Derivatives house of the year: Citi

Bank wins with help of book purchases and willingness to take on trickier trades

Stuart Staley, Citi

It may seem ironic that in the same year legendary US-based commodity trader Phibro has wound down its trading activities, its former owner, Citi, has won Energy Risk's Derivatives House of the Year award for the second year running.

Citi's decision to sell Phibro in 2009, following the bank's multibillion-dollar rescue by the US government, was the end of a chapter in the history of commodity markets. It was also the beginning of one. Over the coming years, the clean break that the Phibro sale