报道彭博社报道

According to Bloomberg, the sale of结构化笔记(also known as principal protected notes, or PPN) that come with derivatives to thousands of individual investors has driven up their sale by 58% to $31.9 billion through August. Unfortunately, investors are often lured into making such purchases without fully comprehending the risks, and this can result in significant losses. This year, the US Securities and Exchange Commission’s enforcement division began a group concentrated on investigating structured products.

Banks create structured notes products by bundling privately negotiated over-the-counter derivatives with bonds. Because the Commodity Futures Modernization Act excludes most trades between institutions from oversight, banks can sell OTC derivatives to individuals as long as they are put together with bonds into hybrid securities. Individual investors, even though they lack the background and knowledge to fully understand the risks involved, are targeted for these notes to increase banks’ profit margins. Also, because structured notes aren’t standardized, brokers are paid more to sell structured notes than they are for selling some of the other financial products.

自联邦储备金维持其对银行之间过夜贷款的目标利率为0％至0.25％以来，结构化的票据已越来越受欢迎。随着美国利率接近0％，投资者正在购买债券。逆变票据在2010年平均支付了13％的利息。

Granted, investors can obtain higher returns if their bets work out, and principal-protected notes and some of the other products are not as risky as stocks because sellers guarantee that investors won’t suffer losses if the market falls. However, because there are variables outside the scope of interest rate movements, investors can lose money. Institutional Risk Analytics Managing Director Christopher Whalen has said that structured notes will likely become the next investment bubble.

由衍生工具与结构化票据销售激增的衍生工具欺骗，彭博，2010年9月22日
机构风险分析总监说，结构化笔记成为华尔街的新“投资泡沫”。, https://www.stockbrokerfraudblog.com, August 12, 2010
Shepherd Smith Edwards＆Kantas Ltd Llp调查了2010年8月11日GlobalNewswire的购买者的索赔
Shepherd Smith Edwards & Kantas LTD LLP represents senior investors and others that have sustained financial losses because the risks involved in their structured notes investments were not adequately explained to them. Contact oursecurities fraud law firmtoday.