ICAP has shut its weather and environmental derivatives desk after the two markets failed to take off. ICAP's desk had three staffers, head of the desk, Clive Murray, weather broker Katleen de Cock and environmental products broker James Emanuel. One official said the weather derivatives industry has almost vanished, with only a couple of trades being executed a week.
The firm started brokering environmental products in April 2002 (DW, 4/14/02). Paul Newman, head of commodities in London, did not return calls.