It is difficult to obtain first-hand evidence of activity in the over-the-counter derivatives market but trends in the Euro-medium term note (EMTN) market tracked using Euromoney MTN-Ware can be used as a good approximation for those in the derivatives market as a whole.
Claims that principal protection is an absolute prerequisite seem only partly true. A recent lira-denominated note linked to the Milan MIB 30 equity index carried the redemption formula 100% + {80.50%
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