BROCHURE The European Structured Retail Product Market 2011 Review by Arete Consulting Publication Date: April 2011 Report Code: EUMR11 Arete Consulting Limited 2011
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
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
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
"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
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 1995. 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
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 2001. 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 2011. 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
CONTENTS (Volume I) Scope... 6 Management summary... 8 1.1 Size and growth of the European market... 8 1.2 Strategic trends... 13 1.3 External factors impacting market growth... 16 1.4 Competitive environment... 17 1.5 Wrappers... 20 1.6 Payoffs... 21 1.7 Underlyings... 23 1.8 Regulatory issues... 24 1.9 Market outlook... 28 1.10 Country summaries... 29 1.10.1 Austria... 29 1.10.2 Belgium... 32 1.10.3 Czech Republic... 36 1.10.4 Denmark... 39 1.10.5 Finland... 41 1.10.6 France... 43 1.10.7 Germany... 47 1.10.8 Ireland... 52 1.10.9 Italy... 54 1.10.10 The Netherlands... 59 1.10.11 Norway... 62 1.10.12 Poland... 65 1.10.13 Portugal... 68 1.10.14 Slovakia... 72 1.10.15 Spain... 75 1.10.16 Sweden... 79 1.10.17 Switzerland... 81 1.10.18 United Kingdom... 85 Page 8 of 36
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... 11 Table 1.3: Assets invested and annual sales per capita, 2010, in euros... 12 Table 1.4: Gross sales by distribution channel, 2006 to 2010... 18 Table 1.5: Investment bank rankings - competitive pricing... 19 Table 1.6: Investment bank rankings innovative product ideas... 19 Table 1.7: Gross sales by wrapper group, 2006 to 2010, bn... 20 Table 1.8: Gross sales by asset class, 2006 to 2010, bn... 24 Table 1.9: Austria - Annual gross sales and assets invested in retail structured products... 30 Table 1.10: Belgium - Annual gross sales and assets invested in retail structured products... 33 Table 1.11: Czech Republic - Annual gross sales and assets invested in retail structured products... 36 Table 1.12: Denmark - Annual gross sales and assets invested in retail structured products... 40 Table 1.13: Finland - Annual gross sales and assets invested in retail structured products... 42 Table 1.14: France - Annual gross sales and assets invested in retail structured products... 44 Table 1.15: Germany - Annual gross sales and assets invested in retail structured products... 48 Table 1.16: Ireland - Annual gross sales and assets invested in retail structured products... 52 Table 1.17: Italy - Annual gross sales and assets invested in retail structured products... 55 Table 1.18: The Netherlands - Annual gross sales and assets invested in retail structured products... 59 Table 1.19: Norway - Annual gross sales and assets invested in retail structured products... 64 Table 1.20: Poland - Annual gross sales and assets invested in retail structured products... 66 Table 1.21: Portugal - Annual gross sales and assets invested in retail structured products... 69 Table 1.22: Slovakia - Annual gross sales and assets invested in retail structured products... 73 Table 1.23: Spain - Annual gross sales and assets invested in retail structured products... 75 Table 1.24: Sweden - Annual gross sales and assets invested in retail structured products... 79 Table 1.25: Switzerland - Annual gross sales and assets invested in retail structured products... 82 Table 1.26: Annual gross sales and assets invested in retail structured products... 86 LIST OF CHARTS Chart 1.1: Monthly sales and issuance, Europe, 2010... 10 Chart 1.2: Distribution of gross sales by wrapper, 2006 to 2010... 21 Chart 1.3: Distribution of gross sales by asset class, 2006 to 2010... 24 Page 9 of 36
CONTENTS (VOLUME II) 1 Austria... 14 1.1 Size and scope of the market... 17 1.1.1 Tranche and leverage products... 17 1.1.1.1 Total volume of gross sales... 18 1.1.1.2 Total number of products launched... 19 1.1.1.3 Average tranche sizes... 23 1.1.2 Continuous products... 23 1.2 Products... 24 1.2.1 Types of product... 25 1.2.2 Capital protection... 26 1.2.3 Term... 28 1.2.4 Underlyings... 29 1.2.5 Payoffs... 35 1.2.6 Wrappers... 38 1.2.7 Best selling products... 40 1.3 Competitive landscape... 42 1.3.1 Total number of product providers... 42 1.3.2 Major product providers and their market share... 44 1.3.3 Major derivatives counterparties... 47 1.4 Distribution and marketing... 47 1.5 Fiscal and regulatory regime... 49 1.5.1 Summary of key regulatory developments... 49 1.5.2 Summary of fiscal regime... 50 2 Belgium... 51 2.1 Market size and scope... 54 2.1.1 Tranche products... 54 2.1.1.1 Gross sales volume... 54 2.1.1.2 Total number of products launched... 55 2.1.1.3 Average tranche sizes... 56 2.1.2 Continuous products... 57 2.1.3 Leverage products... 58 2.2 Products... 60 2.2.1 Product types... 61 2.2.2 Capital protection... 62 2.2.3 Term... 64 2.2.4 Underlyings... 66 Page 10 of 36
