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Date/Time	Headline	Source
1
Wed 12:08	UPDATE 2-EEX energy exchange to auction German CO2 permits	AFX UK Focus
BERLIN, Nov 18 (Reuters) - Leipzig power exchange EEX beat other European exchanges to win a contract to auction Germany's carbon dioxide emissions (CO2) certificates as of next year, the bourse and environment ministry said on Wednesday. `The exchange would take over the contract currently held by state bank KfW and sell 40 million tonnes of CO2 equivalents annually in 2010 and 2011 to industry, which must hold such tradable permits under EU climate rules, they said.` `There would be an option for 2012 as well.` `"The EEX Leipzig bourse EEX will in future auction greenhouse gas emissions rights on behalf of the government," the ministry said in a statement.` `"This is the result of a tender held by the ministry," it added, not naming the competitors.` `Sources earlier said Nord Pool in Oslo, Climate Exchange in London and Bluenext of Paris had been in the running.` `Holding CO2 certificates has been mandatory for heavy polluters in key industries across the EU since 2005 and the market for certificates has been expanding fast.` `The 40 million permits represent 10 percent of Germany's total CO2 certificates allocation.` `The CO2 trading scheme is one of the key planks in the bloc's environment programmes aimed at meeting its climate protection targets. It creates financial incentives to lower or avoid climate-harming CO2 output.` `Initially, the CO2 permits were handed out for free but as the scheme is progressing, auctions are meant to make them harder to get and more expensive, raising incentives even more.` `The start of auctions in Germany, the EU's biggest CO2 emitter, was laid down for 2010 by a law adopted in July.` `The auction regime for after 2012 partly hinges on global climate discussions and how they affect the future EU scheme.` `There is stiff competition between exchanges in Europe, and any such new contract offers bourses lucrative arbitrage opportunities as well as providing new customers.` `The EEX also confirmed in a statement it had won the contract and added that the execution of the sales could be easily done on its existing electronic trading platforms for spot and derivatives trading of power, CO2, gas and coal.` `For a table showing the results of the German EU CO2 permit sales please click on` (Reporting by Markus Wacket and Vera Eckert; editing by James Jukwey and Sue Thomas) Keywords: GERMANY CARBON/AUCTION (vera.eckert@reuters.com; +49 69 7565 1228; Reuters Messaging: vera.eckert.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
Wed 10:08	UPDATE 1-EEX energy exchange to auction German CO2 permits	AFX UK Focus
BERLIN, Nov 18 (Reuters) - Leipzig power exchange EEX beat other European exchanges to win a contract to auction Germany's carbon dioxide emissions (CO2) certificates as of next year, government and industry sources told Reuters on Wednesday. `The exchange would take over the contract currently held by state bank KfW and sell 40 million tonnes of CO2 equivalents annually in 2010 and 2011 to industry, which must hold such tradeable permits under EU climate rules, they said.` `There would be an option for 2012 as well.` `"The EEX succeeded in the Europe-wide tender," a government source told Reuters.` `The sources said that Nord Pool in Oslo, Climate Exchange in London and Bluenext of Paris had been in the running.` `Holding CO2 certificates has been mandatory for heavy polluters in key industries across the EU since 2005 and the market for certificates has been expanding fast.` `The CO2 trading scheme is one of the key planks in the bloc's environment programmes aimed at meeting its climate protection targets. It creates financial incentives to lower or avoid climate-harming CO2 output.` `Initially, the CO2 permits were handed out for free but as the scheme is progressing, auctions are meant to make them harder to get and more expensive, raising incentives even more.` `The exchange landscape in Europe is scattered and any such new contract offers bourses lucrative arbitrage opportunities as well as providing new customers.` `An environment ministry spokesman in Berlin said it planned to comment officially on the matter later in the day.` `A spokeswoman for EEX said the state of Saxony, where it is based, is observing a public holiday but the exchange may issue a statement later in the day.` (Reporting by Markus Wacket and Vera Eckert; editing by James Jukwey) Keywords: GERMANY CARBON/AUCTION (vera.eckert@reuters.com; +49 69 7565 1228; Reuters Messaging: vera.eckert.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
