The awards honour the institutions and innovations that helped spur forward the derivatives markets over the last 12 months.
BNP Paribas took home the award for derivatives bank of the year as well as those for interest rate and credit derivatives house of the year. The bank demonstrated an impressive strategy for expanding its derivatives offering while maintaining its existing strengths and won praise for its can do attitude in adapting to technological change.
NEX Infinity won the industry initiative/game changer of the year award. The platform stands ready to make significant improvements in trade processing and ease market participants’ day to day operations.
After a busy 12 months, which saw it acquire ICAP — winner of the interest rate derivatives broker of the year award — Tullett Prebon clinched the overall interdealer broker of the year prize. In the past year, it has handled a merger that created the largest interdealer broker in the world, kept pace with regulatory and technological change and still demonstrated a practical and ambitious path to growth in its businesses.
Other examples of innovation and resilience abounded throughout the winners’ list. As wide-reaching regulatory change continues to hit the industry alongside potentially revolutionary technological shifts, the winners and nominees showed that they are more than ready for these new challenges.
From June this year, GlobalCapital began to take extensive feedback from the market as it built a nominee list to recognise excellence in the derivatives industry. From mid-July to August, GlobalCapital then met with as many nominees as possible to hear about their business during the last 12 months and learn about the challenges they faced and their achievements.
As always, we were looking for strong narratives running through exciting new stories that showed how firms went the extra mile for their clients, not just statistics showing substantial market share.
When choosing a winner in each category, we considered unique products and services, technological innovation, flexible strategies, commitment to new markets and geographies, measures to improve efficiency and liquidity, initiatives to improve market stability and oversight and client guidance and advocacy.
Our congratulations to the winners and runners-up.
Derivatives bank of the year
Bank of America Merrill Lynch
BNP Paribas (winner)
Citi
Goldman Sachs
JP Morgan
Société Générale
UBS
Industry initiative/game changer of the year
Axoni-led equity derivatives blockchain initiative
DTCC-led blockchain initiatives
ISDA / IHS Markit Variation Margin Protocol
NEX Infinity platform (winner)
SmartDX documentation generation
Equity derivatives bank of the year
Bank of America Merrill Lynch
BNP Paribas
Citi
Goldman Sachs
JP Morgan (winner)
Morgan Stanley
Société Générale
UBS
FX derivatives bank of the year
Bank of America Merrill Lynch
Barclays
Citi
Deutsche Bank
HSBC (winner)
JP Morgan
Nomura
UBS
Interest rate derivatives bank of the year
Bank of America Merrill Lynch
BNP Paribas (winner)
Deutsche Bank
Goldman Sachs
JP Morgan
Nomura
Société Générale
Credit derivatives bank of the year
Bank of America Merrill Lynch
Barclays
BNP Paribas (winner)
Citi
Deutsche Bank
JP Morgan
Volatility derivatives bank of the year
BNP Paribas
Citi
Deutsche Bank
Goldman Sachs
JP Morgan
Morgan Stanley
Nomura (winner)
Société Générale
UBS
Structured products bank of the year
BNP Paribas
Credit Suisse (winner)
Deutsche Bank
Goldman Sachs
Nomura
Société Générale
UBS
Research and strategy bank of the year
Bank of America Merrill Lynch
Barclays
BNP Paribas
Citi
Société Générale
UBS (winner)
Clearing bank of the year
Bank of America Merrill Lynch (winner)
Citi
Credit Suisse
HSBC
JP Morgan
Morgan Stanley
Single dealer electronic platform of the year
