India's NCDEX launches monsoon betting contracts for traders
By
The Economist
Summary
India's NCDEX has launched a new financial instrument allowing traders to place bets on monthly monsoon rainfall patterns. The monsoon is critical for South Asia's water supply, and this development enables businesspeople and financiers to financially hedge or speculate on weather outcomes. The article contrasts the practical impacts of monsoon rains on different segments of society (street vendors, builders, migrant workers) with the new financial opportunity for traders.
Source
bskyIndia's NCDEX launches monsoon betting contracts for tradersecon.stKey quotes
· 3 pulledOn May 29th India's National Commodity and Derivatives Exchange (NCDEX) allowed traders to start placing financial bets on whether each month of this year's
Street food-hawkers and builders will curse. Slum-dwelling migrant workers may head home to villages to wait for the rains to pass.
Some businesspeople and financiers, meanwhile, will be patting damp pockets full of rupees.
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