Rectangular button with image of skier and mountain background in blue, green, yellow and orange; white, blue, orange and yellow lettering; black metal backing. Reads SEPT. 22, '99/WEATHER/FUTURES AND OPTIONS/CHICAGO MERCANTILE EXCHANGE
This promotional button was circulated by Chicago Mercantile Exchange in 1999.
This button bears the date SEPT. 22, '99 and the phrase WEATHER FUTURES AND OPTIONS. The trading of weather futures is an economic strategy that enables businesses to protect themselves against losses caused by unexpected shifts in weather conditions.
In 1999, the Chicago Mercantile Exchange was the first to introduce this revolutionary practice of weather futures, a more standardized and publicized update of the previous practice of privately negotiated, individualized weather derivatives (Investopedia.com*). This button helps to document the recent history of the Chicago Mercantile Exchange, one of the city's most important financial institutions. Founded in 1898 as the Chicago Butter and Egg Board, the Chicago Mercantile Exchange (CME) has revolutionized trading with innovative products and systems. Since the 1970s, CME has become the world's largest regulated marketplace for foreign exchange trading. Buttons like this one were manufactured to advertise the revolutionary practices of the Chicago Mercantile Exchange in its later years of growth.