I’ll be honest. On the night of Sunday, May 11th, I was worried.
At 02:27am, we had 289 delegates confirmed. For a structured products event. In Milan. On a Monday. That’s either a dream or a logistical nightmare. I feared the latter.
But what happened on May 12th at Palazzo Mezzanotte — the iconic home of the Borsa Italiana — completely blew me away.
The Venue, the Vibes, the Screens
First: the tech. If you weren’t there, you missed out on a visual masterclass. The SPi design team made our obsession with structure feel like a luxury experience. Floor-to-ceiling screens. Seamless video integrations. A vibe more Netflix-tech-documentary than finance conference. I overheard someone say, “This feels like the future of finance.” I’ll take that.
Nvidia: The Structured Product Effect
Kicking things off was Eric Barthe, with a presentation that had more edge than the Milanese espresso.
His focus? Nvidia — and how structured products may be bending its risk curve. Using SPi data (of course), he demonstrated how the sheer AUM in products linked to Nvidia is compressing implied volatility. But here’s the kicker: all it takes is a drop to 80% of its initial value, and the veil lifts. Vol spikes. Risk re-emerges. It was a perfect reminder that tail risks aren’t gone — they’re just sleeping.
Regulation: Everyone’s Favourite Frenemy
No European structured product event is complete without a healthy dose of regulation.
This year, RIS (Retail Investment Strategy) stole the spotlight — and a few groans. Our panellists from across the continent (lawyers, associations, optimists and realists) offered a nuanced take. The mood? Cautiously hopeful.
The U.S. is dancing with deregulation, but Europe sees a chance. With the right moves, we could create real capital market access for retail — not just in name, but in usability. Imagine a continent where retail can access structured products easily, transparently, and across borders. We're not there yet. But for the first time in a while, it feels like we want to be.
Macro, Markets and Product Innovation
From regulation, we pivoted to data, macro and product evolution.
Let’s face it: Europe is dragging its feet in growth. Asia ended 2024 on a downbeat note. Meanwhile, North America — particularly Canada and the U.S. — is sprinting ahead in issuance and innovation.
But opportunity lies in nuance. Rates products have caught fire over the last two months. Roll-over volumes are ticking up. And as we debated different economic scenarios — from inflation hedging with Gold ER, to low-growth/high-volatility environments — our experts suggested a fresh toolkit: complexity, optionality, and structural elegance.
A few key takeaways:
Economic stagnation is real.
Political instability is translating into volatility.
Investors want protection, but not at the cost of growth.
Structured products are ready to fill that gap — with new payoffs, smarter lifecycle services, and better alignment to investor needs.
BG: The Quiet Powerhouse
If you haven’t been paying attention to BG, it’s time you did. 95% of their products are barrier-based. But more importantly, they’ve doubled down on education, open architecture, and private banker support. They're not just selling; they're enabling.
The Big Guns: 6 Global Heads, One Stage
A personal highlight — and I mean goosebumps level — was seeing six global heads of structuring or sales from top IBs sharing one stage. The intellectual firepower was insane.
One quote in particular still rings in my head:
“With structured products, you don’t need to call the bottom. You get downside protection and upside participation — it's the only playbook-agnostic investment out there.”
Mic. Drop.
AI, Europe, and a New Hope
We closed the panels with a bang. Mathias Strasser delivered a compelling presentation on AI, where he argued something bold: Europe can get ahead of the U.S. — for once.
Thanks to upcoming regulation in June 2025, and Europe’s industrial backbone, we have a chance to lead the AI revolution. Not in volume, but in trust, security, and usability.
As someone who’s built products on the intersection of tech and finance, I found that vision electrifying.
The Awards: And the Winners Are...
Finally, the awards.
BNP Paribas: Best Issuer in Europe — no surprises there. Innovation, platform depth, and consistent leadership.
Barclays: Best Structuring House of 2025 — pushing boundaries and designing for real needs.
Societe Generale: Best Derivatives House — narrowly edging out competitors with a clear innovation-led approach.
Competition was fierce. Margins between the top four were razor-thin. But the message was clear: this industry is alive, evolving, and competitive as ever.
Final Thoughts from a Structured Products Nerd
SPi Europe 2025 was a rollercoaster. I was terrified it would flop. Instead, it turned out to be our biggest, most dynamic event yet.
What I saw in Milan wasn’t just a conference. It was a coming of age for structured products in Europe. We're no longer defending ourselves. We're innovating, expanding, and — most importantly — believing again.
To everyone who came: thank you. To those who missed it: you’ve got 365 days to clear your calendar.
See you at SPi Europe 2026.
