SRP Americas Awards Report 2021 by SRP & FOW

SRP Americas Awards Report 2021

SRP Americas Awards Report 2021 Editorial: Amélie Labbé, Pablo Conde and Lavanya Nair Data: Iveta Pekova, Petar Dimitrov, Milena Tyanenova and Martina Tsvetkova If you are interested in having a similar bespoke report produced for your organisation, please contact Reihaneh Fakhari at +44 207 779 8220 or email Reihaneh@StructuredRetailProducts.com

SRP Americas Awards Report 2021

1.1 Introduction

• It may not be distributed electronically or otherwise in a manner other than that described above.

Indemnity

The information contained herein has been obtained from sources believed to be reliable. SRP disclaims all warranties as to the accuracy, completeness or adequacy of such information. Use of this report is at your sole risk and SRP accepts no responsibility for any problems or incidents arising from its use.

Acknowledgements

This report would not have been possible without the support of the structured products industry across the Americas. SRP would like to thank the participants to the SRP survey, whose data and submissions underpin this report.

Distributor Awards

This report is copyright © 2021 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

• It may not be photocopied or printed for multiple use, with the exception of within the organisation for which it was purchased.

Manufacturer Awards

• It may not be sold for commercial gain, either in part or in its entirety.

Americas Summary

The company was founded in 2001, and it owns and maintains the specialist industry website StructuredRetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products industry. With nearly 5,500 registered users and over 30 million product listings (as of August 2021), 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.

Furthermore,

Introduction

Structured Retail Products Limited (SRP), part of the Euromoney group of companies, is a research firm based in London, New York, Hong Kong and Sofia. It provides news, data, research, event and training services related to all aspects of structured products.

Awards Results Appendix

SRP Americas Awards Report 2021

1.2 Scope Introduction

This report is concerned with the manufacture of structured products in all product forms – including wrappers such as funds, notes, bonds, certificates, deposits – and usually linked to equities, foreign exchange, commodities, hybrids and interest rates underlyings.

Americas Summary

This report presents information on structured retail products markets across the Americas region. Although the term ‘structured product’ is widely used in the financial community, the term often means different things to different people.

Manufacturer Awards

For the purposes of this report, a structured product is an investment product providing a predefined return linked to the price of one or more underlying assets. These are usually financial prices, rates or indices, but in rare cases can be sporting or other events. The product can usually be broken down into a number of separate financial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use derivative based investment strategy or computation to provide the return.

Although we exclude simple warrants, listed options and futures, and delta one products such as tracker funds, exchange-traded funds and exchange-traded notes, reference to these products may be made, where relevant. The report is based on both quantitative and qualitative analysis. StructuredRetailProducts.com (SRP) surveyed 90 structured products distributors across the Americas in April and May 2021, collecting data on structured product manufacturers from the point of view of their distributor clients. The results from the survey form the basis of this report. Details of both the quantitative and qualitative analyses are available in the Methodology section of the report.

The report provides the following information: 1. scope, methodology and management summary of the report’s key findings; 2. analysis of the structured products market in the Americas region based on survey responses; 3. separate analysis of the manufacturers by asset class; 4. analysis of top distributor awards; and 5. interviews with some of the winners.

Distributor Awards Awards Results Appendix

SRP Americas Awards Report 2021

1.3 Methodology In April and May 2021, StructuredRetailProducts. com (SRP) surveyed Americas structured products distributors, receiving over 300 responses. The survey comprised three areas of investigation:

Part 1 Quantitative

Part 2 Qualitative

• price competitiveness • innovation and structuring capability • understanding client needs, and aftersales support.

• Providers vote for themselves. • We cannot confirm the identity of the respondent. • A respondent votes more than once and we cannot resolve the duplication. The survey results underpinned the 2021 Americas Structured Products Awards, which were handed out during the SRP Americas Conference 2021 (28, 29 and 30 September 2021). For the purpose of this report, the scores for each key service category for the individual banks are calculated by averaging. Service scores are, therefore, suggestive of the level of service that a client might expect to receive when working with an investment banking counterparty.

