Feeds

Storm clouds have silver lining for portal site

Met Office invests in unpredictable weather market

  • alert
  • submit to reddit

Internet Security Threat Report 2014

The Met Office, Britain's government run weather forecasting agency, is investing £500,000 in an e-commerce firm which aims to create a market for trades based on the weather.

Weatherxchange.com, a joint venture between the Met Office and technology partner Umbrella Brokers, will provide information about the weather from European and UK weather centres to traders specialising in weather derivatives.

Unlike conventional weather insurance (which only cover one-off events), weather derivatives are more complex financial instruments which allow firms to receive payments if, for example, there was a sustained cold spell.

By using these instruments organisations like power generators and leisure firms can limit their exposure to weather conditions that might have an adverse effect on their businesses.

The market for weather derivatives is worth around $9bn worldwide but is immature in Europe compared with the US - which is slightly surprising given the well known fixation of the British with our unpredictable weather.

By creating a portal with a comprehensive set of European weather data, the Met Office hopes to stimulate the development of a market for weather derivatives and allow contract settlement times to come down from 80 to five days. ®

External Link

Weatherxchange.com

Related Stories

Lloyds of London (twice), Met Office follow Railtrack UK in hack attack
BT dreams of long hot summer

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.