For long periods in 2012, it seemed as though the markets were on mute. Volatility was low, volumes were lower and the noise of the trading floor receded into the background. In the hush, it was possible to focus on the slower, structural changes that are taking place. Many of this year’s awards recognise firms, products and individuals that have done most to adapt to these changes – or, in some cases, to bring them about.
In the last month of 2012, Goldman Sachs was a counterparty to the first