04-11-09	Climate Exchange PLC - Monthly trading update	RNS
RNS Number : 9025B Climate Exchange PLC 04 November 2009 Press release 4 November 2009 CLIMATE EXCHANGE PLC Monthly Trading Update for the European Climate Exchange, the Chicago Climate Exchange and the Chicago Climate Futures Exchange Climate Exchange plc, below outlines the trading volumes for the month of October 2009 for the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE). Market Highlights ECX TRADING VOLUMES REMAINED STRONG ACROSS ALL PRODUCTS DURING OCTOBER, TOTAL 436MT WITH AN AVERAGE DAILY VOLUME OF 19.8 MT. YEAR TO DATE VOLUMES ON THE EXCHANGE HAVE NOW SURPASSED 4 BILLION TONNES. THE EUA DEC-13 FUTURES CONTRACT EXPERIENCED ANOTHER ACTIVE MONTH. TRADING IN THE EUA AND CER DAILY FUTURES CONTINUED TO GROW DURING OCTOBER, A TOTAL OF 12,098 CONTRACTS WERE TRADED WITH OVER A MILLION EUAS TRADING ON 28TH OCTOBER. ECX MARKET SHARE OF THE TOTAL SPOT MARKET IS APPROACHING 25%. THE NUMBER OF OPEN POSITIONS IN ECX FUTURES AND OPTIONS INCREASED FURTHER AND CURRENTLY STANDS AT 825,877 LOTS. OPEN INTEREST ON CCFE ENDED THE MONTH AT 143,458 CONTRACTS, REPRESENTING A 68% INCREASE FROM THE 85,373 CONTRACTS AT THE END OF OCTOBER 2008. 108,696 CONTRACTS TRADED ON CCFE IN OCTOBER, A 229% INCREASE OVER THE 32,999 CONTRACTS TRADED IN OCTOBER 2008. 27,220 CONTRACTS TRADED ON CCX IN OCTOBER, REPRESENTING AN 18% DECREASE FROM THE 33,013 CONTRACTS TRADED DURING OCTOBER 2008, AS UNCERTAINTY OF US CLIMATE LEGISLATION CONTINUES TO AFFECT THE MARKET. FOLLOWING THE INTRODUCTION IN THE US SENATE OF THE CLEAN ENERGY JOBS AND AMERICAN POWER ACT ON SEPTEMBER 30TH, CLIMATE LEGISLATION PICKED UP MOMENTUM IN OCTOBER AS THE U.S. SENATE COMMITTEE ON ENVIRONMENT AND PUBLIC WORKS HELD A SERIES OF HEARINGS ON THE PROPOSED LEGISLATION AND REPUBLICAN SENATOR LINDSEY GRAHAM (SC) THREW HIS SUPPORT BEHIND THE BILL. Total ECX Products (Contracts) `2009 2008 Change` `October 435,930 412,352 5.7%` `YTD 4,309,908 2,297,822 87.6%` `Open Interest 825,877 514,139 60.6%` 1 CONTRACT EQUAL TO 1,000 EUAS/CERS ECX EUA Futures Contract `2009 2008 Change` `October 314,960 324,942 -3.2%` `YTD 3,180,310 1,656,524 92.0%` `Open Interest 390,277 251,802 54.99%` ECX EUA Options Contract `2009 2008 Change` `October 14,244 6,535 118.0%` `YTD 353,933 211,870 67.1%` Open Interest 205,994 112,820 82.6% ECX EUA Daily Futures Contract ('Spot') (launched 13 March 2009) `2009 2008 Change` `October 12,098 - -` `YTD 47,066 - -` ECX CER Futures Contract (launched 14 March 2008) `2009 2008 Change` `October 87,523 65,675 33.3%` `YTD 644,895 377,428 70.9%` Open Interest 136,817 104,717 30.7% ECX CER Options Contract (launched 16 May 2008) `2009 2008 Change` `October 6,300 15,200 -58.6%` `YTD 81,130 52,000 56.0%` Open Interest 92,789 44,800 107.1% ECX CER Daily Futures Contract (Spot) (launched 13 March 2009) `2009 2008 Change` `October 1,030 - -` `YTD 2,799 - -` CCX CFI (Contracts) `2009 2008 Change` `October 27,220 33,013 -18%` `YTD 389,606 649,323 -40%` CCFE (Contracts) Total CCFE Products `2009 2008 Change` `October 108,696 32,999 229%` `YTD 1,216,425 419,094 190%` `Open Interest 143,458 85,373 68%` CCFE SFI and NFI Futures & Options Contracts `2009 2008 Change` `October 42,315 24,102 76%` `YTD 489,608 363,739 35%` `Open Interest 80,276 63,291 27%` CCFE Carbon Complex including CFI, RGGI, CCAR and CFI-US `2009 2008 Change` `October 65,610 8,744 650%` `YTD 718,997 49,015 1367%` `Open Interest 55,713 17,444 219%` Other CCFE Products including IFEX `2009 2008 Change` `October 772 153 405%` `YTD 7,820 6,340 23%` `Open Interest 7,469 4,638 61%` For breakdown of daily trades, please refer to websites as follows: `ECX www.ecx.eu` `CCX www.chicagoclimateexchange.com` `CCFE