FT on CME Derivatives

The days of measuring the "consensus" expectations for leading economic indicators by polling economists could be numbered. If the Chicago Mercantile Exchange has anything to do with it, its derivative contracts, which enable investors to hedge exposure to economic indicators such as US non-farm payrolls, could soon do the job just as well.

The early popularity of the products, known as "economic derivatives", suggests a healthy appetite for using them as tools for hedging risk and for forming a market consensus in advance of important releases.

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Dennis Gartman, editor of the Gartman letter, an industry commentator and a trader for 35 years, said the auction could be used to hedge risk in the hours before an economic indicator is issued. He said it might arguably be the best source of predictive economic data available. This implies that it could supplant analyst estimates as a market consensus in advance of economic releases.

http://news.ft.com/cms/s/f26b1c0e-dabb-11da-aa09-0000779e2340.html

FT is the worst when it comes to linking to thier stories, which is why it is rarely done. They seem to be the only major newspaper that provides a link to email their stories but doesn't let the person you send it to read the story