SRP Americas Awards report 2020

SRP Americas Awards Report 2020

SRP Americas Awards Report 2020

Editorial: Amélie Labbé, Pablo Conde and Lavanya Nair

Data: Iveta Pekova, Yordan Ivanov, 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

1.1 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.

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 nearly 25 million product listings (as of August 2020), 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.

Copyright information

This report is copyright © 2020 Structured Retail Products Limited. All Rights Reserved. Reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

Furthermore,

• 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, with the exception of within the organisation for which it was purchased.

• 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.

1.2 Scope

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.

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.

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 June-July 2020, 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.

1.3 Methodology

Description of the Survey

In June and July 2020, StructuredRetailProducts. com (SRP) surveyed Americas structured products distributors, gathering 151 responses. The survey comprised three areas of investigation:

Part 1 Quantitative

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 2 Qualitative

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:

• price competitiveness

• innovation and structuring capability

• understanding client needs, and aftersales support.

Part 3 Data validation

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:

• 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 2020 Americas Structured Products Awards, which were handed out during the SRP Americas Conference 2020 (14 September - 18 September 2020).

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.

2.1 Management Summary: In it for the long run

Looking back at 2019 through the lens of 2020 would make any market participant in any market –except maybe Amazon, Zoom or Peloton – long for calmer, simpler times.

After the market crash at the latter end of March 2020, and subsequent months of extreme uncertainty and volatility, 2019 seemed like a distant memory.

While global economic uncertainty prompted by the fraught US-China relationship, the constant search for yield in spite of low volatility, uncertainty around economic cycles, and market instability in some key Latam jurisdictions certainly created

ups and downs, they provided the backdrop for some interesting developments in the Americas region. In spite of this turmoil – or because of it, as the case may be - outstanding issuance and sales volumes for the Americas both grew over the period, though at a slightly slower pace than in previous years.

The outstanding sales volume, including continuous products, has been rising gradually from the US$436 billion of 2014 to 2019’s US$549 billion (2018: US$449 billion and 2017: US$441 billion). The number of products has doubled since 2015, reaching 63,000 in 2019 – a rise from the 55,000 in 2018 and 45,000 in 2017.

One notable feature is the slight decline in the US’ share of the regional structured product market, from 70% in 2018, to just over 60% in 2019, proving that others are gaining ground. Mexico, in particular, is getting some power

back, more than doubling its market share year-on-year, to just under 20% as demand for new products (especially currency-linked ones) and a growing pool of investors give structured products a boost.

Market share by total sales 2015-2019

Sales in this major Latin American market have indeed doubled on 2018, reaching US$20 billion last year – the only country in the region to see a rise in 2019.

In comparison, both Brazil and Canada, two other notable markets which have some very active issuance and distribution channels, have seen figures dip slightly. The latter is dominated by the autocallable payoff with sales of principal-at-risk

Market by total sales (USDbn) 2015-2019

notes slowing down in recent months.

The US has also seen sales remain stable, still hovering around the US$60 billion mark in 2019 in spite of an increase in issuance (as detailed in previous paragraphs). It’s a market that is going through a transition phase, having had to adapt to low interest rates and a constant search for yield from clients tired of fixed income investments.

Speaking of clients, let’s turn our attention a while to their view of how they believe market participants are performing. Overall service scores were lower across the board in 2020 (roughly going back to 2017 levels), reflecting the instability the Americas structured product market and the wider economic environment as a whole are facing. The overall score given to

Overall Service Score

Source: Structuredretailproducts.com

What lies ahead

One of the main findings of SRP’s survey of US, Canadian and Latin American market participants is actually a positive one for the growth of the structured products space, and one that supports their continued (and increased inclusion) in investment portfolios.

One respondent in the US index space noted that they are seeing ‘inflows with structured products replacing fixed income exposure,’ a finding echoed by a Brazilian banker who said that there has been ‘continued focus on tactical [structured product] allocation in a high volatility environment’.

Another banker, from the US, said that they have witnessed ‘increased discretionary abilities, with

distributors for understanding client needs and aftersales service dropped from 2.58 (out of 3) to 2.5, according to this year’s survey. The score for innovation and structuring saw the biggest drop, from 2.63 to 2.49, while the mark attributed to the price competitiveness of issuers shrunk to 2.52 (from 2.63 in 2019).

investments used more for planning, [and a] larger component of HNW and mass affluent offering’.

