Speedwell Weather Derivatives (SWD) today announced that CME Group, the world’s largest and most diverse derivatives exchange, has licensed SWSConnect, with Speedwell’s Recalibrated Data Sets to assist with the day-to-day settlement of the CME Group Weather contracts.
Stephen Doherty, ceo of Speedwell Weather Derivatives said, "We are delighted that CME Group is using SWSConnect to help the process of deriving closing prices for weather derivative contracts. Given the recent growth in the market and the wide range of contract types quoted on the exchange, the integration of pricing tools with weather data and forecasts means that SWSConnect is well placed to facilitate this process"
CME Group serves the risk management needs of its customers around the globe, by bringing buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York. CME Group offers benchmark products available across all major asset classes including weather. The weather contracts are based on aggregate temperatures for 42 cities, including 24 throughout the US, 10 in Europe, six in Canada and two in Japan. In addition, CME Group lists products used to hedge risk associated with hurricanes, snowfall and frost. CME Group is a trademark of the CME Group Inc. CME is a trademark of Chicago Mercantile Exchange Inc.
