While contract certainty in any business may never reach the 100percent level, the London market has plenty of room to raise thebar.

Marcus Rivaldi, London-based director for Standard & Poor's,admits that sometimes the London market operates by its own uniquerules and logic, particularly when it comes to the sometimesseemingly casual way risk is assumed.

“You would think it would be one of the most obvious things todo,” he said. “There is no way to explain it and it is notdefendable. But that is the way it has always been.”

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