Chicago Climate Exchange: Futures auf Luft und Wasser

European Energy Exchange Ready For Start Of Emission Trading - Waiting For The Ownership Transfer At The DEHST

(24.12.04) After the successful completion of the live-simulation of the entire trading and clearing processes, the European Energy Exchange AG (EEX AG) is armoured for the start of emission trading. Several renowned companies and Clearing Banks (Atel Trading AG, EnBW Trading GmbH, E.ON Sales & Trading GmbH, ING BHF-Bank AG, RWE Trading GmbH, Stadtwerke Düsseldorf AG, Trianel European Energy Trading GmbH, Vattenfall Europe Trading GmbH) have participated in the simulation under real-life conditions.

Nevertheless, it will not be possible to start trading on January 3rd 2005 because the secure ownership transfer of traded CO2-emission allowances can currently not be assured under realtime conditions. In general this will be possible through the German registry (Deutsche Emissionshandelsstelle DEHSt). DEHSt is already issuing the allocation notifications for CO2-emission allowances; however a first legal assessment by EEX of the possibility to trade during an intermediary stage on the basis of a pledge of these allocation notifications has shown, that this would not provide the legal security that is required for a solid clearing process.

Trading with CO2-emission allowances can therefore start at EEX only with the launch of the account management at DEHSt. Trading will be done on the XETRA system, one of the leading systems for exchanges worldwide. In the near future, EEX will also use the XETRA system for spot trading in electricity.

Already since the end of October, EEX is publishing with the European Carbon Index a daily market price for CO2-emission allowances. On December 17th the price for one ton of CO2 is 8.45 Euro.

Handelsbeginn des ersten ECX Carbon Futures

(21.03.05) - European Climate Exchange (ECX) and the International Petroleum Exchange (IPE) today announced that the first day of trading for ECX Carbon Financial Instrument (ECX CFI) futures contracts will be 22nd April 2005. The ECX CFI futures contract, which is listed for electronic trading on the IPE, will be the first exchange-traded futures contract for the European Union’s Emissions Trading Scheme. ECX CFI futures will allow users to lock-in prices for ECX CFIs delivered at set dates in the future and will be a useful alternative to over-the-counter forward contracts, allowing users to secure transparent prices and reduce counterparty risk. Trades will be cleared through LCH.Clearnet.

The ECX and IPE today also released details of the ECX CFI futures Contract.

Key features of ECX CFI futures contracts.

Contract size: 1,000 tonnes of carbon dioxide.
Price quotation: Euros and euro cents.
Contract fees: Per lot, per side execution fees are €2.00 for IPE members and €2.50 for non-IPE members
CFIs eligible for delivery: ETS CO2 emission allowances issued by specified EU Member States and other related instruments as specified by IPE rules.
Listed contracts, expiration cycle: Quarterly contracts (March-June-Sept-Dec) listed from December 2005 through March 2008; annual expirations listed for 2008 through 2012.
Delivery procedure: Delivery of eligible allowances to Member State registry accounts in accordance with the IPE rules.
Applicable regulatory authorities: ECX products are listed by and traded on the IPE which is recognised as an investment exchange by the UK Financial Services Authority.

Peter Koster, chief executive of ECX outlined the key benefits of ECX CFI futures contracts: “We have created a standardised futures contract on a highly regulated market, with low transaction costs, transparent prices, central counterparty services provided by LCH.Clearnet and ready access to the IPE’s electronic marketplace. The specifications of our contracts have been established with the help of our industry and financial committees, who comprise most of the key emitters and potential traders and with whom we have been consulting over the past six months.”

Access to the IPE for the trading of ECX CFI futures contracts can be secured by becoming an IPE Member or order-routing as a client of an IPE Member. Further information about gaining access to ECX CFI futures contracts can be found at http://www.ecxeurope.com or http://www.theipe.com/emissions