Analysis-Use of weather derivatives surges as extreme climate events rock the globe
© Reuters. FILE PHOTO: A police officer from the NYPD Highway Patrol looks to motorists drive through a flooded street after heavy rains as the remnants of Tropical Storm Ophelia bring flooding across the mid-Atlantic and Northeast, at the FDR Drive in Manhattan nea
On the Chicago Mercantile Exchange, average open interest in weather futures and options was four times higher in the January to September period than a year earlier, and 12 times higher versus 2019. Weather derivatives were born in the late 1990s. Driven in part by U.S. energy company Enron, the market expanded and attracted speculators who were hunting for assets divorced from wider financial markets, before shrinking after the 2007-2008 financial crisis.
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