… as industry unveils XML protocol

The weather risk market now has its own extensible mark-up language trading protocol, WXML. Version 1.0, unveiled at the Weather Risk Management Association’s (WRMA) annual conference in Miami last month, is free to all market participants and designed to reduce trading costs and operational risks.

Currently, most weather trade processing is confined to in-house systems, or relies on e-mail, fax and/or telephone confirmations. “As the weather derivatives market expands, all active players

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