Risk Magazine, in surveying the last 20 years, recently recognized Morgan Stanley as its "Pioneer" in the energy/commodity derivates industry. The July issue looked back at the creation and development of the derivatives market over the last two decades.

In what the editors called "the most difficult category in which to choose nominees and then make a decision," Morgan Stanley beat out Goldman Sachs.

The "pioneer" award is the latest plaudit that Morgan Stanley's commodities business has earned this year. In February, the group took the top award as Commodities Derivatives House of the Year also from Risk Magazine, as well as 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 defined pioneers as "those institutions that led the development of their respective derivatives markets. They were the early innovators, were instrumental in the development of the first derivatives products, and helped set up the framework and infrastructure for the markets. In many cases, the early innovators no longer exist."

A Risk editorial committee determined the winners, drawing on past awards, polls, third-party research and Risk articles from the last 20 years.