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Four industry publications have singled out Morgan Stanley's commodities business and the work it did in 2006 when they announced their annual awards. The accolades reflect a time of growth for the group as it builds out its platform. Commodities took the top award as Commodities Derivatives House of the Year from Risk Magazine and Commodities Trading House of the Year from The Banker. The group's work also netted it: • Deal of the Year (one of three deals honored) – Energy Risk Magazine
• Gold Award for Energy Trading – Commodities Now
• Silver Award for Energy Risk Management – Commodities Now
Risk singled out the group's work with Egyptian Ministry on a structured deal with state-owned Egyptian General Petroleum Corporation, a US$1.55bn pre-paid forward deal in 2005 and a 2006 follow-up $378mn monetization of that original transaction through a special purpose vehicle that sold oil and naphtha to the Firm as a hedge. "Morgan Stanley not only helped us implement the hedge with more competitive pricing, they take physical delivery of our production and get it to our clients," said Khaled El Ghazaly, Undersecretary for Financial and Economic Affairs at the Ministry. Providing that broad base of solutions for clients, from trading and client-driven flow to structured transactions and the physical supply and distribution of commodities, has been a key differentiator for the group. Building on that success was a continued push into the promising market of carbon-trading credits, when the Firm took a 38 percent share in MGM International on January 19. This latest step in building up a carbon emissions-trading platform comes after the Firm announced it would be investing $3bn to back that development. According to Reuters, MGM has collected some 90mn Kyoto Protocol credits and 10mn U.S. voluntary credits worth a total of $900mn. "Most of MGM carbon credit generation has taken place in China, but the lion's share of its employees are in Latin America where it is looking to develop credits," the wire service reported.
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