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.
Ends
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.
http://climateexchange.com
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://
www.chicagoclimateexchange.com.
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.
Contacts
Neil Eckert, CEO, Climate Exchange Plc 020 7382 7801
Peter Rigby/Alexandra Parry, Haggie Financial 020 7417 8989
This information is provided by RNS
The company news service from the London Stock Exchange