ECX is a
member of the Climate Exchange Plc group of companies. Other
member companies include the Chicago Climate Exchange (CCX) and
the Chicago Climate Futures Exchange (CCFE). Climate
Exchange Plc (CLE) is listed on the AIM market of
the London Stock Exchange.
European
Energy Exchange (EEX)
With
more than 200 trading participants from 20 countries the energy
exchange, which evolved as a result of the merger between LPX
Leipzig Power Exchange and the Frankfurt-based European Energy
Exchange in 2002, has by now become the most important energy
exchange in continental Europe. It has gained the leading
position in Europe in terms of the intensity of growth and the
speed of expansion.
With
European Commodity Clearing AG (ECC) – a subsidiary of EEX AG
established in 2006 – European Energy Exchange AG (EEX) also has
a clearing house which operates throughout Europe and ensures
secure and professional settlement of the transactions.
In order
to secure and further expand its market position as the leading
continental European exchange for energy and energy-related
products EEX does not only continuously expand its product range
for Europe, it is also open for European partnerships and equity
investments. The spin-off of the Spot Market for power into EEX
Power Spot GmbH in the year 2007 indicates the readiness to
enter into new partnerships which are intended to ensure more
flexibility and volume as well as a higher market coverage in
the long run. In 2008, the Derivatives Market with power will be
spun off into EEX Derivatives Markets GmbH. The two independent
subsidiaries, which will, at first, be wholly owned by EEX, will
then be available for co-operations, equity investments and
partnerships of diverse character.
EEX
operates a spot and derivatives exchange for power, natural gas
and emission allowances. In addition to this, financial coal
derivatives contracts can also be traded. Secure settlement of
the transactions is ensured by an independent clearing house –
the EEX subsidiary European Commodity Clearing AG (ECC).
On every
exchange trading day, closed hourly auctions regarding delivery
in Germany, Austria and Switzerland on the following day take
place on the Spot Market for power. Moreover, continuous trading
regarding the delivery of power on the next day is offered for
the German and Austrian market area. As a supplement to this,
intraday trading, which permits trading of hourly deliveries on
the same day around the clock up to 75 minutes prior to the
beginning of delivery, was launched, at first, for Germany in
September 2006.
Since
2005, EEX has offered trading in emission allowances on the
basis of the EU Emission Trading Scheme (EU ETS). These
so-called EUAs are traded on the Spot and Derivatives Market. In
order to significantly expand its market share in this growth
market, EEX AG has established an agreement regarding an
international co-operation in emissions trading with Eurex AG.
Both parties to this agreement address a global network of in
total 600 participants in the financial markets.
In
addition to trading in power and emission allowances, trading in
Natural Gas Day Contracts on the Spot Market of EEX was launched
in July 2007. Continuous trading regarding delivery on the next
and nextbut-one day as well as for the next weekend is possible
on every exchange trading day. EEX offers trading for the market
areas of BEB (launched in July 2007) and E.ON GT (launched in
October 2007).
On the
Derivatives Market, contracts regarding power, natural gas,
emission allowances and coal with a time horizon of up to six
years into the future can be traded. The trust which the traders
place in the EEX Derivatives Market for power is substantiated
by the increase in the volume of the open interest, i. e. the
monetary value of the total of all the derivatives contracts
which have been concluded but not fulfilled yet:
As of 28
December 2007, the open interest amounted to 286 TWh of power
which corresponds to a cash
value of € 17.9 billion.
Nord Pool
The
business of the Nordic power exchange is to provide market
places for trading in physical and financial contracts in the
Nordic countries (Finland, Sweden, Denmark and Norway). Its
physical market accounts for over 60 per cent of the total value
of the Nordic region’s power consumption. Price formation in the
physical market provides players in the financial market with a
credible and secure reference price for financially settled
contracts. This makes Nord Pool’s physical and financial markets
far more liquid than any other European power exchange. Exchange
services are offered through the Nord Pool group, which
comprises Nord Pool ASA and Nord Pool Spot AS.
Nord
Pool also provide a carbon market, being the first exchange in
Europe to offer standardized contracts for emission allowances (EUA)
and carbon credits (CER).
Organisation
The Nord Pool group comprises
Nord Pool ASA and Nord Pool Spot AS.
Nord
Pool ASA comprises the wholly owned subsidiaries, Nord Pool
Clearing ASA and Nord Pool Consulting AS. The national grid
companies Svenska Kraftnät and Statnett holds 50 per cent each
in Nord Pool ASA.
Nord
Pool Spot AS and its subsidiaries Nord Pool Finland Oy and Nord
Pool Spot AB are owned by the national grid companies Fingrid,
Energinet.dk, Statnett, Svenska Kraftnät and Nord Pool ASA by
twenty per cent each.The Nord
Pool group has offices in Lysaker (Oslo), Fredericia, Stockholm,
Helsinki, Berlin and Amsterdam.
Members
The Nord Pool group has more than
420 members in total, including exchange members, clearing
clients, members and representatives in 20 countries. Nord
Pool ASA has 415 members. The
membership includes energy producers, energy-intensive
industries, large consumers, distributors, funds, investment
companies, banks, brokers, utility companies and financial
institutions.
Chicago
Climate Exchange (CCX)
Chicago Climate Exchange (CCX),
launched in 2003, is the world’s first and North America’s only
active voluntary, legally binding integrated trading system to
reduce emissions of all six major greenhouse gases (GHGs), with
offset projects worldwide. CCX
Members are leaders in greenhouse gas (GHG) management and
represent all sectors of the global economy, as well as public
sector innovators. Reductions achieved through CCX are the only
reductions made in North America
through a legally binding compliance regime, providing
independent, third party verification by the Financial
Industry Regulatory Authority (FINRA, formerly NASD). 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 in 2002 for founding CCX, and in 2007 as
the "father of carbon trading." CCX
emitting Members make a voluntary but legally binding commitment
to meet annual GHG emission reduction targets. Those who reduce
below the targets have surplus allowances to sell or bank; those
who emit above the targets comply by purchasing CCX Carbon
Financial Instrument® (CFI®) contracts.
CFI Contracts, the CCX Tradable Commodity
The
commodity traded at CCX is the CFI contract, each of which
represents 100 metric tons of CO2 equivalent. CFI
contracts are comprised of Exchange Allowances and Exchange
Offsets. Exchange Allowances are issued to emitting Members in
accordance with their emission baseline and the
CCX Emission Reduction Schedule. Exchange Offsets are
generated by qualifying
offset projects.
Montreal
Climate Exchange (MCex)
The
Montréal Climate Exchange (MCeX) provides a market-based
solution to help companies and all those involved in addressing
the most serious environmental challenges, especially reducing
air pollutant and greenhouse gas (GHG) emissions. The
mission of MCeX is to provide a transparent and credible
marketplace where contracts on pollutant and GHG emissions are
exchanged. This marketplace operates according to the best
international practices and proposes a low-cost, reliable and
wide access to actors of environmental markets The
Montréal Climate Exchange is a joint venture between the
Montréal Exchange (MX) and the Chicago Climate Exchange® (CCX).
The MX brings to this new market its expertise in leading edge
trading systems, clearing, market regulation and financial risk
management. The CCX contributes its expertise in operating an
environmental market; it is the world’s first and North
America’s only voluntary legally binding rules-based greenhouse
gas emissions allowance trading system
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