Risk Awards 2009

Last year saw the collapse of Bear Stearns and Lehman Brothers, unprecedented volatility in the market and capital injections into financial institutions by governments across the globe. Risk magazine recognises those institutions that continued to provide derivatives and risk management expertise to their customers in difficult market conditions. By Nick Sawyer, Rob Davies, Mark Pengelly, Peter Madigan, Ryan Davidson, Duncan Wood, Clive Davidson, John Beck, Alastair Marsh, Donna Haws, Alexander Campbell, Mauro Cesa and Laurie Carver

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