Risk awards 2014: HSBC wins top house

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HSBC is Risk's derivatives house of the year in recognition of the breadth and ambition of its over-the-counter capabilities in 2013 – from the big options trades that reveal growing traction with hedge funds, to its key role in the complex restructuring of underwater hedges at UK telecoms company Arqiva. In a year where some competitors' markets businesses posted losses, HSBC's Global Banking & Markets (GB&M) division recorded before-tax profits of $7.6 billion as of the third