CME launches snow futures

The Chicago Mercantile Exchange (CME) started listing snowfall futures and options from February 26. The futures reference monthly snowfall at Boston's Logan Airport and New York's Central Park, and will trade from October to April. The CME already offers 29 weather derivatives based on temperatures in cities around the world, and a frost index contract for Amsterdam. Overall, 889,000 weather contracts traded on the CME in 2005.