SRP Europe Awards Report 2022

SRP Europe Awards Report 2022

SRP Europe Awards Report 2022 Editorial: Amélie Labbé, Pablo Conde and Marc Wolterink Data: Vesela Krastanova and Gabriela Petrova If you are interested in having a similar bespoke report produced for your organisation, please contact Reihaneh Fakhari at +44 (0)20 7779 8220 or email reihaneh@structuredretailproducts.com

1

SRP Europe Awards Report 2022

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

This report is copyright © 2022 Structured Retail Products Limited. All rights reserved.

Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

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 Europe which participated in the survey during November 2021, and whose data underpins this report.

Manufacturer Awards

Copyright information

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

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

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

Europe Summary

Founded in 2001, SRP also owns and maintains the specialist industry website StructuredRetailProducts.com. The site was launched in January 2003, and has become the leading online information resource for the global retail structured products industry. With over 3,000 registered users and 33.8 million product listings (as of March 2022), the website is the primary information source for a wide range of businesses involved in the manufacture and distribution of structured investment products globally.

Furthermore

Introduction

1.1 Introduction

Distributor Awards Awards Results Appendix

2

SRP Europe Awards Report 2022

1.2 Scope Introduction

This report covers the manufacture and distribution of structured products in all forms – including wrappers such as funds, notes, bonds, certificates, deposits and life assurance – and usually linked to equities, foreign exchange, commodities, credit and interest rate underlyings.

Europe Summary

It presents information on structured retail products markets across Europe. For the purposes of this report, a structured product is an investment product which provides a predefined return linked to the price of one or more underlying assets.

Manufacturer Awards

These are usually financial asset prices, rates or indices but, in rare cases, can be the outcome of 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 a derivatives-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 notes, reference to these products may be made where relevant.

The report is based on a quantitative and qualitative analysis. SRP surveyed 704 structured products distributors across the European region in November 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 the quantitative and qualitative analyses are available in the Methodology section of this report.

The report provides the following information: 1. scope, methodology and management summary of the report’s main findings; 2. analysis of the structured products market in the European region based on survey responses; 3. separate analysis of the manufacturers by asset class; 4. analysis of top distributors’ awards.

Distributor Awards Awards Results Appendix

3

SRP Europe Awards Report 2022

This includes votes cast by distributors that are part of banking groups that use their parent group for 100% of their activity and internal structuring desks. In addition, votes were not included in the survey where:

Part 1 – Quantitative

• Providers voted for themselves.

• SRP could not confirm the identity of the respondent.

• A respondent voted more than once and SRP could not resolve the duplication.

In November 2021, SRP surveyed European structured products distributors, receiving 704 responses. The survey comprises three areas of investigation:

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

Part 2 - Qualitative

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

Captive votes and those representing internal transaction flows were excluded from the results.

Distributor Awards

Part 3 - Data validation

For the purpose of this report, the scores for each main 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 three main service categories:

The survey results underpinned the EMEA Structured Products & Derivatives Awards 2022, which were handed out on 23 March 2022 during the 19th Annual Europe Structured Products & Derivatives Conference.

Europe Summary

Description of the survey

Introduction

1.3 Methodology

Awards Results Appendix

4

SRP Europe Awards Report 2022

2.0 Issuance and volumes between 2018-2021 Introduction

Outstanding - product issuance & sales volume 600

140000

500

120000 100000

400

80000

Europe Summary

300 60000 200

40000

100

20000

0

0 End of 2018

End of 2019

End of 2020

Total volumes (US$bn) (LHS)

End of 2021

Total issues (RHS)

Manufacturer Awards

Market share by total sales in the period 2018-2021 100% 90% 80% 70% 60%

Distributor Awards

50% 40% 30% 20% 10% 0% 2018

2019 DACH

Italy

Iberia

2020 France

Benelux

CEE

UK & Ireland

2021 Nordics

Others

Awards Results

Market by total sales (US$bn) in the period 2018 - 2021 50 45 40 35 30

Appendix

25 20 15 10 5 0 DACH

Italy

Iberia

France 2018

Benelux 2019

CEE 2020

2021

UK&Ireland

Nordics

Others

5

SRP Europe Awards Report 2022

Which of the following investment themes will be the most prominent over the next 12 months?

