.12: Distribution of issuance and sales by wrapper, 2006 to Chart 1.13: Number of provider groups involved in the Austrian market, 2006 to Chart 2.1: Gross sales of tranche products, 2006 to Chart 2.2: Issuance of tranche products, 2006 to Chart 2.3: Monthly sales and issuance, Chart 2.4: Issuance of leverage products, 2006 to Chart 2.5: Status of leverage products as at January 2011 by year of launch Chart 2.6: Monthly leveraged product activity, Chart 2.7: Distribution of issuance and sales by product type, 2006 to Chart 2.8: Distribution of issuance and sales by capital protection, 2006 to Chart 2.9: Distribution of issuance and sales by term, 2006 to Chart 2.10: Distribution of issuance and sales by asset class, 2006 to Chart 2.11: Distribution of issuance and sales by wrapper, 2006 to Chart 2.12: Number of provider groups in the Belgian market, 2006 to Chart 2.13: Distribution of issuance and sales by distribution channel, 2006 to Chart 3.1: Gross sales of tranche-based products, 2006 to 2010, CZKm Chart 3.2: Issuance of tranche-based products, 2006 to Chart 3.3: Monthly product issuance and gross sales in Czech Republic, Chart 3.4: Distribution of issuance and sales by product type, 2006 to Chart 3.5: Capital protection levels by issuance and sales, 2006 to Chart 3.6: Distribution of issuance and sales by term, 2006 to Chart 3.7: Distribution of issuance and sales by asset class, 2006 to Chart 3.8: Distribution of issuance and sales by wrapper, 2006 to Page 16 of 36

17 Chart 3.9: Number of provider groups in Czech market, 2006 to Chart 3.10: Breakdown of issuance and sales by distribution channel, 2006 to Chart 4.1: Annual gross sales, 2006 to 2010, DKKm Chart 4.2: Issuance of tranche-based products, 2006 to Chart 4.3: Monthly product sales and issuance in Denmark, Chart 4.4: Distribution of issuance and sales by product type, 2006 to Chart 4.5: Distribution of issuance and sales by capital protection, 2006 to Chart 4.6: Distribution of issuance and sales by capital protection, adjusted for issue price, 2006 to Chart 4.7: Distribution of gross sales by term, 2006 to Chart 4.8: Distribution of issuance and sales by asset class, 2006 to Chart 4.9: Distribution of issuance and sales by wrapper, 2006 to Chart 4.10: Number of provider groups in the Danish market, 2006 to Chart 4.11: Distribution of issuance and sales by distribution channel, 2006 to Chart 5.1: Annual gross sales, 2006 to 2010, m Chart 5.2: Number of products issued, 2006 to Chart 5.3: Monthly issuance and sales, Chart 5.4: Distribution of gross sales by product type, 2006 to Chart 5.5: Distribution of issuance and sales by capital protection, 2006 to Chart 5.6: Issuance and sales by capital protection adjusted for issue price, Chart 5.7: Distribution of issuance and sales by term, 2006 to Chart 5.8: Distribution of issuance and sales by asset class, 2006 to Chart 5.9: Distribution of issuance and sales by wrapper, 2006 to Chart 5.10: Number of provider groups involved in the Finnish market, 2006 to Chart 5.11: Distribution of issuance and sales by distribution channel, 2006 to Chart 6.1: Gross sales and issuance of tranche products, 2006 to Chart 6.2: Issuance of tranche products, 2006 to Chart 6.3: Monthly sales and issuance, Chart 6.4: Distribution of gross sales and issuance by product type, 2006 to Chart 6.5: Distribution of issuance and sales by capital protection level, 2006 to Chart 6.6: Distribution of gross sales and issuance by term, 2006 to Chart 6.7: Distribution of gross sales and issuance by asset class, 2006 to Chart 6.8: Distribution of issuance and sales by wrapper, 2006 to Chart 6.9: Number of provider groups in the French market, 2006 to Chart 6.10: Distribution of FCP issuance and sales by asset manager, 2006 to Chart 6.11: Distribution of issuance and sales of MTNs by note issuer, 2006 to Chart 6.12: Breakdown of issuance and sales by distribution channel, 2006 to Page 17 of 36

18 CONTENTS (VOLUME III) 1 Germany Size and scope of the market Tranche and leverage products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Product categories Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives counterparties Secondary markets Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Ireland Size and scope of the market Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Page 18 of 36

