WRMA launches new electronic trading standard

The Weather Risk Management Association (WRMA), a global industry body promoting weather derivatives, launched its extensible mark-up language trading protocol, WXML, on June 7 following a two-year development process.

Version 1.0 enables electronic processing of weather trades, allowing compatibility between internal and external systems, and is designed to reduce trading costs and operational risks. Currently, most weather risk processing is confined to in-house systems or relies on e-mail