Volatility - based investments 9%

Other 1%

Equity - Emerging Markets 5%

Awards Results

to a total of 22%. Appetite for Volatility-based investments also increased moderately from 7% to 9% in 2021. Credit remains a secondary option for the second year in a row, taking up 4% of the total as opposed to 13% in 2019 and only 5% in 2020. Decrement indices have been growing with a steady 2% per year since 2019 reaching 8% in this year’s edition.

Distributor Awards

The most preferred investment theme for yet another year, ESG, fell from 48% as a share in 2021 to 39% this year, giving way to Proprietary/ Custom Indices whose share increased sixfold to 12% in this year’s edition. Equity in Emerging markets dropped from 11% to only 5% this year.

Equities in the Developed Markets, however kept their share and even slightly increased it by 2%

Equity - Developed markets 22%

Manufacturer Awards

Evironmental Social Governance (ESG) 39%

Decrement indices 8%

Europe Summary

Proprietary/ Custom Indices 12%

Credit 4%

Introduction

3.0 Trends & predictions

Appendix

6

SRP Europe Awards Report 2022

Introduction

What will the most popular payoffs in your market be over the next 12 months, and why?

Worst of option 2% Shark Fin 2% Reverse Convertible 7%

Accrual 3%

Europe Summary

Range 1% Protected Tracker 5%

Other 1% Dual Currency 2%

Autocallable 64%

Manufacturer Awards

Digital 11%

Callable 3%

Distributor Awards Awards Results

The Autocallable payoff structure ranked number one for yet another year among future payoffs, according to 64% of the respondents that took part in the SRP European 2022 Awards Survey (surpassing last year’s result of 47% and even 2020’s - 59%). The Autocallable structure will be the most demanded by investors in Italy as well in the DACH region, France and UK (with France and Switzerland - making up 40% of the

total votes) as usual. This year’s Awards Survey marks a significant drop in preference towards the Reverse Convertible structure, traditionally taking up the second place in the ranking. Its share fell from 14% in 2021 to only 7% in this year’s edition.

The Worst of option structure is expected to decrease its share fourfold compared to last year.

There is no considerable change in the preference towards the Digital structure since last year.

Appendix

7

SRP Europe Awards Report 2022

Introduction

4.0 Manufacturer awards Manufacturer awards are calculated on the basis of three factors: • annual sales as in SRP’s database in the year to the end of September 2021 (50% weighting); and • survey score with a 50% weighting. The survey score is based on the average rating across various criteria given to each contender by the survey respondents.

Europe Summary

Best House, Europe Market share by volume

Survey Average Score UniCredit 7% Barclays Société Générale 20%

Leonteq Leonteq 2% Société Générale BNP Paribas 8%

UniCredit

Barclays 13%

0

0.5

1

1.5

2

2.5

3

1

1.5

2

2.5

3

Market share by volume

Distributor Awards

Best House, Autocall Survey Average Score Barclays 11% Barclays BNP Paribas 10% Mediobanca 2%

Others 41%

BNP Paribas

Mediobanca

UniCredit 10%

UniCredit 0

0.5

Awards Results

Société Générale Société Générale 26%

Manufacturer Awards

Others 50%

BNP Paribas

Appendix

8

SRP Europe Awards Report 2022

Best House, ESG Introduction

Survey Average Score

Market share by volume BNP Paribas 5% DekaBank 10%

Others 24%

BNP Paribas

DekaBank

Société Générale

Europe Summary

Leonteq 29%

Natixis

Leonteq

Société Générale 24% Natixis 8%

0

0.5

Manufacturer Awards

1

1.5

2

2.5

3

1

1.5

2

2.5

3

Best House, Equity Survey Average Score

Market share by volume Barclays 10% BNP Paribas 9% Leonteq 2%

Barclays

BNP Paribas

Leonteq

Distributor Awards

Others 54% Société Générale 17%

Société Générale

UniCredit 0

UniCredit 8%

0.5

Awards Results

Best House, MEA Survey Average Score

Market share by volume

ABSA 6%

Others 5%

UBS 5%

Nedbank 1%

ABSA First Rand Merchant Bank (RMB)

