Chicago, September 9, 2004- The Clearing Corporation ("CCorp") announced today that CCorp will provide clearing and settlement services, including services as the central counter party (CCP), for Chicago Climate Exchange,® Inc.’s proposed futures exchange. Following approval as a designated contract market by the Commodity Futures Trading Commission (CFTC), the Chicago Climate Futures Exchange (CCFE) plans to list futures contracts based upon emission allowances.
The Chicago Climate Exchange (CCX) currently operates a market-based, environmentally rigorous emission reduction and trading program that rewards environmental innovation, providing members from the private and public sectors with cost-effective methods for reducing their greenhouse gas emissions. All trades occur on the internet-based CCX Electronic Trading Platform, which is linked directly to the CCX Registry. The Registry is comprised of the Member accounts and is the official holder of the record and transfer mechanism for the Exchange. Continuous electronic trading of greenhouse gas emission allowances and offsets began on December 12, 2003.
Dennis A. Dutterer, President and CEO of CCorp, said, "The Clearing Corporation is pleased to provide clearing services to the innovative Chicago Climate Futures Exchange, which is making a real contribution toward pollution reduction. This agreement furthers our long-term business plan to provide state-of-the-art clearing and risk-management services to new and emerging derivatives markets."