Manufacturer Awards

The respondents were then asked to rank the investment banks they dealt with for each asset class as 1, 2 or 3 (where 1 = below average, 2 = average and 3 = above average) according to four key service categories:

Captive votes and those representing internal transaction flows were excluded from the results. This includes votes cast by distributors that are part of banking groups which use their parent group for 100% of their activity and internal structuring desks. Also votes were not included in the survey where:

Americas Summary

We asked respondents of the survey to specify up to three investment banks they use for hedging purposes, for each asset class in which the respondent is active, and specify the volume of business for that asset class and the percentage split by bank.

Part 3 Data validation

Introduction

Description of the Survey

Distributor Awards Awards Results Appendix

SRP Americas Awards Report 2021

2.1 Management Summary: the value of vol Introduction

(or invaluable, as the case may be), part of any investment portfolio.

It seems strange to take a moment to realise both how much and how little the world has changed since March 2020. The world now is a far cry from its counterpart of February 2020, though you wouldn’t necessarily know that looking at financial markets.

Americas Summary

As one respondent to the Americas survey from Canada noted: ‘As the stock market gets more overvalued and there is a risk of a downturn, structured products will be more lucrative and in demand.’

After the market crash of March 2020, the ups and downs of the Covid 19 pandemic, various global booms and busts, and subsequent months of extreme uncertainty and volatility, the financial sphere is more or less back on its eternal upwards track. As in many other regions, structured products have proven their ability to help weather financial storms, and act as a valuable

Turning our attention to overall service scores for 2020, let’s see if the above statement rings true in practice. It comes as no surprise that all scores for last year were below their 2019 counterparts, as the activities of major structured product issuers was impacted by the ongoing Covid-19 related crisis.

Manufacturer Awards

Overall service score

Price Competitiveness

Distributor Awards

Innovation and Structuring Capability

Understanding Client Needs & Aftersale Service Awards Results

0.5

1.5

Average 2020

2.5

Average 2019

Source: Structuredretailproducts.com

Appendix

The score for Understanding Client Needs & Aftersale Service shrunk the most, to 2.3/3 (from 2.6/3 in 2019). Innovation and Structuring Capability, and Client Competitiveness were on the receiving end of less severe drops, though their 2020 figure (around 2.3/3 for both) didn’t match to levels of service seen and expected in 2019 (2.4/3 and 2.6/3, respectively). Despite this turmoil – or because of it, if you read it

that way - outstanding issuance and sales volumes for the Americas both grew over the past year, though at a slightly slower pace than in previous years. The outstanding sales volume has been rising gradually from the US$378 billion of 2016 to 2020’s US$447 billion. The number of products has doubled since 2016, reaching just over 75,000 in 2020, rising at a much faster rate than sales volume has been.

SRP Americas Awards Report 2021

Outstanding Issuance and Volumes 2016-2020 80,000 70,000

500

60,000 400

Introduction

600

50,000 40,000

300

20,000 100

10,000

Americas Summary

30,000

200

0 2016

2017

2018

2019

Outstanding product issuance (RHS)

Source: Structuredretailproducts.com

into growth in the 2018/2019 period by more than doubling its market share to just over 19.7% in 2019 (from 8.7% in 2016), as demand for new products (especially currency-linked ones) and a growing pool of investors gave structured products a boost.

Market Share by total sales 2016-2020

Distributor Awards

However, in contrast to 2019, the US’ share of the regional structured product market, has risen quite dramatically, from 60% in 2019, to just under 77% last year. The US has eaten into Mexico’s slice of the Americas pie, the latter having made inroads

Manufacturer Awards

Outstanding sales volume (USDbn) (LHS)

2020

100% 90%

Awards Results

80% 70% 60% 50% 40% 30% 20%

0% 2016

2017

2018 Canada

Source: Structuredretailproducts.com

USA

Mexico

2019 Brazil

2020

Appendix

10%

SRP Americas Awards Report 2021

Market by total sales (USDbn) 2016-2021YTD Introduction

90 80 70 60 50

Americas Summary

40 30 20 10 0 Canada

USA

Manufacturer Awards

2016

2017

Mexico 2018

2019

2020

Brazil 2021YTD

Source: Structuredretailproducts.com

Distributor Awards

Brazil and Canada have remained steady, declining ever so slightly, but maintaining respective shares of just over one percent and 13% year-on-year. These two markets which have some very active issuance and distribution channels, have seen sales figures dip slightly (USD$1.1 billion for Brazil in 2020, down roughly one-third on 2019, and USD$13.1 billion for Canada, five percent lower than in 2019).

