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@NickCJ
Because they are far more risky than any kind of product you are allowed freely to market to retail clients. It's a piece of regulation designed to stop people investing in products they don't fully understand. Also you avoid the extra costs associated with processing many small transactions rather than a few large ones - if you've got to shift £100m worth of stuff, it's far easier to get rid of it in 10 chunks of £10m than 100,000 chunks of £1,000. This is not Royal Mail's IPO.