Another, also from the US, conceded that while structured products play an integral part in investment portfolios, challenges would be ‘credit spreads and principal protected/ partial principal protected products with low interest rates’.

This positive trend goes hand-in-hand with the constant search for income in a low yield environment and protected equity exposure.

The viability of structured products in a low rate environment is one aspect that comes up repeatedly in survey answers. Queries include: how to structure attractive products despite

the trend of low rates, and how do we generate attractive spreads?

One respondent from the US buy-side said: ‘We are once again in uncharted waters, with the pandemic, and the level of Federal Reserve involvement in our markets….Challenges are the current interest rate environment and the willingness of counter parties to be in the market.’

No guarantee

The uncertainty is also affecting the types, structure and maturity of products sold in markets across the region, with investors continuing their focus on anything that produces yield, in particular as volatility continues.

“The low interest rate environment is making longer-dated notes challenging, particularly if markets settle,” said one US sell-side respondent, a thought echoed by a Canadian counterpart who noted that a challenge is ‘keeping my clients in for the long term through this volatility’.

‘Income notes are becoming more popular, especially with increased downside protection,’ said one banker from Canada, while another stressed that there was a distinct ‘lack of [principal-protected notes] issuance due to the low rate/high vol environment’.

Another consideration to take into account is that there has been, according to some respondents, ‘some shift to looking for value in single stocks rather than relying on index-linked exposures’ and, according to others, ‘at risk structures with safety features like low barriers’.

Others, still, note that there have been ‘growing numbers of issuances in local currenc[ies] for all asset classes issuances, a focus on collateralised issuance programmes, and recovery plays for outstanding equity-linked notes’.

On the flipside, noted one Mexican buy-side respondent, there has been some ‘hesitation towards trigger notes and daily observation barriers, [while] more consideration is being paid to the credit risk of the underlying issuer’.

One key challenge that most market participants have highlighted is product differentiation, due to unattractive pricing, the impact of the virus on the economy, client sentiment, issues around

offering ‘interesting principal protected products’ and ‘larger downside protection’, and amplified concerns on credit risk. The list goes on…

‘Finding ways to continue to show attractive offerings rather than show the same offerings with different economics [is difficult],’ said one US market participant.

Another expressed that the lack of dry powder could be a concern: ‘With pricing looking so attractive over the past couple months lots of the available capital has been deployed - it could be difficult to continue deal volumes with less available capital and less attractive offerings,’ they wrote.

One buy-side respondent from Canada highlighted a regional problem that is entirely relatable in other markets. ‘Having offerings that are more than just [Canadian] banks, insurance companies, and pipelines. Trying to come up with innovative offerings that are not too confusing for the client/ advisor,’ they wished for.

In the US, one banker articulated how the market is still focused on US underlying indices but the challenge was ‘diversifying into non-US indices’.

Current currency challenges

One interesting finding SRP has unearthed in its data (24.7 million products and counting) is the popularity of dual currency products in the Latam region, especially those linked to the USD/MXN pairing. In fact, dual currency products reported a 58% monthly increase to reach MXN4.84 billion in aggregate volume in Mexico, for July 2020, as the Mexican peso gained about four percent against the US dollar during that month. According to SRP data, 2,400 products were issued during H1 20 featuring the USD/MXN dual currency structure with sales of MXN181.9 billion (USD$9.1 billion).

One survey respondent from Mexico noted that volatility associated to the USD/MXN pairing could be a challenge going forward, as could be the downgrade of Mexico’s credit rating.

Another respondent, also from Mexico, summed up the challenges the market in its entirety could be facing: ‘The pandemic impact on the Mexican economy, and probable violence and social issues because the impact of Covid [could be issues]… [The challenge will be] maintaining a variety of options to help our clients with this volatility.’

SRP Americas Personality of the Year 2020: Tim Bonacci

The SRP Americas Personality of the Year Award 2020 has been awarded to Tim Bonacci, chief executive officer and president of US fintech platform Luma. Tim received the highest number of votes from respondents to the SRP Americas Awards 20202 survey.

How did you get involved with structured products? What is your professional background?

I worked in wealth management for 15 years before leaving to start Navian in 2005 after seeing an underserved opportunity in structured products. Navian helped regional and super-regional banks across the United States build and offer their own structured products. Here in the US, the bigger Wall Street firms were big enough to do this on their own, but regional-sized players could not.