2.2.5 Payoffs... 73 2.2.6 Wrappers... 77 2.2.7 Best selling products... 79 2.3 Competitive landscape... 81 2.3.1 Total number of product providers... 81 2.3.2 Major product providers and their market share... 83 2.3.3 Major derivatives providers... 89 2.3.4 Distribution... 89 2.4 Fiscal and regulatory regime... 91 2.4.1 Summary of key regulatory developments... 91 2.4.2 Summary of fiscal regime... 92 3 Czech Republic... 93 3.1 Size and scope of the market... 96 3.1.1 Tranche products... 96 3.1.1.1 Total volume of gross sales... 96 3.1.1.2 Total number of products launched... 97 3.1.1.3 Average tranche sizes... 98 3.1.2 Continuous products... 99 3.2 Products... 100 3.2.1 Types of product... 101 3.2.2 Capital protection... 102 3.2.3 Term... 103 3.2.4 Underlyings... 105 3.2.5 Payoffs... 109 3.2.6 Wrappers... 113 3.2.7 Best selling products... 116 3.3 Competitive landscape... 118 3.3.1 Total number of product providers... 119 3.3.2 Major product providers and their market share... 121 3.3.3 Major derivatives providers... 124 3.4 Distribution and marketing... 125 3.4.1 Distribution channels... 125 3.5 Fiscal and regulatory regime... 126 3.5.1 Summary of key regulatory developments... 126 3.5.2 Summary of fiscal regime... 126 4 Denmark... 127 Page 11 of 36
4.1 Size and scope of the market... 129 4.1.1 Gross sales volume... 129 4.1.2 Total number of products launched... 130 4.1.3 Average tranche sizes... 132 4.2 Products... 132 4.2.1 Types of product... 132 4.2.2 Capital protection... 133 4.2.3 Term... 135 4.2.4 Underlyings... 136 4.2.5 Payoffs... 141 4.2.6 Wrappers... 143 4.2.7 Best-selling products... 144 4.3 Competitive landscape... 146 4.3.1 Total number of product providers... 146 4.3.2 Major product providers and their market share... 149 4.3.3 Major derivatives counterparties... 151 4.4 Distribution and marketing... 151 4.5 Fiscal and regulatory regime... 152 4.5.1 Summary of key regulatory developments... 152 4.5.2 Summary of fiscal regime... 154 5 Finland... 156 5.1 Size and scope of the market... 158 5.1.1 Tranche products... 158 5.1.1.1 Total volume of gross sales... 158 5.1.1.2 Total number of products launched... 159 5.1.1.3 Average tranche sizes... 161 5.1.2 Continuous products... 161 5.1.3 Leverage products... 162 5.2 Products... 163 5.2.1 Types of product... 163 5.2.2 Capital protection... 164 5.2.3 Term... 166 5.2.4 Underlyings... 167 5.2.5 Payoffs... 174 5.2.6 Wrappers... 177 5.2.7 Best selling products... 179 5.3 Competitive landscape... 181 5.3.1 Total number of product providers... 181 Page 12 of 36
5.3.2 Major product providers and their market share... 183 5.3.3 Major derivatives counterparties... 185 5.4 Distribution and marketing... 185 5.5 Fiscal and regulatory regime... 186 5.5.1 Summary of key regulatory developments... 186 5.5.2 Summary of fiscal regime... 188 6 France... 189 6.1 Market size and scope... 192 6.1.1 Tranche products... 192 6.1.1.1 Gross sales volumes... 193 6.1.1.2 Total number of products launched... 193 6.1.1.3 Average tranche sizes... 195 6.1.2 Continuous products... 195 6.1.3 Flow products... 197 6.1.4 Leverage products... 198 6.2 Products... 199 6.2.1 Product types... 200 6.2.2 Capital protection... 201 6.2.3 Term... 203 6.2.4 Underlyings... 205 6.2.5 Payoffs... 208 6.2.6 Wrappers... 211 6.2.7 Best selling products... 214 6.3 Competitive landscape... 216 6.3.1 Total number of product providers... 217 6.3.2 Major product providers and their market shares... 219 6.3.3 Third party involvement... 222 6.3.4 Major derivatives providers... 224 6.4 Distribution and marketing... 225 6.4.1 Distribution channels... 225 6.4.2 Fees and omissions... 227 6.4.3 Marketing... 228 6.5 Fiscal and regulatory regime... 229 6.5.1 Summary of key regulatory developments... 229 6.5.2 Summary of fiscal regime... 232 Page 13 of 36
LIST OF TABLES (VOLUME II) Table 1.1: Annual gross sales and assets invested in retail structured products... 14 Table 1.2: Average tranche sizes, 2006 to 2010... 23 Table 1.3 : Outstanding invested in continuous non-leverage products... 23 Table 1.4: Austrian continuous non-leverage products launched, 2010... 23 Table 1.5: Distribution of sales and issuance by asset type, 2010... 32 Table 1.6: Distribution of sales and issuance for core market by asset type, 2010... 32 Table 1.7: Top ten underlyings based on gross sales, 2008 to 2010... 33 Table 1.8: Top ten underlyings by issuance, 2008 to 2010... 34 Table 1.9: Top ten core market underlyings by issuance, 2008 to 2010... 34 Table 1.10: Top ten payoffs by issuance, 2008 to 2010... 36 Table 1.11: Top ten core market payoffs by issuance, 2008 to 2010... 37 Table 1.12: Top ten payoffs by gross sales, 2008 to 2010... 37 Table 1.13: Top ten best selling products in Austria, 2008 to 2010... 40 Table 1.14: Provider groups involved in Austrian market, 2010... 43 Table 1.15: Top ten provider groups by market share and gross sales, 2008 to 2010... 45 Table 1.16: Top ten providers by issuance, 2008 to 2010... 46 Table 1.17: Top ten providers by core market issuance, 2008 to 2010... 47 Table 2.1: Annual gross sales and assets invested in retail structured products... 51 Table 2.2: Average tranche size, 2006 to 2010... 56 Table 2.3 : Outstanding invested in Belgian continuous products... 57 Table 2.4 : Continuous Belgian products open for investment at year-end 2010... 57 Table 2.5: Gross sales and issuance by term, 2010... 65 Table 2.6: Sales and issuance by asset class in 2010... 69 Table 2.7: Top ten underlyings based on gross sales, 2008 to 2010... 69 Table 2.8: Top ten underlyings by issuance, 2008 to 2010... 