Energy/commodity derivatives - Modern great: Barclays Capital

About two years ago, Risk got hold of a confidential survey conducted by a consultant and commissioned by a major investment bank. The study's goal was to identify which dealers were most successful in attracting energy and commodity derivatives business from large hedge fund manager clients.

Not surprisingly, Goldman Sachs and Morgan Stanley, the two giants of the commodities business, were consistently listed as primary counterparty by large funds. But there was a more surprising aspect to the