Appendix

Investec 31%

Investec

Nedbank

First Rand Merchant Bank (RMB) 52%

UBS 0

0.5

1

1.5

2

2.5

3

9

SRP Europe Awards Report 2022

Best House, France Survey Average Score Société Générale 24%

Introduction

Market share by volume

Amundi

BNP Paribas

Others 44%

Leonteq Securities

Natixis Leonteq Securities 1%

Société Générale

BNP Paribas 14%

Amundi 7%

0

0.5

1.5

2

2.5

3

1

1.5

2

2.5

3

1

1.5

2

2.5

3

Manufacturer Awards

1

Best House, Italy Market share by volume

Survey Average Score UniCredit Bank 12%

Others 24%

Mediobanca 7%

Europe Summary

Natixis 10%

BNP Paribas

Intesa Sanpaolo

Leonteq Securities

Mediobanca

BNP Paribas 19%

UniCredit Bank Intesa Sanpaolo 34%

0

0.5

Awards Results

Best House, UK and Ireland Market share by volume

Distributor Awards

Leonteq Securities 4%

Survey Average Score Société Générale 11% Barclays

Others 53%

Goldman Sachs 12%

Appendix

BNP Paribas 12%

BNP Paribas

Goldman Sachs

Société Générale

Barclays 12%

0

0.5

10

SRP Europe Awards Report 2022

Best House, Nordics Introduction

Survey Average Score

Market share by volume Goldman Sachs 16% EFG 1%

Danske Bank 18%

Others 49%

BNP Paribas

Credit Suisse

Danske Bank

Europe Summary

EFG

Credit Suisse 7% BNP Paribas 9%

Goldman Sachs 0

0.5

1

1.5

2

2.5

3

Manufacturer Awards

Best House, Germany and Austria Survey Average Score

Market share by volume UniCredit Bank 15% Société Générale 3% Leonteq Securities 1%

Others 38%

DekaBank

LBBW

Leonteq Securities

Distributor Awards

LBBW 17%

Société Générale

UniCredit Bank DekaBank 26%

0

0.5

Awards Results Appendix

1

1.5

2

2.5

3

1

1.5

2

2.5

3

Best House, Eastern Europe Survey Average Score

Market share by volume UniCredit Bank 11% Société Générale 2% Leonteq Securities 1%

Others 56%

Goldman Sachs 10%

BNP Paribas

Goldman Sachs

Leonteq Securities

Société Générale BNP Paribas 20%

UniCredit Bank 0

0.5

11

SRP Europe Awards Report 2022

Best House, Benelux Survey Average Score

Introduction

Market share by volume UniCredit Bank 11% Société Générale 4% Leonteq Securities 1% BNP Paribas 8%

Leonteq Securities

Société Générale

BNP Paribas

UniCredit Bank Belfius Bank 30%

0

0.5

1.5

2

2.5

3

1

1.5

2

2.5

3

Manufacturer Awards

1

Best House, Yield Enhancement Market share by volume

Survey Average Score Société Générale 9% La Banque Postale 5%

Europe Summary

Others 46%

Belfius Bank

Amundi

BNP Paribas Intesa Sanpaolo 24%

Intesa Sanpaolo

La Banque Postale

Société Générale Amundi 11%

BNP Paribas 7%

0

0.5

Awards Results

Best House, Capital Protected Market share by volume

Survey Average Score UniCredit Bank 7%

Santander 22%

Intesa Sanpaolo

Mediobanca

Raiffeisen Centrobank Raiffeisen Centrobank 1% Mediobanca 1% Intesa Sanpaolo 9%

Appendix

Others 61%

Distributor Awards

Others 44%

Santander

UniCredit Bank 0

0.5

1

1.5

2

2.5

3

12

SRP Europe Awards Report 2022

5.0 Distributor awards Introduction Europe Summary

The award for Best Distributor is based on the sales and performance data per product distributed by the buyside between 1 October 2020 and 30 September 2021. The strike date is relevant for best sales and the maturity date is relevant for best performance. Both results are amalgamated to go towards the best distributor award. Sales volume is the total actual sales invested rather than the notional amount, and performance is the annualised return an investor would have received with a buy-and-hold approach from the strike date until maturity for a product. Each product’s performance will be weighted according to its sales volume to give a weighted average performance of the distributor’s portfolio of maturing products for the period.

