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结构性产品20世纪90年代出现爆炸性成长,其根本原因在于市场利率持续走低,“微利时代”的来临使投资者寻找既能在市场发生不利变化时能够保证最低收益,又能分享市场上升收益的产品。近年来,结构性产品市场随金融衍生品市场的发展而发展,产品不断多样化,市场规模不断扩大。2001年,香港开放了结构化产品零售市场。2002年8月,上市股票挂钩票据(ELI)在香港联交所上市,其结构化产品市场具有以下特征:挂钩标的,以股票挂钩票据和信贷挂钩票据为主;保本与否,以非保本票据占主流;
The fundamental reason for the explosive growth of structured products in the 1990s was that the market interest rate continued to decline. The advent of the “meager profit era” has enabled investors to find ways to ensure both the minimum return and the rising market share in the event of unfavorable market changes Revenue products. In recent years, the market for structured products has been developed with the development of the market for financial derivative products. The products are constantly diversified and the market scale is constantly expanding. In 2001, Hong Kong opened up the structured product retail market. In August 2002, listed stock-linked instruments (ELI) were listed on the Hong Kong Stock Exchange. The structured product market has the following characteristics: Linked targets, mainly equity-linked notes and credit-linked notes; Guaranteed or not, non-guaranteed notes Mainstream