Question
The ‘RAINMUMBAI’ weather derivatives contract uses a
tick size of 1 mm with a lot multiplier of how much per mm?Solution
The contract will use a tick size of 1 millimeter (mm) with a lot multiplier of Rs 50 per mm and a maximum order size of 50 lots. The contract will be cash-settled, with data sourced from IMD surface rainfall observations at Santa Cruz and Colaba. The benchmark has been built using a 30 year rainfall dataset from 1991 to 2020.
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