Weather-derivatives market took off quickly, then cooled

01/5/2014 | CNNMoney/Fortune

The market for weather derivatives, such as contracts based on snowfall, took off a few years ago. The Chicago Mercantile Exchange listed contracts based on cities' snowfall amid perceived interest from Wall Street. However, the market has failed to live up to potential. "The market took off quickly, but then it never hit critical mass," said Jeff Hodgson, head of the Chicago Weather Exchange.

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