19 2.2.3 Term Underlyings Payoffs Wrappers Competitive landscape Total number of product providers Major product providers and their market shares Major derivatives counterparties Distribution Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Italy Market size and scope Tranche products Annual gross sales Total number of products launched Average tranche sizes Continuous products Leverage products Products Product types Capital protection Term Underlyings Payoffs Product wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution channels Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Page 19 of 36

20 4 The Netherlands Market size and scope Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Leverage products Flow products Continuous products Products Product types Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Norway Size and scope of the market Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Term Underlyings Payoffs Page 20 of 36

21 5.2.6 Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Poland Size and scope of the market Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Page 21 of 36

22 LIST OF TABLES (VOLUME III) Table 1.1: Annual gross sales and assets invested in retail structured products Table 1.2: Average tranche sizes, 2006 to Table 1.3 : Outstanding invested in continuous non-leverage products Table 1.4: Continuous non-leverage product launches, Table 1.5: Continuous non-leverage products closed in Table 1.6: Alternative names for express certificates Table 1.7: Alternative names for bonus and multi-bonus certificates Table 1.8: Core market sales and issuance by term, Table 1.9: Entire market sales and issuance by asset class, Table 1.10: Core market sales and issuance by asset class, Table 1.11: Top ten underlyings based on gross sales, 2008 to Table 1.12: Top ten underlyings by issuance, 2008 to Table 1.13: Top ten core market underlyings by issuance, 2008 to Table 1.14: Top ten core market underlyings by sales, 2008 to Table 1.15: Top ten payoffs by gross sales, 2008 to Table 1.16: Top ten payoffs by issuance, 2008 to Table 1.17: Top ten core market payoffs by issuance, 2008 to Table 1.18: Ten best selling products in Germany, 2008 to Table 1.19: Provider groups involved in German market, Table 1.20: Top ten provider groups by market share, 2008 to Table 1.21: Top ten providers by issuance, 2008 to Table 1.22: Main providers issuance by wrapper type, Table 1.23: Ten most active core market providers, 2008 to Table 1.24: Top ten core market provider groups by market share, 2008 to Table 2.1: Annual gross sales and assets invested in retail structured products Table 2.2: Average tranche sizes, 2006 to Table 2.3 : Continuous products available in the Irish market, 2009 and Table 2.4: Continuous Irish products at year end Table 2.5: Distribution of sales and issuance by term, Table 2.6: Distribution of sales and issuance by asset class, Table 2.7: Top ten underlyings by gross sales, 2008 to Table 2.8: Top 10 Underlyings by issuance, 2008 to Table 2.9: Top ten payoffs by gross sales, 2008 to Table 2.10: Top ten payoffs by issuance, 2008 to Table 2.11: Provider groups involved in Irish market, Table 2.12: Top ten provider groups by sales, alphabetically, 2008 to Table 2.13: Market share and gross sales of top ten providers, 2008 to 2010, m Table 2.14: Top ten providers based on issuance levels, 2008 to Table 3.1: Annual gross sales and assets invested in retail structured products, bn Table 3.2: Average tranche sizes, 2006 to 2010, m Table 3.3 : Outstanding invested in continuous products in Italy, 2009 and Table 3.4: Continuous Italian products open for investment, Page 22 of 36

