AccuWeather president calls for regulation of US National Weather Service
Joel Myers, president of AccuWeather, the Pennsylvania-based weather forecasting company, yesterday called for increased government regulation of the US National Weather Service (NWS), amid fears that its current practice of offering certain institutions advanced access to meteorological data could create opportunities for 'insider trading' in the weather derivatives market.
“The advance delivery of weather information to one sector of the economy, or to a friend, relative or favoured contact or business in a way that may move financial interests clearly creates serious issues of insider trading and improper influence," Myers said.
Myers called for NWS regulation by the US Congress or the Department of Commerce, noting that the release of economic information is already regulated to prevent abuses within other federal government agencies, citing as examples the release of crop reports from the Department of Agriculture, economic statistics from the Department of Commerce and labour statistics from the Department of Labor.
"Giving forecasts for some agricultural interests and not others, favoring one media outlet over another, or tipping off certain financial interests about upcoming official weather forecasts, warnings or outlooks shifts billions of dollars within the economy by favouring one business and penalising another," Myers added. "None of this is the proper role of a government scientific agency and provides unfair advantages in the market-place.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
FRTB start dates must align globally, says European Commission
Lawmaker could trigger delay to market risk rules in Europe if US implementation drags on
Fed green lights more capital relief trades
Five US banks authorised to issue repeat credit-linked notes backed by financial guarantees
Basel III endgame: why moving fast might prove better for banks
Republicans are pushing for reproposal, but a rapid finalisation may prove less far-reaching
Isda pushes to ‘decouple’ Simm calibration from model changes
Emir 3.0 prompts effort to separate risk-weight revisions from methodology updates
Basel war on window-dressing may smooth liquidity, at a price
Changes to G-Sib charge could curb year-end repo volatility, but also cut balance sheet capacity
One year on, regulators still want a cure for bank runs
Broad support for higher outflow assumptions on uninsured deposits, but that won’t save insolvent banks
Watchlist and adverse media monitoring solutions 2024: market update and vendor landscape
This Chartis report updates Watchlist monitoring solutions 2022 and focuses on solutions for sanctions (name and transaction) screening and monitoring adverse media and its related elements
Basel Committee reviewing design of liquidity ratios
Focus on LCR and NSFR after Silicon Valley Bank and Credit Suisse, but assumptions may not change
Most read
- Too soon to say good riddance to banks’ public enemy number one
- Breaking out of the cells: banks’ long goodbye to spreadsheets
- Basel III endgame: why moving fast might prove better for banks