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Q4 2016 turnover slightly below the figure for the previous year – consistent-ly high demand for yield-optimisation products

In the fourth quarter of 2016, turnover of Swiss structured products reached CHF 51.9 billion. This means the value creation of the largest SSPA issuers fell by 5.9% relative to the previous year. Demand for yield optimisation products remained strong, accounting for about 61% of the total. 45% of all products are based on equity products, followed by currencies at 43%. Fixed income increased by more than 109% relative to Q4 2015, boosting its relative share of the total to 10%. Unlisted products accounted for around 71% of output.

Zurich, 07 February 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 fourth quarter of 2016. They represent a majority of the Swiss market.

2016 performance versus 2015:

  • At around CHF 226 billion, in year-on-year terms total quarterly sales were 2% below the figure for the previous year of CHF 231 billion.
  • In respect of the product groups, Capital Protection (+3%), Yield Enhancement (+3%) and Leverage (+2%) recorded year-on-year gains. This came above all at the expense of Participation (-7%).
  • Amongst asset classes, there was a shift from equities (-6%) to currencies (+3%), while fixed income also doubled from 4% in 2015 to 8% in 2016.

Important insights (Q4 2016):

  • At around CHF 53.7 billion, in year-on-year terms total quarterly sales were 5.9% below the figure for Q4 2015.
  • There were shifts compared to the previous year in product groups as a percentage of the total: Once again, yield-optimisation products accounted for the lion’s share at 61%, followed by leverage products (16%). Despite a relative year-on-year decline of 31%, participation products formed the third largest category with a share of 13%.
  • Compared to the previous year, capital protection products recorded relative growth of 89%, corresponding to a rise of 86% relative to Q3 2016.
  • Equities and foreign currencies remain the most frequently used underlying assets. Equities now account for the largest share of asset classes at 45%, whereby the respective figure for the previous year was 47%. Relative to the previous year, the ratio of currency products fell from 43% to 40%. Fixed income increased by more than 109% relative to Q4 2015, boosting its relative share of the total to 10%.
  • Unlisted products accounted for 71%, representing a large majority of Swiss structured products. This corresponds to a 1% decline relative to Q4 2015.
  • Around two-thirds of sales (65%) are generated on the primary market, while transactions are once again almost exclusively executed on the secondary market (nearly 96%).
  • CHF, EUR and USD serve as the main currencies for Swiss structured products, comprising 85% of sales: Following a modest rise relative to the previous year (34%), the USD is now the principal currency, accounting for 36%. In year-on-year terms, EUR and CHF declined to 33% and 16% respectively.

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

Important information

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