WeatherML

WeatherML (Weather Mark-up Language) is a global standard protocol for weather derivatives deal description data. It is designed to enable efficient electronic processing of weather trades, allowing compatibility between systems, reducing trading costs and operational risks.  WeatherML will be XML-based and designed to be broadly compatible with other XML data standards initiatives, such as FpML (Financial products Markup Language). XML-based protocols allow data to be presented in a format that incorporates business terminology and is readable by both computers and people. The goal of WeatherML is to enable weather systems to communicate seamlessly with each other, both within and across organizations.

WeatherML will be coordinated by Weather Risk Advisory, an independent consulting and software company specializing in weather derivatives. WeatherML will be developed in conjunction with a group of key organizations in the global weather derivatives market. The development of WeatherML is a natural consequence of the weather market's growing maturity, as participants are realizing that it is time for common standards to be adopted.