FEX, which is scheduled to launch its derivatives market in 2008, will offer derivative instruments to global investors and traders on a variety of energy, environmental and financial products. This follows the September 2007 launch of FEXâs Sustainability Investment Market (SIM), a specialized equities market for CleanTech and Sustainable businesses, which was attended by former US Vice President Al Gore.
Michael C. Dawley, Chairman of TCC, said âThe Clearing Corporation is pleased to join with FEX and to expand TCCâs clearing presence to the Australian and Asian markets. We look forward to providing our extensive suite of clearing services for FEXâs innovative exchange.â
Brian Price, founder and Executive Director of FEX, said FEX chose The Clearing Corporation as its strategic partner because of its independence and global expertise in derivatives clearing.
âThe Clearing Corporation has more than 80 years experience in clearing many of the most important commodity and financial derivatives in the world,â Price said. âIn choosing our clearinghouse, we needed a clearing services provider with global credibility and competence and we are glad we have found it in The Clearing Corporation.â
Brett Paulson, President and Chief Operating Officer of TCC, said work has already begun on the development and implementation of the clearing and settlement platform for FEX. âWe are delighted to be associated with FEXâs initiatives to expand global market opportunities, and fully support their strategy to provide a single platform for trading energy, environmental and financial instruments.â