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© Arete Consulting Limited 2011

BROCHURE

The European Structured Retail Product Market

2011 Review

by

Arete Consulting

Publication Date: April 2011

Report Code: EUMR11



The European Structured Retail Product Market - 2011 Review

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© Arete Consulting Limited 2011 Strictly Confidential

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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.




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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




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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 andMarkets

“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




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"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.




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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.

http://www.structuredretailproducts.com/

http://www.structuredretailproducts.com/




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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.




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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




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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 ........................................ 69Table 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




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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 ............................................................ ......................................................... 542.1.1.1 Gross sales volume ........................................................... .............................................. 54

2.1.1.2 Total number of products launched ........................................................... ......................... 55



2.1.3 Leverage products .......................................................... ......................................................... 58

2.2 Products ....................................................... ................................................................. .............. 60

2.2.1 Product types ...................................................... ................................................................. .... 61


2.2.3 Term ....................................................... ................................................................. .............. 64

2.2.4 Underlyings ......................................................... ................................................................. ... 66




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2.2.5 Payoffs ............................................................... ................................................................. ... 73

2.2.6 Wrappers ........................................................... ................................................................. ... 77


2.3 Competitive landscape ......................................................... .......................................................... 81

2.3.1 Total number of product providers...................................................................... .......................... 81


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


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




3.2 Products ....................................................... ................................................................. ............. 100

3.2.1 Types of product ............................................................. ......................................................... 1013.2.2 Capital protection ........................................................... ........................................................ 102

3.2.3 Term ....................................................... ................................................................. ............. 103

3.2.4 Underlyings ......................................................... ................................................................. .. 105

3.2.5 Payoffs ............................................................... ................................................................. .. 109

3.2.6 Wrappers ........................................................... ................................................................. ... 113





3.3.3 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




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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






5 Finland ............................................................. ................................................................. ............. 156


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



5.1.3 Leverage products .......................................................... ........................................................ 162

5.2 Products ....................................................... ................................................................. ............. 163

5.2.1 Types of product ............................................................. ........................................................ 163


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






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5.3.3 Major derivatives counterparties ............................................................. ................................... 185





6 France .............................................................. ................................................................. ............. 189

6.1 Market size and scope .......................................................... ........................................................ 192


6.1.1.1 Gross sales volumes .......................................................... ............................................. 193


6.1.1.3 Average tranche sizes ................................................................. ................................... 195

6.1.2 Continuous products ........................................................ ........................................................ 195

6.1.3 Flow products ...................................................... ................................................................. .. 197


6.2 Products ....................................................... ................................................................. ............. 199

6.2.1 Product types ...................................................... ................................................................. . 200


6.2.3 Term ....................................................... ................................................................. ............ 203

6.2.4 Underlyings ......................................................... ................................................................. . 2056.2.5 Payoffs ............................................................... ................................................................. . 208

6.2.6 Wrappers ........................................................... ................................................................. ... 211




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




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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 ................................................................ ............... 106Table 3.8: Top ten underlyings by gross sales, 2008 to 2010 .................... ........................................................ 107




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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 ................................................................. 161Table 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 ........................................................ 206Table 6.9: Top ten underlyings based on gross sales, 2008 to 2010 ................................................................ .. 207




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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 6.13: 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 ......................................................... ......................... 55Chart 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 2.12: 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 ........................................................ .. 105Chart 3.8: Distribution of issuance and sales by wrapper, 2006 to 2010 .............................................................. 114




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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 4.3: 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 4.9: 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 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 5.6: Issuance and sales by capital protection adjusted for issue price, 2006- 2010 ...................................... 165


Chart 5.8: Distribution of issuance and sales by asset class, 2006 to 2010 ........................................................ .. 168


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 .............................................. 186Chart 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 6.9: 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




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CONTENTS (VOLUME III)

1 Germany .......................................................... ................................................................. ............... 14


1.1.1 Tranche and leverage products .............................................................. ..................................... 19



1.1.2 Average tranche sizes ................................................................ ............................................... 23


1.2 Products ....................................................... ................................................................. .............. 25

1.2.1 Product categories .......................................................... ......................................................... 26

1.2.2 Types of product ............................................................. ......................................................... 28

1.2.3 Capital protection ........................................................... .......................................................... 311.2.4 Term ....................................................... ................................................................. .............. 33

