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By now, all but Jade Goody are aware that these are not good times for structured credit professionals. But equity derivatives teams aren't complaining.

"We've certainly done very well, and I've heard from others who've done well too," says the head of equity derivatives at a major player in London. "The feedback that I'm getting is that this is generally the case."

"By and large, professional equity derivatives investors were much better positioned this time than they were for the sell-off in May and June 2006," confirms Aaron Brask, head of equity derivatives research at Barclays Capital.

August equity derivatives trading volumes soared to record levels as investors sought to hedge against volatility using the likes of capital guaranteed products, according to an article last month in the Financial Times. Meanwhile, a research note issued this week by UBS predicted that higher margins in equity derivatives will help banks offset lower revenues in credit derivatives.

Does this mean equity derivatives bonuses will be strong? Sadly not. "In a vacuum, equity derivatives will be up. But if there are losses in other parts in the bank, and if clients in areas like asset management have had problems, there will be a defensive mood in which we can't be seen to go mad in the midst of a crisis," says the business head.