Awards Results

The US has seen sales shoot up, to just shy if USD$77 billion in 2020, from the USD$60.2 billion seen the year prior. It’s a market that has had to adapt to lower interest rates and a constant search for yield from clients tired of fixed income investments. In Mexico, sales volume has dropped to just under USD$17 billion for 2020, under the USD$19.7 billion high seen in 2019, but still far higher than in preceding years.

The value of vol Appendix

While market players in the Americas highlighted volatility as the unrivalled key theme and dominant trend of the past few years, it seems we are now at the opposite end of the spectrum. ‘Advisors [don’t want] to increase their exposure to equities when they are already at all-time

highs. Market uncertainty with trillions of USD having been pumped into the market to avoid another COVID crash,’ warned one respondent from the US buy-side. Another from Canada noted that recovery from Covid wasn’t all that plain and simple: ‘Education [about] market recovery and investors willing to take a cap on their potential returns; limited in person branch opportunities to have detailed discussions about the product.’ One of the main findings of SRP’s survey of US, Canadian and Latin American market participants is that ‘higher coupons on a low vol environment,’ ‘finding yield in low volatility environment,’ and the ‘pricing environment (lower volatility levels and low rates)’ is one the of the key challenges ahead. ‘[The] lack of market volatility could cause some buyers to remain on the side-lines for an extended period of time,’ noted one investment banker from the US. ‘Buffered growth notes, [principal-protected notes] and [certificate of deposit] terms will continue to struggle / compress with rates where they are and vol compressing,’ said one US buyside respondent, while another noted: ‘We are

SRP Americas Awards Report 2021

The strength and diversity of underlying is also a factor that is playing an increasing role in the market.

FX on offer Unsurprisingly, a large number of respondents from some of the Latin American markets had strong views on the challenges and opportunities brought on by FX-linked products, with Mexico a key market for these.

Let’s focus on two of the region’s major markets, starting with Canada. When asked about the key trends and challenges in this market over the next 12 months for structured products, respondents put their thinking caps on and highlighted the following three main areas. ‘[The] increasing shift toward US underlying assets / Increased growth of single stock and sector notes and decrease of benchmark linked / New entrants to the market,’ said a respondent from a one of the largest Canadian banks. ‘Income based notes are the trend going forward, with headwinds due to potential decreasing volatility in the near future,’ noted a Canadian buy-side player, while another mentioned the ‘margin room allowed again by the [Investment Industry Regulatory Organization of Canada’. In Mexico, respondents were thinking about more macro factors. One noted that ‘volatility based on internal factors’ would be an issue in the coming months, as would be ‘mejorar tasas de rendimiento en las notas estructuradas ante una baja volatilidad en USD/MXN’ [Improve yield rates on structured notes in the face of low volatility in USD / MXN]. A third respondent warned ‘lograr tener los mejores precios por la competitividad’ [Achieving the best prices for competitivity] would be essential].

Appendix

One of the main issues highlighted by US respondent is the ‘recovery play of emerging market currencies against the USD,’ (or its slightly longer counterpart: ‘weakening USD and finding attractive currency pairs with pricing opportunities for notes funded in USD’), a factor that will be a key driving force in this particular

Regional views

Awards Results

‘Trend: ability to integrate automated flow into electronic platforms,’ highlighted one survey respondent from a major US investment bank, while also noting that the ‘challenge [is] finding attractive opportunities in upward trending markets. If markets are downward trending then the ability to handle the active order client flow.’

Readers, take note. One survey participant from Canada said that while ‘no Canadian banks offer these currently’, they would be ‘interested if they’re available’.

Distributor Awards

Technology comes back every year as one of those areas to watch, but never seems to see any significant developments happen.

Others noted that the following would be a challenge: ‘lograr los mejores tipos de cambio del US dollar vs peso mexicano’ [‘achieve the best exchange rates of the US dollar vs Mexican peso’].

Manufacturer Awards

Others cited ‘being overweight too many tech names,’ ‘clients are gravitating towards higher levels of protections (30%+) with more stable underlining names,’ ‘to outperform the S&P as an alternative index’ and ‘QIS, ESG and Purpose investing’ as underlying trends the market needs to look out for.

A respondent from a large Mexican investment bank demanded: ‘Mejorar tasas de rendimiento ante una poca volatilidad en USD/MXN por ejemplo’ [‘improve rates of return in the face of low volatility in USD /MXN for example’].

