IFIEIOSCO CONFERENCE

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psg\Sep07\TBA\IOSCO(09).ppt

• High-Risk Investments and Investor Education

Tim HailesManaging Director Associate General
CounselJPMorgan
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When is an Apple an Orange?
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The old world of wrappers
OTC
Securities

• Traditionalbi-lateral OTCwholesale markets

• Liquidity raising institutional Eurobond markets

• Long-only asset management

Funds
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The new world of wrappers
OTC
Securities

• CDO andrepackagedcredit

• Securitisedderivatives

• Syntheticdynamicunderlyings

• Fund-linkedderivatives

• Fund-linkedstructuredproducts

• Hedgefunds

• Derivativefunds underUCITS III

Funds
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Accessing the markets
Equity-linked India
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