SOURCE: Speedwell Weather

Speedwell Weather

January 12, 2017 11:01 ET

Launch of weatherXchange

HARPENDEN, UNITED KINGDOM--(Marketwired - January 12, 2017) - Speedwell Weather is pleased to announce the launch of the weatherXchange platform.

weatherXchange is a platform which helps companies access index-based weather risk protection and which provides valuation and settlement services. The weatherXchange platform offers:

  • Free access to the highest-quality weather data for thousands of sites, basket indices, and gridded data
  • Free structuring tools to help new hedgers through the process of designing a hedge
  • Free price comparison through streamlined communications with multiple market participants
  • Access to independent middle-office calculation services
  • Access to settlement services

weatherXchange is designed to bring index-based weather hedging to new users in energy, renewables, agriculture, construction and tourism as well as improve the workflow for existing users of the product. "While we have seen dramatic growth in the last two years in the volume of weather hedging contracts traded, we believe that weatherXchange can help further grow this market", said Stephen Doherty, Chairman, "weatherXchange reduces current barriers to accessing weather hedging services while improving overall market efficiency."

weatherXchange helps improve workflow for protection sellers by streamlining the process of handling pricing requests including automated RFP processing in the Speedwell Weather System. The weatherXchange platform also provides access to middle-office valuation and settlement services solving the problem of companies who see the need to hedge weather risk but do not have the middle office tools to manage the transactions.

"weatherXchange will re-shape the weather market by rethinking how hedgers interact with market participants. Through the use of technology our aim is to increase the use of weather hedging as a mainstream financial tool", says Michael Moreno, Co-CEO of weatherXchange. "Our goal is simple: to drive market growth by increasing market efficiency and removing barriers to entry."

While weatherXchange is available for sending RFPs and risk-management now, it will be officially launched at the EWorld conference in Essen, Germany from the 7th to 9th of February 2017 (stand 210B in Hall 1).

For further information on weatherXchange please visit www.weatherXchange.com.

About weatherXchange

weatherXchange Limited is part of the Speedwell Weather group of companies which have been involved in the index-based weather risk market since its earliest days in 1999. From offices in the UK and USA, Speedwell Weather provides software to weather protection sellers, worldwide quality weather data and tailored services including weather station installation, provision of Settlement Data and consultancy.

weatherXchange Limited is registered in England number 3790989 and authorised and regulated by the Financial Conduct Authority. Its registered address is Mardall House, 9-11 Vaughan Road, Harpenden, Hertfordshire AL5 4HU.