Credit derivatives house of the year MORGAN STANLEY

SOME of the credit derivatives market’s dirty little secrets came out of the woodwork last year. In February, Gay Huey Evans, then head of the capital markets sector at the UK’s Financial Services Authority, fired a warning shot at the credit derivatives market. Banks were told to clean up their back-office operations and tackle the problem of unsigned confirmations as soon as possible. Separately, in the front office, some banks struggled with their correlation models. That problem came back to