JP Morgan and Deutsche Bank have long ruled the roost in the credit derivatives market. But behind the two big players, a host of other banks are jostling for position in the rapidly growing market. Merrill Lynch, Citigroup and Morgan Stanley might claim to make up the lower half of the premier league. Then come the wannabes – the cluster of investment banks that see a golden opportunity to push themselves to the forefront of the business. Here we profile five of the houses that are on the up and the bankers that are leading their charge.

UBS: Grant Lovett & Paul Czekalowski