Businessweek

products, municipal securities, preferred stock and commercial paper, money-market and other short-term securities. The company is a primary dealer of U.S. federal government securities and a member of the selling groups that distribute various U.S. agency and other debt securities. The company is also a primary dealer or market-maker of government securities in various European, Asian and emerging market countries. The company trades, invests and makes markets globally in listed futures and OTC cleared and uncleared swaps, forwards, options and other derivatives referencing, among other things, interest rates, currencies, investment grade and non-investment grade corporate credits, loans, bonds, U.S. and other sovereign securities, emerging market bonds and loans, credit indexes, asset-backed security indexes, property indexes, mortgage-related and other asset-backed securities and real estate loan products. The company trades, invests and makes markets in major foreign currencies, such as the British pound, Canadian dollar, euro, Japanese yen and Swiss franc, as well as in emerging markets currencies. The company trades these currencies on a principal basis in the spot, forward, option and futures markets. Through the use of repurchase and reverse repurchase agreements, the company acts as an intermediary between borrowers and lenders of short-term funds and provides funding for various inventory positions. The company also provides financing to customers for commercial and residential real estate loan products and other securitizable asset classes. In addition, the company engages in principal securities lending with clients, institutional lenders, and other broker-dealers. The company advises on investment and liability strategies and assists corporations in their debt repurchases and tax planning. The company structures debt securities, derivatives and other instruments with risk/return factors designed to suit client objectives, including using repackaged asset and other structured vehicles through which clients can restructure asset portfolios to provide liquidity or reconfigure risk profiles. The company trades, invests and makes markets in the spot, forward, derivatives and futures markets in various commodities, including metals (base and precious), agricultural products, crude oil, oil products, natural gas, electric power, emission credits, coal, freight, liquefied natural gas and related products and indices. The company trades and is a market-maker in exchange-traded options and futures and OTC options and swaps on commodities, and offers counterparties hedging programs relating to production, consumption, reserve/inventory management and structured transactions, including energy-contract securitizations and monetization. The company is an electricity power marketer in the U.S. and owns electricity-generating facilities in the U.S. and Europe. The company owns TransMontaigne Inc. and its subsidiaries, a group of companies operating in the refined petroleum products marketing and distribution business, and owns a minority interest in Heidmar Holdings LLC, which owns a group of companies that provide international marine transportation and U.S. marine logistics services. Clients and Services: The company provides financing services, including prime brokerage, which offers consolidated clearance, settlement, custody, financing and portfolio reporting services to clients trading multiple asset classes. In addition, the company’s institutional distribution and sales activities are overseen and coordinated through clients and services. Research Department (Research): The company’s Research coordinates globally across all of its businesses and consists of economists, strategists and industry analysts who engage in equity and fixed income research activities and produce reports and studies on the U.S. and global economy, financial markets, portfolio strategy, technical market analyses, individual companies and industry developments. Research examines worldwide trends covering various industries and individual companies, the majority of which are located outside the U.S.; provides analysis an