Americas Summary

One investment banker from Canada noted: ‘Members are actively looking for investment solutions that can provide higher returns than traditional term deposits. In today’s low-rate environment, this is becoming increasingly important for our investors, so a focus on a strong and reputable Equity linked products will be key.’

market. Another noted that ‘cross-currency swap pricing’ would play an equally important part. Introduction

quite adept at using these products & regularly integrate them across portfolios - barring any bank failures - we think they will remain solid investment opportunities... that said higher rates & a bit of sustained vol. would certainly help!’

SRP Americas Awards Report 2021

Introduction

SRP Americas Personality of the Year 2021: Nikki Tippins

Americas Summary

serving as head of Americas equity derivatives distribution, in New York. She joined Morgan Stanley in 2009 from J.P. Morgan, where she spent 14 years, in New York and London, as a managing director in structured products and a vice president in the equity derivatives group covering distribution in the US, Canada and Latin America. Tippins originally joined J.P. Morgan in London in 1996, focusing on equity derivatives solutions for corporations, institutions and high-net-worth clients, before transferring to New York in 1999.

Manufacturer Awards

Over her more than 20-year career Tippins has been involved in equity derivatives and structured products sales and structuring across various cross-asset businesses.

Distributor Awards

Congratulations to 2021’s SRP Americas Personality of the Year Nikki Tippins, the Global head of structured derivatives distribution within the equities division at Morgan Stanley.

Awards Results

The role also covers sales and structuring across various cross-asset businesses. Tippins took on her current responsibilities just before the Covid pandemic started, after 10 years

In this interview, she discusses her role at the firm, relevant trends that she detects in the US structured products market, and the bank’s competitive edge.

What is/are the most important event(s) you have witnessed in the structured product space? I think one of the main developments is the growing importance of fintech platforms in the structured products industry over the past few years. This includes Luma, which we have invested in along with some other big banks, and we also

Appendix

We are in this for the long run, and we have already made big investments in technology and talent to boost our strategy on a global scale

SRP Americas Awards Report 2021

The industry is rapidly expanding but we are not just fighting for share. We believe in growing the overall industry by doing business the right way, providing solutions to meet our clients’ needs and investing in our platform for the future.

What are Morgan Stanley’s ambitions in the structured products space? Structured products are a strategic business for us across every region. We focus on two key drivers – enhanced client coverage and technology.

Currently, investors have a focus on yield, given how difficult it is to find it in traditional markets. However, this could shift to growth or protection if the backdrop changes.

We are in this for the long run, and we have already made big investments in technology and talent to boost our strategy on a global scale, including the US.

Structured notes and derivatives provide a wider toolset to investors, allowing flexibility to tailor solutions to meet investing goals in different market environments.

The US bank has increased its issuance of structured product in the US domestic market by 50% in the second quarter of 2021 with US$2.7 billion in sales across 648 products, compared with US$1.8 billion/670 products in the same period of 2020.

How do you differentiate your offering from your competitors?

Appendix

One of Morgan Stanley’s core values is “Put Clients First”. It is key that our clients are the

Morgan Stanley is the fourth most active provider of structured products in North America in terms of sales with more than US$8.3 billion worth of products sold in 2021.

Awards Results

Where’s the growth coming from in the structured products market? What are investors in structured products looking for – leverage, protection or access?

Distributor Awards

It will become even more interesting as we see growth in the other defined outcome type investments such as the fund space. All these areas are converging right now, and I think we’ll see the platforms have a big impact on overall market in the future.

By combining this client focus with access to a robust platform and versatile product offering, we are able to provide enhanced front-to-back service.

Manufacturer Awards

This has made it easier for our distributor clients to run their businesses. The use of structured products as an investment tool is under-penetrated, so delivering more access and education is important.

focal point of our business, and this enables the firm to build long-term relationships and serve future generations.

Americas Summary

work closely with other platforms. Increased automation and education have been transformational for the industry, improving efficiency and enhancing clients’ experience.

Introduction

The use of structured products as an investment tool is under-penetrated, so delivering more access and education is important.

The Application Programming Interface (API), is a web-based software application which allows clients to access our data in a controlled manner & integrate it using their own software packages & systems.

