Press release
3 February 2010
CLIMATE EXCHANGE PLC
Monthly Trading Update for the European Climate Exchange,
the Chicago Climate Exchange and the Chicago Climate Futures Exchange
Climate Exchange plc summarises the trading volumes for the month of
January 2010 for the European Climate Exchange (ECX), the Chicago
Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE).
Highlights
* 2010 began with strong volumes amid relatively low price volatility.
Total volumes reached 416m tonnes, up 45% year-on-year and with an
average daily volume of over 20m tonnes
* ECX saw its second highest volume month to date in daily futures
(spot) with an average of 567,000 tonnes per day with an increasing
market share
* ECX open interest continues to grow and has reached nearly
600,000 contracts. Phase 3 EUA trading activity is growing rapidly
with over 9m tonnes of open positions in the Dec 13 contract, and
450,000 tonnes in the Dec 14 contract.
* ICE Futures Europe and ECX welcome their 103rd and 104th Members:
Macquarie Bank Limited (also a Clearing Member) and Consus S.A.
* CCFE Open Interest increased 45% over January 2009 although
aggregate volumes are 16% lower than the same period last year
* CCFE saw a record trading month in its Renewable Energy
Certificate (RECs) complex with 1,490 contracts traded, including
the first trade in its Massachusetts Compliance contracts
* CCX volumes continue to be hampered by the stalemate on climate
legislation in the U.S. Senate, and in particular, the limited
provision of early action credits for corporate reductions and
offset projects in current draft legislation
* The U.S. submitted GHG reduction targets of 17% below 2005
levels by 2020 to the U.N. in accordance with the Copenhagen Accord.
In his State of the Union address, President Obama renewed his
commitment to working with the Senate to advance bipartisan support
for a comprehensive energy and climate bill
Total ECX Products (Contracts*)
2010 2009 Change
January 416,423 287,977 45%
YTD 416,423 287,977 45%
Open Interest 599,948 407,905 47%
*1 contract equal to 1,000 EUAs/CERs
ECX EUA Futures Contract
2010 2009 Change
January 320,398 209,118 53%
YTD 320,398 209,118 53%
Open Interest 295,992 172,206 71%
ECX EUA Options Contract
2010 2009 Change
January 31,425 25,551 23%
YTD 31,425 25,551 23%
Open Interest 107,550 63,727 69%
ECX EUA Daily Futures Contract ('Spot') (launched 13 March 2009)
2010 2009 Change
January 10,060 - -
YTD 10,060 - -
ECX CER Futures Contract (launched 14 March 2008)
2010 2009 Change
January 50,364 44,008 15%
YTD 50,364 44,008 15%
Open Interest 135,680 111,772 21%
ECX CER Options Contract (launched 16 May 2008)
2010 2009 Change
January 2,900 9,300 -69%
YTD 2,900 9,300 -69%
Open Interest 60,726 60,200 1%
ECX CER Daily Futures Contract (Spot) (launched 13 March 2009)
2010 2009 Change
January 1,276 - -
YTD 1,276 - -
CCX CFI (Contracts)
2010 2009 Change
January 2,870 33,494 -91%
YTD 2,870 33,494 -91%
CCFE (Contracts)
Total CCFE Products
2010 2009 Change
January 43,333 51,599 -16%
YTD 43,333 51,599 -16%
Open Interest 94,082 64,675 45%
CCFE SFI and NFI Futures & Options Contracts
2010 2009 Change
January 32,893 38,903 -15%
YTD 32,893 38,903 -15%
Open Interest 55,760 35,893 55%
CCFE Carbon Complex including CFI, RGGI, CCAR and CFI-US
2010 2009 Change
January 8,930 12,331 -28%
YTD 8,930 12,331 -28%
Open Interest 35,312 20,502 72%
Other CCFE Products including IFEX and RECs
2010 2009 Change
January 1,510 365 314%
YTD 1,510 365 314%
Open Interest 3,010 8,280 -64%
For breakdown of daily trades, please refer to websites as follows:
ECX www.ecx.eu
CCX www.chicagoclimateexchange.com
CCFE www.ccfe.com
Richard Sandor, Executive Chairman of Climate Exchange plc, said: "The
continued lack of political progress and the disappointing outcome of
Copenhagen has obviously affected market sentiment and CCX volumes.
Nonetheless, Washington clearly remains committed to addressing climate
change. In his State of the Union address last week, President Obama
called on Congress to pass 'a comprehensive energy and climate bill
with incentives that will finally make clean energy the profitable kind
of energy in America.' At the same time regulators and investors are
increasingly weighing the risks associated with climate change, as
evidenced by last week's SEC vote on disclosures. These factors,
combined with the growing regional interest in cap and trade programs
in the U.S., bode well for domestic and global carbon markets and
Climate Exchange plc's growth potential."
Neil Eckert, Chief Executive Officer of Climate Exchange plc, said:"ECX
had another month of solid year on year growth. More pleasing is
the continued growth of Open Interest to 600,000 contracts. CCX
volumes continue to be disappointing and are expected to stay that way
until there is political progress. CCFE volumes have been less
severely impacted and once again the Open Interest, up 45% year on
year, is encouraging."
Contact
Richard Sandor, Chairman Climate Exchange plc and
Chairman & CEO Chicago Climate Exchange 001 312 554 3370
Neil Eckert, CEO Climate Exchange plc 0207 382 7801
Patrick Birley, CEO European Climate Exchange 0207 382 7818
Jonny Franklin-Adams and Simon Law, Fox-Pitt,
Kelton Limited 0207 065 2000
Peter Rigby/Alex Parry, Haggie Financial 0207 417 8989/
07813 808 738
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.
Its three main businesses are the European Climate Exchange (ECX) which
operates the leading derivatives exchange focused on compliance
certificates for the mandatory European Emissions Trading Scheme,
Chicago Climate Exchange (CCX) which operates a voluntary but
contractually binding cap and trade system for greenhouse gas emissions
in the U.S., and the Chicago Climate Futures Exchange (CCFE) the
leading U.S. regulated environmental products exchange whosecontracts
include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2.
www.climateexchange.com
About European Climate Exchange
The European Climate Exchange (ECX) manages product development and
marketing of futures, options and spot contracts based on CO2 EU
allowances (EUAs) traded under the EU Emissions Trading Scheme and
Certified Emission Reductions (CERs) issued under the Kyoto Protocol.
ECX contracts are listed and traded on the ICE Futures electronic
platform, offering a central marketplace for emissions trading
alongside other energy commodities with standardised contracts and
clearing guarantees. ECX/ ICE Futures is the most liquid Exchange for
carbon derivatives trading. More than 100 businesses have signed up for
direct membership to trade ECX products. In addition, several thousand
ICE clients can access the market via banks and brokers.
www.ecx.eu
About Chicago Climate Exchange, Inc. and Chicago Climate Futures
Exchange
Chicago Climate Exchange (CCX) is a financial services business 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 contractually 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.
Greenhouse gas emission reductions achieved through CCX are the only
reductions in North America being achieved through a legally binding
compliance regime. Independent third party verification is provided by
FINRA. For a full list of CCX members, daily prices and other Exchange
information please see the CCX website.
The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary
of the Chicago Climate Exchange, is a CFTC designated contract market
which offers standardized and cleared futures contracts on emission
allowances and other environmental products. Clearing services are
provided by The Clearing Corporation. Market surveillance services are
provided by the National Futures Association, the industry wide,
self-regulatory organization for the U.S. futures industry.
www.chicagoclimateexchange.com
www.ccfe.com
This information is provided by RNS
The company news service from the London Stock Exchange
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