Best Distributor, Europe Outstanding - product issuance & sales volume

Sales volume & issuance

Manufacturer Awards

600

120000

120

70000

500

100000

100

60000

400

80000

80

300

60000

60

200

40000

40

100

20000

20

0

0

0 End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

50000 40000 30000 20000 10000 0 2018

Total issues (RHS)

2019

2020

Total Volumes (US$bn) (LHS)

Distributor Awards

Top 5 distributors by sales (US$bn)

2021 Total issues (RHS)

Top 5 distributors by weighted-average performance (%)

100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

0%

0%

Awards Results

Intesa Sanpaolo

UniCredit Bank

BNP Paribas

LCL

Hedios

Hedios

LCL

BNP Paribas

UniCredit Bank

Intesa Sanpaolo

Appendix

13

SRP Europe Awards Report 2022

Best Distributor, Capital-Protected

250 200

16000

35

3000

14000

30

2500

12000

25

10000

150

8000 100

6000

0 End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

1500

15

1000

10

2000

5

0

0

End of 2021

2000

20

500 0 2018

Total issues (RHS)

2019

2020

Total Volumes (US$bn) (LHS)

Top 5 distributors by sales (US$bn)

2021 Total issues (RHS)

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

80%

80%

60%

60%

40%

40%

20%

20% 0%

0% Santander

UniCredit Bank

Belfius Bank

BNP Paribas

Santander

Deutsche Bank

UniCredit Bank

Belfius Bank

BNP Paribas

Deutsche Bank

Outstanding - product issuance & sales volume

Sales volume & issuance

310

140000

80

70000

300

120000

70

60000

290

100000

280

80000

270

60000

260

60

50000

50

40000

40

30000

30 20

20000

240

20000

10000

230

0

10 0

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

0 2018

End of 2021

Total Volumes (US$bn) (LHS)

Total issues (RHS)

Top 4 distributors by sales (US$bn)

2019

2020

2021 Total issues (RHS)

Top 4 distributors by weighted-average performance (%)

100%

Awards Results

250

40000

End of 2018

Distributor Awards

Best Distributor, Yield Enhancement

Manufacturer Awards

100%

Europe Summary

4000

50

Sales volume & issuance

Introduction

Outstanding - product issuance & sales volume

1 0.8

60%

0.6

40%

0.4

20%

0.2

0%

Appendix

80%

0 BNP Paribas

UniCredit Bank

LCL

Citigroup

Citigroup

BNP Paribas

LCL

UniCredit Bank

14

SRP Europe Awards Report 2022

Best Distributor, Benelux Introduction

Outstanding - product issuance & sales volume 80

6000

70

5000

60

4000

50 40

3000

30

2000

20

1000

10

Europe Summary

0

End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

0

Sales volume & issuance 9

3000

8

2500

7 6

2000

5

1500

4 3

1000

2

500

1

0

0 2018

Total issues (RHS)

2019

2020

Total Volumes (US$bn) (LHS)

Top 5 distributors by sales (US$bn)

2021 Total issues (RHS)

Top 5 distributors by weighted-average performance (%)

100%

100%

80%

80%

Manufacturer Awards

60%

60%

40%

40%

20%

20% 0%

0% Belfius

Deutsche Bank

KBC

Van Lanschot Bankiers

Deutsche Bank

BNP Paribas

Van Lanschot Bankiers

BNP Paribas

Belfius

KBC

Distributor Awards

Best Distributor, Eastern Europe Outstanding - product issuance & sales volume

Sales volume & issuance

Awards Results

18

4500

3.5

1800

16 14

4000 3500

3

1600

12

3000

10

2500

2

1000

8

2000

800

6

1500

1.5

4

1000

2

500

0.5

0

0

0 End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

1400

2.5

1200

600

1

Total issues (RHS)

400 200 2018

2019

2020

Total Volumes (US$bn) (LHS)

