The Chicago Mercantile Exchange (CME) and the Met Office, the UK weather information service, together with its joint venture company, Weather Xchange, are developing European weather futures and options contracts.

Later this year the CME will list a series of CME-Met Office futures and options contracts, based on a family of European weather indices. The new contracts will initially cover six sites in Europe and will solely be tradeable on the Chicago exchange. The contracts are still pending review and approval by the Commodity Futures Trading Commission.