71 Table 2.9: Leverage products by asset class and type, 2010... 72 Table 2.10: Underlyings used in Belgian leverage products, 2010... 73 Table 2.11: Top ten payoffs based on gross sales, 2008 to 2010... 74 Table 2.12: Top ten payoffs by issuance, 2008 to 2010... 75 Table 2.13: Ten best selling products in Belgium, 2008 to 2010... 79 Table 2.14: Provider groups in the Belgian market, 2010... 82 Table 2.15: Market share and sales of top ten Belgian provider groups, 2008 to 2010... 84 Table 2.16: Top ten provider groups by issuance, 2008 to 2010... 86 Table 2.17: Leveraged product issuance in Belgium, 2010... 88 Table 3.1: Annual gross sales and assets invested in retail structured products... 93 Table 3.2: Gross sales of Czech tranche-based products, 2006 to 2010... 97 Table 3.3: Average tranche sizes, 2006 to 2010... 98 Table 3.4 : Investment in continuous products in the Czech market, 2009 and 2010... 99 Table 3.5: Continuous products available at the end of 2010... 99 Table 3.6: Distribution of sales and issuance by term in 2010... 104 Table 3.7: Gross sales and issuance by asset class in 2010... 106 Table 3.8: Top ten underlyings by gross sales, 2008 to 2010... 107 Page 14 of 36
Table 3.9: Top ten underlyings based on issuance, 2008 to 2010... 108 Table 3.10: Top ten payoffs by gross sales, 2008 to 2010... 110 Table 3.11: Top ten payoffs by issuance, 2008 to 2010... 112 Table 3.12: Ten best selling products in the Czech Republic, 2008 to 2010... 116 Table 3.13: List of provider groups in the Czech Republic in 2010... 119 Table 3.14: Top ten provider groups based on sales, alphabetically, 2008 to 2010... 121 Table 3.15: Market share and gross sales of top ten providers, 2008 to 2010... 122 Table 3.16: Top ten providers of Czech products by issuance, 2008 to 2010... 123 Table 4.1: Annual gross sales and assets invested in retail structured products... 128 Table 4.2: Annual gross sales, 2006 to 2010... 130 Table 4.3: Average tranche sizes, 2006 to 2010... 132 Table 4.4: Distribution of sales and issuance by term, 2010... 136 Table 4.5: Distribution of sales and issuance by asset class, 2010... 138 Table 4.6: Top ten underlyings based on gross sales, 2008 to 2010... 138 Table 4.7: Top ten underlyings by issuance, 2008 to 2010... 139 Table 4.8: Top ten payoffs by gross sales, 2008 to 2010... 141 Table 4.9: Top ten payoffs by issuance, 2008 to 2010... 142 Table 4.10: Ten best selling products in Denmark, 2008 to 2010... 144 Table 4.11: Provider groups in Danish market, 2010... 147 Table 4.12: Market share and gross sales of top ten provider groups, 2008 to 2010... 149 Table 4.13: Top ten provider groups by issuance, 2008 to 2010... 150 Table 5.1: Annual gross sales and assets invested in retail structured products... 156 Table 5.2: Average tranche sizes, 2006 to 2010, m... 161 Table 5.3 : Investment in Finnish continuous products, 2009 and 2010... 161 Table 5.4: Continuous products available at the end of 2010... 161 Table 5.5: Distribution of sales and issuance by term, 2010... 167 Table 5.6: Distribution of sales and issuance by asset class, 2010... 169 Table 5.7: Top ten underlyings based on gross sales, 2008 to 2010... 170 Table 5.8: Top ten underlyings based on issuance, 2008 to 2010... 171 Table 5.9: Top ten payoffs by gross sales, 2008 to 2010... 175 Table 5.10: Top ten payoffs by issuance, 2008 to 2010... 176 Table 5.11: Ten best selling products in Finland, 2008 to 2010... 179 Table 5.12: Provider groups involved in Finnish market, 2010... 182 Table 5.13: Market share and gross sales of top ten providers, 2008 to 2010... 184 Table 5.14: Top ten providers based on issuance level, 2008 to 2010... 184 Table 6.1: Annual gross sales and assets invested in retail structured products, bn... 189 Table 6.2: Average tranche sizes, 2006 to 2010, m... 195 Table 6.3 : Outstanding invested in French continuous products, 2009 to 2010... 196 Table 6.4: French continuous product launches, 2010... 196 Table 6.5: Discontinued French continuous products, 2010... 196 Table 6.6: Distribution of issuance by term, 2006 to 2010... 204 Table 6.7: Distribution of sales by term, m, 2006 to 2010... 204 Table 6.8: Distribution of gross sales and issuance by asset category, 2010... 206 Table 6.9: Top ten underlyings based on gross sales, 2008 to 2010... 207 Page 15 of 36
Table 6.10: Top 10 underlyings by issuance, 2008 to 2010... 208 Table 6.11: Top ten payoffs by sales, 2008 to 2010, m... 209 Table 6.12: Top ten payoffs by issuance, 2008 to 2010... 210 Table 6.13: Ten best selling products in France, 2008 to 2010... 214 Table 6.14: Provider groups involved in the French market, 2010... 218 Table 6.15: Market share and sales of top ten providers, 2008 to 2010... 219 Table 6.16: Top providers of French products based on issuance, 2008 to 2010... 221 LIST OF CHARTS (VOLUME II) Chart 1.1: Gross annual sales of retail structured products, 2006 to 2010... 18 Chart 1.2: Breakdown of gross annual sales, 2006 to 2010... 18 Chart 1.3: Issuance of tranche and leverage products, 2006 to 2010... 20 Chart 1.4: Issuance of retail structured products across entire market, 2006 to 2010... 21 Chart 1.5: Monthly product sales and issuance across entire market, 2010... 22 Chart 1.6: Monthly product issuance and corresponding sales for core market, 2010... 