Top 5 distributors by sales (US$bn)

2021

0

Total issues (RHS)

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

100%

Appendix

80%

80%

60%

60%

40%

40%

20%

20% 0%

0% Bank Millennium

ČSOB

Česká Spořitelna

Santander Bank Polska

Cyrrus

Cyrrus

Česká Spořitelna

Santander Bank Polska

Bank Millennium

ČSOB

15

SRP Europe Awards Report 2022

Best Distributor, Germany & Austria Sales volume & issuance

60000

25

25000

50000

20

20000

80

40000

15

15000

60

30000

40

20000

10

10000

20

10000

5

5000

0

0

0

End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

0 2018

Total issues (RHS)

2019

2020

Total Volumes (US$bn) (LHS)

Top 5 distributors by sales (US$bn)

2021 Total issues (RHS)

Top 5 distributors by weighted-average performance (%)

Europe Summary

120 100

Introduction

Outstanding - product issuance & sales volume

100%

100%

80% 60%

40%

40%

20%

20% 0%

0% DekaBank

DZ Bank

UniCredit Bank

Landesbank BW

Raiffeisen Centrobank

Raiffeisen Centrobank

UniCredit Bank

Landesbank BW

DekaBank

DZ Bank

Outstanding - product issuance & sales volume 7000

3.5

1400

6000

3

1200

5000

2.5

1000

4000

2

800

3000

1.5

600

2000

1

400

1000

0.5

200

0 End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

0 2020

2021 Total issues (RHS)

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

80%

80%

60%

60%

40%

40%

20%

20%

0%

UB Omaisuudenhoito

Appendix

100%

Garantum Alexandria Fondkommission Pankkiiriliike

2019

Total Volumes (US$bn) (LHS)

Total issues (RHS)

Top 5 distributors by sales (US$bn)

0 2018

End of 2021

0% Strivo

Nordea

UB Omaisuudenhoito

Alexandria Pankkiiriliike

Garantum Fondkommission

Awards Results

20 18 16 14 12 10 8 6 4 2 0

Sales volume & issuance

Distributor Awards

Best Distributor, Nordics

Manufacturer Awards

80% 60%

Strivo

Nordea

16

SRP Europe Awards Report 2022

Best Distributor, UK & Ireland Introduction

Outstanding - product issuance & sales volume 25 20

3500

30

3000

25

2500

15

2000

10

1500 1000

5

Europe Summary

0 End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

Sales volume & issuance 700 600

20

500

15

400 300

10

500

5

0

0

End of 2021

800

200 100 0 2018

Total issues (RHS)

2019

2020

Total Volumes (US$bn) (LHS)

Top 4 distributors by sales (US$bn)

2021 Total issues (RHS)

Top 4 distributors by weighted-average performance (%)

100%

100%

80%

80%

Manufacturer Awards

60%

60%

40%

40%

20%

20% 0%

0% Walker Crips Structured Investments

Meteor Asset Management

Mariana Capital Markets

Walker Crips Structured Investments

BCP Asset Management

Meteor Asset Management

Mariana Capital Markets

BCP Asset Management

Distributor Awards

Best Distributor, France Outstanding - product issuance & sales volume

Sales volume & issuance

100

6000

30

3000

80

5000

25

2500

4000

20

2000

3000

15

1500

2000

10

1000

20

1000

5

500

0

0

60 40

Awards Results

End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

0

Total issues (RHS)

2018

2019

2020

Total Volumes (US$bn) (LHS)

Top 5 distributors by sales (US$bn)

2021

0

Total issues (RHS)

Top 5 distributors by weighted-average performance (%)

100%

100%

80%

80%

Appendix

60%

60%

40%

40%

20%

20% 0%

0% LCL

Crédit Agricole

Société Générale

BNP Paribas/ Privalto

Hedios

Hedios

Société Générale

BNP Paribas/ Privalto

LCL

Crédit Agricole

17

SRP Europe Awards Report 2022

Best Distributor, Italy

100

6000

80

5000 4000

60

Sales volume & issuance 25

2500

20

2000

15

1500

10

1000 500

Introduction

Outstanding - product issuance & sales volume

3000 40

2000 1000

5

0

0

0

End of 2018

End of 2019

End of 2020

Total Volumes (US$bn) (LHS)

