Nueva forma de inversión al alza: Los derivados sobre el clima
La búsqueda que están realizando muchos hedge funds para buscar inversiones que no estén correlacionadas, puede significar todo un boom en la contratación de derivados que cubran las inclemencias meteorológicas.
En un artículo en The Economist nos indican que existen dos tipos de instrumentos para realizar estas inversiones: los Catbons (Catastrophere bons) y los Weather risk management contracts. De momento estos instrumentos están siendo usados como cobertura para empresas de seguros o aquellas que tienen actividades industriales en zonas sensibles a las clemencias meteorológicas.
Estos peculiares derivados cubren las posibles inclemencias meteorologicas en 24 ciudades, cubriendo incluso el número de días que el aeropuerto de Amsterdam estará cubierto por la niebla. De momento el mercado a pasado de un volumen de 700 millones de dólares en 1997 a negociar 5.300 en el 2005. En la Bolsa de Chicago nos explican como funciona toda la operativa y el porque de su uso.
It is estimated that nearly 20 percent of the U.S. economy is directly affected by the weather. As a result, the earnings of businesses can be adversely impacted by summers that are hotter than normal or winters that are much colder than anticipated. Conversely, revenues of power providers and utilities can suffer from either balmy summers with less need for air conditioning or mild winters with less heating demand from consumers.
CME created a weather derivative market which enables those businesses that could be adversely affected by unanticipated temperature swings, to transfer this risk. Just as professionals regularly use futures and options to hedge their risk in interest rates, equities and foreign exchange, now there are tools available for the management of risk from extreme movements of temperature. This sector of hedging and risk management products represents today’s fastest growing derivative market.
“It is estimated that nearly 20 percent of the U.S. economy is directly affected by the weather. As a result, the earnings of businesses can be adversely impacted by summers that are hotter than normal or winters that are much colder than anticipated. Conversely, revenues of power providers and utilities can suffer from either balmy summers with less need for air conditioning or mild winters with less heating demand from consumers.
CME created a weather derivative market which enables those businesses that could be adversely affected by unanticipated temperature swings, to transfer this risk. Just as professionals regularly use futures and options to hedge their risk in interest rates, equities and foreign exchange, now there are tools available for the management of risk from extreme movements of temperature. This sector of hedging and risk management products represents today’s fastest growing derivative market. “
Aquí tenéis el acceso a todos los derivados sobre el clima que se pueden contratar, la amplitud de opciones me ha sorprendido bastante. Por cierto navegando por la bolsa de Chicago también he visto que existen derivados para cubrir la evolución en los precios de la vivienda. ( ¿se le ocurrirá a nuestra ministra de la vivienda promover un sistema de coberturas sobre la evolución futura del precio de la vivienda? )
Categorias: Actualidad
Tags: derivados, meteo
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