After a weather protection contract has been purchased, Settlement Data is requested through the weatherXchange Platform. Settlement Services on the weatherXchange® Platform are provided by Speedwell Settlement Services Limited. This is a chargeable service.
The role of Speedwell Settlement Services in a weather transaction is:
- to provide a feed of official Settlement Data to both the Hedger and the Protection Seller during the life cycle of the contract term. The data supplied is of the highest quality with no missing data points and gross errors removed, corrected and fully documented with notifications issued to both parties for transparency.
- to define the process, data quality, data source, delivery cycle and methods used to address errors and missing data in a Settlement Contract. This ensures total transparency in the process.
- at the end of the contract term, to provide the final Settlement Data to all counterparties at the same time along with an accompanying Settlement Certificate to enable any payout to be calculated, documented and actioned.
Settlement Data is made available to both the buyer and seller of the weather protection. For more information please see the Documents section.