End of 2021

Total issues (RHS)

Top 5 distributors by sales (US$bn)

2018

2019

2020

Total Volumes (US$bn) (LHS)

2021

0

Total issues (RHS)

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

80%

80%

60%

60%

40%

40%

20%

20% 0%

0% Intesa Sanpaolo

BNP Paribas

Leonteq Securities

Banca Generali

Mediobanca

Leonteq Securities

Banca Generali

Mediobanca

BNP Paribas

Intesa Sanpaolo

Manufacturer Awards

100%

Europe Summary

20

Distributor Awards Awards Results Appendix

18

SRP Europe Awards Report 2022

6.0 Shortlists Introduction

6.1 Manufacturers

Europe Summary Manufacturer Awards Distributor Awards

Awards Results

Best House, Europe Barclays BNP Paribas Leonteq Société Générale UniCredit

Best House, Autocall Barclays BNP Paribas Mediobanca Société Générale UniCredit

Best House, MEA ABSA First Rand Merchant Bank Investec Nedbank UBS

Best House, ESG BNP Paribas DekaBank Leonteq Natixis Société Générale

Best House, Equity Barclays BNP Paribas Leonteq Société Générale UniCredit

Best House, Warrants BNP Paribas Leonteq Société Générale UBS UniCredit

Best House, France Amundi BNP Paribas Leonteq Securities Natixis Société Générale

Best House, Nordics BNP Paribas EFG Danske Bank Goldman Sachs Credit Suisse

Best House, BeNeLux Belfius Bank BNP Paribas Leonteq Securities Société Générale UniCredit Bank

Best House, Italy BNP Paribas Intesa Sanpaolo Leonteq Securities Mediobanca UniCredit Bank

Best House, Germany & Austria DekaBank LBBW Leonteq Securities Société Générale UniCredit Bank

Best House, UK & Ireland Barclays BNP Paribas Goldman Sachs Société Générale

Best House, Eastern Europe BNP Paribas Goldman Sachs Leonteq Securities Société Générale UniCredit Bank

Regional

Appendix

19

SRP Europe Awards Report 2022

Introduction

6.2 Distributors

Best Distributor, Capital Protected Belfius Bank BNP Paribas Deutsche Bank Santander UniCredit Bank

Best Distributor, Germany & Austria DekaBank DZ Bank Landesbank BW Raiffeisen Centrobank UniCredit Bank

Best Distributor, Switzerland Julius Baer Leonteq Securities Raiffeisen Switzerland Cooperative UBS Vontobel

Best Distributor, Yield Enhancement BNP Paribas Citigroup LCL UniCredit Bank

Best Provider, Nordics Alexandria Markets Garantum Fondkommission Nordea Strivo UB Omaisuudenhoito

Best Private Bank BNP Paribas Leonteq Securities Swiss Life Banque Privée

Best Distributor, Benelux Belfius BNP Paribas Deutsche Bank KBC Van Lanschot Bankiers

Best Distributor, UK & Ireland BCP Asset Management Mariana Capital Markets Meteor Asset Management Walker Crips Structured Investments

Distributor Awards

Best Distributor, Italy Banca Generali BNP Paribas Intesa Sanpaolo Leonteq Securities Mediobanca

Manufacturer Awards

Best Distributor, Eastern Europe Bank Millennium Česká Spořitelna ČSOB Cyrrus Santander Bank Polska

Europe Summary

Best Distributor, Europe BNP Paribas Hedios Intesa Sanpaolo LCL UniCredit Bank

Best Distributor, Czech Republic Česká Spořitelna ČSOB Cyrrus UniCredit Bank

Best Distributor, France BNP Paribas/Privalto Crédit Agricole Hedios LCL Société Générale

Best Distributor, Belgium Belfius BNP Paribas Crelan Deutsche Bank KBC

Best Distributor, Finland Alexandria Markets Danske Bank Nordea SIP Nordic Fondkommission

Best Distributor, Germany DekaBank DZ Bank Landesbank BW Raiffeisen Centrobank UniCredit Bank

