The largest futures exchange in the US. CME offered the world’s first exchangetraded weather derivatives based on 10 US cities in 1999. By 2003, the number increased to 15 to include five European cities (Amsterdam, Berlin, London, Paris and Stockholm.) (www.cme.com).

Life policy under which, until the agreed ‘vesting age’ (e.g. 18), the premium is paid by the parent. At ‘vesting’ the child takes over the policy on a whole life or endowment basis in his own name at the insurer’s normal rates regardless of health. Alternatively the child may take the cash sum or defer the benefits. If the parent dies before the ‘vesting age’ premiums are suspended until the child takes over the policy.

The separation of key functions of a business to ensure that no conflicts of interest arise, and to prevent the inappropriate transfer of sensitive or regulatory information to another part of the business.