Icap shuts London weather desk

Inter-dealer broker Icap exited the European weather and environmental derivatives market last month. It thereby joined the growing ranks of other market participants – including BNP Paribas, Aquila and Italian bank Intesa BCI – that have fled the embryonic weather market in the past 18 months.

“The European markets for these products are not developing at a fast enough rateto warrant commitment,” an Icap spokesman told EPRM.

Icap’s London-based desk comprises Clive Murray, Katleen de Cock and JamesEmanuel. Icap is “consulting” with the team, which reported to PaulNewman, London-based managing director of Icap’s commodity swaps division.

Although Icap has left the markets in Europe, the broker still offers US weatherand environmental products through its subsidiary APB Energy.


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