Analysis
AI ‘lab’ or no, banks triangulate towards a common approach
Survey shows split between firms with and without centralised R&D. In practice, many pursue hybrid path
Degree of influence 2024: volatility and credit risk keep quants alert
Quantum-based models and machine learning also contributed to Cutting Edge’s output
Quant Finance Master’s Guide 2025
Risk.net’s guide to the world’s leading quant master’s programmes, with the top 25 schools ranked
Clearing house of the year: LCH
Risk Awards 2025: LCH outshines rivals in its commitment to innovation and co-operation with clearing members
Lifetime achievement award: Don Wilson
Risk Awards 2025: DRW founder has created a firm in his own image – one that defies definition
Quant of the year: Julien Guyon
Risk Awards 2025: Volatility modeller par excellence (and football fan) achieved breakthrough with joint calibration of S&P and Vix options
Rising star in quant finance: Milena Vuletić
Risk Awards 2025: Machine learning-based volatility model confounds sceptics
Technology vendor of the year: Numerix
Risk Awards 2025: Fincad and PolyPaths deals added coverage; AAD and cloud refactoring boosted speed
Derivatives client clearer of the year: Societe Generale
Risk Awards 2025: French dealer rides CTA wave with 9.6% jump in US clearing business
OTC trading platform of the year: BNP Paribas
Risk Awards 2025: French bank raises Cortex from nadir of pandemic through partnerships and cohesive strategy
Exchange of the year: Eurex
Risk Awards 2025: Eurex jolts credit futures market into life
Hedge fund of the year: Citadel
Risk Awards 2025: In a year without tall trees, Citadel’s forest of strategies thrived
Investment house of the year: BlackRock
Risk Awards 2025: World’s largest investor is undergoing its biggest transformation in more than a decade
Sovereign risk manager of the year: Côte d’Ivoire
Risk Awards 2025: Dual-tranche $2.6 billion deal enables African sovereign to refinance costly private loans and improve debt sustainability
Credit portfolio manager of the year: UniCredit
Risk Awards 2025: A focus on economic value-added prompted a rapid expansion of the bank’s synthetic risk transfer activity
Bank risk manager of the year: Intesa Sanpaolo
Risk Awards 2025: Market risk team developed new tools that helped overcome the challenge of FRTB internal models
Flow market-maker of the year: Natixis
Risk Awards 2025: Flow push pays off, with FX and rates volumes almost doubling year-on-year
Risk solutions house of the year: Santander Corporate & Investment Banking
Risk Awards 2025: Bank-wide co-ordination spurs creative solutions including ‘umbrella’ deal contingent swap
Structured products house of the year: UBS
Risk Awards 2025: bulked-up structuring team is more than just the sum of its parts
Inflation derivatives house of the year: Natixis
Risk Awards 2025: French bank’s hedge fund push boosts its flow standing and creates repack risk offsets
Credit derivatives house of the year: JP Morgan
Risk Awards 2025: Continued investment in credit has created a virtuous circle of growth, as cash products support derivatives, and vice versa