NAIC Rules On Weather Deals Could Shut Dealers Out

  • 22 Dec 2003
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U.S. derivatives professionals are concerned the National Association of Insurance Commissioners' recent ruling that weather derivatives should be classified and regulated as insurance, rather than a capital markets product, could shut broker/dealers out of the market. If the conclusion is accepted by U.S. state regulators, as NAIC rulings typically are, weather derivatives could become the exclusive preserve of insurers, according to lawyers. Roger Hoadley, spokesman at the NAIC in Kansas City, Mo., did not return calls.

  • 22 Dec 2003

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3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

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2 Deutsche Bank 25,125.19 81 7.03%
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4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

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1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%