European Climate Exchange
From MarketsWiki
| European Climate Exchange | |
| |
| Founded | 2005 |
|---|---|
| Headquarters | London |
| Key People | Chief Executive of ECX is Patrick Birley |
| Products | ECX CFI futures contract and the ECX CFI options contract. |
| Web site | www.europeanclimateexchange.com |
The European Climate Exchange (ECX), launched by the Chicago Climate Exchange in 2005, 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 U.S. 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.[1]
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. Dr. Richard Sandor is chairman of Climate Exchange Plc. The current chief executive of ECX is Patrick Birley, son of the archaeologist Robin Birley.[2]
News
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- On March 25, 2008, ECX recorded its biggest day of screen-based trading volume, with 5,421,000 tonnes of European Union Allowances and Certified Emission Reductions traded on the ICE Trading Platform.[3]
Total volume for the day, which included brokered trades in ECX contracts, amounted to over 9 million tonnes of emissions products –8.4 million of EUAs and 0.7 million tonnes of CERs. In the first six days of trading CERs, 3.5 million tonnes have been transacted on ECX/ICE Futures Europe.
- On Feb. 21, 2008, ECX and ICE Futures Europe announced the imminent launch of futures contracts on Certified Emission Reductions (CERs), noting ECX had reached an agreement with LCH.Clearnet regarding the launch of the contracts. It was anticipated the exact date for the launch would be announced shortly.[4]This put to rest speculation of what may occur with the contracts.[5]
- On Feb. 4, 2008, ECX and ICE Futures Europe proposed changes to contract rules for the ICE ECX CFI Futures contract in line with implementation of the Kyoto Protocol.[6]
- On Feb. 26, 2008 ECX announced it would launch a ICE ECX CER Futures contract on March 14, 2008. Trading of the new contract will occur on the ICE Futures U.S. electronic trading platform known as the ICE Trading Platform accessible via Web ICE or through a conformed Independent Software Vendor (ISV).
The ICE ECX CER Futures contract will be physically-delivered by the transfer of CERs (certified emission reduction units) from the seller to the buyer.[7]ECX’s sister company, the Chicago Climate Exchange, launched CCX Carbon Financial Instrument Futures in 2007.
References
- ↑ About ECX. European Climate Exchange. Retrieved on February 16, 2008.
- ↑ "Traders With A Permit To Save The Planet". Times Online. Retrieved on March 29, 2008.
- ↑ Press Release. European Climate Exchange. Retrieved on March 29, 2008.
- ↑ Press Release. European Climate Exchange. Retrieved on February 21, 2008.
- ↑ "LCH, ICE dispute leaves ECX cold". Futures Mag. Retrieved on February 21, 2008.
- ↑ Rules for the ECX EUA Futures Contract Undergo Minor Amendments. European Climate Exchange. Retrieved on February 16, 2008.
- ↑ Press Release. ECX. Retrieved on February 27, 2008.
