The Risk Awards 2006

In a year dominated by back-office snafus, a re-pricing in the correlation market and defaults in the auto sector, Risk magazine recognises those institutions that have weathered the storm, have provided innovative solutions and best responded to client needs.

Look back on 2005 and a couple of events leap out – all of them credit related. First, there was the letter from the UK Financial Services Authority in February warning banks about the level of unsigned confirmations in the credit derivatives market – a problem so severe that some dealers apparently stopped trading with hedge fund clients in order to clear the backlog. The FSA's concern was echoed by the New York Federal Reserve in September, so much so that 14 Wall Street dealers were summoned