Spain
The market for structured products in Spain made great strides at the start of last year, when tax reforms opened up investment options away from the fund industry. Despite a downturn in the broader financial markets, distributors and bankers are convinced that issuance volumes will increase again this year. Richard Jory reports
The Spanish market for structured products was changed out of all proportion early in 2007, when a tax change turbocharged the structured products industry at the expense of mutual funds. As the business continues to thrive, a further change to tax law that is expected to come into effect this year should provide another fillip.
In January 2007, after four years of waiting for guidelines to be implemented, a law was introduced that levelled the playing field for investment products with the
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