Independent advisory
Most structuring advice starts from the wrapper — note, certificate, or token — and works inward. The harder questions sit underneath, and they are the same whatever the form: what the holder actually owns, whether the security interest survives insolvency, which entity carries the liability, and how the instrument settles and lists. That is the work.
Independent advisory on structured securities and tokenized instruments across the EEA and Switzerland — classical structured notes and certificates and their tokenized equivalents, from legal form through to settlement and listing. The mandate sits where civil-law property, securities regulation, and settlement infrastructure meet, which is the layer most providers treat as someone else's problem.
What I do
Instrument design — structured notes, tracker certificates, and AMCs under Swiss and Liechtenstein law and the SSPA framework, and their tokenized equivalents under the TVTG and the Swiss DLT Act. Structures built to hold up when tested under stress or insolvency.
Issuance architecture — paying agent, market-making, listing venue, and custody arrangements mapped to the instrument and its chosen form, rather than retrofitted to it.
Regulatory positioning across MiCA and MiFID, product governance, and the EEA perimeter — with Switzerland under its bilateral and DLT-specific regimes — including the cases where token form is the wrong answer and a classical wrapper is right, and the adoption of novel technologies within a regulated institution’s control framework.
Structured credit and securitisation — receivables, royalty advances, and the funding structures around them.
Who it is for
Banks, issuers, asset managers, and infrastructure providers across the EEA and Switzerland building structured or tokenized products that have to work in the real world, not just on paper. Regulators and policy bodies on framework design.
How engagements work
Engagements are scoped to a structure or a question, not to hours. A structuring mandate takes a defined instrument or issuance from concept to a documented, executable design. A strategic retainer holds standing access open for institutions carrying continuous structuring and regulatory questions. A review and opinion is an independent assessment of an existing structure, prospectus, or regulatory position; ownership questions are assessed under the Inheritance Test, an open published method.
Current mandates and any conflicts are disclosed before an engagement begins.
The Programmable Capital Markets Briefing
A quarterly briefing for institutions: monetary-regime developments, structured and tokenized capital markets, stablecoins and tokenized deposits, European market structure, and what each means for banks and asset managers. Written in the register of the public essays — structural, not promotional. The current quarter's abstract is free to read; the full issue is available to subscribers and advisory clients.
Contact
contact@juliangretzinger.com · Based in Zurich from September 2026.