www.ccfe.com` Richard Sandor, Executive Chairman of Climate Exchange plc, said: "As the U.S. Congress moves forward with consideration of a federal climate law and policymakers internationally work toward progress in Copenhagen, we see building interest in carbon markets as a tool for addressing climate change." Neil Eckert, Chief Executive Officer of Climate Exchange plc, said: "This represents another month of solid progress both at ECX and CCFE. We now enter a critical phase where the spotlight will be Carbon markets during the run up to Copenhagen" Contact `Richard Sandor, Chairman Climate Exchange plc and Chairman 001 312 554 3370` & CEO Chicago Climate Exchange `Neil Eckert, CEO Climate Exchange plc 0207 382 7801` `Patrick Birley, CEO European Climate Exchange 0207 382 7818` `Jonny Franklin-Adams and Simon Law, Fox-Pitt, Kelton 0207 397 8900` Limited `Peter Rigby/Alex Parry, Haggie Financial 0207 417 8989/` 07813 808 738* About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of futures, options and spot contracts based on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX contracts are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading alongside other energy commodities with standardised contracts and clearing guarantees. ECX/ ICE Futures is the most liquid Exchange for carbon derivatives trading. More than 100 businesses have signed up for direct membership to trade ECX products. In addition, several thousand ICE clients can access the market via banks and brokers. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END TSTCKNKKFBDDCDK More
26-10-09	Climate Exchange PLC - Posting of Interim Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 3923B Climate Exchange PLC 26 October 2009 26 October 2009 CLIMATE EXCHANGE PLC Posting of Interim Results Climate Exchange plc has posted its Interim Report for the six months ended 30 June 2009 to shareholders today. The document is available from the Company's website, www.climateexchangeplc.com. Contact Cynthia Edwards, IOMA Fund & Investment Management Ltd 016 2468 1250 Jonny Franklin-Adams, Fox Pitt, Kelton 020 7663 6029 Simon Law, Fox Pitt, Kelton 020 7663 6023 About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of emissions futures and options contracts on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX emissions products are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading in Europe with standard contracts and clearing guarantees. ECX/ICE Futures is the most liquid exchange for carbon emissions trading with more than 100 members. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange The Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com This information is provided by RNS The company news service from the London Stock Exchange END MSCBUBDGXXDGGCL More
19-10-09	Climate Exchange PLC - Issue of new shares	RNS
RNS Number : 0429B Climate Exchange PLC 19 October 2009 19 October 2009 CLIMATE EXCHANGE PLC Issue of new shares Climate Exchange plc, today announces that 8,333 ordinary shares of 1p each have been issued in accordance with the terms of an agreement undertaken in connection with the CCFE Business. Further detail of the transaction is set out in Note 14 of the 2009 Interim Statement. Admission of these shares to trading on AIM is expected to become effective on 22 October 2009. The total number of ordinary shares in issue immediately following this issue will be 47,562,896. `Contact` `Neil Eckert, CEO Climate Exchange plc 0207 382 7801` Matthew Whittell, CFO Climate Exchange plc 0207 382 7802 `Jonny Franklin-Adams,Fox Pitt, Kelton 020 7663 6029` `Simon Law,Fox Pitt, Kelton 020 7663 6023` About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of emissions futures and options contracts on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX emissions products are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading in Europe with standard contracts and clearing guarantees. ECX/ICE Futures is the most liquid exchange for carbon emissions trading with more than 100 members. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange The Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com This information is provided by RNS The company news service from the London Stock Exchange END IOEEAKENFELNFFE More
