Business and Personal Finance Dictionary

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• CATASTROPHE FUTURES
  
  The ill-fated futures contract that the CBOT introduced in 1993. The underlying risk factor was the Property Claims Service (PCS) index, which was too broad an index for most natural hedgers to use. (Source: Robert Clow, "Coping with catastrophe," Institutional Investor, December 1996, pp. 138.)
  
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