날씨파생상품의 도입 및 운용방안에 관한 연구

In recent years, one of the factors that had a significant impact on the economic development was represented by climatic change. At international level, the weather risk management stands for a priority for governments and companies within the industries affected by the weather variability. Weather derivatives are financial instruments that can be used by organizations or individuals as part of a risk management strategy to reduce risk associated with adverse or unexpected weather conditions. The difference from other derivatives is that the underlying asset is rain, temperature and/or snow, etc. The first weather derivative deal was in July 1996 when Aquila Energy structured a dual-commodity hedge for Consolidated Edison Co. After that humble beginning, CME introduced the first exchange-traded weather futures contracts in 1999. This weather derivatives market has expanded to become a $11.8 billion industry by 2011. As markets for weather derivatives have rapidly grown, relevant legal issues emerged from such growth. One of the most difficult legal issues is the relationship with weather insurance. Within this article, we try to address on the matter of weather risk management. This article is structured as follows: Part Ⅱ provides the definition of weather derivatives and current status of weather derivatives market. Part Ⅲ looks at strong similarities and differences between weather insurance and weather derivatives. Part Ⅳ examines regulation of the weather derivatives and the reasons of underlying rationale to the different regulatory regimes. Part V is to propose a scheme for weather derivatives regulation and the method for activating weather derivatives market.