Weather sector welcomes CME move

The Chicago Mercantile Exchange's (CME) purchase of the Carvill Hurricane Index should bring greater diversification to the sector, according to industry players.

On April 6, 2008, the CME announced the full acquisition of the index, which it previously had a licensing agreement to trade, from Carvill, a reinsurance intermediary. It has renamed it the CME Hurricane Index (CHI).

Felix Carabello, director of alternative investment products at CME, says: "Carvill was a great partner, but I think

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