Coal House of the Year, Asia – Morgan Stanley

During the financial crisis, many Asian economies fared better than their Western counterparts. In particular, China's fiscal stimulus buoyed commodity demand, while the country's policy to shut down smaller domestic coal mines for safety purposes tightened supply.

As a result, the importing cost for arbitrage coal fell below domestic prices and Morgan Stanley enabled Pacific-based end-users – including China, Taiwan, Korea, Thailand and India – to take advantage of location arbitrage, obtaining