We were building and offering structured products for the regional banks throughout the United States during that time, and also distributed structured products for the larger Wall Street firm issuers.

We rolled out the first version of our technology in 2012 which was primarily designed to make it easy for our clients and ourselves to offer structured products. As we know structured products have historically been difficult to trade, price, support and were sometimes more opaque than desired and our technology aimed at improving all of those items. In 2017, we realised that structured product fintech had an opportunity to become more mainstream, and by mid2018, we spun out the technology into a standalone entity called Luma.

What relevant changes have taken place in the structured products industry?

I think the biggest evolution in the structured product market is the awareness, adoption and advent of the multi-issuer platforms and technology. We had reached capacity in the US market, because historically, these products were traded on spreadsheets and emails, and we, in essence, reached a maximum of how much business could be done manually. We needed more efficiency as well as more transparency, information and education for advisors. Volume in the US had been fairly flat for a number of years because it was just too hard for firms to offer more. I think this big change is what led me to spin out Luma into a separate entity.

What makes Luma unique and what would you highlight as a firm?

Luma very specifically has been designed as a buy-side platform, meaning that we grew up in the industry working with broker-dealers and private banks throughout the country. So, we’re really focused on how to make it easier for that buy-side to access, utilise, oversee and manage the product.

The fact that we’re buy-side has been the biggest benefit since it has helped us win some of the largest private banks in the world as clients because it helps match their needs. One of Luma’s biggest differentiators is that we are

customisable or configurable for a given clients’ use. We’ve learned early on that we need to make the platform easy to support our individual clients. We are on their side so they can match the way they want to drive their business.

I think the objectivity and the customisation are the two big things for Luma. It has certainly proven to be desirable to firms because we’ve seen volume increase substantially. We are processing just about $2 billion a month through Luma which based on my understanding, is the largest volume of any platform globally.

How would you describe the competitive landscape?

In the US, it’s a fairly narrow field of platforms: there are really three platforms in the US that are growing and vying for business and they all have slightly different approaches. Our approach is sticking to be a buy side-focused customisable platform. I think we’re different than the other platforms in that respect.

We are also an issuer paid model and since we have significant volume, we are able to charge the issuers less than other platforms, which means that the product can be better for end clients.

Where do you detect the growth opportunities and what is your market outlook?

Over the past two years, we have seen very successful growth in the United States, and

we will see that increase further, and fairly significantly, over the next six to nine months just from new clients coming online. Additional growth will come from expansion, which we have recently done in Latin America. We have a number of clients that we’re bringing on board, and we are actually targeting expansion into Europe shortly as well.

I have a positive outlook for the United States market which is much smaller than the European market. I think we can see the US market grow in size over the next several years and this will be facilitated in part by technology which is making structured products more accessible.

What are the main challenges investors face?

I would say that there has been the advent over the last few years of fairly intricate indices with volatility control built into them, and allocating across different investments or sectors. That can be a lot to absorb for advisors, so trading becomes absolutely critical. They ask themselves how they can assess, which of those indices are the right investment for their clients.

The other challenge is that investors may question how a structured product fits into their portfolio along with regular stocks or bonds. Technology can help them more easily assess how a structured product can, for example, change their efficient frontier or Sharpe ratio.

The biggest evolution in the structured product market is the awareness, adoption and advent of the multi-issuer platforms and technology

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

3.0 Trends & Predictions

What will the most popular payoffs be over the next 12 months for your market?

In line with last year’s results, the autocallable will continue to be the most popular payoff across the Americas in the next 12 months, according to 55% of participants in the SRP Americas Awards Survey. The autocallable payoff was preferred predominantly in North America.

The next most favoured payoff is the callable with 11%, followed by the digital and range (nine and six percent, respectively) payoffs.

The popularity of the protected tracker and dual currency has decreased (four and five percent of votes, respectively) from 2019. Based on SRP data, protected trackers are primarily issued in the US and Canada. In 2019, 6,470 of those products were put out on the market with a sales volume of US$23.4 billion which is almost two times less than in 2018.

Dual currency continues to be a signature product in the Mexican market and is generally linked to the USD/MXN exchange rate. In 2019, 3,797 products were issued, a 7.5% rise compared to 2018, which is in line with last year’s SRP survey prediction. However, according to the respondents from our most recent survey, there will be a drop in output during the next 12 months.