23 Table 3.5: Gross sales and issuance by term, Table 3.6: Distribution of gross sales and issuance by asset class, Table 3.7: Breakdown of the interest rate asset class by type, Table 3.8: Top ten underlyings based on gross sales, 2008 to Table 3.9: Top ten underlyings by issuance, 2008 to Table 3.10: Leverage products by asset class, 2008 to Table 3.11: Ten most used underlyings for leveraged products, 2008 to Table 3.12: Top ten payoffs by gross sales, 2008 to Table 3.13: Top ten payoffs by issuance, 2008 to Table 3.14: Top ten best selling products in Italy, Table 3.15: List of provider groups involved in the non-callable market, Table 3.16: List of provider groups involved in the callable market, Table 3.17: Market share of the top ten providers of Italian products, 2008 to Table 3.18: Ten most active providers, 2008 to Table 3.19: Market share of top providers of callable products, 2008 to Table 3.20: Ten most active providers of callable products, 2008 to Table 3.21: Market share of top non-callable product providers, 2008 to Table 3.22: Ten most active providers of non-callable products, 2008 to Table 3.23: Leveraged product issuance in Italy, 2008 to Table 4.1: Annual gross sales and assets invested in retail structured products Table 4.2: Average tranche sizes, 2006 to Table 4.3 : Continuous products available at year-end 2009 and Table 4.4: Continuous products available at year-end Table 4.5: Distribution of sales and issuance by term, Table 4.6: Distribution of sales and issuance by asset class, Table 4.7: Top ten underlyings by gross sales, 2008 to Table 4.8: Top ten underlyings by issuance, 2008 to Table 4.9: Breakdown of Dutch leverage products by asset class, Table 4.10: Popular underlyings for Dutch leverage products, Table 4.11: Top ten payoffs by gross sales, 2008 to Table 4.12: Top ten payoffs by issuance, 2008 to Table 4.13: Top ten best selling products in the Netherlands, 2008 to Table 4.14: Provider groups involved in the Dutch market, Table 4.15: Market share and sales of top ten provider groups, 2008 to Table 4.16: Top ten providers based on issuance level, 2008 to Table 4.17: Leveraged product issuance in the Netherlands, Table 5.1: Annual gross sales and assets invested in retail structured products Table 5.2: Gross sales of tranche products, 2006 to Table 5.3: Average tranche sizes, 2006 to Table 5.4: Continuous products available in Norway at the end of Table 5.5: Distribution of sales and issuance by term, Table 5.6: Distribution of sales and issuance by asset class, Table 5.7: Top ten underlyings based on gross sales, 2008 to Table 5.8: Top ten underlyings by issuance, 2008 to Page 23 of 36

24 Table 5.9: Top payoffs based on gross sales, 2008 to Table 5.10: Top payoffs based on issuance, 2008 to Table 5.11: Ten best selling products in Norway, 2008 to Table 5.12: Active provider groups, Table 5.13: Top ten provider groups by sales, alphabetically, 2008 to Table 5.14: Market share and gross sales of top ten provider groups, 2008 to Table 5.15: Top ten provider groups by issuance, 2008 to Table 6.1: Annual gross sales and assets invested in retail structured products Table 6.2: Gross sales of Polish tranche products, 2006 to Table 6.3: Average tranche sizes, 2006 to Table 6.4 : Investment in continuous products in the Polish market, 2009 and Table 6.5: Continuous products available, end Table 6.6: Distribution of sales and issuance by term, Table 6.7: Distribution of sales and issuance by asset class, Table 6.8: Top ten underlyings by gross sales, 2008 to Table 6.9: Top ten underlyings based on issuance, 2008 to Table 6.10: Top ten payoffs by gross sales, 2008 to Table 6.11: Top ten payoffs by issuance, 2008 to Table 6.12: Ten best selling products in Poland, 2008 to Table 6.13: Provider groups in the Polish market, Table 6.14: Top ten provider groups based on sales, alphabetically, 2008 to Table 6.15: Market share and gross sales of top ten provider groups, 2008 to Table 6.16: Top ten provider groups by issuance, 2008 to LIST OF CHARTS (VOLUME III) Chart 1.1: Sales of structured products across entire market, 2006 to Chart 1.2: Issuance of tranche-based and leverage products, 2006 to Chart 1.3: Breakdown of issuance of structured products, 2006 to Chart 1.4: Monthly product issuance in Germany, Chart 1.5: Monthly product issuance for German core market, Chart 1.6: Distribution of issuance and sales by product type, 2006 to Chart 1.7: Distribution of core market issuance and sales by product type, Chart 1.8: Distribution of issuance and sales by capital protection, 2006 to Chart 1.9: Issuance and sales by capital protection, core market, 2006 to Chart 1.10: Distribution of issuance and sales by term, 2006 to Chart 1.11: Distribution of core market issuance and sales by term, 2006 to Chart 1.12: Distribution of issuance and sales by asset class, 2006 to Chart 1.13: Distribution of core market issuance and sales by asset class, Chart 1.14: Distribution of issuance and sales by wrapper, 2006 to Chart 1.15: Distribution of core market issuance and sales by wrapper, 2006 to Chart 1.16: Number of provider groups involved in the German market, 2006 to Chart 2.1: Annual gross sales (2006 to 2010) Page 24 of 36