22 Chart 1.7: Distribution of issuance and sales by product type, 2006 to 2010... 25 Chart 1.8: Distribution of issuances and sales by capital protection, 2006 to 2010... 27 Chart 1.9: Distribution of issuance and sales by term, 2006 to 2010... 28 Chart 1.10: Distribution of issuance and sales by asset class, 2006 to 2010... 29 Chart 1.11: Distribution of core market issuance and sales by asset class, 2006-2010... 30 Chart 1.12: Distribution of issuance and sales by wrapper, 2006 to 2010... 39 Chart 1.13: Number of provider groups involved in the Austrian market, 2006 to 2010... 43 Chart 2.1: Gross sales of tranche products, 2006 to 2010... 55 Chart 2.2: Issuance of tranche products, 2006 to 2010... 55 Chart 2.3: Monthly sales and issuance, 2010... 56 Chart 2.4: Issuance of leverage products, 2006 to 2010... 59 Chart 2.5: Status of leverage products as at January 2011 by year of launch... 60 Chart 2.6: Monthly leveraged product activity, 2010... 60 Chart 2.7: Distribution of issuance and sales by product type, 2006 to 2010... 61 Chart 2.8: Distribution of issuance and sales by capital protection, 2006 to 2010... 63 Chart 2.9: Distribution of issuance and sales by term, 2006 to 2010... 64 Chart 2.10: Distribution of issuance and sales by asset class, 2006 to 2010... 67 Chart 2.11: Distribution of issuance and sales by wrapper, 2006 to 2010... 78 Chart 2.12: Number of provider groups in the Belgian market, 2006 to 2010... 82 Chart 2.13: Distribution of issuance and sales by distribution channel, 2006 to 2010... 90 Chart 3.1: Gross sales of tranche-based products, 2006 to 2010, CZKm... 96 Chart 3.2: Issuance of tranche-based products, 2006 to 2010... 97 Chart 3.3: Monthly product issuance and gross sales in Czech Republic, 2010... 98 Chart 3.4: Distribution of issuance and sales by product type, 2006 to 2010... 101 Chart 3.5: Capital protection levels by issuance and sales, 2006 to 2010... 102 Chart 3.6: Distribution of issuance and sales by term, 2006 to 2010... 103 Chart 3.7: Distribution of issuance and sales by asset class, 2006 to 2010... 105 Chart 3.8: Distribution of issuance and sales by wrapper, 2006 to 2010... 114 Page 16 of 36
Chart 3.9: Number of provider groups in Czech market, 2006 to 2010... 119 Chart 3.10: Breakdown of issuance and sales by distribution channel, 2006 to 2010... 125 Chart 4.1: Annual gross sales, 2006 to 2010, DKKm... 130 Chart 4.2: Issuance of tranche-based products, 2006 to 2010... 131 Chart 4.3: Monthly product sales and issuance in Denmark, 2010... 131 Chart 4.4: Distribution of issuance and sales by product type, 2006 to 2010... 133 Chart 4.5: Distribution of issuance and sales by capital protection, 2006 to 2010... 134 Chart 4.6: Distribution of issuance and sales by capital protection, adjusted for issue price, 2006 to 2010... 135 Chart 4.7: Distribution of gross sales by term, 2006 to 2010... 135 Chart 4.8: Distribution of issuance and sales by asset class, 2006 to 2010... 137 Chart 4.9: Distribution of issuance and sales by wrapper, 2006 to 2010... 143 Chart 4.10: Number of provider groups in the Danish market, 2006 to 2010... 147 Chart 4.11: Distribution of issuance and sales by distribution channel, 2006 to 2010... 152 Chart 5.1: Annual gross sales, 2006 to 2010, m... 159 Chart 5.2: Number of products issued, 2006 to 2010... 160 Chart 5.3: Monthly issuance and sales, 2010... 160 Chart 5.4: Distribution of gross sales by product type, 2006 to 2010... 163 Chart 5.5: Distribution of issuance and sales by capital protection, 2006 to 2010... 164 Chart 5.6: Issuance and sales by capital protection adjusted for issue price, 2006-2010... 165 Chart 5.7: Distribution of issuance and sales by term, 2006 to 2010... 166 Chart 5.8: Distribution of issuance and sales by asset class, 2006 to 2010... 168 Chart 5.9: Distribution of issuance and sales by wrapper, 2006 to 2010... 178 Chart 5.10: Number of provider groups involved in the Finnish market, 2006 to 2010... 182 Chart 5.11: Distribution of issuance and sales by distribution channel, 2006 to 2010... 186 Chart 6.1: Gross sales and issuance of tranche products, 2006 to 2010... 193 Chart 6.2: Issuance of tranche products, 2006 to 2010... 194 Chart 6.3: Monthly sales and issuance, 2010... 194 Chart 6.4: Distribution of gross sales and issuance by product type, 2006 to 2010... 200 Chart 6.5: Distribution of issuance and sales by capital protection level, 2006 to 2010... 202 Chart 6.6: Distribution of gross sales and issuance by term, 2006 to 2010... 203 Chart 6.7: Distribution of gross sales and issuance by asset class, 2006 to 2010... 205 Chart 6.8: Distribution of issuance and sales by wrapper, 2006 to 2010... 212 Chart 6.9: Number of provider groups in the French market, 2006 to 2010... 217 Chart 6.10: Distribution of FCP issuance and sales by asset manager, 2006 to 2010... 223 Chart 6.11: Distribution of issuance and sales of MTNs by note issuer, 2006 to 2010... 224 Chart 6.12: Breakdown of issuance and sales by distribution channel, 2006 to 2010... 226 Page 17 of 36
