Accumulated junk
Investors suffered big losses from equity accumulator products early this year, and there may be more to come. Satyajit Das takes a look at how they wreaked such havoc
Equity bull markets breed a variety of esoteric products, while bear markets generally prove the undoing of some of these structures. Asian equity markets have corrected significantly in 2008 - the Shanghai Composite Index dropped by 54% and the Hang Seng Index by 26% between January 1 and August 21 - causing problems for investors who used 'accumulator' structures to buy 'cheap' shares. These structures have exacerbated the volatility of the underlying stocks. How did the problems start and pan
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