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Still, there is no guarantee that I will find my exact match a person who is interested in swapping his books for my oranges. Illiquid, small, or imperfect markets thus inhibit the scope of these exchanges. Additionally, exchange participants have to agree on an index: how many books for how many oranges? This is the price of oranges in terms of books.
Weather derivatives have taken off during the recent volatility in gas and electricity prices in the USA. The bullish outlook of some re-insurers notwithstanding, the market is tiny less than $1 billion annually and illiquid. Risk transfer, risk trading and the refinancing of risk are at the forefront of current economic thought.
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