Equity derivatives - Pioneer: Bankers Trust

When Bankers Trust made the decision in 1988 to extend its derivatives expertise in interest rates and foreign exchange into equity derivatives, Allen Wheat, then London-based managing director and global head of capital markets, who was spearheading the initiative, told Risk: "It's the exact same approach and technology, and the same bunch of ugly guys that were fiddling around with the interest rate and foreign exchange risk that are now looking at equity."

It may seem a simple concept now,