Retrieve. •

Download real time SRP data directly to excel

•

Receive market share on each asset class/payoff for each company of interest

Interrogate. •

Monitor & increase your market share

•

Carry out accurate trend analysis with comprenhensive product data spanning over 15 years in seconds

Incorporate. •

Import data directly into in-house systems/platforms and interrogate the data and risk more effectively

•

Combine data sets with other products and visualise it in the context of the larger business

www.StructuredRetailProducts.com/srp-api

SRP Americas Awards Report 2021

3.0 Manufacturer Awards Introduction

All manufacturers with both 1) more than 10 striking products and 2) more than 10 maturing products, during the March 1 2020 to March 31 2021 period present in the SRP database will be in contention to win one of the manufacturer awards. The contenders with the top ratings will win the awards. For the Best House awards, ratings are calculated by taking each contender’s results with the following weightings:

Qualitative factors (50% weighting) Americas Summary

Buy-side respondents will rate each manufacturer across all asset classes on qualitative factors: • price competitiveness; • innovation and structuring capability • understanding client needs & aftersales support SRP’s database (50% weighting)

Manufacturer Awards

Annual sales as in SRP’s database in the year to the end of March 2021.

Best House, Americas Market share by volume

Survey ranking Morgan Stanley 9.01% Barclays 8.93%

Barclays

Citi

Citi 8.46%

Goldman Sachs 8.21% Monex 7.80%

Distributor Awards

Others 57.59%

Goldman Sachs

Monex

Morgan Stanley 0

1.5

2.5

0.5

1.5

2.5

Awards Results

0.5

Best House, USA Market share by volume

Survey ranking Barclays 12.63% Barclays

Citi 11.96% Others 40.02%

Goldman Sachs

J.P. Morgan

Appendix

Goldman Sachs 11.98%

TD Securities Société Générale

Morgan Stanley 12.78%

J.P. Morgan 10.63%

SRP Americas Awards Report 2021

Best House, Canada Market share by volume

Survey ranking

Introduction

Bank of Montreal

CIBC

Desjardins Group

Americas Summary

Royal Bank of Canada

TD Securities

Not Public

0.5

1.5

2.5

Manufacturer Awards

Best House, Mexico Market share by volume Others 0.04%

Santander 1.74%

Survey ranking Scotiabank 1.15%

Banamex 4.09%

BBVA 25.48%

BBVA

HSBC Mexico

Distributor Awards

Monex Monex 67.50%

Santander

Scotiabank 0

Awards Results

1.5

2.5

0.5

1.5

2.5

Best House, Equities Market share by volume

Survey ranking Barclays 11.17%

Barclays Citi 8.86%

Others 50.25%

Appendix

0.5

Goldman Sachs 9.82%

J.P. Morgan 8.77%

BNP Paribas Citi Desjardins Group Société Générale TD Securities

Morgan Stanley 11.13%

SRP Americas Awards Report 2021

Best House, Foreign Exchange Market share by volume Banamex 0.70%

BBVA 14.53%

Introduction

Others 0.03%

Survey ranking Barclays HSBC 0.05% J.P. Morgan 0.07%

Goldman Sachs

J.P. Morgan

Monex

Morgan Stanley 0

1.5

2.5

0.5

1.5

2.5

Manufacturer Awards

0.5

Best House, Commodities Market share by volume UBS 9.24%

Survey ranking Credit Suisse 7.51%

Bank of Montreal Desjardins Group Goldman Sachs

Goldman Sachs 40.75%

JP Morgan Chase Société Générale TD Securities

J.P. Morgan 7.69%

Distributor Awards

Others 26.14%

Morgan Stanley 8.66%

Americas Summary

Monex 84.63%

Awards Results Appendix

SRP Americas Awards Report 2021

4.0 Distributor Awards Introduction

All distributors with both 1) more than 10 striking products and 2) more than 10 maturing products during the March 1 2020 to March 31 2021 period present in the SRP database are in contention to win one of the distributor awards. The contenders with the top ratings will win the awards. For the Best Distributor awards, ratings are calculated by taking each shortlisted firm’s results with the following weightings:

Americas Summary

• annual sales as in SRP’s database in the year to the end of March 2021 (50% weighting); and • sales-weighted average performance as in SRP’s database for products maturing or expiring in the year ending March 31 2021 (50% weighting). For the Performance awards, ratings are calculated by taking each contender’s results with the following weightings: • Sales-weighted average performance as in SRP’s database for products maturing or expiring in the year ending March 31 2021 with a 100% weighting.

