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WRMA 2003 annual survey finds use of weather contracts triples.(News)
MIAMI--The Weather Risk Management Association (WRMA), the international trade organization of the weather risk management industry, announced the number of weather risk manage ment contracts transacted from April 2002 through March 2003 had nearly tripling compared to the previous 12 months, according to its 2003 annual industry survey.
The number of weather risk management contracts purchased grew to 11,756 contracts transacted during the survey period. The notional value of these contracts, reported at nearly $4.2 billion, varied slightly from the previous year. This indicates a surge in smaller contracts and a broader spectrum of users. Last year's survey recorded 3,937 coutracts with a notational value of $4.3 billion.
Weather risk management futures and options traded on the Chicago Mercantile Exchange (CME) totaled 7,239 while over-the-counter risk transfers totaled 4,517. Over-the-counter contracts climbed 14 percent from the 2002 survey. Very few trades in weather risk management ...
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