06-10-09	Climate Exchange PLC - Issue of New Shares	RNS
RNS Number : 3014A Climate Exchange PLC 06 October 2009 6 October 2009 CLIMATE EXCHANGE PLC Issue of new shares Climate Exchange plc, today announces that 142,452 ordinary shares of 1p each have been issued in accordance with the terms of an agreement undertaken in connection with the launch of IFEX. Further detail of the transaction is set out in Note 19 of the 2008 report and accounts. Admission of these shares to trading on AIM is expected to become effective on 9 October 2009. The total number of ordinary shares in issue immediately following this issue will be 47,554,563. `Contact` `Neil Eckert, CEO Climate Exchange plc 0207 382 7801` `Matthew Whittell, CFO Climate Exchange plc 0207 382 7802` `Jonny Franklin-Adams, Fox Pitt, Kelton 0207 663 6029` About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of emissions futures and options contracts on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX emissions products are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading in Europe with standard contracts and clearing guarantees. ECX/ICE Futures is the most liquid exchange for carbon emissions trading with more than 100 members. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange The Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com This information is provided by RNS The company news service from the London Stock Exchange END MSCEANEKEFPNFEE More
05-10-09	Climate Exchange PLC - Monthly Trading Update	RNS
RNS Number : 2170A Climate Exchange PLC 05 October 2009 Press Release 5 October 2009 CLIMATE EXCHANGE PLC Monthly Trading Update for the European Climate Exchange, the Chicago Climate Exchange and the Chicago Climate Futures Exchange Climate Exchange plc, below outlines the trading volumes for the month of September 2009 for the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE). Market Highlights `· ECX volumes increased 63% over September 2008 with average daily volumes of 19,600 contracts traded.` `· ECX T+1 contracts volumes exceeded 400 contracts per day on average accounting for nearly 20% of the total exchange spot market.` `· EUAs and CERs are now accepted by ICE Clear Europe as collateral for ICE Futures Europe oil and energy contracts.` `· CCFE had a record month with 203,794 contracts traded; a 16% increase over the previous record of 176,023 contracts set in June 2009` `· CCFE's RGGI contracts had a record month with 137,737 contracts traded; a 1% increase over the previous record of 135,988 set in June 2009.` `· CCFE's SFI contracts had a record month with 53,846 contracts traded; a 57% increase over the previous record of 34,303 in August 2009.` · On September 30th, Senators John Kerry and Barbara Boxer introduced in the U.S. Senate a draft climate and energy bill, the "Clean Energy Jobs and American Power Act". Additionally, the U.S. Environmental Protection Agency announced a proposed rule for regulating greenhouse gas emissions from businesses that emit 25,000 or more tons annually. Total ECX Products (Contracts) `2009 2008 Change` `September 434,378 264,863 +64.0%` `YTD 3,873,878 1,876,401 +106.5%` `Open Interest 789,076 461,249 +71.1%` 1 CONTRACT EQUAL TO 1,000 EUAS/CERS ECX EUA Futures Contract `2009 2008 Change` `September 317,450 182,974 +73.5%` `YTD 2,865,350 1,323,359 +116.5%` `Open Interest 369,802 228,913 +61.5%` ECX EUA Options Contract `2009 2008 Change` `September 26,200 15,315 +71.1%` `YTD 339,589 205,235 +65.5%` Open Interest 203,372 111,195 +82.9% ECX EUA Daily Futures Contract ('Spot') (launched 13 March 2009) `2009 2008 Change` `September 9,024 - -` `YTD 34,968 - -` ECX CER Futures Contract (launched 14 March 2008) `2009 2008 Change` `September 76,592 61,724 +24.1%` `YTD 557,372 311,007 +79.2%` `Open Interest 124,138 87,541 +41.8%` ECX CER Options Contract (launched 16 May 2008) `2009 2008 Change` `September 4,910 4,850 +1.2%` `YTD 74,830 36,800 +103.3%` Open Interest 91,764 33,600 +173.1% ECX CER Daily Futures Contract (Spot) (launched 13 March 2009) `2009 2008 Change` `September 202 - -` `YTD 1,769 - -` CCX CFI (Contracts) `2009 