Risk Awards 2009

There was a stage, back in early October, when financial markets were seriously panicked. Lehman Brothers had filed for Chapter 11 bankruptcy protection a few weeks before - the second dealer to collapse in the space of six months. Liquidity in the interbank market had completely dried up amid counterparty credit risk concerns, credit spreads had soared and stock prices on financial institutions tumbled. To top it all, financial markets were experiencing exceptional levels of volatility and corr