CONTENTS (VOLUME III) 1 Germany... 14 1.1 Size and scope of the market... 18 1.1.1 Tranche and leverage products... 19 1.1.1.1 Total volume of gross sales... 19 1.1.1.2 Total number of products launched... 20 1.1.2 Average tranche sizes... 23 1.1.3 Continuous products... 24 1.2 Products... 25 1.2.1 Product categories... 26 1.2.2 Types of product... 28 1.2.3 Capital protection... 31 1.2.4 Term... 33 1.2.5 Underlyings... 35 1.2.6 Payoffs... 43 1.2.7 Wrappers... 47 1.2.8 Best selling products... 50 1.3 Competitive landscape... 51 1.3.1 Total number of product providers... 52 1.3.2 Major product providers and their market share... 54 1.3.3 Major derivatives counterparties... 60 1.3.4 Secondary markets... 60 1.4 Distribution and marketing... 60 1.5 Fiscal and regulatory regime... 62 1.5.1 Summary of key regulatory developments... 62 1.5.2 Summary of fiscal regime... 64 2 Ireland... 65 2.1 Size and scope of the market... 67 2.1.1 Tranche products... 67 2.1.1.1 Total volume of gross sales... 68 2.1.1.2 Total number of products launched... 69 2.1.1.3 Average tranche sizes... 70 2.1.2 Continuous products... 70 2.2 Products... 72 2.2.1 Types of product... 73 2.2.2 Capital protection... 75 Page 18 of 36
2.2.3 Term... 76 2.2.4 Underlyings... 78 2.2.5 Payoffs... 84 2.2.6 Wrappers... 86 2.3 Competitive landscape... 88 2.3.1 Total number of product providers... 88 2.3.2 Major product providers and their market shares... 90 2.3.3 Major derivatives counterparties... 92 2.4 Distribution... 93 2.5 Fiscal and regulatory regime... 94 2.5.1 Summary of key regulatory developments... 94 2.5.2 Summary of fiscal regime... 95 3 Italy... 96 3.1 Market size and scope... 100 3.1.1 Tranche products... 100 3.1.1.1 Annual gross sales... 100 3.1.1.2 Total number of products launched... 101 3.1.1.3 Average tranche sizes... 103 3.1.2 Continuous products... 104 3.1.3 Leverage products... 105 3.2 Products... 106 3.2.1 Product types... 106 3.2.2 Capital protection... 107 3.2.3 Term... 109 3.2.4 Underlyings... 111 3.2.5 Payoffs... 117 3.2.6 Product wrappers... 120 3.2.7 Best selling products... 123 3.3 Competitive landscape... 125 3.3.1 Total number of product providers... 125 3.3.2 Major product providers and their market share... 127 3.3.3 Major derivatives providers... 133 3.4 Distribution channels... 133 3.5 Fiscal and regulatory regime... 135 3.5.1 Summary of key regulatory developments... 135 3.5.2 Summary of fiscal regime... 137 Page 19 of 36
4 The Netherlands... 139 4.1 Market size and scope... 142 4.1.1 Tranche products... 143 4.1.1.1 Total volume of gross sales... 143 4.1.1.2 Total number of products launched... 144 4.1.1.3 Average tranche sizes... 146 4.1.2 Leverage products... 146 4.1.3 Flow products... 149 4.1.4 Continuous products... 150 4.2 Products... 151 4.2.1 Product types... 152 4.2.2 Capital protection... 154 4.2.3 Term... 155 4.2.4 Underlyings... 157 4.2.5 Payoffs... 162 4.2.6 Wrappers... 164 4.2.7 Best selling products... 166 4.3 Competitive landscape... 168 4.3.1 Total number of product providers... 168 4.3.2 Major product providers and their market share... 169 4.3.3 Major derivatives providers... 172 4.4 Distribution and marketing... 173 4.5 Fiscal and regulatory regime... 174 4.5.1 Summary of key regulatory developments... 174 4.5.2 Summary of fiscal regime... 175 5 Norway... 176 5.1 Size and scope of the market... 178 5.1.1 Tranche products... 179 5.1.1.1 Total volume of gross sales... 179 5.1.1.2 Total number of products launched... 180 5.1.1.3 Average tranche sizes... 181 5.1.2 Continuous products... 182 5.2 Products... 182 5.2.1 Types of product... 183 5.2.2 Capital protection... 183 5.2.3 Term... 185 5.2.4 Underlyings... 186 5.2.5 Payoffs... 190 Page 20 of 36
5.2.6 Wrappers... 192 5.2.7 Best selling products... 194 5.3 Competitive landscape... 196 5.3.1 Total number of product providers... 196 5.3.2 Major product providers and their market share... 197 5.3.3 Major derivatives providers... 201 5.4 Distribution and marketing... 201 5.5 Fiscal and regulatory regime... 203 5.5.1 Summary of key regulatory developments... 203 5.5.2 Summary of fiscal regime... 204 6 Poland... 206 6.1 Size and scope of the market... 209 6.1.1 Tranche products... 209 6.1.1.1 Total volume of gross sales... 209 6.1.1.2 Total number of products launched... 211 6.1.1.3 Average tranche sizes... 212 6.1.2 Continuous products... 212 6.2 Products... 214 6.2.1 Types of product... 214 6.2.2 Capital protection... 215 6.2.3 Term... 217 6.2.4 Underlyings... 219 6.2.5 Payoffs... 224 6.2.6 Wrappers... 225 6.2.7 Best selling products... 227 6.3 Competitive landscape... 229 6.3.1 Total number of product providers... 230 6.3.2 Major product providers and their market share... 232 6.4 Major derivatives providers... 236 6.5 Distribution and marketing... 236 6.6 Fiscal and regulatory regime... 238 6.6.1 Summary of key regulatory developments... 238 6.6.2 Summary of fiscal regime... 239 Page 21 of 36
