US retail in the firing line

New guidance from the National Association of Securities Dealers has put the retailisation of the US market in the firing line, sparking anger and confusion among distributors and structurers alike. By Paul Lyon

Last month Structured Products reported that Mary Schapiro, vice-chairwoman of the US National Association of Securities Dealers (NASD), had expressed concerns about the sales of structured products. So it should have come as no surprise when the NASD issued a 'notice to members' on the subject a few days after going to press. But the vast majority of structurers and distributors alike say they were somewhat taken back by the notice's publication, not to mention its content. At first sight, the