Barclays
Deutsche Bank
JP Morgan
Morgan Stanley
Société Générale
UBS (winner)
Corporate solutions provider of the year
BNP Paribas
Deutsche Bank
JP Morgan
Morgan Stanley
Nomura
Société Générale (winner)
Specialist liquidity provider of the year — overall
Citadel Securities
Virtu Financial
XTX Markets (winner)
Specialist liquidity provider — credit derivatives
Citadel Securities (winner)
Jump Trading
Susquehanna International Group
XTX Markets
Specialist liquidity provider — equity derivatives
Citadel Securities
Virtue Financial
XTX Markets (winner)
Specialist liquidity provider —FX derivatives
Virtu Financial
XTX Markets (winner)
Specialist liquidity provider — interest rate derivatives
Citadel Securities (winner)
Jump Trading
Susquehanna International Group
XTX Markets
Hedge fund of the year
Bridgewater Associates
Citadel (winner)
LNG Capital
Millennium Management
Two Sigma Investments
Asset manager of the year
Amundi
BlackRock
Invesco
JP Morgan Asset Management
Pimco
State Street (winner)
Union Investment
Global law firm of the year — overall
Allen & Overy
Ashurst
Cadwalader, Wickersham & Taft
Clifford Chance
Hogan Lovells
Linklaters
Mayer Brown
Morrison Foerster (winner)
European law firm of the year — regulatory
Allen & Overy
Ashurst
Clifford Chance (winner)
Hogan Lovells
Linklaters
Mayer Brown
Morrison Foerster
European law firm of the year — transactions
Allen & Overy
Ashurst
Cadwalader, Wickersham & Taft
Clifford Chance
Hogan Lovells
Linklaters
Mayer Brown (winner)
Morrison Foerster
Norton Rose Fulbright
Asia-Pacific law firm of the year — regulatory
Allen & Overy
Ashurst
Clifford Chance (winner)
Linklaters
Asia-Pacific law firm of the year — transactions
Allen & Overy
Clifford Chance
King & Wood Mallesons
Linklaters (winner)
Data and analytics vendor of the year
Bloomberg
ICE Data Services
IHS Markit
Numerix
Tullett Prebon Information (winner)
Risk management, pricing and valuation
ICE Data Services
IHS Markit
NEX
Numerix (winner)
Tullett Prebon Information
Index product creator and developer of the year
FTSE Russell
IHS Markit (winner)
MSCI
S&P Dow Jones Indices
Stoxx
Index administration and benchmark services provider of the year
Bloomberg
IHS Markit (winner)
Intercontinental Exchange (ICE)
S&P Dow Jones Indices
Interdealer broker of the year
BGC Partners (BGC/GFI)
Icap
Tradition
Tullett Prebon (winner)
Equity derivatives interdealer broker of the year
BGC Partners (BGC/GFI) (winner)
Icap
Tradition
Tullett Prebon
FX derivatives interdealer broker of the year
BGC Partners (BGC/GFI)
Icap
Tradition
Tullett Prebon (winner)
Interest rate derivatives interdealer broker of the year
BGC Partners (BGC/GFI)
ICAP (winner)
Tradition
Tullett Prebon
Credit derivatives interdealer broker of the year
BGC Partners (BGC/GFI)
Creditex
Icap
Tradition
Tullett Prebon (winner)
Swap execution facility of the year — CLOB
BGC Partners
Icap
Tradeweb Markets
Tradition (winner)
Tullett Prebon
Swap execution facility of the year — RFQ
360T
Bloomberg
Thomson Reuters
Tradeweb Markets
trueEX (winner)
Swap execution facility of the year — overall
Icap
Tradeweb Markets
Tradition (winner)
trueEX
Tullett Prebon
Compression service of the year
Capitalab (BGC Partners)
CME Group (winner)
LCH
TriOptima
SEF compression/compaction service of the year
Bloomberg
Tradeweb Markets (winner)
trueEX
Derivatives clearing house of the year
CME Group
Eurex Clearing
ICE Clear
LCH (winner)
Global derivatives exchange of the year
Chicago Board Options Exchange
CME Group
Eurex (winner)
Intercontinental Exchange (ICE)
European derivatives exchange of the year
Eurex (winner)
Intercontinental Exchange (ICE)
London Stock Exchange
Asia-Pacific derivatives exchange of the year
Hong Kong Exchange
Japan Exchange Group
Korea Exchange
SGX (winner)
