The market for structured products is unlikely to recover to the levels it achieved before the financial turmoil, according to two new pieces of research, which come in the same week that Moody’s and Standard and Poor’s both reported hefty drops in revenues from rating these securities.

According to research published earlier this week by Harvard Business School, the market for complex debt securities such as collateralised debt obligations, which have led to billion-dollar writedowns at top-tier investment banks since the summer of 2007, has serious structural problems.