Energy/commodity derivatives - Pioneer: Morgan Stanley

In some ways, this was the most difficult category in which to choose nominees and then make a decision. The big bone of contention was whether or not to include Enron, the Texas-based energy firm that filed for Chapter 11 in December 2001 and was later found to be guilty of accounting fraud and market manipulation.

On balance, Risk decided that Enron must be included. Its key role in pushing for deregulation of US energy markets and its support of electronic trading gave a huge fillip to liq