Equity derivatives house of the year: JP Morgan

Risk awards 2012

Tim Throsby

Japan’s equity markets started 2011 in good shape. The Nikkei 225 index had climbed 18% over the previous four months and added a bit more ground during the first quarter, up to the point markets closed on March 10. The next day – a Friday – at 2.46pm local time, an earthquake measuring 8.9 on the Richter scale struck just off the country’s east coast, triggering a devastating tsunami.

For dealers in Japan’s markets, the first concern was for the welfare of staff; the second was to ensure books