SOURCE: Climate Exchange PLC

June 11, 2007 06:35 ET

CER futures and options

Isle of Man, UK--(Marketwire - June 11, 2007) -

Press Release
For Immediate Release
11 June 2007

                              CLIMATE EXCHANGE PLC

European Climate Exchange and ICE Futures announce the launch of CER futures and options contracts.

The European Climate Exchange, a wholly owned subsidiary of Climate Exchange Plc, and ICE Futures announce the launch of CER futures and options contracts. The full text of the press release follows:

Amsterdam / London 11 June 2007

          Launch of the ICE ECX CFI CER Futures and Options Contracts

    ECX and ICE Futures set September 2007 as launch date for Emissions CERs

The European Climate Exchange and ICE Futures today announce the launch of CER (Certified Emissions Reduction) futures and options contracts, subject to regulatory approval. The contracts, formally known as the ICE ECX CFI CER Futures Contract (ECX CER Futures) and the ICE ECX CFI CER Options Contract (ECX CER Options), will be launched jointly in September 2007. Exact launch date will follow in due course.

The ECX CER contracts, with secondary CERs as the underlying unit of trading, will be listed and admitted to trading on the ICE Futures electronic platform and serve the market as cost-efficient, cleared and standardised contracts.

ECX and ICE Futures aim to consolidate their role as the emissions market of choice and have reaffirmed their leading position by launching exchange-traded CER derivatives for the EU Emissions Trading Scheme. ECX and ICE Futures currently account for over 80% of the exchange-traded volume in the EU allowances (EUA) market.

Peter Koster, Chief Executive of ECX commented: "We are very pleased to offer ECX's new CER products as an important addition to our EUA contracts. The introduction of exchange-traded CERs will be an important step in the development of a global carbon market."

Fredrik Voss, Director of Market Development at ICE Futures, added: "Given the close link between EUAs and CERs, we believe ECX/ ICE Futures is well placed to host the trading of project-based credits and further boost liquidity in this growing market."

The ECX CER Futures and Options will allow users to lock-in prices for project-based contracts delivered at set dates in the future and will be a useful alternative to over-the-counter (OTC) CER contracts, allowing users to secure transparent prices and reduce counterparty risk. All trades will be cleared by LCH.Clearnet. Subject to the ICE Futures Regulations, market participants will also be able to use the Exchange for Physical (EFP) and Exchange for Swap (EFS) mechanisms, to register OTC CER contracts for clearing by LCH.Clearnet.

Further information about the ICE ECX CER futures contract, including contract specifications, will follow in due course.


About Climate Exchange Plc

Climate Exchange Plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. The two main businesses are the Chicago Climate Exchange (CCX) which operates a voluntary but legally binding cap and trade system including an exchange for CO2 emissions as well as SOx and NOx contracts in the US and internationally, and the European Climate Exchange (ECX) which operates an exchange focussed on compliance certificates for the mandatory European Emissions Trading Scheme.

About Chicago Climate Exchange, Inc.

CCX is a financial institution whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only legally binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime, providing independent third party verification provided by NASD and price transparency. The founder, Chairman and CEO of CCX is economist and financial innovator Dr. Richard L. Sandor, who was named a Hero of the Planet by Time magazine for his founding of CCX. For a full list of CCX members, daily prices and other Exchange information, see http://

CCX, a US corporation, launched its trading platform in 2003. In 2005, CCX launched the European Climate Exchange (ECX), now the leading exchange operating in the European Union Emissions Trading Scheme. CCX also launched the Chicago Climate Futures Exchange (CCFE), a CFTC-regulated futures exchange for U.S. SO2 allowances and U.S. NOx Ozone Season allowances, the world's first environmental derivatives exchange. Since 2006, CCX, ECX and CCFE have been owned by Climate Exchange Plc, a publicly traded company listed on the AIM of the London Stock Exchange.

About European Climate Exchange

The European Climate Exchange (ECX) manages product development and marketing of Carbon Financial Instruments (CFI) futures and options contracts on CO2 EU allowances traded under the EU Emissions Trading Scheme.

ECX CFI contracts are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading in Europe with standard contracts and clearing guarantees provided by LCH.Clearnet. ECX/ ICE Futures is the most liquid, pan-European Exchange for carbon emissions trading. More than 80 leading global businesses have signed up for membership to trade ECX products. In addition, several hundred clients can access the market via banks and brokers.


Neil Eckert, CEO, Climate Exchange Plc                      020 7382 7801
Peter Rigby/Alexandra Parry, Haggie Financial               020 7417 8989

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