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THERE'S NO PLAYING FIELD AS VAST, FAST-PACED, or challenging as Wall Street. To be a major-league player in this game requires a constant demonstration of acumen, agility, acuity--and the ability to play hardball.

Extreme market volatility, a tepid economy here and abroad, and waning investor confidence have made it much more heady these days. This is why we considered it the perfect time to unveil our Top 50 African Americans on Wall Street--"The BLACK ENTERPRISE Wall Street All-Stars." The professionals and entrepreneurs we've identified are proven power-hitters who consistently smack grand-slams out of the park regardless of market conditions.

Our editors spent months engaging in extensive research to produce this all-star lineup. It has changed quite a bit from our past lists of "The Top 25 Blacks on Wall Street" that appeared in our October 1992 and October 1996 issues. Instead of focusing solely on the best African American analysts, traders, and investment bankers as we did in the past, we broadened our search to include the leading black asset managers and top executives such as American Express CEO Kenneth I. Chenault and Fannie Mae CEO Franklin D. Raines. These two corporate leaders oversee mammoth financial services companies in which asset management and trading represent core businesses. (See sidebar for our selection criteria.)

Seven professionals who appeared on the previous list didn't make the cut this time around. For instance, Michelle L. Collins, who at the time was head of William Blair's Specialty Retail Group, and Smart A. Taylor II, a former managing director for Bankers Trust and head of its Global Automotive Coverage Group, launched their own firms, both of which were not large enough to qualify for our list. Calvin B. Grigsby, who was indicted on federal bribery charges, then cleared, was forced to shut down his investment bank. Grigsby Brandford & Co. (His former partner, Napoleon Brandford III, made this year's list.) And one superstar's bright career was snuffed out due to alleged illegal activities: Kevin Ingram, former head of Deutsche Bank Morgan Grenfell's mortgage-backed securities department, was arrested last year on money laundering charges.

But this year's group is much more powerful, entrepreneurial, and diverse. Four of the all-stars--Raines, Chenault, Merrill Lynch's E. Stanley O'Neal and Citigroup's Thomas Jones--are either chief executives or on the short list for CEO consideration, while one--Vernon E. Jordan Jr., senior managing partner of investment banking powerhouse Lazard Freres--dominated Washington power circles and served as a confidant to former President Bill Clinton. Another 25 hold partner or managing director-level positions at some of the world's largest financial institutions. And 17 are entrepreneurs who run the largest black-owned investment banks or asset management firms. Their ages range from 36 to 67.

Nine of our all-stars--E. Stanley O'Neal, Salomon Smith Barney's James F. Haddon, JPMorgan's Ronald T. Gault, Bear Stearn's William H. Hayden, Credit Suisse First Boston's Adebayo O. Ogunlesi, entrepreneur John O. Utendahl, and Morgan Stanley's Raymond J. McGuire, William M. Lewis, and George L. Van Amson--have been up at bat each time we developed our lineup. All of these superstars, however, have gold-plated credentials: 30 earned M.B.A.s from the nation's leading business schools and eight have degrees from the top law schools. Moreover, our dugout--entrepreneurs as well as corporate professionals--built their reputations at the world's most prestigious and powerful financial service companies and investment houses. In fact, many, such as Ronald E. Blaylock, Christopher J. Williams, Goldman Sachs' Jide J. Zeitlin, and Morgan Stanley's Carla A. Harris, have been involved in some of corporate America's largest transactions. In one case, the financial firepower resides in one household: Marc S. James, the head of corporate derivative sales in the Americas for Frankfurt, Germany-based Commerzbank Securities, and Melissa E. James, the Morgan Stanley managing director who facilitated one of the largest technology IPOs in history, are the first married couple on this year's or past lists.

Any firm on The Street would covet these top-notch players. In years to come, they will continue to set a standard for how the game of high finance should be played.

Doug Anderson Managing Director, Broker Dealer Group JPMorgan Chase

Responsibilities: According to officials at JPMorgan Chase, Anderson is on the senior management team of the Broker Dealer Group, playing a key supervisory role in the overall operation of the unit. He has oversight of the physical processing of broker transactions, as well as the more sophisticated electronic book entry clearance and tri-party environment systems. He uses his influence with clients to enhance the revenue stream of the brokerage business and weighs in on the overall investment strategy implemented by the Broker Dealer unit.

Previous Experience: Anderson was a top manager at Heritage Chase prior to the merger of JPMorgan Chase in 2000.

Ronald E. Blaylock Chairman & CEO Blaylock & Partners L.P.

Age: 42

Education: B.S., Georgetown University; M.B.A., New York University Stern School of Business

Responsibilities: Since founding the company in 1993, he has developed the firm from a niche broker-dealer to a full-service investment bank.

Previous Experience: He has held senior management positions with PaineWebber and Citicorp.

Bottom Line: Over Blaylock's 20-year career, he has worked with a diverse range of corporations and institutional investors, primarily executing investment-banking services for companies engaged in telecommunications, energy, and financial services. He also participated in one of the largest U.S. initial public offerings to date: the $10.6 billion IPO of AT&T Wireless Group. And he continues to prove himself as a powerful and influential player on Wall Street, tapping Hazel O'Leary, former energy secretary under the Clinton administration, as chief operating officer in February 2000. In 1998 B&P was recognized as BE's Financial Company of the Year.

Napoleon Brandford III Co-Founder & Chairman Siebert Brandford Shank & Co., L.L.C.

Age: 50

Education: B.S., Purdue University; M.S., University of Southern California

Responsibilities: He contributes to the strategic planning and business development of this top-rated minority- and women-owned municipal bond underwriting firm that ranked No. 6 on the 2002 BE INVESTMENT BANKS list with $38 billion in senior and comanaged issues. He also helps structure municipal underwriting deals for clients such as the city of Seattle, the state of Texas, and Los Angeles County. Under his leadership, the firm racked up $2.5 billion as a senior manager of public finance deals, ranking 16th nationally.

Previous Experience: Previously, he served as co-founder and vice chairman of Grigsby Brandford & Co., a former investment banking firm. He also served as a vice president for Shearson-American Express. He is the former assistant finance director for Dade County, Florida.

Bernard B. Beal Chief Executive Officer M.R. Beal & Co.

Age: 48

Education: B.A., Carleton College; M.B.A., Stanford University School of Business

Responsibilities: He is the chief executive and top deal maker of the fourth largest black-owned investment bank in the country. The New York-based firm senior and comanaged more than $71 billion in total issues in 2001, and its primary focus is on municipal bond offerings. His firm earned the distinction of being named the 2002 BE Financial Company of the Year.

Previous Experience: He spent nine years rising to senior vice president at Shearson Lehman Hutton before starting his own firm in 1988.

Pro Bono Work: To develop the next generation of black financiers, he started and runs the Street Smarts program, which teaches junior high and high school students about Wall Street.

Eddie C. Brown Founder & President Brown Capital Management

Age: 61

Education: BS., Howard University; M.S., New York University; M.B.A., Indiana University Graduate School of Business

Responsibilities: As founder and president of the investment management firm with approximately $5.6 billion in assets under management, he not only heads the management team but also serves as a portfolio manager and analyst. He advises, among other vehicles, the firm's large-, mid-, and small-cap funds.

Previous Experience: Before launching his Baltimore-based firm in 1983, he served as vice president and portfolio manager at T. Rowe Price Associates for 10 years. He appeared as a regular guest on Wall $treet Week with Louis Rukeyser and in 1996 became the show's sole Hall of Fame inductee.