3.0 Trends & Predictions

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

Proprietary/Custom Indices Credit Environmental and Social Governance (ESG)

Others

Equity-Emerging Markets

Volatility-based Investments

As in 2018 equity from developed markets dominates the responses given by market participants. However, this year, 51% of respondents believe that it will remain the main investment theme in the Americas region for the next 12 months (in 2018 only 34% of respondents did so).

Equity from emerging market has dropped from the top three major investment themes taking a mere four percent of total votes. This year, expectations have strongly shifted towards Environmental social governance (ESG) investments, increasing from four percent in 2019 to 13% for 2020. The popularity of ESG investments has significantly increased and, despite the high market volatility due to Covid 19, US-listed sustainable funds are outperforming.

Credit investments received five percent of the votes, a three percent drop from last year’s expectations. It seems that survey respondents expect unstable market conditions in 2020 since 21% of them favour volatility-based investments, known to lower risk due to their low correlation to equities-based investments.

4.0 Manufacturer Awards

All manufacturers with both 1) more than 10 striking products and 2) more than 10 maturing products, during the March 1 2019 and February 29 2020 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)

Buy-side respondents will rate each manufacturer across all asset classes on qualitative factors:

• price competitiveness;

• innovation and structuring capability; and

• understanding client needs & aftersales support.

SRP’s database (50% weighting)

Annual sales as in SRP’s database in the year to the end of February 2020.

Best House, Americas

Best House, USA

Best House, Canada

Best House, Mexico

Best House, Equities

Best House, Foreign Exchange

Best House, Interest Rates

Best House, Commodities

5.0 Distributor Awards

All distributors with both 1) more than 10 striking products and 2) more than 10 maturing products during the March 1 2019 to February 29 2020 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:

• annual sales as in SRP’s database in the year to the end of February 2020 (50% weighting); and

• sales-weighted average performance as in SRP’s database for products maturing or expiring in the year ending February 29 2020 (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 February 29 2020 with a (100% weighting).