2008 Change` `September 35,597 61,984 -43%` `YTD 362,386 616,310 -41%` CCFE (Contracts) Total CCFE Products `2009 2008 Change` `September 203,794 30,962 558%` `YTD 1,106,819 386,095 187%` `Open Interest 137,754 81,096 70%` CCFE SFI and NFI Futures & Options Contracts `2009 2008 Change` `September 65,084 21,290 206%` `YTD 447,294 339,637 32%` `Open Interest 74,381 61,294 21%` CCFE Carbon Complex including CFI, RGGI, CCAR and CFI-US `2009 2008 Change` `September 138,600 9,245 1,399%` `YTD 652,107 40,271 1,519%` `Open Interest 56,247 15,251 269%` Other CCFE Products including IFEX `2009 2008 Change` `September 110 427 -74%` `YTD 7,048 6,187 14%` `Open Interest 7,126 4,551 57%` For breakdown of daily trades, please refer to websites as follows: `ECX www.ecx.eu` `CCX www.chicagoclimateexchange.com` `CCFE www.ccfe.com` Richard Sandor, Executive Chairman of Climate Exchange plc, said: "Momentum in Washington towards climate legislation continues to pick up with the introduction of a draft bill in the Senate. We look forward to sharing the experiences our members have gained, since CCX launched in 2003, in building the infrastructure of a multi-sector international carbon cap-and-trade program." Neil Eckert, Chief Executive Officer of Climate Exchange plc, said: "Futures and options trading on ECX and CCFE continues at strong levels as evidenced by the record month on CCFE and continued growth in daily volumes in Europe." Contact `Richard Sandor, Chairman Climate Exchange plc 001 312 554 3370` and Chairman & CEO Chicago Climate Exchange `Neil Eckert, CEO Climate Exchange plc 0207 382 7801` `Patrick Birley, CEO European Climate Exchange 0207 382 7818` `Jonny Franklin-Adams and Simon Law, Fox-Pitt, 0207 397 8900` Kelton Limited `Peter Rigby/Alex Parry, Haggie Financial 0207 417 8989 /07813 808 738` About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of futures, options and spot contracts based on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX contracts are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading alongside other energy commodities with standardised contracts and clearing guarantees. ECX/ ICE Futures is the most liquid Exchange for carbon derivatives trading. More than 100 businesses have signed up for direct membership to trade ECX products. In addition, several thousand ICE clients can access the market via banks and brokers. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END* TSTCKPKKFBDKKKK More
17-09-09	UPDATE 1-Australia's ASX to launch renewable energy futures	AFX UK Focus
By Bruce Hextall SYDNEY, Sept 17 (Reuters) - Australia's futures exchange operator ASX Ltd plans to establish a futures market for renewable energy by the end of the year as the country seeks to quadruple green power generation by 2020. `ASX said on Thursday it hoped to list futures and options contracts on Renewable Energy Certificates (RECs) before the year-end as demand grows for RECs to offset greenhouse gas emissions and as consumers seek greener energy.` "We're just waiting for final regulatory approval but expect to make an announcement shortly," David Kresvan, ASX's manager of energy and environmental markets, told Reuters. `In Australia, RECs are a form of currency that can be earned by installing solar panels, wind turbines and micro-hydro plants. Each REC represents one megawatt hour (MWh) of electricity generated from renewable energy and can be traded once registered.` `ASX will face competition from other firms that are also planning to launch a suite of environmental futures products, including enVex, 25 percent owned by Climate Exchange plc, , the operator of the world's largest carbon market.` `"There will be a need for futures contracts but the market probably won't be big enough for several different ones even though it has significant potential for growth," said Gary Cox, vice president of commodities and energy at Newedge Australia.` `enVex already operates in the over-the-counter (OTC) market in RECs that has existed for a number of years.` `Certificates have been issued under state schemes that will be wrapped into a national scheme from Jan. 1, when a renewable energy law that mandates 20 percent of electricity must come from green power by 2020 goes into effect.