City broker launches weather data index to trade climate crisis risk

City broker launches weather data index to trade climate crisis risk

ICAP-Speedwell Climate Index will use stats from 50 independent weather stations globally

The City broker TP ICAP has launched a weather data-backed index that it says will allow business risks tied to the pace of the climate crisis to be traded on financial markets for the first time.

The creation of an index allows financial firms to form a view on the rate of temperature change and build financial products to hedge the risks.

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