1.2.5 Underlyings ......................................................... ................................................................. ... 35

1.2.6 Payoffs ............................................................... ................................................................. ... 43

1.2.7 Wrappers ........................................................... ................................................................. ... 47


1.3 Competitive landscape ......................................................... .......................................................... 51




1.3.4 Secondary markets .......................................................... ......................................................... 60





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




2.2 Products ....................................................... ................................................................. .............. 72

2.2.1 Types of product ............................................................. ......................................................... 73





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2.2.3 Term ....................................................... ................................................................. .............. 76

2.2.4 Underlyings ......................................................... ................................................................. ... 78

2.2.5 Payoffs ............................................................... ................................................................. ... 84

2.2.6 Wrappers ........................................................... ................................................................. ... 86



2.3.2 Major product providers and their market shares ............................................................. .............. 90


2.4 Distribution .............................................................. ................................................................. ... 93




3 Italy............................................................................. .............................................................. ...... 96



3.1.1.1 Annual gross sales ............................................................ ............................................. 100





3.2 Products ....................................................... ................................................................. ............. 106

3.2.1 Product types ...................................................... ................................................................. .. 106


3.2.3 Term ....................................................... ................................................................. ............. 109

3.2.4 Underlyings ......................................................... ................................................................. .... 111

3.2.5 Payoffs ............................................................... ................................................................. ... 117

3.2.6 Product wrappers ............................................................ ........................................................ 120






3.4 Distribution channels.................................................................................. ................................... 133







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4 The Netherlands ............................................................ ................................................................. .. 139







4.1.3 Flow products ...................................................... ................................................................. .. 149


4.2 Products ....................................................... ................................................................. .............. 151

4.2.1 Product types ...................................................... ................................................................. .. 152


4.2.3 Term ....................................................... ................................................................. ............. 155

4.2.4 Underlyings ......................................................... ................................................................. .. 157

4.2.5 Payoffs ............................................................... ................................................................. .. 162

4.2.6 Wrappers ........................................................... ................................................................. .. 164










5 Norway ............................................................ ................................................................. ............. 176







5.2 Products ....................................................... ................................................................. ............. 182

5.2.1 Types of product ............................................................. ........................................................ 183


5.2.3 Term ....................................................... ................................................................. ............. 185

5.2.4 Underlyings ......................................................... ................................................................. .. 186

5.2.5 Payoffs ............................................................... ................................................................. .. 190




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5.2.6 Wrappers ........................................................... ................................................................. .. 192










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




6.2 Products ....................................................... ................................................................. ............. 214

6.2.1 Types of product ............................................................. ........................................................ 214


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








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LIST OF TABLES (VOLUME III)

Table 1.1: Annual gross sales and assets invested in retail structured products ......................................................... 14


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 ............................................................................ 57Table 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 2.11: 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 .................................................. 104Table 3.4: Continuous Italian products open for investment, 2010 ......................................................... ............. 105




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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 3.13: 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 4.2: 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 ............................................................................... 156Table 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 4.13: 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 5.2: Gross sales of tranche products, 2006 to 2010 ........................................................ ........................ 179


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 ................................................................... 188Table 5.8: Top ten underlyings by issuance, 2008 to 2010 ........................................................ ........................ 189




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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 6.7: 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 1.15: 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 ........................................... 52Chart 2.1: Annual gross sales (2006 to 2010).......................................................................... ......................... 68




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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 2.8: 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 3.7: 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 .................................................................. ................ 147Chart 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 5.3: 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 5.7: 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 ............................................ 202Chart 6.1: Gross sales of Polish tranche products, 2006 to 2010 ........................................................................ 210




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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 6.6: 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


1.1.1.2 Total number of products launched ........................................................... .......................... 18


1.1.2 Flow products ...................................................... ................................................................. ... 20

1.1.3 Leverage products .......................................................... .......................................................... 21

1.2 Products ....................................................... ................................................................. .............. 22

1.2.1 Product types ...................................................... ................................................................. ... 22


1.2.3 Term ....................................................... ................................................................. .............. 25

1.2.4 Underlyings ......................................................... ................................................................. ... 27

1.2.5 Payoffs ............................................................... ................................................................. ... 33

1.2.6 Wrappers ........................................................... ................................................................. ... 36



1.3.1 Total number of product providers...................................................................... ......................... 401.3.2 Major product providers and their market shares ............................................................. .............. 42


