In this latest episode of Top of the Swaps, Katie Furniss-Brown and Benard Muja explain defensive autocalls: how defined return structured products function, the role of annual observations and step-down barriers, and the possible outcomes at maturity.

The past week has been frenetic in UK inflation markets, as governments worldwide remain focused on containing inflation to avoid electoral repercussions. Ahead of the budget, there was speculation that Chancellor Reeves might remove the 5% VAT on domestic energy bills, which was expected to reduce inflation over the next year by 0.2% to 0.3%. This speculation caused 1-year inflation swap rates to decline accordingly. In the days leading up to the budget, leaks suggested this

Our Structured Perspectives webinar brings the first series of our derivatives insights to life. Hosted by Katie Furniss-Brown  and f eaturing CEO, Tom May , this session explores the key themes shaping the evolving world of derivatives and structured products, linking market developments with practical applications for today’s investment professionals. The webinar is designed to complement our Structured Perspectives article series, offering an accessible way to deepen your

Structured Perspectives is a series of insights and analysis exploring the evolving world of derivatives and structured products. Designed for professionals, Structured Perspectives will deliver insights and analysis that connect market developments with practical applications in derivative strategies. This first series complements our Education Hub, helping professionals deepen their knowledge, stay informed, and gain confidence in using derivative strategies. Part 1: Explor

In this instalment, we explore the Equity Risk Premium and its importance in shaping long term returns for outcome based investment strategies.

In this note, we will explore the Volatility Risk Premium further by examining what impact this has on the returns of Defined Outcome Investments.

Outcome-based investment strategies have gained popularity on both sides of the Atlantic for their ability to define investment exposure in terms of pre-defined outcomes (both upside and downside), while offering investors a more predictable journey

In this episode of 'Top of the Swaps', hosts Delia Villiers and Deputy CIO Mark Greenwood unpack the disconnect between economic forecasts and real-world market behaviour. Known as the "Inflation Whisperer," Mark offers his take on why recent US tariffs and global tensions haven’t triggered the inflation surge many expected. The conversation also delves into the inflation derivatives market as a useful barometer for fixed income investors and highlights how systematic strateg

In our inaugural report, we examine the trends in structured product activity for the year ending June 2025, compared to the previous year, highlighting clear shifts in demand and deployment, particularly during periods of market uncertainty.

In this episode of 'Top of the Swaps', hosts Delia Villiers and Deputy CIO Mark Greenwood unpack the disconnect between economic forecasts and real-world market behaviour. Known as the "Inflation Whisperer," Mark offers his take on why recent US tariffs and global tensions haven’t triggered the inflation surge many expected. The conversation also delves into the inflation derivatives market as a useful barometer for fixed income investors and highlights how systematic strateg