And Marex Spectron Group Ltd. heard that cry.
From Yahoo UK, January 7:
Broker Touts Exotic Bitcoin Bet to Wring Income From Crypto
As cryptocurrency pushes into mainstream finance and attracts billionaire tycoons, one U.K. brokerage is offering the merely wealthy a potentially safer way to play Bitcoin. The price: giving up any hope of the kind of stratospheric gains the digital coin is famous for.
London-based Marex Spectron Group Ltd. is selling a structured product known as an autocallable to people with at least $200,000 to invest, according to a term sheet. If the cryptocurrency stays relatively stable for awhile, Marex claims investors could reap an annualized return of as much as 70% via monthly coupons.
If Bitcoin keeps multiplying in value, autocallable investors don’t get to participate in that upside: they’ll just get their capital back early, plus their coupons. And if Bitcoin crashes again -- as it did three years ago -- investors would lose, but less than they would by trading Bitcoin directly.
“The idea that you want to sell out all the upside in order to get a coupon and 30% downside protection seems pretty unintuitive -- but these kind of structures in general are wildly popular,” said Benn Eifert, chief investment officer of hedge fund QVR Advisors. “I imagine they’ll find demand.”
Marex Solutions began marketing the autocallables this week, according to Nilesh Jethwa, who heads the division. Marex Spectron, which is active in the commodity and energy markets, is owned by JRJ Group, the private-equity firm of former Lehman Brothers bankers Jeremy Isaacs and Roger Nagioff....
....MUCH MORE
This one actually seems a bit tame. Back in 2018 the FT's Dan McCrum, then perched at FT Alphaville, brought to our attention:
How can anyone look on this and not weep tears of joy?"Auto-Callable Contingent Coupon Barrier Notes Linked to the Lesser Performing of Four Equity Securities, Due July 1, 2021."
That my friends is the highest expression of the marketeers art and makes our former favorite pale in comparison.
As seen last April:....MORE
