May 14th, 2004, 3:09 pm
NeroTuliP:It depends on the client! I practiced the principle of "know thy client." Structured IR products are intended to provide solutions to client problems. I have a “playbook” of all the structures that have created in last two decades. If the client’s problem did not have a recognized solution per my “playbook,” then I proceed to use my financial engineering creativity to hatch out something, that something must meet the first principle, which is, is this solution (product) suitable for this client [suitability test]? That is how I played it as a structurer/trader, but I’m in the receiving side now, so I get to have fun at the expense of marketers peddling “one-size-fits-all” structures…and to me that can be very dangerous!