Montreal Exchange teams with Chicago Climate Exchange to create new emissions trading entity
MONTREAL, QUE-The Montreal Exchange (MX) is preparing to collaborate with the Chicago Climate Exchange (CCX) in a joint venture to create the Montreal Climate Exchange, a Canadian environmental products market. Under the terms of a letter of intent signed during the United Nations Climate Change Conference in Montreal last month, the two parties will develop trading, clearing, and registry services for Canadian environmental products. The first product base will provide cost-effective trading products for the Canadian carbon market. The initiative will combine the Montreal Exchange's leadership and expertise in Canada's financial markets with the environmental and financial expertise of the Chicago Climate Exchange. "The creation of the Montreal Climate Exchange is a concrete initiative that will accelerate the development of a structured environmental market in Canada," said MX president and CEO Luc Bertrand. The Chicago Climate Exchange is the world's first, and North America's only, integrated greenhouse gas emission registry, reduction and trading system. Reductions achieved through the multi-sectoral, rule-based and legally binding CCX market are significant both in scale and impact. CCX members benefit by building an efficient emissions management and monitoring system, while also acquiring superior emissions measurement and trading skills that they can use in the global carbon marketplace. CCX members reflect a cross-section of major public- and private-sector North American entities, among them Abitibi-Consolidated, Manitoba Hydro, Ford Motor, International Paper and IBM, cities such as Chicago, Oakland (California) and Boulder (Colorado), as well as non-industrial environmental innovators such as the World Resources Institute and the Rocky Mountain Institute.