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Just before Christmas, the CME Group, the New York-based market operator that takes its name from the Chicago Mercantile Exchange — once described as the biggest financial exchange you've never heard of — began trading water futures.

For the first time, Wall Street traders are now able to take a stake in the future value of water, the way they have with other agricultural and mineral commodities.

The ecological and economic importance of the Great Lakes basin is widely recognised. Yet, excessive nutrient loads can lead to eutrophication, impair ecosystem services, and cause significant economic costs. This drives the question: What are the Great Lakes worth?