Financial instruments relate to a contract that generates a financial asset for one of the parties involved and an equity instrument or financial liability for the other entity. As the privilege is transferable, an allowance trading market has been created, and MiFID II continues to ratify it by defining emission allowances as a financial instrument under MiFID II. With regard to this type of financial instruments, Wikipedia writes that structured products are financial instruments that are generally traded to meet certain investor profiles. In most cases, structured products incorporate exotic derivatives exposed to the same problem as OTC derivatives. Here, things are much simpler, because the songwriter of the product can again offer an evaluation of the product on the basis of one model to another, which can justify a large transfer of money to an investor. Many structured product investments are domiciled in tax havens in order to optimize the investor`s profits. This increases the degree of complexity of the scheme. The empirical analysis takes into account standard financial instruments: debt securities, convertible liabilities, preferred shares, convertible preferred shares, share capital, warrants and combinations of debt and share capital. In practice, there is a wider contractual space (see Table 11.2, panels A-F), although it is not taken into account here for a number of reasons. .