The dollar value of one NY Snowfall Index futures contract is the product of the CME snowfall index (for New York) and the futures contract multiple of $200.
The New York CME snowfall index is measured monthly and is equal to ten times the cumulative snowfall for the calendar month. If twenty feet of snow fall in March, then the CME NY snowfall index is 200 = (10 * 20) and the contract value is 200 * $200 = $40,000. The contract is cash settled, so at the settlement date, cash is exchanged between losing and winning counterparties to settle the contract.
You are planning a ski trip to Mount Killington (north of New York in southern New Hampshire). You are worried that there may be no snow. To hedge the risk of a bad ski trip, what position should you take in the NY Snowfall Index futures contract?
◦ Short
◦ Long
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The Heat Index.