In Risk magazine's 1999 commodities derivatives survey, Morgan Stanley's commodities business performed well, receiving eighteen top-three rankings, including seven first-place rankings. The magazine notes, "Morgan Stanley maintained its strength in the oil and gas markets, finishing first in four categories, and moved up the tables for metals trading, dominating silver and making its presence felt in copper." Morgan Stanley Commodities' John Shapiro states, "Over the last several years, Morgan Stanley has solidified its position as the preeminent Wall Street commodities player, along with Goldman Sachs. While other firms have been retrenching in this area, we have been expanding our presence, particularly in electricity and base metals."

Risk's commodities survey represents the results of a poll of over 500 banks, traders and end-users worldwide. Dealers were nominated and voted on based on "keen pricing, flexibility, market-making reliability, integrity and speed of transaction." The results are as follows:

Risk 1999 Commodity Derivatives Rankings

Sector	Rank
Crude Oil
West Texas Intermediate swaps	1
West Texas Intermediate options	3
Brent swaps	2
U.S. Natural Gas
Natural gas Nymex look-alike swaps	1
U.S. natural gas — basis options	3
Gas Oil
Gas oil — cracks, Europe	3
Gas oil — swaps, Singapore	3
Jet Fuel
Jet fuel — swaps, Europe	1 (tie)
Jet fuel — options, Europe	1
Jet fuel — swaps, Americas	2
Jet fuel — options, Americas	3
Silver
Silver cash to three months	1
Silver options	1
Silver forwards/averages/swaps to five years	1
Gold
Cash to three months	3 (tie)
Options	3 (tie)
Copper
Forwards/averages/swaps to five years	3
Options	3