Risk Awards 2010

Last year was another turbulent 12 months for financial markets, with continued volatility, dislocations in markets and a rash of new regulation. Risk magazine recognises those institutions that continued to provide derivatives and risk management expertise to their customers in these difficult market conditions. By Matt Cameron, Alexander Campbell, Laurie Carver, Mauro Cesa, Joel Clark, Matthew Crabbe, Clive Davidson, Peter Madigan, Alastair Marsh, Mark Pengelly, Nick Sawyer, Christopher Whittall and Duncan Wood

Nothing could quite match the turbulence of the fourth quarter of 2008, but the first three months of 2009 came close. Equity markets continued to tumble, credit spreads remained wide, and interest rates stayed volatile. After the succession of bank rescues and recapitalisations in 2008, the financial system remained very shaky, necessitating several new government interventions.

Unlike the fourth quarter of 2008, however, some banks started to see a return to profitability, helped by government