Snowfall prediction futures to be traded

Dec 10, 2003
CHICAGO, Feb 9 (Reuters) - The Chicago Mercantile Exchange (CME.N: Quote, Profile, Research) said on Thursday it will list futures and options on snowfall in Boston and New York City.

The new snowfall contracts will be based on a CME snowfall index and are designed to help cities manage the risks associated with snow accumulation, the largest U.S. futures exchange said.

"The impact of weather can influence regional and local markets, playing a critical role in the overall economy," said Rick Redding, CME's managing director of products and services.

The contracts will launch on Feb. 26, and will trade on a monthly basis from October through April.