1.3.4 Distribution .......................................................... ................................................................. ... 44




2 Slovakia ............................................................ ................................................................. .............. 48





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2.1.1 Tranche products ............................................................ .......................................................... 51





2.2 Products ....................................................... ................................................................. .............. 55

2.2.1 Types of product ............................................................. ......................................................... 56


2.2.3 Term ....................................................... ................................................................. .............. 58

2.2.4 Underlyings ......................................................... ................................................................. ... 60

2.2.5 Payoffs ............................................................... ................................................................. ... 65

2.2.6 Wrappers ........................................................... ................................................................. ... 66




2.3.2 Major product providers and their market share .............................................................. ............... 71


2.4 Distribution .............................................................. ................................................................. ... 74




3 Spain ............................................................... ................................................................. .............. 77

3.1 Market size and scope .......................................................... .......................................................... 81

3.1.1 Core tranche products ................................................................ ............................................... 81




3.1.2 Flow products ...................................................... ................................................................. ... 83


3.1.4 Leverage products .......................................................... ......................................................... 85

3.2 Products ....................................................... ................................................................. .............. 87

3.2.1 Product types ...................................................... ................................................................. ... 87


3.2.3 Term ....................................................... ................................................................. ............... 91

3.2.4 Underlying .......................................................... ................................................................. ... 93

3.2.5 Payoffs ............................................................... ................................................................. ... 98

3.2.6 Wrappers ........................................................... ................................................................. ... 101





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3.4.1 Distribution channels ........................................................ ......................................................... 117

3.4.2 Marketing ........................................................... ................................................................. ... 119




4 Sweden ............................................................ ................................................................. ............. 123


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


4.2.3 Term ....................................................... ................................................................. ............. 133

4.2.4 Underlyings ......................................................... ................................................................. .. 1354.2.5 Payoffs ............................................................... ................................................................. .. 140

4.2.6 Wrappers ........................................................... ................................................................. .. 143





4.3.3 Major derivatives counterparties ............................................................. ................................... 152





5 Switzerland ....................................................... ................................................................. ............. 157


5.1.1 Tranche and leverage products .............................................................. .................................... 161

5.1.1.1 Total gross sales volume .............................................................. .................................... 161





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5.2 Products ....................................................... ................................................................. ............. 167

5.2.1 Product categories .......................................................... ........................................................ 168

5.2.2 Types of product ............................................................. ........................................................ 169


5.2.4 Term ....................................................... ................................................................. ............. 172

5.2.5 Underlyings ......................................................... ................................................................. .. 174

5.2.6 Payoffs ............................................................... ................................................................. .. 180

5.2.7 Wrappers ........................................................... ................................................................. .. 184




5.3.3 Secondary markets .......................................................... ........................................................ 192





6 United Kingdom ............................................................ ................................................................. . 200

6.1 Market size and scope .......................................................... ....................................................... 203

6.1.1 Tranche products ............................................................ ....................................................... 203

6.1.1.1 Gross sales volume ........................................................... ............................................ 203

6.1.1.2 Total number of products launched ........................................................... ....................... 205

6.1.1.3 Average tranche sizes ................................................................. .................................. 207

6.1.2 Continuous products ........................................................ ....................................................... 207

6.2 Products ....................................................... ................................................................. ............. 210

6.2.1 Product types ...................................................... ................................................................. ... 211


6.2.3 Term ....................................................... ................................................................. ............. 215

6.2.4 Underlyings ......................................................... ................................................................. .. 217

6.2.5 Payoffs ............................................................... ................................................................. . 223

6.2.6 Wrappers ........................................................... ................................................................. . 228

6.2.7 Best selling products ........................................................ ....................................................... 233

6.3 Competitive landscape ......................................................... ....................................................... 235

6.3.1 Total number of product providers...................................................................... ....................... 235

6.3.2 Major product providers and their market shares ............................................................. ............ 239

6.3.3 Major derivatives providers ......................................................... ............................................ 243

6.3.4 Typical margins .............................................................. ....................................................... 243




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6.4.1 Distribution channels ........................................................ ....................................................... 244

6.4.2 Commissions to distributors .......................................................... ............................................ 249

6.4.3 Marketing ........................................................... ................................................................. . 249




Glossary of structured products terms ........................................................................................................... 257




