Traders have turned betting on the weather, a technique pioneered by Enron, into a booming $25 billion market [Fortune]
CME Group Inc. - Class A (CME)
Last cme group inc. - class a earnings: 4/29 07:00 am
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Source: Fortune
Heat waves can send power companies scrambling to source energy for their customers' air conditioning units. Climate change has made many of these risks more pronounced—and on Wall Street, weather risks mean a chance at financial rewards. 2023 was a breakout year for so-called weather derivatives, a niche asset class that allows investors to bet on meteorological conditions including rain, sun, and temperature. After years of slow growth, trading volumes spiked over 250% in 2023, to an estimated $25 billion. “This is a tool that people can use to manage volatility within their business,” Steve Evans, founder of industry publication Artemis , told Fortune . “Part of that is also the growing focus on climate risk…People just stopped using [these tools] for a while. And I think it's just come back.” Weather derivatives are relatively simple financial instruments. Two parties get together and agree on a set of parameters—say, a specific amount of rainfall or a number of consecutive
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CME
Earnings
- 4/24/24 - Beat
CME
Sec Filings
- 5/17/24 - Form 144
- 5/15/24 - Form 4
- 5/13/24 - Form 4
- CME's page on the SEC website