The Chicago Clearing Corp. to Provide Services for Chicago Climate Futures Exchange
The Chicago Clearing Corporation (CCorp) will provide clearing and settlement services, including acting as the central counterparty, for Chicago Climate Exchange's proposed futures exchange. Pending approval by the Commodity Futures Trading Commission, the Chicago Climate Futures Exchange plans to list futures contracts based upon emission allowances.
"The agreement furthers our long-term business plan to provide state-of-the-art clearing and risk-management services to new and emerging derivatives markets," said Dennis Dutterer, president and CEO of Ccorp, in a statement.
The Chicago Climate Exchange (CCX) operates a market-based, emission-reduction and trading program that lets members from the private and public sectors buy or sell greenhouse gas emission allowances. All trades occur on the Internet-based CCX Electronic Trading Platform, which is linked directly to the CCX Registry. Continuous electronic trading of greenhouse gas emission allowances and offsets began on Dec. 12, 2003.