Isle of Man, UK--(Marketwire - August 2, 2007) - Press Release
For immediate release
2 August 2007
CLIMATE EXCHANGE PLC
ANNOUNCES MANAGEMENT CHANGES AT
THE EUROPEAN CLIMATE EXCHANGE
Climate Exchange Plc (CLE), today announces the following management changes in
its subsidiary company, The European Climate Exchange (ECX). Patrick Birley is
appointed Chief Executive and Peter Koster becomes Chairman.
Mr. Birley joined the company on 16th July 2007 and takes over as Chief
Executive from 1st August 2007. Mr. Birley has over 20 years of experience in
the financial markets and was most recently Chief Executive of LCH.Clearnet Ltd.
His previous roles include senior management positions at the London Metal
Exchange, FTSE Group and the South African Futures Exchange.
Peter Koster, the former CEO of ECX, becomes Chairman. Mr Koster takes over this
position from Neil Eckert, Chief Executive of Climate Exchange Plc, who
continues as a non-executive director of the European Climate Exchange.
In announcing the appointment, Neil Eckert said "We are delighted that Patrick
has joined us. His deep knowledge of the financial and commodity markets,
combined with his broad management experience, will be of great value to the
group as it continues to expand".
Commenting on his appointment, Patrick Birley said: "I am delighted to be
joining this dynamic organisation at such a critical point in their development.
ECX has established itself at the centre of trading in the carbon market and I
look forward to making a positive contribution to their further growth".
Please see contact persons below for more information on this announcement.
NOTES FOR EDITORS:
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 SO2 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 through a contractual arrangement with the National Association of
Securities Dealers (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.
This information is provided by RNS
The company news service from the London Stock Exchange