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News focus - CME and Carvill launch rival to Nymex-Gallagher Re cat options.
(From Reinsurance)
Derivatives giant the Chicago Mercantile Exchange (CME) has announced it is to launch CME-Carvill Hurricane Index futures and options on futures contracts on 12 March 2007. The underlying indexes will be calculated by leading independent reinsurance intermediary Carvill.
The move follows the December launch of three Nymex-Gallagher Re Catastrophe contracts, based on an index compiled by Property Claim Services (PCS) that planned to start trading on 5 March.
Joint chief executive of Carvill Group John Cavanagh said: "The convergence of the insurance markets and the broader financial community continues at a rapid pace, and our products, particularly in the catastrophe area, are becoming more commoditised in order to appeal to a more diverse range of capital providers. An exchange of ...
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