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Trading begins on new Florida cat derivative
30 March 2009
The Chicago Mercantile Exchange (CME) facilitated a $10mn trade on its new 2nd event Gulf and Florida hurricane futures contract just days after its launch.
The trade, which closed on 18 March, was for 1,000 lots of the $10,000 contract at a rate on line equivalent of 16.6 percent, according to sources close to the deal.
The strike value for the instrument is for a second event in the wind season reaching a Carvill Hurricane Index (CHI) value of 10,...
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