With Chicago once more under a blanket of snow and freezing conditions closing many airports across the Eastern US, airlines could be forgiven for considering buying snow hedges – yes hedges not sledges. Snow derivatives are in demand, according to the Weather Brokerage and CME Group. Since they launched the products two years ago, business has been booming. Most of the major European and US airlines have all posted lower fourth quarter results, volcanoes aside, this has mainly been caused by flights being cancelled and airports being forced to close due to an inability to cope with the amount of

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