I thought the Chicago Mercantile Exchange had some strange tools before but this takes the cake. Snowfall futures and options, starting with 2 cities, New York and Boston. How many people will buy these I wonder?

CME, the world’s largest and most diverse financial exchange will begin listing and trading snowfall futures and options on futures beginning Sunday night, February 26 on the CME Globex electronic platform. CME Snowfall futures will be based on a CME Snowfall Index and will be offered initially on two U.S. cities – Boston and New York. These contracts will trade on a monthly basis from October through April. “The impact of weather can influence regional and local markets, playing a critical role in the overall economy,” said CME Managing Director of Products and Services Rick Redding. “Since 1999, CME has been offering temperature-based futures products to help market participants manage weather-related risks. Backed by CME Clearing, CME weather futures provide the safety and soundness investors are seeking to manage their weather-related risk.”