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Lighting the way

In a topsy-turvy year where equity and credit vied for the prize of most column inches, derivatives-related companies on both the buy and sell side, in all asset classes, will have had many opportunities to show their mettle. We set out here which ones were the most impressive and why.

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The past year has proven extremely bipolar. Initially, Asian equity markets continued to surge and tight credit spreads meant innovative credit products were the fixed-income instruments of choice from September 2006 to July. But that all changed in July and August, when volatility and correlation levels jumped, yield curves steepened and credit spreads widened dramatically.

While the overall surge in equity valuations across the region made it easy for equity derivatives dealers to make money, it also made it difficult for them to distinguish themselves from their peers. JP Morgan did so by ramping up its Asian equity derivatives technology and staff presence to offer fully customised services to Asian clients.

In credit, the number of synthetic collateralised debt obligations sold into Asia rose swiftly and new structures such as managed constant proportion debt obligations were born. Until, that is, the US subprime market turmoil spilled over to cause credit spread widening in Asia.

Banks have been hard pressed to come up with products referencing other asset classes that will appeal to investors and hedgers whose confidence has been shaken in credit products. But some dealers - notably Deutsche Bank, the currency derivatives award winner and Barclays Capital, which took the interest rates prize - have had significant success doing so.

The awards for credit derivatives house, deal and derivatives house of the year, Asia excluding Japan, go to BNP Paribas. The French structuring specialist has continued to listen closely to its clients and tailor ingenious and effective structures across the board, accompanied by strongly praised education, documentation and after-sales support.

Contributors to the 2007 awards: Rachel Alembakis, Christopher Jeffery, Kathleen Kearney, Joe Marsh, Pamela Tang and Sarfraz Thind.

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