• #1 in Total Return Swaps (more than double the votes of its nearest competitor)
• #1 in Credit Spread Options (more than double the votes of its nearest competitor)

RISK Magazine published its 1997 commodities derivatives rankings for metals and energy products. Morgan Stanley's Commodities Department once again was listed as a leading dealer in the annual ranking of counterparts in commodity swaps, options and structured products. In RISK's report, Morgan Stanley received 23 top-three ratings and was voted number one in eight different categories including petroleum products, crude oil and cross-product derivatives. The rankings are the result of a survey of over 500 companies active in the commodities derivatives markets. Poll respondents were asked to rank companies providing the best service in each category based on pricing, reliability, integrity and speed of response.

For the past thirteen years, Morgan Stanley's Commodities Department has been providing risk management services to the metal and energy industries worldwide. Our expertise in the underlying physical markets, combined with an in-depth knowledge of related financial tools, allows us to develop effective risk management programs for a broad base of clients. The Department offers over-the-counter instruments that are tailored to meet each client's price exposure and risk profile. In addition, we structure trades for hedge funds or other institutional investors who are interested in establishing positions in the metals or energy complex. We have carved out a unique franchise and are able to add significant value to those companies with existing commodity exposure or those investors who want to diversify into the commodity asset class.