Manufacturer Awards

Best Distributor, Americas Outstanding - product issuance & sales volume

Sales volume & issuance

300

90 80

Distributor Awards

250

70 60

200

150

40 30

100

50 0

10 0 2017

2018

2019

Total Volumes (US$bns) - (LHS)

2020

120

30 80

20 15

10 20 0

5 2017

2018

2019

Total Volumes (US$bns) - (LHS)

2020

Total Issues (000s) - (RHS)

Top 5 distributors by weighted-average performance (%)

Awards Results

100%

90%

80%

70%

60%

50%

40%

30%

20%

20% 10%

10% 0%

100

Total Issues (000s) - (RHS)

Top 5 distributors by sales (US$m)

Morgan Stanley

UBS

Goldman Sachs

Bank of America

Monex

Santander

Itaú

J.P. Morgan

Morgan Stanley

BBVA

Appendix

SRP Americas Awards Report 2021

Best Distributor, USA Outstanding - product issuance & sales volume

Sales volume & issuance 60 50

200

150

100

2017

2018

2019

Total Volumes (US$bns) - (LHS)

2020

70 60

40 30

10 0

0 2017

2018

2019

Total Volumes (US$bns) - (LHS)

Total Issues (000s) - (RHS)

Top 5 distributors by sales (US$m)

2020

Total Issues (000s) - (RHS)

Top 5 distributors by weighted-average performance (%)

100%

90%

80%

80% 70%

60%

50%

40%

30%

20%

10%

Manufacturer Awards

70%

10% Morgan Stanley

UBS

J.P. Morgan

Bank of America

Goldman Sachs

J.P. Morgan

Morgan Stanley

Raymond James

AXIO

UBS

Sales volume & issuance

10 8 6

2017

2018

2019

Total Volumes (US$bns) - (LHS)

2020

2 2017

2018

2019

Total Volumes (US$bns) - (LHS)

Total Issues (000s) - (RHS)

Top 5 distributors by sales (US$m)

2020

Total Issues (000s) - (RHS)

Awards Results

Distributor Awards

Best Distributor, Canada Outstanding - product issuance & sales volume

Americas Summary

Introduction

250

Top 5 distributors by weighted-average performance (%) 100%

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

90% 80%

Appendix

70% 60% 50%

DATA NOT PUBLIC

40% 30% 20% 10% Bank of Montreal

CIBC

Desjardins Group

National Bank of Canada

TD Securities

National Bank of Canada

Bank of Montreal

Scotiabank

CIBC

TD Securities

SRP Americas Awards Report 2021

Best Distributor, Mexico Outstanding - product issuance & sales volume Introduction

Sales volume & issuance 1

0.9

0.8

0.7

0.6

0.4

0.5 0.3

0.2

8 7

6 5

4 3

2 1

Americas Summary

0.1

2017

2018

Total Volumes (US$bns) - (LHS)

2019

2020

2018

2019

Total Volumes (US$bns) - (LHS)

Total Issues (000s) - (RHS)

Top 5 distributors by sales (US$m)

2017

2020

Total Issues (000s) - (RHS)

Top 5 distributors by weighted-average performance (%)

100%

90%

80%

Manufacturer Awards

70%

60%

50%

40%

30%

20%

10%

10% 0%

0% Monex

BBVA

Citi

Santander

BBVA

Scotiabank

Citi

Scotiabank

Santander

Monex

Distributor Awards

Best Distributor, Brazil Top 3 distributors by sales (US$m)

Top 3 distributors by weighted-average performance (%)

100%

90%

80%

70%

60%

Awards Results

50%

40%

30%

20%

10% 0%

10% XP Investimentos

BTG Pactual

Itaú

Santander

Itaú

XP Investimentos

Appendix

SRP Americas Awards Report 2021

Best Capital-Protected Distributor, Americas Outstanding - product issuance & sales volume

Sales volume & issuance 30

100 80 60 40

2017

2018

2019

Total Volumes (US$bns) - (LHS)

2020

Total Issues (000s) - (RHS)

100%

90%

80%

80% 70%

60%

50%

40%

30%

20%

10%

10% 0% BBVA

2020

Total Issues (000s) - (RHS)

