Georg von Wattenwyl Refines the Struki Products Gold Standard

Swiss financial markets are taking a step toward greater transparency in structured products with the launch of a new benchmark index. Led by Georg von Wattenwyl, President of the Swiss Structured Products Association (SSPA), this initiative is designed to provide investors and banks with a clear measurement tool for a market worth nearly 200 billion Swiss francs.

What Are Structured Products?

Structured products are financial instruments that combine traditional investments, such as deposits or bonds, with derivatives like options. They are often used by investors seeking yield in an environment of low interest rates, where conventional savings accounts or checking accounts may not provide enough return. One of the most popular forms in Switzerland is the Barrier Reverse Convertible (BRC), a product designed to generate income while managing risk.

Until now, the structured products market lacked a standard benchmark to measure performance across different issuers and strategies. This gap made it harder for investors, banks, and regulators to compare results and assess risk profiles—something the new index aims to fix.

The SSPA MBRC Global Index

The new «SSPA MBRC Global Index» is built on twelve standardized Barrier Reverse Convertibles referencing the S&P 500, Euro Stoxx 50, and Nikkei 225. Each product carries a one-year maturity and a 70 percent knock-in barrier, reflecting the level where most investor capital is deployed.

The index, calculated by Solactive with pricing support from Deritrade and Evooq, and independent valuation by Avaloq, gives the industry its first transparent performance yardstick. According to Georg von Wattenwyl, this is a “meaningful benchmark” that brings structured products closer to the standards already established in equities, bonds, and loans.

Impact on Investors and Banks

For institutional investors and private banking clients, the benchmark offers clearer insight into how structured products perform relative to equity markets, mortgages, and traditional deposits. Extensive backtesting since 2008 shows that the index provides stable coupon income with smaller drawdowns compared to direct equity investments.

For banks, this development could reshape how they market and distribute structured products. Having a recognized index enhances credibility, aligns with regulatory expectations for transparency, and supports the growing role of digital banking platforms in product distribution. By collaborating with partners such as Avaloq and Evooq, the SSPA has positioned the index squarely within the digital transformation of financial services.

A Broader Economic Signal

The launch of the SSPA MBRC Global Index reflects a maturing market where innovation goes hand in hand with accountability. As credit conditions tighten and interest rates shift, tools like this index help investors evaluate alternative income sources more effectively.

Georg von Wattenwyl sees it as both a communication tool and a practical benchmark that may influence not only the Swiss market but also global practices. By refining what could become the “gold standard” for structured products, Switzerland is signaling its role as a pioneer in financial innovation.

Closing Insights

The introduction of a benchmark for structured products highlights a broader trend in banking: the demand for clarity, comparability, and innovation in investment tools. For investors, the message is straightforward—structured products are no longer niche; they are entering the mainstream with the same accountability as deposits, mortgages, and credit instruments.

Looking forward, the integration of structured product benchmarks into digital banking platforms could further enhance accessibility and trust. As interest rates fluctuate and demand for yield grows, tools like the SSPA MBRC Global Index may well shape the way banks and investors navigate the future of finance.

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