UPDATE 1-CME launches 4 U.S. snowfall futures contracts

(Adds codes to existing contracts for Reuters subscribers)

NEW YORK Oct 28 (Reuters) - CME Group (CME.O) is launching four new futures contracts in December which will give businesses the means to hedge against losses from heavier or lighter snowfall than expected this winter, CME said Wednesday.

The new monthly and seasonal snowfall contracts, which have attracted interest from snow removal businesses, salt companies and landscapers, will be launched on Dec. 7 based on snowfall at four airports across the northern United States.

"We believe the new binary options will provide customers with an efficient way to hedge potential losses on their businesses if it snows more or less than they plan," said Barry Goldblatt, managing director of CME Group.

The futures and options will be launched for New York LaGuardia Airport, Chicago O'Hare International Airport, Minneapolis/St. Paul Airport and Detroit Metro Airport.

In 2006, CME launched snowfall contracts for New York Central Park <0#SXS:> and Boston Logan International <0#SBS:>.

(Reporting by Edward McAllister; Editing by Lisa Shumaker)