FOW’s Awards for Innovation, launched in 2009 and widely acknowledged a success, are derivatives industry awards with a difference.

Rather than trying to choose the best firm in a particular category – a process fraught with difficulty, as all have their strengths and weaknesses – we seek out specific innovations that have the potential to change the market for the better.

The winning innovations in 2011 will be specific actions, projects or products that solved a problem creatively, opened up new possibilities, or changed the way participants approach the market. And not only new – they must be changes that can help the derivatives market develop.

The awards will be judged by an anonymous global panel of senior market experts.

We now invite any market participant to nominate any innovation for an FOW Award.

• To be eligible for an Award, the innovation must have been first introduced into real commercial activity (not just announced or tested) between April 1, 2010 and March 31, 2011. Innovations first introduced before or after those dates are not eligible.

• If you are nominating an innovation in which your own company was involved, we ask you to supply some information about it.

• You may also independently and anonymously nominate other companies’ innovations that have impressed you, simply by emailing FOW. We will then contact those firms and ask them for the information we require. If you are not sure whether the innovation you admire is eligible, please nominate it and we will ascertain whether it qualifies.

• We will consider innovations brought about by collaboration between more than one company on the same basis as those by a single firm. Only one company need apply for the Award, but all companies that helped author the innovation will be entitled to associate themselves with the Award.

• The deadline for nominations and applications is June 15, 2011.

• Judging will take place during June, July and August. That will be followed by announcement of the Award winners, in association with FOW’s Derivatives World London conference, planned for November.

• FOW’s decision will be final, and we reserve the right not to give certain awards if, in our judgment, the quality of entries is not sufficient.

The award categories:

Best innovations by clearing houses

• Americas

• Europe, Middle East and Africa

• Asia Pacific

Best innovations by exchanges in the field of product design

• East Asia (China, Japan, Korea, Taiwan)

• South and Southeast Asia and Australasia

• Latin America

• US and Canada

• Western Europe

• Eastern Europe

• Africa

• Middle East

Best innovations by exchanges in the field of customer service

• East Asia (China, Japan, Korea, Taiwan)

• South and Southeast Asia and Australasia

• Latin America

• US and Canada

• Western Europe

• Eastern Europe

• Africa

• Middle East

Best innovations by IT or software firms

• Trading and execution

• Connectivity services

• Risk management

• Options

Best innovations by banks, brokers or futures commission merchants in the field of customer service

(no categories, but first, second and third prizes given if appropriate)

Most innovative or creative use of derivatives

(no categories, but first, second and third prizes given if appropriate. This award to be given to companies, governments or their advisers for using derivatives successfully to achieve a specific investment or hedging aim)

Most innovative work by a law firm in the field of exchange-traded or centrally cleared derivatives

Most creative action by a regulator