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LIST OF TABLES (VOLUME IV)

Table 1.1: Annual gross sales and assets invested in retail structured products, €bn.................................................. 14


Table 1.3: Gross sales and issuance by term, 2010 ............ ................................................................. .............. 26

Table 1.4: Distribution of gross sales and issuance by asset class, 2010 ................................................................ 29

Table 1.5: Top ten underlyings by gross sales, 2008 to 2010 .............................................................................. 29

Table 1.6: Top ten underlyings by issuance, 2008 to 2010 .................................................................................. 31

Table 1.7: Leverage products by asset class, 2009 to 2010................................................................................ 32

Table 1.8: Selection of underlyings used by leveraged products, 2009 to 2010 ..................................................... 33



Table 1.11: Ten best selling products in Portugal, 2008 to 2010 ....................................... .................................... 38

Table 1.12: List of provider groups involved in Portuguese Market, 2010 ............................................................ .... 41

Table 1.13: Market share and gross sales of top ten providers, 2008 to 2010, €m .................................................. 42

Table 1.14: Top ten providers by issuance, 2008 to 2010 .......................................................... ......................... 43

Table 1.15: Leveraged product issuance in Portugal, 2009 ........................................................................... ...... 44

Table 2.1: Annual gross sales and assets invested in retail structured products .............................. ......................... 49

Table 2.2: Average tranche sizes, 2006 to 2010 ............................................................................................. 53

Table 2.3 : Outstanding invested in continuous structured products, 2009 and 2010 .............................................. 54

Table 2.4: Continuous products available at end-2010 ....................................................................... .............. 54

Table 2.5: Distribution of sales and issuance by term in 2010 ................................................................ .............. 60

Table 2.6: Distribution of sales and issuance by asset class in 2010 ................................................................ ..... 62

Table 2.7: Top 10 Underlyings by gross sales, 2008 to 2010 .............................................................................. 63Table 2.8: Top ten underlyings by issuance, 2008 to 2010................................................................ ................. 64

Table 2.9: Top ten payoffs by gross sales, 2008 to 2010 .......................................................... ......................... 65


Table 2.11: Top five best selling products in Slovakia, 2008 to 2010 ...................................................... .............. 68

Table 2.12: Provider groups involved in the Slovakian market in 2010 .................................................... ............... 71

Table 2.13: Market share and gross sales of top five provider groups, 2008 to 2010 ............................................... 71

Table 2.14: Activity levels of provider groups, 2008 to 2010 .............................................................................. 72

Table 3.1: Annual gross sales and assets invested in retail structured products, €bn ................................................ 77


Table 3.3 : Outstanding invested in continuous products at year end 2009 and 2010 ............................................. 85

Table 3.4: Continuous Spanish products available at year end 2010 ................................................................... 85

Table 3.5: Distribution of issuance by term, 2006 to 2010......................................................... .......................... 91

Table 3.6: Distribution of sales by term, 2006 to 2010, €m ................................................................................ 92

Table 3.7: Sales and issuance by asset class, 2010 ....................................................... .................................... 94

Table 3.8: Top ten underlyings by gross sales, 2008 to 2010 .................... ......................................................... 96

Table 3.9: Top ten underlyings by issuance, 2008 to 2010................................................................................. 97



Table 3.12: Ten best selling products in Spain, 2008 to 2010..................... ........................................................ 106Table 3.13: List of provider groups involved in the Spanish market, 2010 ............................................................ .. 109




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Table 3.14: List of newly-formed provider groups following restructuring ............................................................ ... 110

Table 3.15: Issuance and sales by provider type, 2008 to 2010 .......................................................................... 112

Table 3.16: Top ten provider groups by sales, alphabetically, 2008 to 2010 ......................................................... 113

Table 3.17: Market share of top ten providers, 2008 to 2010 ............................... .............................................. 113

Table 3.18: Ten most active provider groups, 2008 to 2010 ........................................... .................................... 114


Table 4.2: Annual gross sales, 2006 to 2010 ................................................... .............................................. 126

Table 4.3: Average tranche sizes, 2006 to 2010 .......................................................... ................................... 128


Table 4.5: Distribution of sales and issuance by asset class, 2010 ......................... ............................................. 136

Table 4.6: Top ten underlyings by gross sales, 2008 to 2010 ............................................................................ 137