XP Investimentos

Incapital

Satander

Itaú

XP Desjardins Investimentos Group

BBVA

Monex

Outstanding - product issuance & sales volume

Sales volume & issuance

250 200 150 100

100

90 80

60 50

40 30

0 2017

2018

2019

Total Volumes (US$bns) - (LHS)

15 10 5

10 0

2020

0 2017

2019

Total Volumes (US$bns) - (LHS)

Total Issues (000s) - (RHS)

Top 5 distributors by sales (US$m)

2018

2020

Total Issues (000s) - (RHS)

Top 5 distributors by weighted-average performance (%)

100%

90%

80%

80% 70%

60%

50%

40%

30%

20%

10%

Appendix

70%

0% UBS

Morgan Stanley

J.P. Morgan

Awards Results

Distributor Awards

Best Yield Enhancement Distributor, Americas

Manufacturer Awards

70%

Desjardins Group

2019

Top 5 distributors by weighted-average performance (%)

100%

Monex

2018

Total Volumes (US$bns) - (LHS)

Top 5 distributors by sales (US$m)

2017

Americas Summary

120

Introduction

140

Goldman Sachs

AXIO

Morgan Stanley

J.P. Morgan

AXIO

Raymond James

UBS

SRP Americas Awards Report 2021

5.0 Shortlists Introduction

5.1 Manufacturer Awards

Americas Summary Manufacturer Awards

Best House, Equities Barclays Citi Goldman Sachs J.P. Morgan Morgan Stanley

Best FIA Carrier Athene Allianz Life American General Fidelity & Guaranty Life Sammons Financial Group

Best House, Canada Desjardins Group Bank of Montreal National Bank of Canada CIBC TD Securities

Best House, Americas Barclays Citi Goldman Sachs J.P. Morgan Morgan Stanley

Best House, Foreign Exchange Barclays BBVA Goldman Sachs J.P. Morgan Monex

Best VIA Carrier Allianz Life AXA BrightHouse Financial Lincoln Financial Prudential

Best House, Mexico Santander BBVA HSBC Mexico Monex Scotiabank Inverlat

Carrier Hedging Team of the Year Allianz Life Athene Sammons Financial Group

Best House, USA Barclays Citi Goldman Sachs J.P. Morgan Morgan Stanley

Best House, Brazil Banco XP BNP Paribas Citibank Brazil Itaú Morgan Stanley

Best House, Commodities Bank of America Goldman Sachs J.P. Morgan Société Générale TD Securities

5.2 Distributor Awards Distributor Awards Awards Results

Best Distributor, USA Bank of America Goldman Sachs J.P. Morgan Morgan Stanley UBS

Best Distributor, Americas Bank of America Goldman Sachs J.P. Morgan Morgan Stanley UBS

Best Performance, Mexico BBVA Citi Monex Santander Scotiabank

Best Private Bank, Americas UBS Morgan Stanley Santander Goldman Sachs Bank of Montreal

Best Distributor, Canada Bank of Montreal CIBC Desjardins Group National Bank of Canada TD Securities

Best Performance, USA AXIO J.P. Morgan Morgan Stanley Raymond James UBS

Best Performance, Brazil Itaú Santander XP Investimentos

Best Capital-Protected Distributor, Americas Desjardins Group Itaú Monex Santander XP Investimentos

Best Distributor, Mexico BBVA Citi Monex Santander Scotiabank

Best Distributor, Peru BBVA Zest Capital

Appendix

Best Distributor, Brazil Itaú Santander XP Investimentos

Best Performance, Canada Bank of Montreal CIBC National Bank of Canada Scotiabank TD Securities Best Performance, Peru BBVA Zest Capital

Best Performance, Americas BBVA Itaú Morgan Stanley Santander J.P. Morgan Best Broker-Dealer, USA AXIO First Trust Portfolios FISN Incapital Raymond James Stifel Financial Corp

Best Yield Enhancement Distributor, Americas BBVA J.P. Morgan Morgan Stanley AXIO UBS

SRP Americas Awards Report 2021

Best Law Firm Davis Polk & Wardwell Latham & Watkins Mayer Brown Morrison & Foerster Sullivan & Cromwell

Best Proprietary Index Provider Bank of America J.P. Morgan Morgan Stanley Barclays Citi