LIST OF TABLES (VOLUME III) Table 1.1: Annual gross sales and assets invested in retail structured products... 14 Table 1.2: Average tranche sizes, 2006 to 2010... 23 Table 1.3 : Outstanding invested in continuous non-leverage products... 24 Table 1.4: Continuous non-leverage product launches, 2010... 24 Table 1.5: Continuous non-leverage products closed in 2010... 25 Table 1.6: Alternative names for express certificates... 27 Table 1.7: Alternative names for bonus and multi-bonus certificates... 27 Table 1.8: Core market sales and issuance by term, 2010... 35 Table 1.9: Entire market sales and issuance by asset class, 2010... 38 Table 1.10: Core market sales and issuance by asset class, 2010... 39 Table 1.11: Top ten underlyings based on gross sales, 2008 to 2010... 40 Table 1.12: Top ten underlyings by issuance, 2008 to 2010... 40 Table 1.13: Top ten core market underlyings by issuance, 2008 to 2010... 41 Table 1.14: Top ten core market underlyings by sales, 2008 to 2010... 42 Table 1.15: Top ten payoffs by gross sales, 2008 to 2010... 44 Table 1.16: Top ten payoffs by issuance, 2008 to 2010... 45 Table 1.17: Top ten core market payoffs by issuance, 2008 to 2010... 46 Table 1.18: Ten best selling products in Germany, 2008 to 2010... 50 Table 1.19: Provider groups involved in German market, 2010... 53 Table 1.20: Top ten provider groups by market share, 2008 to 2010... 55 Table 1.21: Top ten providers by issuance, 2008 to 2010... 56 Table 1.22: Main providers issuance by wrapper type, 2010... 57 Table 1.23: Ten most active core market providers, 2008 to 2010... 57 Table 1.24: Top ten core market provider groups by market share, 2008 to 2010... 58 Table 2.1: Annual gross sales and assets invested in retail structured products... 65 Table 2.2: Average tranche sizes, 2006 to 2010... 70 Table 2.3 : Continuous products available in the Irish market, 2009 and 2010... 71 Table 2.4: Continuous Irish products at year end 2010... 71 Table 2.5: Distribution of sales and issuance by term, 2010... 77 Table 2.6: Distribution of sales and issuance by asset class, 2010... 80 Table 2.7: Top ten underlyings by gross sales, 2008 to 2010... 81 Table 2.8: Top 10 Underlyings by issuance, 2008 to 2010... 82 Table 2.9: Top ten payoffs by gross sales, 2008 to 2010... 84 Table 2.10: Top ten payoffs by issuance, 2008 to 2010... 85 Table 2.11: Provider groups involved in Irish market, 2010... 89 Table 2.12: Top ten provider groups by sales, alphabetically, 2008 to 2010... 90 Table 2.13: Market share and gross sales of top ten providers, 2008 to 2010, m... 90 Table 2.14: Top ten providers based on issuance levels, 2008 to 2010... 91 Table 3.1: Annual gross sales and assets invested in retail structured products, bn... 97 Table 3.2: Average tranche sizes, 2006 to 2010, m... 103 Table 3.3 : Outstanding invested in continuous products in Italy, 2009 and 2010... 104 Table 3.4: Continuous Italian products open for investment, 2010... 105 Page 22 of 36
Table 3.5: Gross sales and issuance by term, 2010... 110 Table 3.6: Distribution of gross sales and issuance by asset class, 2010... 113 Table 3.7: Breakdown of the interest rate asset class by type, 2010... 114 Table 3.8: Top ten underlyings based on gross sales, 2008 to 2010... 114 Table 3.9: Top ten underlyings by issuance, 2008 to 2010... 115 Table 3.10: Leverage products by asset class, 2008 to 2010... 116 Table 3.11: Ten most used underlyings for leveraged products, 2008 to 2010... 117 Table 3.12: Top ten payoffs by gross sales, 2008 to 2010... 118 Table 3.13: Top ten payoffs by issuance, 2008 to 2010... 119 Table 3.14: Top ten best selling products in Italy, 2010... 123 Table 3.15: List of provider groups involved in the non-callable market, 2010... 126 Table 3.16: List of provider groups involved in the callable market, 2010... 126 Table 3.17: Market share of the top ten providers of Italian products, 2008 to 2010... 127 Table 3.18: Ten most active providers, 2008 to 2010... 129 Table 3.19: Market share of top providers of callable products, 2008 to 2010... 129 Table 3.20: Ten most active providers of callable products, 2008 to 2010... 130 Table 3.21: Market share of top non-callable product providers, 2008 to 2010... 131 Table 3.22: Ten most active providers of non-callable products, 2008 to 2010... 132 Table 3.23: Leveraged product issuance in Italy, 2008 to 2010... 133 Table 4.1: Annual gross sales and assets invested in retail structured products... 139 Table 4.2: Average tranche sizes, 2006 to 2010... 146 Table 4.3 : Continuous products available at year-end 2009 and 2010... 150 Table 4.4: Continuous products available at year-end 2010... 150 Table 4.5: Distribution of sales and issuance by term, 2010... 156 Table 4.6: Distribution of sales and issuance by asset class, 2010... 158 Table 4.7: Top ten underlyings by gross sales, 2008 to 2010... 159 Table 4.8: Top ten underlyings by issuance, 2008 to 2010... 160 Table 4.9: Breakdown of Dutch leverage products by asset class, 2010... 161 Table 4.10: Popular underlyings for Dutch leverage products, 2010... 161 Table 4.11: Top ten payoffs by gross sales, 2008 to 2010... 163 Table 4.12: Top ten payoffs by issuance, 2008 to 2010... 163 Table 4.13: Top ten best selling products in the Netherlands, 2008 to 2010... 166 Table 4.14: Provider groups involved in the Dutch market, 2010... 168 Table 4.15: Market share and sales of top ten provider groups, 2008 to 2010... 170 Table 4.16: Top ten providers based on issuance level, 2008 to 2010... 171 Table 4.17: Leveraged product issuance in the Netherlands, 2010... 172 Table 5.1: Annual gross sales and assets invested in retail structured products... 177 Table 5.2: Gross sales of tranche products, 2006 to 2010... 179 Table 5.3: Average tranche sizes, 2006 to 2010... 181 Table 5.4: Continuous products available in Norway at the end of 2010... 182 Table 5.5: Distribution of sales and issuance by term, 2010... 186 Table 5.6: Distribution of sales and issuance by asset class, 2010... 188 Table 5.7: Top ten underlyings based on gross sales, 2008 to 2010... 188 Table 5.8: Top ten underlyings by issuance, 2008 to 2010... 189 Page 23 of 36