Table 4.7: Top ten underlyings by issuance, 2008 to 2010................................................................................ 138


Table 4.9: Top ten payoffs by issuance, 2008 to 2010 ............................................................. ........................ 142

Table 4.10: Top ten best selling products in Sweden, 2008 to 2010 ................................................................ .... 145

Table 4.11: List of provider groups involved in Swedish market, 2010 ............................... ................................... 148

Table 4.12: Market share and gross sales of top ten providers, 2008 to 2010, SEKm ............................................. 150

Table 4.13: Top ten providers based on issuance, 2008 to 2010 ......................................................................... 151


Table 5.2: Average tranche sizes, 2006 to 2010.......................... ................................................................. .. 165

Table 5.3 : Outstanding invested in continuous products at year end 2009 and 2010 ............................................ 165

Table 5.4: Swiss continuous products available at year end, 2010 ............................................. ........................ 166

Table 5.5: Core market sales and issuance by term, 2010 ......................................................... ........................ 173

Table 5.6: Breakdown of sales and issuance by asset class, 2010 ...................................................................... 175Table 5.7: Breakdown of sales and issuance of the core market by asset class, 2010 ............................................. 176

Table 5.8: Top ten underlyings by gross sales, 2008 to 2010 ............................... ............................................. 177

Table 5.9: Top ten underlyings by issuance, 2008 to 2010 ............................................ ................................... 178

Table 5.10: Top ten core market underlyings by issuance, 2008 to 2010 ............... .............................................. 179

Table 5.11: Top ten payoffs by gross sales, 2008 to 2010 ................................... ............................................... 181


Table 5.13: Top ten core market payoffs by issuance, 2008 to 2010 ................................................................... 183

Table 5.14: Swiss market provider groups, 2010 ........................................................... ................................... 187

Table 5.15: Market share and gross sales of top ten providers, 2008 to 2010 ................... ................................... 189

Table 5.16: Top ten providers by issuance, 2008 to 2010 ............................................................................ ..... 190

Table 5.17: Top ten providers in the core market by issuance, 2008 to 2010 ......................................................... 191

Table 6.1: Annual gross sales and assets invested in retail structured products ...................................................... 201

Table 6.2: Average tranche sizes, 2006 to 2010 ............................................................................... ............ 207

Table 6.3 : Outstanding invested in UK continuous products ............................................................................. 207

Table 6.4: Continuous UK products launched in 2010 .............................................................. ....................... 208

Table 6.5: Sales and issuance by asset class, 2010 ................................ ......................................................... 219

Table 6.6: Top ten underlyings based on gross sales, 2008 to 2010 ................................................................ ... 221

Table 6.7: Top ten underlyings by issuance, 2008 to 2010 ....................................................... ....................... 222

Table 6.8: Top ten payoffs based on gross sales, 2008 to 2010 ..................................... .................................. 224Table 6.9: Top ten payoffs by issuance, 2008 to 2010 ............................................................. ....................... 225




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Table 6.10: Ten best selling products in the UK, 2008 to 2010 .............................................................. ............ 233

Table 6.11: List of provider groups in UK market, 2010 ..................................................................................... 236

Table 6.12: Top ten provider groups of UK products based on sales, alphabetically ............................................. 239

Table 6.13: Market share and gross sales of top ten UK providers, 2008 to 2010 .............. .................................. 240

Table 6.14: Top ten providers of UK products based on issuance, 2008 to 2010 ................................................... 241

LIST OF CHARTS (VOLUME IV)

Chart 1.1: Gross annual sales of Portuguese tranche products, 2006 to 2010 ......................................................... 18

Chart 1.2: Issuance of Portuguese tranche-based products, 2006 to 2010 ......................................................... .... 19

Chart 1.3: Portuguese monthly sales and product issuance, 2010 ........................................................... ............... 19

Chart 1.4: Distribution of issuance and sales by product type, 2006 to 2010 ......................................................... 23

Chart 1.5: Distribution of issuance and sales by capital protection, 2006 to 2010 ......................... ......................... 25

Chart 1.6: Distribution of issuance and sales by term, 2006 to 2010 .................................................................... 26

Chart 1.7: Distribution of issuance and sales by asset class, 2006 to 2010 ............................................................ 28

Chart 1.8: Distribution of issuance and sales by wrapper, 2006 to 2010 ............................................................ ... 37

