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Coal House of the Year, Asia – Morgan Stanley
This year's winner of the Energy Risk's Coal House of the Year, Asia is Morgan Stanley for its careful navigation through the market turbulence following the global economic crisis, which included innovative structured physical coal supply deals and unconventionally-sourced arbitrage coal
![Emile Abdurahman - Morgan Stanley Emile Abdurahman - Morgan Stanley](/sites/default/files/styles/landscape_750_463/public/import/IMG/347/112347/emileabdurahman-ms-10-580x358.JPG.webp?itok=u8oDGDQy)
During the financial crisis, many Asian economies fared better than their Western counterparts. In particular, China's fiscal stimulus buoyed commodity demand, while the country's policy to shut down smaller domestic coal mines for safety purposes tightened supply.
As a result, the importing cost for arbitrage coal fell below domestic prices and Morgan Stanley enabled Pacific-based end-users – including China, Taiwan, Korea, Thailand and India – to take advantage of location arbitrage, obtaining
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