Tradition Completes Dutch Weather Auction for London Heathrow

NEW YORK, Nov. 12 /PRNewswire/ -- Tradition, a leading interdealer broker and
a subsidiary of Compagnie Financiere Tradition, announced that its U.S.
weather derivatives division completed a Dutch auction on behalf of a client
looking to mitigate warm weather risk in the London Heathrow (LHR) area.

Bids were solicited for heating degree-days (HDD) swaps for the month of
December 2009. Formal proposals were submitted to Tradition (formerly TFS
Energy) and executed on November 9th. The bids were traded on the Chicago
Mercantile Exchange (CME) and the auction cleared for 2,300 lots equaling
46,000 GBP of protection per HDD.

"We are very pleased to complete another successful auction. The weather
derivatives markets in both the U.S. and Europe have been quite active this
year as corporations look for effective ways to protect their businesses by
hedging their exposure to weather," said Kendall Johnson, Managing Director
and Global Head of Weather Derivatives at Tradition.

Tradition has led numerous auctions ranging in size from USD 1 million to
upwards of USD 100 million of transferred risk. Tradition is a pioneer in the
Dutch auction space and has been responsible for brokering weather risk
transfers in the U.S., Europe and Asia. Tradition's weather derivatives desks
operate in Stamford, Conn., London and Sydney.

Note to Editors on the Dutch Auction:
For the London Heathrow (LHR) auction, offers were accepted in a minimum bid
size of 100 lots, with increments of 50 lots thereafter, and cleared on the
CME. When a level was deemed to be acceptable, no less than a minimum
transaction size of 500 lots was executed through the auction. The levels were
posted on the CME.

Inquiries

Tradition
Kendall Johnson, MD and Global Head of Reinsurance and Weather Derivatives
+1.203.967.0427

Jennifer Van Hofwegen, Head of Marketing and Communications
+1.212.791.6491

Brunswick Group
April Kabahar-Emspak
+ 1.212.333.3810

About Tradition

Tradition is one of the world's largest interdealer brokers in
over-the-counter financial and commodity related products. Represented in 27
countries, Tradition employs 2,450 people globally. Tradition is owned by
Compagnie Financiere Tradition (CFT) and listed on the Swiss stock exchange.

For more information, please visit www.tradition.com.

SOURCE Tradition

Kendall Johnson, MD and Global Head of Reinsurance and Weather Derivatives,
+1-203-967-0427, or Jennifer Van Hofwegen, Head of Marketing and
Communications, +1-212-791-6491, both of Tradition; or April Kabahar-Emspak of
Brunswick Group, +1-212-333-3810