WeatherML will be developed and promoted on a global basis by the WeatherML Steering Committee, a group led by Weather Risk Advisory and comprised of key weather derivatives market players. The committee will include representatives of each type of organization within the weather derivatives trading community – trading organizations, banks, insurers, reinsurers, and brokers. WeatherML will enable organizations to reduce trading costs and operational risks associated with the use of weather derivative products. WeatherML will also offer increased flexibility in systems design and interfacing, and will facilitate enhanced scalability, particularly as it will not be tied to any operating system or programming language.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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