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Betting on hurricanes: tragic abuse of human suffering or brilliant business plan? You decide!
http://www.forbes.com/feeds/ap/2007/02/14/ap3428075.html
CME to Launch Hurricane Futures
"The Chicago Mercantile Exchange, the largest derivatives exchange in the United States, announced Wednesday that it is launching contracts that will allow insurers and others to hedge risk against hurricane damage.
...
CME's announcement follows one last Friday by Nymex Holdings (nyse: NMX - news - people ) Inc., which will list three new catastrophe risk index futures contracts in March. The Nymex contracts will also trade on CME's Globex, per an agreement between the two exchanges reached last year.
The move to list alternative investment contracts is a relatively new development for the exchanges as they seek a wider group of market participants. CME currently lists weather contracts based on temperatures in 35 cities worldwide as well as snowfall and frost indexes. Nymex began trading property damage risk contracts last month.
*disgusted*
CME to Launch Hurricane Futures
"The Chicago Mercantile Exchange, the largest derivatives exchange in the United States, announced Wednesday that it is launching contracts that will allow insurers and others to hedge risk against hurricane damage.
...
CME's announcement follows one last Friday by Nymex Holdings (nyse: NMX - news - people ) Inc., which will list three new catastrophe risk index futures contracts in March. The Nymex contracts will also trade on CME's Globex, per an agreement between the two exchanges reached last year.
The move to list alternative investment contracts is a relatively new development for the exchanges as they seek a wider group of market participants. CME currently lists weather contracts based on temperatures in 35 cities worldwide as well as snowfall and frost indexes. Nymex began trading property damage risk contracts last month.
*disgusted*