Stockholm's Grand Hotel hosted a milestone evening — over 200 people, real conviction in the room, and the quiet sense that something in European structured products is shifting.
Events are always strange. The energy is high, people are genuinely excited — and yet there's often a gap between the buzz in the room and the reality outside it. SPi Europe 2026 was no different, but in the best possible way. The backdrop is imperfect: the Swedish market, once the undisputed leader in structured products across Europe, has spent more than a decade as a shadow of its former self. But something is changing. Independent distributors are accelerating volumes, and — perhaps more significantly — Swedish banks are slowly returning to the market. That shift was visible in the headcount alone: 200-plus people gathered at the Wintergarden at Stockholm's Grand Hotel, a venue that matched the occasion.
Innovation & product trends
The evening opened with a keynote from Thomas Shuttlewood on innovation in downside protection. The core message was clear: the space has evolved rapidly, with Quantitative Investment Strategies (QIS) now offering more dynamic and efficient approaches to risk management. Equally striking was the data on structured ETFs — products that blend the familiar wrapper of an exchange-traded fund with the payoff engineering of structured products. The growth here is fast and hard to ignore.
"2026 is shaping up to be a record year — globally, the structured products market is on track to exceed $1 trillion in sales for the first time."
Regulation: RIS is coming
The regulatory panel brought the most immediate sense of urgency. The Retail Investment Strategy (RIS) is arriving like a freight train, and while the details will sharpen over the coming months, the contours are already clear. Value for Money is set to become a central battleground. Inducements will be debated once again. And every participant in the chain — manufacturers, distributors, advisers — will need to be prepared to articulate performance, costs, and genuine value to investors. There is no soft landing here; the industry needs to start building its answers now.
Distribution & market structure
Two panels focused on distribution painted a picture of a market with strong structural tailwinds, but not without its fault lines. Capital protection has been front of mind for investors, and autocallables continue to dominate — roll-over speed in Europe remains high, keeping these structures as the backbone of the market. Diversification continues to be a live conversation among distributors looking to broaden their offering.
On the volume side, the numbers are remarkable. SPi now estimates the global structured products market will surpass $1 trillion in sales during 2026 — a milestone that would have seemed ambitious not long ago. Europe is expected to grow by roughly 20%, potentially finishing the year above $300 billion. Records are being set across the board.
A word of caution: decrement indices
Amid the optimism, the industry cannot afford to ignore the warning signs around single-stock point decrement indices. Recent events in France — specifically the news around Stellantis — are a reminder of what happens when decrement structures perform badly and investors are caught off-guard. There are likely other products carrying similar exposure. The consensus in the room was unambiguous: decrement disclaimers need to be materially stronger, and the industry owes it to clients to be unambiguous about the mechanics and risks involved.
AI, derivatives, and the big banks
The closing panel — bringing together senior leaders from the structured products and derivatives desks of major investment banks — was dominated, unsurprisingly, by AI. The mood was constructive rather than anxious: yes, the technology is reshaping workflows; yes, jobs are changing. But the emphasis was on opportunity — better automation, sharper client service, and the ability to meet growing demand from all corners of the market. These are interesting times to be in the industry.
The awards
The evening closed with a ceremony that reflected both the consolidation of established players and the rising ambition of challengers.
BNP Paribas took Best Issuer on the strength of an outstanding 2025. UBS claimed Best Derivatives House. A meaningful signal that, two years into the integration following the Credit Suisse acquisition, the combined institution is beginning to realise its potential as a formidable force in the market. Bank of America's Rising Star award and Barclays' recognition for Best Structuring, driven by expanded cross-asset capability, are a reminder that competition at the top is intensifying.
Stockholm felt like a city, and a market, with something to prove again. On the basis of one evening at the Wintergarden, I'd say the ambition is real.
