Risk Australia Rankings 2010: Tough at the top

The eurozone debt crisis and still-nervy stocks haven’t been enough to depress Australian derivatives markets, and competition has intensified over the last 12 months. Last year’s top two banks retain their hold – but they have a host of other dealers snapping at their heels. Wietske Blees reports, with research by Ana Mendes

No man is an island,as the well-worn aphorism has it – and the same is apparently true of local derivatives markets, too. While Australia sailed through the financial crisis without too much damage, dealers have found their markets shaped this year by forces – and fears – originating far beyond their shores. Australian credit spreads have been pushed out by Europe’s sovereign debt crisis; the Australian dollar has gained on the back of international demand for safe, higher-yielding bonds; local