Best Issuance Platform BNP Paribas - Smart Derivatives Halo Investing JPMorgan SI 360 Luma SIMON

Best Pricing and Risk Analytics Provider Bloomberg Halo Investing Murex Numerix SIMON

Best Thematic Index Provider Barclays Citi J.P. Morgan Morgan Stanley MSCI

Best Technology Provider Bloomberg Halo Investing Luma SIMON WallStreetDocs

Best Structured Product and Derivatives Exchange B3 Bolsa Mexicana de Valores Cboe Options Exchange CME Group New York Stock Exchange

Best FIA Hedge Provider Barclays Bank of America Charles Schwab Citi J.P. Morgan Credit Suisse Best VIA Hedge Provider Barclays Bank of America Charles Schwab Citi Credit Suisse J.P. Morgan

Please note these are based solely on editorial submissions. Best Educational Initiative

Deal of the Year

Index of the Year

Personality of the Year

FIA of the Year

Best Structured Product Technological Solution Awards Results

Innovative Product of the Year

Distributor Awards

5.4 Innovation & Education Awards

Manufacturer Awards

Best Hedge Provider Bank of America Barclays Citi J.P. Morgan Morgan Stanley

Americas Summary

Best Index Provider Cboe Global Indices MSCI Nasdaq NYSE S&P Dow Jones

Introduction

5.3 Best Service Providers

Appendix

SRP Americas Awards Report 2021

6.0 Awards Results Introduction

6.1 Best House and Distributor Overall Winners Manufacturer Awards

Americas Summary Manufacturer Awards

Best House, USA

Best House, Commodities

J. P. Morgan

Goldman Sachs

Best House, Canada

Best FIA Carrier

Desjardins Group

Athene Annuity and Life

Best House, Mexico

Best VIA Carrier

Monex

Lincoln Financial

Best House, Brazil

Carrier Hedging Team of the Year

Banco XP

Athene

Best House, Equities

Best House, Americas

Barclays

Morgan Stanley

Best House, Foreign Exchange

Monex Distributor Awards

Distributor Awards

Awards Results Appendix

Best Distributor, USA Morgan Stanley

Best Distributor, Brazil XP Investimentos

Best Performance, USA J.P. Morgan

Best Performance, Brazil Santander

Best Distributor, Canada Bank of Montreal Financial

Best Distributor, Peru Zest Capital

Best Performance, Canada National Bank of Canada

Best Performance, Peru Zest Capital

Best Distributor, Mexico Monex

Best Private Bank, Americas UBS

Best Performance, Mexico BBVA

Best Capital-Protected Distributor, Americas Monex

SRP Americas Awards Report 2021

Best Distributor, Americas

Best Broker-Dealer, USA Incapital

Best Performance, Americas Santander

Morgan Stanley

Service Providers

Best Law Firm Davis Polk & Wardwell

Best Pricing and Risk Analytics Provider Bloomberg

Best Structured Product and Derivatives Exchange CBOE

Best Hedge Provider, Americas Morgan Stanley

Best Index Provider S&P Dow Jones Indices

Best FIA Hedge Provider, Americas Barclays

Best Proprietary Index Provider Barclays

Best VIA Hedge Provider, Americas Bank of America

Best Thematic Index Provider Barclays

Deal of the Year, Americas Zenitude Aggressive Guaranteed Investment (Desjardins)

Best Educational Initiative Zest Café (Zest Capital)

Best Structured Product Technological Solution Sphere (Credit Suisse)

Index of the Year S&P 500 Buffer Protect Series (Cboe)

FIA of the Year Athene Performance Elite

Innovative product of the year Outcome-driven Income (AXIO)

Appendix

Personality of the Year Nikki Tippins

Awards Results

Innovation & Education Awards

Distributor Awards

Best Technology Provider SIMON

Manufacturer Awards

Best Issuance Platform SIMON

Americas Summary

Best Yield Enhancement Distributor, Americas UBS

Introduction

Distributor Awards

SRP Americas Awards Report 2021

7.0 Appendix Analysis of respondents Introduction

Mexico 18

Brazil 5

Americas Summary

Canada 22

Manufacturer Awards

United States 258

Distributor Awards Awards Results

Country

Number of Respondents

United States

258

Canada

Mexico

Brazil

Grand Total

303

Appendix

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