Federal Association for Structured Securities

The Bundesverband für strukturierte Wertpapiere (BSW) — in English, the Federal Association for Structured Securities — is the German industry representative body for the leading issuers of structured securities. It was founded on 14 February 2008 as the Deutscher Derivate Verband (DDV), formed through the merger of two predecessor interest groups, the Derivate Forum e. V. and the Deutsches Derivate Institut e. V. On 11 September 2023 the association adopted its current name, Bundesverband für strukturierte Wertpapiere, to reflect its focus on structured securities rather than derivatives more broadly. It is registered as a voluntary association (eingetragener Verein) and maintains offices in Frankfurt am Main and Berlin, and is also active in Brussels. The BSW describes itself as the industry representative body for the leading issuers of structured securities in Germany. Its stated aim is to improve the policy and regulatory framework for structured securities in Germany and Europe and to help more private investors realise the advantages of structured securities as a sensible addition to their portfolios. It focuses on industry standards and voluntary commitments intended to increase product comprehensibility, market transparency and investor protection. Its activities include cooperation across issuers, exchanges, online brokers and other service providers; committees and forums for strategic analysis, advice and positioning; industry meetings, workshops and presentations; statistics, studies and publications; and representation of structured securities at trade fairs, events and conferences. It acts as a point of contact for policymakers, supervisory authorities, consumer and investor protection organisations, the press and social media, its community and the general public, and coordinates industry positions at the European level through EUSIPA. The association's membership comprises 15 leading issuers of structured securities in Germany, including Barclays, BNP Paribas, Citi, DekaBank, Deutsche Bank, DZ Bank, Goldman Sachs, HSBC, J.P. Morgan, LBBW, Morgan Stanley, Société Générale, UBS, UniCredit and Vontobel. More than 20 sponsoring members support its work, among them the Stuttgart and Frankfurt exchanges and gettex, banks such as Baader Bank and direct banks including Comdirect Bank, Consorsbank, DKB, Flatexdegiro, ING-DiBa, maxblue, S Broker and Trade Republic, as well as financial portals such as Finanzen.net and Onvista and various other service providers. The BSW lobbies on the design of regulation at various levels. In 2017 it achieved a ban on credit-linked notes in favour of a self-commitment by the industry. In 2021 its members agreed on the BSW Sustainability Code for sustainable structured securities, which was published in revised form in August 2022 and revised again in 2024. In the area of investor protection, members agreed on a uniform product classification: under this self-commitment, all structured securities must be assigned to one of eleven product classes. The association also runs the BSW Trend of the Month survey together with the Stuttgart and gettex exchanges and several high-reach financial portals, asking active investors about structured securities, the economy, capital markets and policy. According to the Lobbyregister of the German Bundestag, the BSW spent just under 0.5 million euros on lobbying in 2024.

The Bundesverband für strukturierte Wertpapiere (BSW) was founded on 14 February 2008 as the Deutscher Derivate Verband (DDV). It emerged from the merger of two predecessor interest groups, the Derivate Forum e. V. and the Deutsches Derivate Institut e. V. The association was established as the lobby organisation of the leading issuers of structured securities in Germany and has maintained offices in Frankfurt am Main and Berlin, while also being active in Brussels. On 11 September 2023, the Deutscher Derivate Verband adopted the new name Bundesverband für strukturierte Wertpapiere, reflecting a sharper focus on structured securities. The association describes itself as the industry representative body for the leading issuers of structured securities in Germany, with the aim of improving the policy and regulatory framework for structured securities in Germany and Europe and helping more private investors realise the advantages of structured securities. Over the years the BSW has pursued industry standards and voluntary commitments. In 2017 it achieved a ban on credit-linked notes in favour of a self-commitment by the industry. In 2021 its members agreed on the BSW Sustainability Code for sustainable structured securities; the code was published in revised form in August 2022 and revised again in 2024. In the area of investor protection, members agreed on a uniform product classification under which all structured securities must be assigned to one of eleven product classes. The association also runs the BSW Trend of the Month survey together with the Stuttgart and gettex exchanges and several high-reach financial portals, asking active investors about structured securities, the economy, capital markets and policy. According to the Lobbyregister of the German Bundestag, the BSW spent just under 0.5 million euros on lobbying in 2024.

• 2024

  The BSW Sustainability Code was revised again; according to the Lobbyregister, the BSW spent just under 0.5 million euros on lobbying in 2024.

• 2023

  The Deutscher Derivate Verband adopted the new name Bundesverband für strukturierte Wertpapiere.

• 2022

  The BSW Sustainability Code was published in revised form.

• 2021

  Members agreed on the BSW Sustainability Code for sustainable structured securities.

• 2017

  Achieved a ban on credit-linked notes in favour of a self-commitment by the industry.

• 2008

  Founded as Deutscher Derivate Verband (DDV) through the merger of Derivate Forum e. V. and Deutsches Derivate Institut e. V.

Industry association and lobbying body for the leading issuers of structured securities in Germany, promoting standards, transparency and investor protection.

• BSW Product Classification

  A uniform classification under which all structured securities must be assigned to one of eleven product classes.

• BSW Sustainability Code

  A code for sustainable structured securities agreed by members in 2021, revised in 2022 and 2024.

• BSW Trend of the Month Survey

  A monthly survey of active investors on structured securities, the economy, capital markets and policy, run with the Stuttgart and gettex exchanges and several financial portals.

• Market statistics

  Interactive analysis of the market volume, risk classification and exchange turnover of structured securities.

1. 1Home | Bundesverband für strukturierte Wertpapiere (BSW)derbsw.de
2. 2Top issues | Bundesverband für strukturierte Wertpapiere (BSW)derbsw.de
3. 3Trend of the Month Survey | Bundesverband für strukturierte Wertpapiere (BSW)derbsw.de
4. 4Tasks & objectives | Bundesverband für strukturierte Wertpapiere (BSW)derbsw.de
5. 5Bundesverband für strukturierte Wertpapiere – Wikipediade.wikipedia.org
6. 6Federal Association for Structured Securities – Wikidatawikidata.org