` `enVex uses the trading platform of Mercari, a unit of Sydney-based Financial & Energy Exchange (FEX), to match buy and sell bids from environmental brokers.` CLEAR SIGNAL `The RECs market is set to expand following the setting of the 20/20 target. Renewables produce 5 percent of Australia's energy supply at present.` `"There's billions of dollars in new investment required now to actually build the new generation assets that will actually create these certificates," said Kresvan.` `He said the establishment of a REC futures market was likely to enhance transparency and liquidity in the existing OTC market.` `It would also send a clear futures price signal that would allow firms to better manage their market risks as they adapted to a greener regulatory regime, said Kresvan.` `While demand for RECs is set to grow next year, REC prices in the OTC market have slumped with recent weeks to the lowest level in two years.` `RECs were being offered at A$36.80 ($32.2) on Thursday, down from a year high of A$51 in January, reflecting an already abundant supply of RECs as installers of solar panels claim certificates and as windpower generation grows.` `Government incentive schemes to encourage solar energy have led to a surge in solar panel installations on household roofs. Solar hot water heaters have all proved popular.` "There's a perception of oversupply with a very large number of RECs being generated from sources such solar hot water and heat pumps," said Marco Stella, an environmental broker at Nextgen, an Australian wholesale electricity and environmental credits broker. `"As the spot price comes down the market mechanism should start to work and would likely have an affect on supply."` (Additional reporting by Leonora Walet in Hong Kong; Editing by David Fogarty) (A$1 = 87.6 U.S. cents) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: AUSTRALIA RENEWABLES/FUTURES (bruce.hextall@thomsonreuters.com; +612 93731236; Reuters Messaging bruce.hextall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
16-09-09	BRIEF-Climate Exchange swings to interim profit	AFX UK Focus
This news article is displayed preformatted as it may contain results tables LONDON, Sept 16 (Reuters) - Climate Exchange Plc: * H1 pre-tax profit of �1.5 million (H1 2008: loss of �0.3 million) * European Climate Exchange ecx) average daily volume increased to 21.5 million tonnes * Group trading volumes for the first six months of 2009 are up 96% over the same period in 2008 * Political and regulatory uncertainty may moderate our rates of growth during the second half * Have observed lower volumes in August ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
16-09-09	Climate Exchange PLC - Interim results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 1239Z Climate Exchange PLC 16 September 2009 Climate Exchange plc Interim Statement for the six months ended 30 June 2009 Climate Exchange plc ("the Company" and, together with its subsidiaries, "the Group"), the world's leading international environmental marketplace, announces its interim results for the six months ended 30 June 2009. Financial Highlights * Pro-forma core business operating profit of �6.7 million (H1 2008: profit of �3.4 million), excluding share based payment expense * Cash balances, including short term investments, were �16.5 million at 30 June 2009 compared with �12.4 million at 31 December 2008 * For the first time, an unaudited IFRS pre-tax profit of �1.5 million (H1 2008: loss of �0.3 million) Operating Highlights * European Climate Exchange (ECX) average daily volume increased to 21.5 million tonnes with 2,685 million tonnes traded in total, 252% of H1 2008 (1,066 million tonnes) * ECX continues to hold its leading position for EUA trading with a market share of over 99% in futures and options * Successful launch of T+1 futures contracts * CCX membership increased from 459 to 464 during the period * Chicago Climate Futures Exchange (CCFE) volume increased to 617,618 contracts 211% of H1 2008 (292,065 contracts) as trading momentum shifts to mandatory markets from voluntary, where CCX volume declined to 26.2 million tonnes (H1 