Wall Street bets on anything, even big weather events
When it comes to trading weather events, the CEO of investment bank Cantor Fitzgerald said Friday he wants a "natural market environment" that benefits both speculators and traders looking to supplement their insurance alike.
Shawn Matthews said his firm is creating a "building environment" for those looking to make money off a product like the weather.
In June, Cantor Fitzgerald set up TradeWx.com, a website that allows traders to estimate and trade on where a given storm will hit land. If their guess is within 75 miles of landfall, their contract pays off. In light of Hurricane Matthew, the website has seen a record number of contracts.
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