Growth rate compared to 2017 at 20%
Turnover for Swiss structured products of the major SSPA members continued to strongly increase in 2018 and total turnover is with CHF 331 bn 20% or CHF 56 bn above the previous year’s figure. The total quarterly turnover was also above the previous year’s level and amounted in Q4 2018 to CHF 81 bn. Yield enhancement products continue to be the most popular investment category (46%), although their share was down on the previous year (57%). Equity (54%) and foreign exchange (27%) are still dominating the turnover. Non-listed products constitute about 62% of turnover in 2018 (2017: about 70%). With a total share of 84%, USD, EUR and CHF are still by far the major currencies used.
Performance 2018 versus 2017:
- Compared to the previous year, turnover grew in Q4 2018 by 16% and amounted to CHF 81 bn.
- With 46%, yield enhancement products accounted for approximately half of total turnover in 2018, declining by 11 percentage points from 57% in 2017; leverage products constituted the second-largest product group with 22% of total turnover in 2018. Driven by a nominal turnover increase of 45% year-on-year, the share of participation products increased to 16% in 2018 compared to 13% in 2017. Capital protection products made up 14% of total turnover in 2018, representing an increase of 1 percentage point compared to 2017. Leverage products represented again the vast majority of all structured products transactions with a share of 92%.
- Despite nominally increasing by CHF 8 bn to CHF 183 bn, the primary market lost in 2018 9 percentage points of turnover share (from 64% to 55%) compared to previous year, due to nominal turnover growth of 49% of the secondary market (CHF 148 bn in 2018 relative to CHF 100 bn in 2017). The secondary market comprised around 98% of all transactions in 2018, with the number of transactions growing by 83% compared to 2017.