And the equity derivatives house of the year is...

This just in: January 2008, Incisive Media's annual Risk Awards black-tie dinner.

"Last year was the most volatile since 1998, with rising delinquencies in the US subprime mortgage market causing banks to rack up billions of dollars in losses. Risk recognises those institutions that weathered the storm, and continued to provide liquidity and structuring know-how to clients."

And the winner of the Equity Derivatives House of the Year Award?

Take a bow SocGen.

"For me, it was more important to be there for clients rather than worry about any mark-to-market losses on a few trading positions," says Christophe Mianne, SG CIB's head of market activities, covering equity, derivatives, fixed income, currency and commodities in Paris. "Our reputational franchise is worth far more than any loss during one month."

Just as well really.