Currency derivatives house of the year: BNP Paribas

Risk Awards 2015: French bank thrives on emerging markets and exotic risk

Jon Spriggs, BNP Paribas

Last year was not easy for bank foreign exchange businesses. Low volatility in major currencies through to September meant an increased focus on emerging markets and structured trades, presenting obvious challenges. BNP Paribas negotiated those challenges well, finding ways to offer hedges in illiquid markets such as Ethiopia and Vietnam, while also managing the exotic risks associated with Asian structured product flows.

"If clients have very low conviction in Group of 10 currencies, then they

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