"If you are [choosing to] regulate weather derivatives when they are a hedge against loss, but you don't legislate against them when they are speculation, maybe you are [making the wrong choice]."--Patrick Clancy, counsel at Shearman & Sterling in London, commenting on a recent white paper by the National Association of Insurance Commissioners' asserting that weather derivatives should be an insurance product. For complete story, click here.
"If you are [choosing to] regulate weather derivatives when they are a hedge against loss, but you don't legislate against them when they are speculation, maybe you are [making the wrong choice]."
