Tag Archives: Nasdaq Veles California Water Index Futures

More Than 130 Groups Call on CFTC to Shut Down ‘Dystopian’ Water Futures Market

“In this time of global-warming-induced drought in California, the last thing we need is to gamble on our precious water resources.”

By Julia Conley.  Published 12-20-2021 by Common Dreams

Drought conditions, at a filtration pond, in Campbell, CA 2014. Photo: Tyler Bell/flickr/CC

Warning Wall Street against commodifying what has been treated since ancient history as “a common right for everyone,” more than 130 civil society groups on Monday demanded that federal regulators shut down the Chicago Mercantile Exchange’s water futures market.

Food & Water Watch organized the petition, which was sent to the Commodity Futures Trading Commission (CFTC), a year after the Chicago Mercantile Exchange (CME) opened the world’s first market for water futures contracts, based on water rights in drought-plagued California. Continue reading

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