Futures contracts will trade on the CME electronic trading platform from 1700 to 1515 local time (GMT -5/-6 hours). Options will be traded on the floor from 0830 to 1515 local time.
The CME said weather trading volumes are growing rapidly, with 307,000 contracts traded so far in 2005, compared with 123,000 for the whole of 2004. “The CME weather futures contracts provide the marketplace with important hedging tools that allow businesses worldwide to manage something that has always seemed unmanageable. If organisations today are not hedging the weather they are speculating,” said Rick Redding, managing director of products and services at the CME.