MERCHANDISER
THE EUROPEAN CLIMATE EXCHANGE will be an important step in the devel- clearing by LCH.Clearnet.
(ECX) and ICE Futures launch Certified opment of a global carbon market.” Fortis Bank Global Clearing NV and
Emissions Reduction (CER) futures and Fredrik Voss, Director of Market Jane Street Global Trading LLC were
options contracts in September. The Development at ICE Futures, added: recently approved as Official Market
contracts are formally known as the “Given the close link between EUAs and Makers in ICE ECX CFI Futures. Both
ICE ECX CFI CER Futures Contract (ECX CERs, we believe ECX/ICE Futures is have committed themselves to making
CER Futures) and the ICE ECX CFI CER well placed to host the trading of proj- markets in the longer-dated contracts
Options Contract (ECX CER Options). ect-based credits and further boost liq- for Phase II of the EU ETS. The inten-
The ECX CER contracts, with secondary uidity in this growing market.” tion is to boost liquidity and add fur-
CERs as the underlying unit of trading,
will be listed and admitted to trading
on the ICE Futures electronic platform
ECX & ICE Launch CER Trading
and serve the market as cost-efficient,
cleared and standardised contracts. The ECX CER futures and options will ther confidence to the market by
ECX and ICE Futures aim to consolidate allow users to lock-in prices for project- increased price transparency of the
their role as the emissions market of based contracts delivered at set dates whole forward curve up to 2012.
choice and have reaffirmed their leading in the future and will be a useful alter- July was another record month for
position by launching exchange traded native to over-the-counter CER con- ECX CFI contracts as 126.1 Mt EUAs
CER derivatives for the EU ETS. ECX and tracts, allowing users to secure trans- traded, reflecting strong overall market
ICE Futures currently account for over parent prices and reduce counterparty activity. Average daily volumes in ECX
80% of the exchange-traded volume in risk. All trades will be cleared by CFI Futures in July 2007 averaged out
the EU allowances (EUA) market. LCH.Clearnet. at 5.4 Mt (July 2006: 1.5 Mt).
Peter Koster, Chairman of ECX says, Subject to ICE Futures regulations, Patrick Birley took over from Peter
“We are very pleased to offer ECX’s market participants will also be able to Koster as Chief Executive of ECX in
new CER products as an important use the Exchange for Physical (EFP) August.
addition to our EUA contracts. The and Exchange for Swap (EFS) mecha-
www.ecxeurope.com
introduction of exchange-traded CERs nisms, to register OTC CER contracts for
Power. Gas. Coal. Oil. Emissions.
Financial and Physical.
Connect to
www.electrabel.com/trading and
get some perspective. From the source.
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