TFS weather auction successful

Interdealer broker TFS Energy's weather derivatives desk has completed another successful Dutch auction for an end-user wishing to hedge cool weather exposure in Chicago.

Temperature-based derivatives pay out cash according to the deviation from a base temperature over a set period of time. Exchange-traded contracts typically pay out around $1,000 to $5,000 per degree of deviation.

In this deal, however, the buyer was able to obtain a payout of $90,000 per degree deviated, for the period of June

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