The Clearing Corporation Announces Clearing Services Agreement with Chicago Climate Exchange
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."
About The Clearing Corporation
The Clearing Corporation, a stockholder-owned, Delaware Corporation
now in its 79th year of business, is the only active independent
futures clearinghouse in the world. The Clearing Corporation
recently acquired onExchange Inc., a derivatives and securities
trade-processing technology software vendor. Additional information
on The Clearing Corporation is available at
www.clearingcorp.com. About
Chicago Climate Exchange,® Inc.
CCX
is a self-regulatory exchange that administers the world's
first multi-national and multi-sector marketplace for reducing
and trading greenhouse gas emissions. CCX represents the first
legally binding commitment by a cross-section of North American
corporations, municipalities and other institutions to establish
a rules-based market for reducing greenhouse gas emissions.
CCX enables members to receive credit for reductions, and
to buy and sell credits to determine the most cost-effective
means of achieving emission reductions. For more information,
please see www.chicagoclimateexchange.com.
Contact: Andrew Yemma, Intermarket Communications, 212-888-6115, ext. 225 |
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