"It's just had a storming year, again," summed up one market observer. Pioneering credit or equity structures, the firm is also successful in trading and structuring hybrids across asset classes, which has proved a major stumbling block for other firms. It has been one of the most active in playing credit-default swaps versus equity variance swaps. It has built its investment product business by combining exotic payoffs with hybrid reference entities, ranging from property, commodities and equities to foreign exchange, inflation and hedge funds.
* Barclays Capital * Citigroup
* Goldman Sachs * JPMorgan