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