2008: 47.0 million tonnes) * Fox Pitt Kelton appointed as Nomad; Fox Pitt Kelton and J.P. Morgan Cazenove appointed as joint corporate brokers Neil Eckert, Chief Executive, said: "The first half has been another remarkable period where we have not only grown our business at a tremendous pace but more importantly continued to consolidate our number one position in terms of market share both in Europe and the U.S. IFEX, our insurance derivatives business, has made a good start and we believe has exciting potential for growth". Richard Sandor, Chairman of Climate Exchange plc, said: "The Climate Exchange group continues to experience strong growth built on the widespread recognition that its family of exchanges are well placed to service a variety of environmental issues around the world. The successful launch of the Regional Greenhouse Gas Initiative futures and the expansion of the Climate Exchange franchise internationally, especially in China, shows that we can implement strategies in both mandatory and voluntary markets with excellence in design and execution". --ENDS-- Contacts Climate Exchange plc Neil Eckert, CEO, 020 7382 7801 Matthew Whittell, CFO 020 7382 7802 Helene Crook, Investor Relations 020 7382 7807 Haggie Financial Peter Rigby /Alexandra Parry 020 7417 8989 Fox Pitt, Kelton Jonny Franklin-Adams 020 7663 6029 Simon Law 020 76636023 J.P.Morgan Cazenove Alex Yule-Smith 020 7155 8653 Presentation for Analysts There will be a presentation to analysts by Neil Eckert, CEO, and Matthew Whittell, CFO, today at 9:30 a.m. at the offices of Haggie Financial, 10 Fenchurch Avenue, London EC3M 5BN. Webcast A webcast of this morning's presentation to analysts will be available on the Company's website, www.climateexchange.com this afternoon. Press Meeting The press are invited to attend a presentation by Neil Eckert, CEO, and Matthew Whittell, CFO, at 11:00 a.m. today at the offices of Haggie Financial, 10 Fenchurch Avenue, London EC3M 5BN. Conference Call There will be a conference call at 4:15 p.m. (London) with Richard Sandor, Executive Chairman, Neil Eckert, CEO, and Matthew Whittell, CFO. The conference dial in details are as follows: Conference Title: Climate Exchange plc Half Year Results Presentation Access Number + 44 (0)20 8609 0581 UK Toll Free Number 0800 358 1448 US Toll Free Number 1866 388 1925 US Access Number +1703 865 2823 About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of emissions futures and options contracts on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX emissions products are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading in Europe with standard contracts and clearing guarantees. ECX/ICE Futures is the most liquid exchange for carbon emissions trading with more than 100 members. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange The Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com Climate Exchange plc Interim Statement for the six months ended 30 June 2009 Trading in our emissions contracts continues to grow robustly. Our contracts are now accepted as benchmark hedging tools particularly in the European Union Emissions Trading Scheme, the largest carbon market in the world and in the Regional Green House Gas Initiative ("RGGI"), the first mandatory carbon market in the U.S. We are delighted to report that on a pro-forma basis, our operating profit in our core businesses (excluding share based expenses) almost doubled to �6.7 million compared to a pro-forma operating profit of �3.4 million in 2008. In addition, for the first time, we reported an IFRS pre-tax profit for the Group of �1.5 million compared with a pre-tax loss of �0.3 million for the comparable period in 2008. Our balance sheet remains strong. As at 30 June 2009, we have a cash and short term investments balance of �16.5 million (31 December 2008: �12.4 million) with no external indebtedness. Group trading volumes for the first six months of 2009 are up 96% over the same period in 2008. The European market has continued to grow strongly with over 2,685 million tonnes traded in the first half of 2009 compared to 1,066 million tonnes for the comparable period in 2008. In the U.S., volumes on the Chicago