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Q2 results for value creation by the issuers of structured products in Switzerland reveal slightly lower turnover than last year

The Swiss Structured Products Association (SSPA) has been improving transparency in respect of structured products by publishing quarterly statistics since the start of 2016 on value creation by the issuers of structured products in Switzerland – these products are traded worldwide. In the second quarter of 2016 turnover of the structured products created in or for Switzerland stood at around CHF 58.9 billion. Sales are therefore 1.3% down on the previous year. The share accounted for by non-listed products amounts to around 74%. The products are generally based on equities and forex.

Zurich, 3 August 2016. Statistics for value creation of structured products drawn up by the Boston Consulting Group include both listed and non-listed products and therefore provide a comprehensive overview of the value creation achieved by issuers in Switzerland. SSPA members Barclays, Banque Cantonale Vaudoise, Credit Suisse, Commerzbank, Goldman Sachs, Julius Baer, Leonteq, Notenstein La Roche, UBS, Vontobel and Zürcher Kantonalbank took part in the survey for the second quarter of 2016. They account for the bulk of the Swiss market.

Key facts (Q2 2016):

  • At around CHF 58.9 billion, total quarterly turnover fell just short of the previous year’s figure with a growth rate at -1.3% slightly lower than the Q2 2015 result.
  • The shift in the shares of turnover held by the different product groups observed in Q1 against the previous year remained unchanged: at 64%, the bulk of the turnover is once again accounted for by yield enhancement products followed by leveraged products (16%). After a relative decline of 35% by comparison with the previous year, participation products still hold the third largest share at 14% followed by capital protection products which reported relative growth of 26% on Q2 2015 (equivalent to a 7.7% downturn compared to Q1 2016).
  • Equities and foreign exchange remain the most frequent underlying assets. Forex products are now the biggest investment class with growth from 41% to 46% on the previous year, closely followed by equities at 43% (previous year: 51%). The fixed income share rose by more than 45% against the previous year to reach a relative share of 5.8%.
  • At 74%, non-listed products continue to dominate the Swiss market; their share is 5% higher than in Q2 2015.
  • Around two-thirds of turnover are achieved on the primary market (67%); on the other hand, transactions take place almost entirely on the secondary market which accounts for just under 96%.
  • The CHF, EUR and USD are the main currencies for Swiss structured products and represent 83% of the turnover volume: despite a slight decline against the previous year, the USD remains the principal currency (more than 37%), while the share accounted for by the EUR rose to 33% and the CHF remained constant at 17%.

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

Important information

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