Appendix

Best Distributor, Austria BNP Paribas Erste Group Bank Raiffeisen Centrobank UniCredit Bank Vontobel

Awards Results

National awards

20

SRP Europe Awards Report 2022

Introduction

National awards (continued)

Europe Summary

Best Distributor, Ireland BCP Asset Management Broker Solutions Cantor Fitzgerald Ireland Moloney Mortgages Pensions and Investments

Best Distributor, Portugal Banco BIC Banco Invest Banco Santander Totta Caixa Geral de Depósitos Novo Banco

Best Distributor, Italy Banca Generali BNP Paribas Intesa Sanpaolo Leonteq Securities Mediobanca

Best Distributor, Slovakia ČSOB Slovenská sporiteľňa UniCredit Bank

Manufacturer Awards

Best Distributor, Norway Garantum Fondkommission Nordea SIP Nordic Fondkommission

Distributor Awards

Best Distributor, Poland Alior Bank Bank Millennium BNP Paribas Bank Polska Santander Bank Polska UniCredit Bank

Best Distributor, Spain Banco Sabadell Banco Santander Bankinter BBVA Best Distributor, Sweden Garantum Fondkommission Nordea Bank Sweden Strivo

Best Distributor, Switzerland Julius Baer Leonteq Securities Raiffeisen Switzerland Cooperative UBS Vontobel Best Distributor, The Netherlands ING Bank Kempen & Co Leonteq Securities Best Distributor, UK Mariana Capital Markets Meteor Asset Management Walker Crips Structured Investments Best Distributor, South Africa Investec

Awards Results Appendix

21

SRP Europe Awards Report 2022

Best Issuance Platform BNP Paribas - Smart Derivatives Leonteq – LynQs/Constructor Privatam Parity Société Générale - SG Markets SP Vontobel – Deritrade

Awards Results

Best Pricing and Analytics Provider Bloomberg SIX Financial Information Smarttra.de SuperDerivatives Thomson Reuters

Best RegTech Provider Delta Capita Lexifi LPA/Modelity Smarttra.de WallStreetDocs

Distributor Awards

Best Structured Product and Derivatives Exchange Borsa Italiana Börse Stuttgart Euronext Luxembourg Stock Exchange SIX Swiss Exchange

Best Law Firm Allen & Overy Baker McKenzie Clifford Chance Linklaters Simmons & Simmons

Manufacturer Awards

Best Smart Beta Index Provider MSCI Nasdaq OMX S&P Dow Jones Indices Solactive Stoxx/Qontigo

Best Trade Association Association Française des Produits Dérivés et de Bourse (AFPDB) Associazione Italiana Certificati e Prodotti di Investimento (ACEPI) Deutscher Derivate Verband (DDV) European Structured Investment Products Association (EUSIPA) Schweizerischer Verband fur Strukturierte Produkte (SVSP)

Europe Summary

Best Index Provider FTSE Russell MSCI S&P Dow Jones Indices Solactive Stoxx/Qontigo