Best Distributor, Americas

Best Distributor, USA

Best Distributor, Canada

Best Distributor, Mexico

Best Distributor, Brazil

Top

Best Capital-Protected Distributor, Americas

Best Yield Enhancement Distributor, Americas

Top

6.0 Shortlists

6.1 Manufacturer Awards

Best House, Americas

Barclays Bank

Goldman Sachs

J.P. Morgan

Monex

Morgan Stanley

Best House, USA

Barclays Bank

Credit Suisse

Goldman Sachs

J.P. Morgan

Morgan Stanley

Best House, Canada Bank of Montreal

CIBC

Desjardins Group

National Bank of Canada

TD Securities

6.2 Distributor Awards

Best Distributor, Americas Bank of America

J.P. Morgan

Monex

Morgan Stanley

UBS

Best Performance, Americas

Citi

Itaú

Monex

Raymond James

XP Investimentos

Best Distributor, USA

Bank of America

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

Best Performance, USA Advisors Asset Management

Incapital

Morgan Stanley

Raymond James

Stifel Financial Corp

Best House, Mexico

Banamex

BBVA

Monex

Santander

Scotiabank

Best House, Brazil

BNP Paribas

Citi

Itaú

Morgan Stanley

Santander

Best House, Equities

Barclays Bank

Citi

Goldman Sachs

J.P. Morgan

Morgan Stanley

Best Distributor, Canada

BMO Financial

CIBC

Desjardins Group

National Bank of Canada

Toronto Dominion Bank

Best Performance, Canada

BMO Financial

CIBC

National Bank of Canada

Scotiabank

Toronto Dominion Bank

Best Distributor, Mexico

Banamex

Banorte

BBVA

Monex

Santander

Best Performance, Mexico

Banamex

Banorte

BBVA

Monex

Santander

Best House, Foreign Exchange

Banamex

BBVA

J.P. Morgan Monex

Santander

Best House, Interest Rates Bank of America

BBVA

J.P. Morgan

Morgan Stanley

Société Générale

Best House, Commodities

BBVA

Citi

Goldman Sachs

J.P. Morgan UBS

Best Distributor, Brazil

Itau

Santander

XP Investimentos

Best Performance, Brazil

Itau

Santander

XP Investimentos

Best Private Bank, Americas

Desjardins Group

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

6.2 Distributor Awards

Best Capital-Protected Distributor, Americas

BBVA

Desjardins Group

Itaú

Monex

XP Investimentos

Best Yield Enhancement Distributor, Americas Bank of America

J.P. Morgan

Monex

Morgan Stanley UBS

6.3 Best Service Providers

Best Structured Product and Derivatives Exchange, Americas

Bolsa Mexicana de Valores

Chicago Board Options Exchange

New York Stock Exchange

TMX Montreal Exchange

TMX Toronto Stock Exchange

Best Index Provider, Americas

MSCI

Nasdaq

Solactive AG

Stoxx

S&P Dow Jones Indices

Best Smart Beta Index Provider, Americas

FTSE Russell

MSCI

Nasdaq

Solactive AG

S&P Dow Jones Indices

Best Proprietary Index Provider, Americas

Bank of Montreal

Barclays

Goldman Sachs

J.P. Morgan UBS

Best Law Firm, Americas

Allen & Overy

Davis Polk & Wardwell

Mayer Brown

Morrison & Foerster

Sullivan & Cromwell

Best Issuance Platform, Americas

BNP Paribas - Smart Derivatives

Credit Suisse - Structured

Solutions Direct

J.P. Morgan SI 360

Luma

SIMON

6.4 Innovation & Education Awards

Best Educational Initiative, Americas

Based on editorial submission

Personality of the Year

Based on the survey

Proprietary Index of the Year, Americas

Based on editorial submission

Deal of the Year, Americas

Based on editorial submission

Best Broker-Dealer, USA Advisors Asset Management

Axio Financial

First Trust Portfolios

Incapital

Raymond James

Stifel Financial Corp

Best Technology Provider, Americas

Bloomberg Fincad Murex

Numerix SIMON

Best Pricing and Risk Provider, Americas

Bloomberg

Lexifi Murex

Numerix

SIMON

Best Hedge Provider, Americas Bank of America

Bank of Montreal

BBVA

Goldman Sachs

J.P. Morgan

Best Structured product technological solution

Based on editorial submission

7.0 Awards Results

7.1 Best House and Distributor Overall Winners

Manufacturer Awards

Best House, Americas J.P. Morgan

Best House, USA Barclays Bank

Best House, Canada Desjardins Group

Best House, Mexico Monex

Best House, Brazil Itaú

Distributor Awards

Best Distributor, Americas Monex

Best Performance, Americas XP Investimentos

Best Distributor, USA UBS

Best Performance, USA Raymond James

Best Distributor, Canada Bank of Montreal

Best Performance, Canada National Bank of Canada

Best House, Equities Barclays Bank

Best House, Foreign Exchange Monex

Best House, Interest Rates BBVA

Best House, Commodities J.P. Morgan

Best Distributor, Mexico Monex

Best Performance, Mexico Monex

Best Distributor, Brazil XP Investimentos

Best Performance, Brazil XP Investimentos

Best Distributor, Peru BBVA

Best Performance, Peru BBVA

Distributor Awards

Best Private Bank, Americas UBS

Best Capital-Protected Distributor, Americas Monex

Best Structured Products and Derivatives Exchange, Americas Chicago Board Options Exchange

Best Index Provider, Americas S&P Dow Jones Indices

Best Smart Beta Index Provider, Americas S&P Dow Jones Indices

Best Proprietary Index Provider, Americas Barclays

Best Issuance Platform, Americas SIMON

Innovation & Education Awards

Personality of the Year Timothy Bonacci, Luma Financial Technologies

Best Educational Initiative, Americas Incapital’s suite of training and tools for financial advisors

Best Yield Enhancement Distributor, Americas UBS

Best Broker-Dealer, USA Incapital

Best-of/Worst-of Uncapped Upside Note linked to the S&P 500 Index and the MSCI Emerging Markets ETF (J.P. Morgan) Service Providers

Proprietary Index of the Year, Americas J.P. Morgan Balanced Value Dividends Index

Best Law Firm, Americas Davis Polk & Wardwell

Best Technology Provider, Americas Bloomberg

Best Pricing and Risk Provider, Americas SIMON

Best Hedge Provider, Americas J.P. Morgan

Best Structured Product Technological Solution Luma

Deal of the Year, Americas

8.0 Appendix Analysis of respondents

Empowering the Structured Products World through Education

Introducing the SRP Academy

Learn the basics with our cheatsheet or gain a more thorough understanding with our advanced topics

Become a Structured Products expert through our 10 module masterclass

Use our new heatmap to discover the best and worst performing markets

Access exclusive thought leadership articles

Everything you need in one space