Contact Information: Contact Us Please see www.SpeedwellWeather.com or contact: Stephen Doherty (UK) stephen.doherty@SpeedwellWeather.com David Whitehead (USA) david.whitehead@SpeedwellWeather.com Telephone UK: +44 (0) 1582 465 569 USA: +1 (0) 703 535 8800 Address UK: Mardall House, Vaughan Rd, Harpenden, Herts, AL5 4HU USA: 101 N Columbus Street, Alexandria VA 22314
Speedwell Recalibrated Data Sets and SWSConnect to Be Used by the CME Group (CME) to Assist in Weather Settlement
| Source: Speedwell Weather
ALEXANDRIA, VA--(Marketwire - January 22, 2009) - Speedwell Weather Derivatives (SWD) today
announced that CME Group, the world's largest and most diverse derivatives
exchange, has licensed SWSConnect, with Speedwell's Recalibrated Data Sets
to assist with the day-to-day settlement of the CME Group Weather contracts
(www.cmegroup.com/weather).
Stephen Doherty, CEO of Speedwell Weather Derivatives said, "We are
delighted that CME Group is using SWSConnect to help the process of
deriving closing prices for weather derivative contracts. Given the recent
growth in the market and the wide range of contract types quoted on the
exchange, the integration of pricing tools with weather data and forecasts
means that SWSConnect is well placed to facilitate this process."
CME Group serves the risk management needs of its customers around the
globe, by bringing buyers and sellers together on the CME Globex electronic
trading platform and on trading floors in Chicago and New York. CME Group
offers benchmark products available across all major asset classes
including weather. The weather contracts are based on aggregate
temperatures for 42 cities, including 24 throughout the US, 10 in Europe,
six in Canada and two in Japan. In addition, CME Group lists products used
to hedge risk associated with hurricanes, snowfall and frost. CME Group is
a trademark of the CME Group Inc. CME is a trademark of Chicago Mercantile
Exchange Inc.
SWSConnect
SWSConnect is, a web-delivered weather derivative pricing system
integrating weather derivative pricing tools, historical weather data,
including Speedwell Recalibrated Data Sets, forecasts and market data in
one platform. SWSConnect is based on the same components used since 2002 in
the Speedwell Weather System (SWS), the definitive enterprise weather
derivative trading system.
Speedwell Weather System, SWS
SWS is an open client-server enterprise software application for the
weather derivatives market. SWS provides extensive tools covering weather
derivative pricing, portfolio management, and historical weather data and
forecast warehousing. SWS integrates live OTC price and exchange market
data. SWS functionality covers full support for front, middle and back
office including the process management of the entire life cycle of a
weather derivative trade.
Speedwell Recalibrated Data Sets
Speedwell Recalibrated Data Sets re-base historical data to current site
location, conditions and instrumentation by adjusting for historical
temperature discontinuities. This is critical to a complete understanding
of the behavior of a weather reference site.
About Speedwell Weather Derivatives, SWD
Founded in 1999, SWD provides software, weather data, forecasts and
consultancy to the energy and weather derivative markets. SWD is the
provider of the Speedwell Weather System (SWS), the pre-eminent weather
derivative pricing and risk management software.
Speedwell Weather Derivatives supplies historical and real-time weather
data feeds for thousands of weather reference sites across the globe. SWD
has direct data supply agreements with a wide range of national
meteorological services and provides a single-point of contact for the
provision of official weather data to the energy and weather derivative
markets.
Regulated by UK Financial Services Authority, SWD helps companies looking
to hedge against weather risk by quantifying such exposure, structuring an
appropriate hedge and placing the risk within the weather market.
With offices in the United Kingdom and the USA, Speedwell Weather
Derivatives have clients in insurance, banking and energy sectors in
Europe, North America, Africa and the Asia Pacific region.