Derivatives house of the year:
Banks nominating themselves for derivatives house of the year should be strong in at least three asset classes. Case studies detailing how the bank has best met the needs of clients should play a large part in the submissions. Tactical and strategic adaptation to regulatory change will be particularly important - and risk management, as always, is a key criterion. Submissions have to include details of risk management processes and systems, how the firm reacted to difficult market conditions and to regulation, and granular detail on performance. We will require evidence to back up claims. In addition, customer references should be included - they have often made the difference in deciding the winner.
• Interest rate derivatives house of the year
• Currency derivatives house of the year
• Equity derivatives house of the year
• Credit derivatives house of the year
• Inflation derivatives house of the year
• Structured products house of the year
• Risk solutions house of the year
• National/regional house of the year
As above, submissions should include case studies and key deals. Firms must include details on risk management processes and systems, engagement with and adaptation to regulatory change, and granular detail on performance. We will require evidence to back up claims. As well as meeting with the relevant heads of desk, we may also need to meet risk managers - market risk, credit risk, CVA - and may need a demonstration of risk systems. We will need client references, including names, numbers and email addresses. There's no limit to the number of categories banks can make submissions in.
• Non-bank market-maker: rates
• Non-bank market-maker: equities
• Non-bank market-maker: currencies
• Streaming liquidity provider of the year
These categories recognise non-banks that quote prices in interdealer, dealer-to-client or all-to-all markets. Firms should pitch on the basis of strength in either listed or OTC derivatives products, but cash market activity will be considered as well. Market access, volume, response times, ticket sizes and reliability during periods of market stress will all be considered - and must be backed up with data and client feedback. We will also need detail on how the firm manages risk. The streaming liquidity award is for firms that quote prices direct to bank trading desks, and will be judged using similar criteria.
• Corporate deal of the year
• Bank deal of the year
• Insurer deal of the year
• Pension fund deal of the year
To reflect the growing importance of risk solutions work, these categories will spotlight individual client engagements. Pitching banks should present a case study that highlights creativity, teamwork and a good outcome for the client - the resulting risks must be shown to have been managed appropriately. Banks that pitch for the Risk solutions house of the year award will also be considered for these categories, where appropriate - equally, banks may choose to pitch for one or more of the deal categories, without going for the overall Risk solutions award.
• Lifetime achievement
This will be awarded to a person that has made a significant contribution to the development of the derivatives/risk management industry. Nominations can be made by the candidates themselves, by colleagues or by employers/customers. Nominations should outline why he/she should win the lifetime achievement award and demonstrate the contribution he/she has made to the development of the market.
• Quant of the year
This category is a little different. The winners are decided by Risk readers themselves. Risk will ask past and present contributors to the Cutting Edge section of the magazine, as well as magazine subscribers, to vote for the top quantitative paper over the previous 12 months.
• Market risk management technology product of the year
• Trading technology product of the year
• Back-office technology product of the year
• Fintech start-up of the year
• In-house system of the year
The market risk, trading technology and back-office product awards are for technology vendors or banks that make proprietary technology available to clients. The in-house system award is for proprietary technology developed within a bank for its own use. Fintech startup is for firms that have been set up within the past three years - the business should provide some kind of service or product for the derivatives markets.
Risk management categories:
• Bank risk manager of the year
• Credit portfolio manager of the year
These awards recognise achievement by an institution's risk function, not by an individual risk manager. Applicants should outline risk management processes, policies and systems, and describe any improvements made to the risk function over the past 12 months. Of particular importance is how the risk management function performed during the various episodes of extreme volatility witnessed during the past year.
• Sovereign risk manager of the year
This category recognises the work of national debt management offices and other sovereign or supranational issuers.
Market structure categories:
• Exchange of the year
• Exchange innovation of the year
• Clearing house of the year
• Clearing house innovation of the year
Our exchange and clearing house of the year should be able to boast a range of achievements - from volume growth to product or geographic expansion - but risk management will be a key consideration for clearers. The innovation awards recognise creativity: pitching firms should select a single new product, service, technology change, or risk practice that has helped the firm and/or its users.
• OTC client clearer of the year
This category is for the OTC client clearing businesses offered by dealers and other, non-dealer institutions. Submissions should focus on what the candidate has done to build its business this year, how it has engaged with stakeholders to shape the evolving OTC clearing space, and how its services are being received by clients.
• OTC trading platform of the year
• OTC trading platform innovation of the year
These categories encompass all OTC derivatives platforms - single-dealer, multi-dealer, Sef, MTF, aggregator. Pitching firms can highlight success in a range of ways: increased volumes, product or geographic scope, adaptation to regulatory change, popular or creative trading protocols or order types, reliable IT, etc. The innovation award recognises creativity specifically: platforms should select one new development to highlight.
• OTC infrastructure service of the year
This category recognises firms that provide services for the post-reform OTC markets. Portfolio compression or optimisation, trade reporting, margining, confirmations and reconciliations are just examples - any service designed to improve the efficiency of the market will be considered.
• Law firm of the year
• Consulting/advisory firm of the year
Firms pitching for these awards should be able to show (and be willing to discuss in detail) a track record of work on derivatives- and risk-related cases/topics, including work related to post-crisis markets reform and/or prudential regulation.