25 Chart 2.2: Issuance of tranche-based products, 2006 to Chart 2.3: Monthly product issuance in Ireland, Chart 2.4: Distribution of issuance and gross sales by product type (2006 to 2010) Chart 2.5: Distribution of issuance and sales by capital protection level (2006 to 2010) Chart 2.6: Distribution of issuance and gross sales by term, 2006 to Chart 2.7: Distribution of issuance and sales by asset class, 2006 to Chart 2.8: Distribution of issuance and gross sales by wrapper, 2006 to Chart 2.9: Provider groups involved in the Irish market, 2006 to Chart 2.10: Breakdown of issuance and sales by distribution channel, 2006 to Chart 3.1: Gross sales of Italian tranche products, 2006 to Chart 3.2: Issuance of tranche-based products, 2006 to Chart 3.3: Monthly issuance of non-callable products, Italy, Chart 3.4: Monthly callable product issuance, Italy, Chart 3.5: Distribution of issuance and sales by product type, 2006 to Chart 3.6: Distribution of issuance and sales by capital protection, 2006 to Chart 3.7: Distribution of Issuance and Sales by Term, 2006 to Chart 3.8: Distribution of issuance and sales by asset class, 2006 to Chart 3.9: Issuance and sales of non-callables by asset class, 2006 to Chart 3.10: Distribution of gross sales by wrapper, 2006 to Chart 3.11: Number of provider groups in the Italian market, 2006 to Chart 4.1: Gross annual sales of Dutch tranche products, 2006 to Chart 4.2: Issuance of Dutch tranche-based products, 2006 to Chart 4.3: Monthly sales and issuance of Dutch tranche products, 2009 and Chart 4.4: Issuance of leverage products, 2006 to Chart 4.5: Status of leverage products at January 2011 by year of launch Chart 4.6: Monthly leverage products activity, Chart 4.7: Distribution of issuance and sales by product type, 2006 to Chart 4.8: Distribution of sales by capital protection level, 2006 to Chart 4.9: Distribution of issuance and sales by term, 2006 to Chart 4.10: Distribution of issuance and sales by asset class, 2006 to Chart 4.11: Distribution of issuance and sales by wrapper, 2006 to Chart 4.12: Number of provider groups in the Dutch market, 2006 to Chart 4.13: Distribution of issuance and sales by distribution channel, 2006 to Chart 5.1: Gross sales of tranche products, 2006 to Chart 5.2: Issuance of tranche products, 2006 to Chart 5.3: Monthly sales and issuance of tranche products, Chart 5.4: Distribution of issuance and sales by product type, 2006 to Chart 5.5: Distribution of issuance and sales by capital protection, 2006 to Chart 5.6: Distribution of issuance and sales by term, 2006 to Chart 5.7: Distribution of issuance and gross sales by asset class, 2006 to Chart 5.8: Distribution of issuance and sales by wrapper, 2006 to Chart 5.9: Number of provider groups, 2006 to Chart 5.10: Breakdown of issuance and sales by distribution channel, 2006 to Chart 6.1: Gross sales of Polish tranche products, 2006 to Page 25 of 36

26 Chart 6.2: Monthly products sales and issuance, Poland, Chart 6.3: Issuance of tranche products, 2006 to Chart 6.4: Distribution of issuance and sales by product type, 2006 to Chart 6.5: Distribution of issuance and sales by capital protection, 2006 to Chart 6.6: Distribution of issuance and sales by term, 2006 to Chart 6.7: Distribution of issuance and sales by asset class, 2006 to Chart 6.8: Distribution of issuance and sales by wrapper, 2006 to Chart 6.9: Number of provider groups in the Polish market, 2006 to Chart 6.10: Breakdown of issuance and sales by distribution channel, 2006 to CONTENTS (VOLUME IV) 1 Portugal Market size and scope Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Flow products Leverage products Products Product types Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market shares Major derivatives providers Distribution Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Slovakia Size and scope of the market Page 26 of 36

27 2.1.1 Tranche products Total volume of gross sales Total number of products launched Average tranche sizes Continuous products Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Spain Market size and scope Core tranche products Total volume of gross sales Total number of products launched Average tranche sizes Flow products Continuous products Leverage products Products Product types Capital protection Term Underlying Payoffs Wrappers Best selling products Page 27 of 36

28 3.3 Competitive landscape Total number of product providers Major product providers and their market share Major derivatives providers Distribution and marketing Distribution channels Marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Sweden Size and scope of the market Total volume of gross sales Total number of products launched Average tranche sizes Products Types of product Capital protection Term Underlyings Payoffs Wrappers Best selling products Competitive landscape Total number of product providers Major product providers and their market share Major derivatives counterparties Distribution and marketing Fiscal and regulatory regime Summary of key regulatory developments Summary of fiscal regime Switzerland Size and scope of the market Tranche and leverage products Total gross sales volume Total number of products launched Page 28 of 36