Trading system of the year: Hummingbird, Royal Bank of Scotland

Risk awards 2011

The structured products market has developed into an arms race where banks vie with each other to offer the fastest, most efficient and user-friendly technology, backed by the most competitive prices across the broadest range of instruments. Getting a nose out in front of rivals can lead to big business gains, so having the best distribution mechanism is crucial.

This focus on delivery has been driven by new investor habits since the crisis. Rather than turn to complex financial engineering,