Table 5.9: Top payoffs based on gross sales, 2008 to 2010... 191 Table 5.10: Top payoffs based on issuance, 2008 to 2010... 192 Table 5.11: Ten best selling products in Norway, 2008 to 2010... 194 Table 5.12: Active provider groups, 2010... 196 Table 5.13: Top ten provider groups by sales, alphabetically, 2008 to 2010... 198 Table 5.14: Market share and gross sales of top ten provider groups, 2008 to 2010... 198 Table 5.15: Top ten provider groups by issuance, 2008 to 2010... 198 Table 6.1: Annual gross sales and assets invested in retail structured products... 206 Table 6.2: Gross sales of Polish tranche products, 2006 to 2010... 210 Table 6.3: Average tranche sizes, 2006 to 2010... 212 Table 6.4 : Investment in continuous products in the Polish market, 2009 and 2010... 213 Table 6.5: Continuous products available, end 2010... 213 Table 6.6: Distribution of sales and issuance by term, 2010... 218 Table 6.7: Distribution of sales and issuance by asset class, 2010... 220 Table 6.8: Top ten underlyings by gross sales, 2008 to 2010... 221 Table 6.9: Top ten underlyings based on issuance, 2008 to 2010... 223 Table 6.10: Top ten payoffs by gross sales, 2008 to 2010... 224 Table 6.11: Top ten payoffs by issuance, 2008 to 2010... 225 Table 6.12: Ten best selling products in Poland, 2008 to 2010... 228 Table 6.13: Provider groups in the Polish market, 2010... 230 Table 6.14: Top ten provider groups based on sales, alphabetically, 2008 to 2010... 232 Table 6.15: Market share and gross sales of top ten provider groups, 2008 to 2010... 232 Table 6.16: Top ten provider groups by issuance, 2008 to 2010... 233 LIST OF CHARTS (VOLUME III) Chart 1.1: Sales of structured products across entire market, 2006 to 2010... 20 Chart 1.2: Issuance of tranche-based and leverage products, 2006 to 2010... 21 Chart 1.3: Breakdown of issuance of structured products, 2006 to 2010... 21 Chart 1.4: Monthly product issuance in Germany, 2010... 22 Chart 1.5: Monthly product issuance for German core market, 2010... 23 Chart 1.6: Distribution of issuance and sales by product type, 2006 to 2010... 29 Chart 1.7: Distribution of core market issuance and sales by product type, 2006-2010... 30 Chart 1.8: Distribution of issuance and sales by capital protection, 2006 to 2010... 31 Chart 1.9: Issuance and sales by capital protection, core market, 2006 to 2010... 32 Chart 1.10: Distribution of issuance and sales by term, 2006 to 2010... 33 Chart 1.11: Distribution of core market issuance and sales by term, 2006 to 2010... 34 Chart 1.12: Distribution of issuance and sales by asset class, 2006 to 2010... 36 Chart 1.13: Distribution of core market issuance and sales by asset class, 2006-2010... 37 Chart 1.14: Distribution of issuance and sales by wrapper, 2006 to 2010... 48 Chart 1.15: Distribution of core market issuance and sales by wrapper, 2006 to 2010... 49 Chart 1.16: Number of provider groups involved in the German market, 2006 to 2010... 52 Chart 2.1: Annual gross sales (2006 to 2010)... 68 Page 24 of 36
Chart 2.2: Issuance of tranche-based products, 2006 to 2010... 69 Chart 2.3: Monthly product issuance in Ireland, 2010... 70 Chart 2.4: Distribution of issuance and gross sales by product type (2006 to 2010)... 73 Chart 2.5: Distribution of issuance and sales by capital protection level (2006 to 2010)... 75 Chart 2.6: Distribution of issuance and gross sales by term, 2006 to 2010... 77 Chart 2.7: Distribution of issuance and sales by asset class, 2006 to 2010... 78 Chart 2.8: Distribution of issuance and gross sales by wrapper, 2006 to 2010... 87 Chart 2.9: Provider groups involved in the Irish market, 2006 to 2010... 89 Chart 2.10: Breakdown of issuance and sales by distribution channel, 2006 to 2010... 93 Chart 3.1: Gross sales of Italian tranche products, 2006 to 2010... 101 Chart 3.2: Issuance of tranche-based products, 2006 to 2010... 102 Chart 3.3: Monthly issuance of non-callable products, Italy, 2010... 102 Chart 3.4: Monthly callable product issuance, Italy, 2010... 103 Chart 3.5: Distribution of issuance and sales by product type, 2006 to 2010... 106 Chart 3.6: Distribution of issuance and sales by capital protection, 2006 to 2010... 108 Chart 3.7: Distribution of Issuance and Sales by Term, 2006 to 2010... 109 Chart 3.8: Distribution of issuance and sales by asset class, 2006 to 2010... 112 Chart 3.9: Issuance and sales of non-callables by asset class, 2006 to 2010... 112 Chart 3.10: Distribution of gross sales by wrapper, 2006 to 2010... 121 Chart 3.11: Number of provider groups in the Italian market, 2006 to 2010... 125 Chart 4.1: Gross annual sales of Dutch tranche products, 2006 to 2010... 143 Chart 4.2: Issuance of Dutch tranche-based products, 2006 to 2010... 145 Chart 4.3: Monthly sales and issuance of Dutch tranche products, 2009 and 2010... 145 Chart 4.4: Issuance of leverage products, 2006 to 2010... 147 Chart 4.5: Status of leverage products at January 2011 by year of launch... 148 Chart 4.6: Monthly leverage products activity, 2010... 148 Chart 4.7: Distribution of issuance and sales by product type, 2006 to 2010... 152 Chart 4.8: Distribution of sales by capital protection level, 2006 to 2010... 155 Chart 4.9: Distribution of issuance and sales by term, 2006 to 2010... 