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News - Swiss and EU Structured Product Viewpoints

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11.09.2019 Investors

Swiss and EU Structured Product Viewpoints

In September 2019 the 10th International Structured Products Forum (ISPF) welcomed leading representatives of the structured products industry from here in Switzerland and the EU.

The Swiss stock exchange, in partnership with the Swiss Structured Products Association (SSPA) organized – for the 10th year in a row – the renowned platform for 106 experts from the derivatives industry to exchange ideas, opinions and views. The rise in attendance numbers over the years demonstrates the growing importance of the Forum since its launch.



Welcome Address, Christian Reuss, Head Sales, Securities & Exchanges, SIX

In keeping with tradition, Christian Reuss (Head Sales Securities & Exchanges, SIX) opened the Forum. The topics at this year's event covered select but key questions: "How far have financial institutions progressed in replacing LIBOR with SARON?" - apart from the SNB, no bank has yet declared its commitment to SARON, as explained by Félix Roudier, Chair sub-NWG Derivatives and Capital Markets, Credit Suisse - to "What issuers can do to further expand the penetration of structured products in wealth management and the retail segment, and the current status of FIDLEG." The training for, and integration of, structured products into portfolios are and will remain core issues on which issuers and the buy-side must continue to work.

The keynote speech by Prof. Dr. Aymo Brunetti of the University of Berne captivated the audience. Mr. Brunetti demonstrated that the Swiss financial center has remained the world's largest asset manager – despite the abolition of banking secrecy which led to a decline in AuMs, but only to a limited extent. The message from Mr. Brunetti was clear: though the trend looks positive, there is no rest, because the "competition" continues to grow.



Keynote Speaker, Prof. Dr. Aymo Brunetti, Department of Economics of University Berne

Julius Baer has not only stayed stable but has upgraded. Luigi Vignola, Head of Capital Markets, Bank Julius Baer, presented the company’s latest investment, vestr. Vestr offers a fully automated platform for Actively Managed Certificates. This platform will be used by Julius Baer to fore fill current requirements of digital-affine clients, but also counteract cost pressure banks are experiencing, especially in wealth management.

Daniel Häberli, Partner at Homburger AG gave an update on FIDLEG and its scheduled implementation. The Federal Council is taking its final decision on the realization of the program on the 6th of November 2019. Another important point for the industry is the Basic Information Sheet. What requirements need to be included and what differentiates it to the PRIIP KID? According to Henning Bergmann, CEO of the German Derivatives Association, these regulations - the PRIIP KIDs and the MIFID set of rules - are currently under review in the European Union as have not proved to be successful.

The next Forum will take place next year on 1 and 2 September 2020, again in Lucerne.

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