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The derivatives market has moved a step closer to gaining a standardised set of global guidance rules, with the consultation period for the new principles closing last Friday (14 June).
The final draft of the Retail Structured Products (RSP) principles, which were devised by a group of leading industry bodies, including the International Swaps and Derivatives Association, is due to launch this summer.
For the past 18 months market participants have been discussing how best to define the management of RSPs, particularly in relation to the structure, distribution and purchase of the instruments.
JPMorgan managing director and assistant general counsel Tim Hailes commented: "Everybody's interested in creating some common understanding as to how best to ensure these products are delivered to consumers in an appropriate fashion."
Hailes added that RSPs are already growing in popularity because of market conditions.
He said: "These principles provide a solid framework within which this business can successfully expand."
While RSPs have become popular in some parts of Europe, such as Germany, the UK has not seen such widespread growth.
Simon Gleeson, derivatives partner at Clifford Chance, said: "The principles have been met with support and there's general consensus in the market. I think we can see these standards being applied globally."