Weather Board of Trade's Parker joins NIF

Dan Parker, formerly chief executive of Atlanta-based Weather Board of Trade (WBOT), has joined NIF Weather Risk Management, a division of New York-based insurance holding company NIF Group. He plans to use a weather index originally developed for use by WBOT for its aborted online weather derivatives exchange.

WBOT was originally intended to be an online weather derivatives exchange and received US Commodity Futures Trading Commission approval in May 2002. But the exchange suffered a number of setbacks, involving problems with funding and its ability to secure charter member commitments. The exchange never went live, but Parker told Energy Risk that the Nordix weather index is easily transferable for use at NIF.

NIF now has exclusive use of Nordix, the world's first patented financial weather

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