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Montreal Climate Exchange announces May 30 as date for launch of trading in MCeX carbon futures
MONTREAL, March 14 /CNW Telbec/ - The Montreal Climate Exchange (MCeX), a joint venture of the Mo...
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[{"type":"text","content":"\n\n\n\nMONTREAL, March 14 /CNW Telbec/ - The Montreal Climate Exchange (MCeX), a\njoint venture of the Montreal Exchange (MX) (TSX: MXX) and the Chicago Climate\nExchange(R) (CCX), announced today that it plans to launch trading of futures\ncontracts on Canada carbon dioxide equivalent (CO2e) units on May 30, 2008,\nsubject to regulatory approval.\n\n\n"MCeX is moving quickly to launch the first exchange-traded carbon\nfutures contract in Canada," said Luc Bertrand, President and CEO of MX and\nchair of MCeX. "We are enthusiastic about creating this new derivatives market\nand about the launch of trading."\n\n\n"The demand for environmental derivatives continues to grow worldwide and\nthe time is right to build a critical mass of trading activity in Canada,"\nsaid Dr. Richard Sandor, Chairman and Founder of the Chicago Climate Exchange.\n"MCeX products will meet demand from industrial participants to manage their\nemissions risks at the lowest cost while also creating continuous incentives\nfor technological innovation that reduce carbon emissions."\n\n\nThe MCeX partners initially announced the plan in July 2007 based on an\nassessment of the federal government's air emissions policy released in April\n2007 and following detailed consultations with potential market participants,\nincluding large industrial emitters. The MCeX set the launch date after the\nfederal government announced further details of its greenhouse gas emissions\nregulations, including targets for intensity-based Canadian emissions\nreductions and offsets program terms.\n\n\n"The Government of Canada has provided greater regulatory certainty\nregarding intensity-based emissions reduction targets and the definition of a\nsingle compliance standard for tradable credits," added Mr. Bertrand. "This\nwill enable emitters to more accurately forecast their individual\nintensity-based reduction targets and exposures."\n\n\n"Clear regulations are always welcome news for buyers, sellers and market\noperators. Our aim is to offer a market based solution that will optimize the\npolicy guidelines set by the federal Government and support the reduction of\ncarbon emissions in a cost effective manner."\n\n\nRegulatory Filing on Market Rules\n\n\nIn October 2007, MX filed an application with its lead regu...