Ten years at the top

A decade of commodity rankings has seen many players come and go – but as James Ockenden finds, the top two investment banks, Morgan Stanley and Goldman Sachs, have been solid all the way

The first Energy Risk Rankings, in 1994, found fast-growing competition between banks and traditional oil companies. At the time, oil companies were lookingto build on their strong positions in short-dated swaps, leaving the banks to dominate in longer-term products and more exotic structured transactions.

This 1994 survey covered the 1993 oil price collapse, which led intense competition in jet derivatives and a distinctly overbrokered market. Traders complainedthey had to take much larger