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Q1 turnover 9.1% above the figure for the previous year – consistently high demand for yield-optimisation products

In the first quarter of 2017, turnover of Swiss structured products reached some CHF 69.4 billion. This means the value creation of the largest SSPA issuers grew by 9.1% relative to the previous year. Demand for yield-optimisation products remained strong, accounting for about 57% of the total. 52% of all products are equity-based, followed by currency-based products at 34%. The share of fixed income products grew by 21% compared to Q1 2016 to now 10%. In this conjunction, the proportion of unlisted products was around 71%.

Zurich, 21st April 2017. Structured product value creation statistics drawn up by the Boston Consulting Group take account of listed as well as unlisted products created in or for Switzerland that are sold nationally as well as internationally. SSPA members Barclays Capital, Banque Cantonale Vaudoise, Credit Suisse, Commerzbank, Goldman Sachs, Julius Baer, Leonteq, Notenstein La Roche, UBS, Vontobel as well as Zurich Cantonal Bank took part in the survey for the first quarter of 2017. They represent a majority of the Swiss market.

Important insights (Q1 2017):

  • At around CHF 69.4 billion, in year-on-year terms total quarterly turnover was 9.1% above the figure for Q1 2016.
  • Product group shares shifted compared to previous year: Once again, yield-optimisation products accounted for the lion’s share at 57%. After a relative increase of 43% compared to Q1 2016, participation products now constitute the second largest portion at 16%. Leveraged products made up 15% of the total and capital protection products 10%.
  • Compared to Q1 2016, the capital protection portion grew by approx. 36%, which represents an increase of 48% compared to Q4 2016.
  • Currencies and equities remain the most frequently used underlying assets. Equity products represent the largest portion of total turnover, growing from 45% to 52% since Q1 2016. Compared to prior year, the share of foreign exchange products decreased from 41% to 34%. The share of fixed income products grew by 21% compared to Q1 2016 to now 10%.
  • Non-listed products constitute about 71% of the turnover; this corresponds to a slight decline of the share of non-listed products compared to Q1 2016 (previous year: 72%).
  • Around two-thirds of turnover (62%) are generated in the primary market, while transactions are almost exclusively executed on the secondary market (nearly 95%).
  • USD, EUR and CHF serve as the main currencies for Swiss structured products, comprising 88% of turnover: USD is the predominant currency in Q1 2017 with a share of 40% (prior year: 35%). The shares of EUR and CHF are decreasing to 29% and 19%, respectively.

Click on the link below for the full set of statistics:

Important information

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