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Weather trading in London: Distinguishing finance from gambling

Randalls, Samuel; (2013) Weather trading in London: Distinguishing finance from gambling. In: Cassidy, Rebecca and Pisac, Andrea and Loussouarn, Claire, (eds.) Qualitative Research in Gambling: Exploring the production and consumption of risk. (pp. 187-201). Routledge: Abingdon, UK. Green open access

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Abstract

In the 2005 film Enron: The Smartest Guys in the Room, weather derivatives trading is introduced as an innovation that had people wondering whether it was ‘good science or science fiction’. Enron had become famous as an organisation that promoted innovative financial products. The company’s tagline to become ‘the world’s leading company’ rather than just an energy company highlighted its primary ambition to create new markets in a wide variety of products and sell financial services to clients. As Clover (2003: 30) puts it: ‘Suddenly the business was running on a platform of intellectual capital’ rather than things like gas pipelines and power stations. Financial products emerged in broadband, energy services, bankruptcy risk and weather.

Type: Book chapter
Title: Weather trading in London: Distinguishing finance from gambling
ISBN-13: 9780203718872
Open access status: An open access version is available from UCL Discovery
DOI: 10.4324/9780203718872
Publisher version: https://doi.org/10.4324/9780203718872
Language: English
Additional information: © The Authors 2013. The Open Access version of this chapter has been made available under a Creative Commons Attribution - Non Commercial - No Derivatives 3.0 license (https://creativecommons.org/licenses/by-nc-nd/3.0/).
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Geography
URI: https://discovery.ucl.ac.uk/id/eprint/1496941
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