20 Jan Bloomberg: Wall Street Unites for Hotels.com Style Derivatives Offer
By Regina Tan
Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. are collaborating to sell structured products in Asia as private wealth in the region balloons.
Six financial institutions and technology provider AG Delta have formed a company called Contineo Ltd. that will provide an Internet platform to sell equity-linked structured notes to private banks and wealth management firms, according to an e-mailed statement today. Current distribution of such products is highly manual and having a one-stop virtual network should help lower costs, according to the statement.