Corporates have suffered significant hedging losses, hedge funds have been hit by widespread redemptions and counterparty risk has become a major concern among dealers and brokers in the market-place.

As the results of our second commodities survey on pages C2-11 demonstrate, however, problems experienced by some parties have presented an opportunity for others. Dealers such as Societe Generale, Barclays Capital and JP Morgan have significantly improved their standing among commodity clients dur