Introduction

6.3 Service Providers

Appendix

22

SRP Europe Awards Report 2022

7.0 Awards Results Introduction

7.1 Manufacturers Awards

Europe Summary

Best House, Europe Société Générale

Best House, Equity Barclays

Best House, ESG Société Générale

Best House, MEA First Rand Merchant Bank

Best House, Autocall UniCredit

Best House, Warrants Société Générale

Regional Manufacturer Awards

Best House, France Société Générale

Best House, Nordics Danske Bank

Best House, Italy Intesa Sanpaolo

Best House, Germany & Austria DekaBank

Best House, UK and Ireland Barclays

Best House, BeneLux Belfius Bank

Distributor Awards

7.2 Distributor Awards

Awards Results Appendix

Best Distributor, Europe BNP Paribas

Best Distributor, Germany & Austria DekaBank

Best Distributor, Capital Protected Santander

Best Distributor, Nordics Alexandria Pankkiiriliike

Best Distributor, Yield Enhancement BNP Paribas

Best Distributor, UK & Ireland Walker Crips Structured Investments

Best Private Bank BNP Paribas

Best Distributor, Italy Leonteq Securities

Best Distributor, Benelux Belfius

Best Distributor, Switzerland UBS

Best Distributor, Eastern Europe ČSOB

23

SRP Europe Awards Report 2022

Introduction

7.3 Service Provider Awards Best Trade Association European Structured Investment Products

Best Issuance Platform Leonteq – LynQs/Constructor

Best Pricing and Analytics Provider Bloomberg

Best Smart Beta Index Provider Solactive

Best Law Firm Allen & Overy

Best Structured Product and Derivatives Exchange Six Swiss Exchange

Best RegTech Provider LPA/Modelity

Europe Summary

Best Index provider S&P Dow Jones Indices

Manufacturer Awards

7.4 Other Awards Best Structured Products Fund LCL Impact Social 2021 (Amundi)

Index of the Year Euro iSTOXX Ocean Care 40

Most Innovative product Marex’s Bitcoin Cash & Carry Certificate

Best Structured Product Technological Solution Argo (Lynceus Partners)

Personality of the Year Alessandro Ricci

Distributor Awards

Best Educational Initiative Structured products ‘on the fly’ videos (BBVA)

Deal of the Year Société Générale / DS Investment Solutions Awards Results Appendix

24

SRP Europe Awards Report 2022

Introduction

7.5 Country Awards

Europe Summary Manufacturer Awards Distributor Awards

Awards Results Appendix

Austria Best Distributor Raiffeisen Centrobank Best Performance Raiffeisen Centrobank

Poland

Belgium Best Distributor Belfius Best Performance Deutsche Bank

Portugal

Czech Republic Best Distributor UniCredit Bank Best Performance UniCredit Bank

Slovakia

Finland Best Distributor Alexandria Markets Best Performance Nordea

Spain

France

Sweden

Best Distributor LCL Best Performance Hedios

Best Distributor Garantum Fondkommission Best Performance Garantum Fondkommission

Germany

Switzerland

Best Distributor DekaBank Best Performance Raiffeisen Centrobank

Best Distributor UBS Best Performance UBS

Ireland

The Netherlands

Best Distributor Broker Solutions Best Performance Cantor Fitzgerald Ireland

Best Distributor Kempen & Co Best Performance Leonteq Securities

Italy

UK

Best Distributor Leonteq Securities Best Performance Leonteq Securities

Best Distributor Best Performance

Norway

South Africa

Best Distributor Garantum Fondkommission Best Performance Garantum Fondkommission

Best Distributor Investec Best Performance Investec

Best Distributor UniCredit Bank Best Performance Banco Invest

Best Distributor Banco Invest Best Performance Banco Invest

Best Distributor ČSOB Best Performance ČSOB

Best Distributor Banco Sabadell Best Performance Banco Sabadell

Walker Crips Structured Investments Walker Crips Structured Investments

25

SRP Europe Awards Report 2022

Introduction

8.0 Appendix Analysis of respondents Bulgaria 4% Other 14%

Finland 2%

USA 2%

France 19% Europe Summary

UK 7%

Germany 7%

Italy 7% Luxembourg 2%

Manufacturer Awards

Switzerland 25%

Monaco 3%

Spain 2% Portugal 2%

Country

Number of Respondents

Country

Number of Respondents

Australia

1

Ireland

4

Slovakia

3

Austria

4

Israel

4

South Africa

2

Belgium

3

Italy

55

Spain

17

Brazil

2

Japan

1

Sweden

1

Bulgaria

27

Jersey

1

Switzerland

196

Chile

8

Luxembourg

13

Turkey

1

Croatia

4

Malaysia

2

Ukraine

1

Czech Republic

2

Monaco

25

UAE

2

Finland

14

Netherlands

9

United Kingdom

51

France

148

Panama

4

United States

6

Germany

56

Peru

16

Uruguay

7

Gibraltar

1

Poland

11

USA

13

Greece

1

Portugal

13

Venezuela

1

Hong Kong

5

Romania

16

Total

Hungary

5

Russia

9

India

1

Singapore

4

770

Appendix

Number of Respondents

Awards Results

Country

Distributor Awards

Romania 2%

Peru 2%

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