The world's best credit derivatives house
Awards for Excellence 2002
JP Morgan has played a pioneering role in the credit derivatives market from the start - through its landmark BISTRO synthetic securitization, single-name credit default swap (CDS) products and the first widely syndicated credit-linked notes.
Through RiskMetrics, the risk management modelling system that was originally part of JP Morgan and later floated as a separate company, it was also at the forefront of the development of a common risk management methodology for bank risk managers.
Along with Deutsche and Goldman Sachs, JP Morgan was also instrumental in the recent launch of Creditgrades, a new credit modelling system based on equity and credit analysis that was recently unveiled by RiskMetrics.
And Blythe Masters, a managing director in Morgan's New York office, chairs the ISDA Credit Derivatives Market Practices Committee - dubbed the G6 - which has done much to standardize the market through documentation, settlement and end-user guidelines.
"We are keen to improve the transparency, liquidity and visibility of the market," says Andy Brindle, global head of credit derivatives. "We are seeing a transition away from the CDS market being viewed as a structured product, 'buyer beware' type of market into one that trades regularly and with deep liquidity."