156 Chart 4.10: Distribution of issuance and sales by asset class, 2006 to 2010... 158 Chart 4.11: Distribution of issuance and sales by wrapper, 2006 to 2010... 165 Chart 4.12: Number of provider groups in the Dutch market, 2006 to 2010... 168 Chart 4.13: Distribution of issuance and sales by distribution channel, 2006 to 2010... 173 Chart 5.1: Gross sales of tranche products, 2006 to 2010... 179 Chart 5.2: Issuance of tranche products, 2006 to 2010... 180 Chart 5.3: Monthly sales and issuance of tranche products, 2010... 181 Chart 5.4: Distribution of issuance and sales by product type, 2006 to 2010... 183 Chart 5.5: Distribution of issuance and sales by capital protection, 2006 to 2010... 184 Chart 5.6: Distribution of issuance and sales by term, 2006 to 2010... 185 Chart 5.7: Distribution of issuance and gross sales by asset class, 2006 to 2010... 187 Chart 5.8: Distribution of issuance and sales by wrapper, 2006 to 2010... 193 Chart 5.9: Number of provider groups, 2006 to 2010... 196 Chart 5.10: Breakdown of issuance and sales by distribution channel, 2006 to 2010... 202 Chart 6.1: Gross sales of Polish tranche products, 2006 to 2010... 210 Page 25 of 36
Chart 6.2: Monthly products sales and issuance, Poland, 2010... 210 Chart 6.3: Issuance of tranche products, 2006 to 2010... 211 Chart 6.4: Distribution of issuance and sales by product type, 2006 to 2010... 214 Chart 6.5: Distribution of issuance and sales by capital protection, 2006 to 2010... 216 Chart 6.6: Distribution of issuance and sales by term, 2006 to 2010... 217 Chart 6.7: Distribution of issuance and sales by asset class, 2006 to 2010... 219 Chart 6.8: Distribution of issuance and sales by wrapper, 2006 to 2010... 226 Chart 6.9: Number of provider groups in the Polish market, 2006 to 2010... 230 Chart 6.10: Breakdown of issuance and sales by distribution channel, 2006 to 2010... 237 CONTENTS (VOLUME IV) 1 Portugal... 14 1.1 Market size and scope... 17 1.1.1 Tranche products... 17 1.1.1.1 Total volume of gross sales... 17 1.1.1.2 Total number of products launched... 18 1.1.1.3 Average tranche sizes... 20 1.1.2 Flow products... 20 1.1.3 Leverage products... 21 1.2 Products... 22 1.2.1 Product types... 22 1.2.2 Capital protection... 24 1.2.3 Term... 25 1.2.4 Underlyings... 27 1.2.5 Payoffs... 33 1.2.6 Wrappers... 36 1.2.7 Best selling products... 38 1.3 Competitive landscape... 40 1.3.1 Total number of product providers... 40 1.3.2 Major product providers and their market shares... 42 1.3.3 Major derivatives providers... 44 1.3.4 Distribution... 44 1.4 Fiscal and regulatory regime... 45 1.4.1 Summary of key regulatory developments... 46 1.4.2 Summary of fiscal regime... 47 2 Slovakia... 48 2.1 Size and scope of the market... 51 Page 26 of 36
2.1.1 Tranche products... 51 2.1.1.1 Total volume of gross sales... 51 2.1.1.2 Total number of products launched... 52 2.1.1.3 Average tranche sizes... 53 2.1.2 Continuous products... 53 2.2 Products... 55 2.2.1 Types of product... 56 2.2.2 Capital protection... 57 2.2.3 Term... 58 2.2.4 Underlyings... 60 2.2.5 Payoffs... 65 2.2.6 Wrappers... 66 2.2.7 Best selling products... 68 2.3 Competitive landscape... 69 2.3.1 Total number of product providers... 69 2.3.2 Major product providers and their market share... 71 2.3.3 Major derivatives providers... 74 2.4 Distribution... 74 2.5 Fiscal and regulatory regime... 75 2.5.1 Summary of key regulatory developments... 75 2.5.2 Summary of fiscal regime... 76 3 Spain... 77 3.1 Market size and scope... 81 3.1.1 Core tranche products... 81 3.1.1.1 Total volume of gross sales... 81 3.1.1.2 Total number of products launched... 82 3.1.1.3 Average tranche sizes... 83 3.1.2 Flow products... 83 3.1.3 Continuous products... 85 3.1.4 Leverage products... 85 3.2 Products... 87 3.2.1 Product types... 87 3.2.2 Capital protection... 89 3.2.3 Term... 91 3.2.4 Underlying... 93 3.2.5 Payoffs... 98 3.2.6 Wrappers... 101 3.2.7 Best selling products... 105 Page 27 of 36
3.3 Competitive landscape... 108 3.3.1 Total number of product providers... 109 3.3.2 Major product providers and their market share... 112 3.3.3 Major derivatives providers... 117 3.4 Distribution and marketing... 117 3.4.1 Distribution channels... 117 3.4.2 Marketing... 119 3.5 Fiscal and regulatory regime... 120 3.5.1 Summary of key regulatory developments... 120 3.5.2 Summary of fiscal regime... 121 4 Sweden... 123 4.1 Size and scope of the market... 125 4.1.1 Total volume of gross sales... 126 4.1.2 Total number of products launched... 126 4.1.3 Average tranche sizes... 128 4.2 Products... 128 4.2.1 Types of product... 129 4.2.2 Capital protection... 130 4.2.3 Term... 133 4.2.4 Underlyings... 135 4.2.5 Payoffs... 140 4.2.6 Wrappers... 143 4.2.7 Best selling products... 145 4.3 Competitive landscape... 147 4.3.1 Total number of product providers... 148 4.3.2 Major product providers and their market share... 149 4.3.3 Major derivatives counterparties... 152 4.4 Distribution and marketing... 153 4.5 Fiscal and regulatory regime... 154 4.5.1 Summary of key regulatory developments... 155 4.5.2 Summary of fiscal regime... 156 5 Switzerland... 157 5.1 Size and scope of the market... 160 5.1.1 Tranche and leverage products... 161 5.1.1.1 Total gross sales volume... 161 5.1.1.2 Total number of products launched... 162 Page 28 of 36