Morgan Stanley dominated the fifth annual Financial News awards for IT excellence, claiming the prizes for best IT department at an investment bank and best back office project, while Credit Suisse accepted the algorithmic trading prize for the fifth time.

Morgan Stanley beat Barclays Capital, Credit Suisse and Deutsche Bank to the prestigious best IT department on the sellside award. It was the second consecutive year that Jon Saxe, the international chief information officer at Morgan Stanley, won the prize. His team also won the best back office award, for his bank's efforts to automate variance swaps, a derivative for trading volatility.