CME launches weekly weather derivatives
The Chicago Mercantile Exchange (CME) will launch futures and options on a weekly weather index of 18 US cities from April 2.
The futures and options contracts will be rolled out from April 2, for six cities: Atlanta, Boston, Chicago, Cincinnati, Dallas and New York. Twelveother US cities will launch on April 16. The contracts will be traded on the exchange’s Globex electronic trading platform.
The CME already offers weather derivatives based on monthly and seasonal temperatures in 35 cities around the world. In 2006, 800,000 weather contracts were traded on the CME.
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