First snowfall trade cleared on CME

Photo: Psy guy/Wikimedia

The contract was a seasonal maximum binary option for January to March of 2010 and was executed on the exchange on December 22. It was brokered by Choice Environmental on behalf of a reinsurance company and a Midwest supplier whose business is tied to snowfall levels.

“The snowfall binary option contract is an innovative hedging tool that brings new end-user participants to the market and has the potential to add significant liquidity to weather-related derivatives contracts,” said Clinton Kripki, director of environmental markets for Choice Environmental.

Choice Environmental, which has offices in Houston and New York City, offers OTCGH clients brokering services and expertise in structured renewable products, weather options and derivatives.

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