Chicago Merc to Trade Snowfall Futures
CHICAGO (AP) -- First came temperature futures, then frost-day futures. Now - futures involving how much snow falls at Logan Airport in Boston or New York's Central Park.
The world's largest derivatives exchange said the new product, which will trade electronically starting Feb. 26, should help cities manage risk associated with snow accumulation. Insurance companies, retailers and other businesses with a lot riding on the weather also can use the futures to hedge their risk.