Chart 1.9: Number of provider groups in the Portuguese market, 2006 to 2010 ...................................................... 41

Chart 1.10: Distribution of issuance and sales by distribution channel, 2006 to 2010 ............................................... 45

Chart 2.1: Gross sales of Slovakian tranche products, 2006 to 2010 ................................................................ ..... 51


Chart 2.3: Monthly product issuance and gross sales in Slovakia, 2010 ............................................................. ... 53

Chart 2.4: Distribution of issuance and sales by product type, 2006 to 2010 .................................................... ... 56

Chart 2.5: Distribution of issuance and sales by capital protection, 2006 to 2010 .................................................. 57Chart 2.6: Distribution of issuance and sales by term, 2006 to 2010.................................................................... 59

Chart 2.7: Distribution of issuance and sales by asset class, 2006 to 2010 ............ ................................................ 61

Chart 2.8: Distribution of issuance and sales by wrapper, 2006 to 2010 .............................................................. 67

Chart 2.9: Provider groups in Slovakian market, 2006 to 2010 ............................................................. .............. 70

Chart 3.1: Gross sales of tranche products, 2006 to 2010 ......................................................... .......................... 81

Chart 3.2: Issuance of tranche products, 2006 to 2010 .................................................................................. ... 82

Chart 3.3: Monthly product issuance in Spain, 2010 ......................................................................................... 83

Chart 3.4: Distribution of issuance and sales by product type, 2006 to 2010........................................................ 88


Chart 3.6: Distribution of issuance and sales by term, 2006 to 2010 ................................................................ ..... 91



Chart 3.9: Number of provider groups in the Spanish market, 2006 to 2010..................... ................................... 109

Chart 3.10: Breakdown of issuance and sales by distribution channel, 2006 to 2010 .............................................. 118

Chart 4.1: Annual gross sales, 2006 to 2010, SEKm ................................................................. ........................ 126

Chart 4.2: Issuance levels of retail structured products, 2006 to 2010 ............................................................... .. 127

Chart 4.3: Monthly product issuance and sales in Sweden, 2010 ....................................................................... 127

Chart 4.4: Distribution of issuance and sales by product type, 2006 to 2010 ...................................................... 129

Chart 4.5: Distribution of issuance and sales by capital protection level, 2006 to 2010 ...... .................................... 131Chart 4.6: Distribution of issuance and sales by capital protection, adjusted for issue price, 2006 to 2010 ............... 132




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Chart 4.10: Number of provider groups in the Swedish market, 2006 to 2010 ...................................................... 148


Chart 5.1: Annual gross sales, 2006 to 2010 .......................................................................... ........................ 162


Chart 5.3: Monthly issuance and sales for core market in Switzerland, 2010 ........................................................ 164

Chart 5.4: Distribution of issuances and sales by product type, 2006 to 2010 ..................................................... 169


Chart 5.6: Distribution of issuance and gross sales by term, 2006 to 2010 ......................................................... .. 172



Chart 5.9: Number of provider groups, Swiss market, 2006 to 2010 .................................................................. 187

Chart 5.10: Core market issuance and sales by distribution channel, 2006 to 2010 ............................................... 192

Chart 6.1: Gross sales of tranche products, 2006 to 2010 ......................................................... ....................... 204

Chart 6.2: Issuance of tranche products, 2006 to 2010 ........................................................... ....................... 205

Chart 6.3: Monthly sales and issuance, 2009 and 2010 ........................................................... ....................... 206

Chart 6.4: Distribution of issuance and sales by product type, 2006 to 2010 ....................................................... 211


Chart 6.6: Distribution of issuance and sales by term, 2006 to 2010 ..................................................... ............. 216

Chart 6.7: Distribution of issuance and sales by asset class, 2006 to 2010 .................................. ........................ 218

Chart 6.8: Distribution of issuance and sales by wrapper, 2006 to 2010 ........................................................... . 229

Chart 6.9: UK issuance and sales split by Isa status, 2006 to 2010 ................................. ................................... 231Chart 6.10: UK issuance and sales by pension status, 2006 to 2010 .................................................................. 232

Chart 6.11: Number of provider groups involved in the UK market, 2006 to 2010 ................................................ 236

Chart 6.12: Breakdown of issuance and sales by distribution channel, 2006 to 2010............................................ 245




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