Climate Futures Exchange (CCFE) at 617,618 contracts for the period are running at more than double the 292,065 contracts traded in the first half 2008. A 44% decline in trading volumes of voluntary spot carbon contracts on the Chicago Climate Exchange (CCX) has been more than offset by a very significant increase in trading in carbon futures and options contracts on the CCFE, including our CFI-US, a when-issued contract for the anticipated U.S. compliance market, and most notably our RGGI contracts for the mandatory 10 Northeast and Mid-Atlantic States' Regional Greenhouse Gas Initiative. Trading in our RGGI contracts has outpaced trading of our European contracts 2.25 to 1 over the same initial 240 day period of the respective programs despite an enormous size differential in baselines (188 million tons vs. 2 billion.) This we believe demonstrates the U.S. appetite for trading these new emission contracts. We are delighted to announce the appointment of Fox Pitt Kelton as our Nomad and Fox Pitt Kelton and J.P. Morgan Cazenove as our joint corporate brokers A more detailed review of progress and performance within each of our three geographic areas of business activity follows: * Europe: operated under our wholly owned subsidiary, the European Climate Exchange (ECX); * United States: operated under our wholly owned subsidiaries, the Chicago Climate Exchange (CCX), Chicago Climate Futures Exchange (CCFE) and the Insurance Futures Exchange (IFEX); and * International: Business conducted outside of Europe and the United States which have a potential for Mandatory or Voluntary markets such as Canada, Australia, China, India, Korea and Japan. Europe Seizing the momentum from a strong second half of 2008, the first half of 2009 started strongly for ECX with two consecutive monthly records in February and March. For the period, ECX traded 2,685,186 contracts, 2.5 times H1 2008, (nearly equalling full year 2008 volumes). Average daily volumes for the first half were 21,481 contracts vs. 8,462 contracts in the first half of 2008 and open interest increased to 676,978 contracts, 179% of the level for H1 2008. ECX total volume numbers for the first six months are reflected in the table below: Month 2009 Volume 2008 Volume 2009 Volumes as % of 2008 (metric tonnes) (metric tonnes) January 287,977,000 171,163,000 168% February 447,135,000 139,873,000 320% March 539,002,000 127,547,000 423% April 516,086,000 190,643,000 271% May 431,237,000 142,008,000 304% June 463,749,000 295,021,000 157% Total (six months) 2,685,186,000 1,066,255,000 252% Monthly volumes now include significant and regular volumes in European Union Allowance ("EUA") options. CER futures started to trade in March 2008, with options on CER futures following in May. Open Interest The health of any futures market needs to be measured both in terms of volumes and open interest. ECX open interest rose 79% across the full product suite during the 6 month period: Contract Open interest Open interest 2009 Volumes as % of 2008 30 June 2009 30 June 2008 (metric tonnes) (metric tonnes) EUA Futures 309,270,000 206,372,000 150% EUA Options 176,899,000 100,599,000 176% CER Futures 115,705,000 50,965,000 227% CER Option 75,104,000 20,600,000 365% Total 676,978,000 378,536,000 179% New Products Whilst still maintaining our primary focus on deepening liquidity in the existing futures and options on EUA's and CER's, ECX has also introduced two additional, supportive products during the first half of 2009. T+1 Futures - these innovative products are designed to provide a spot equivalent that allows for short term delivery/receipt of the underlying products (and corresponding cash flows), whilst maintaining the legal structure of a futures contract. This approach has some advantages over traditional DVP spot markets (such as keeping it within the regulated derivatives markets, allowing for intra-day netting of trades and making use of existing trading, compliance, settlement infrastructures). The products launched in mid March and have seen constant daily volumes. A number of users have taken longer than expected to get their internal approvals and systems in place, but we remain confident that we shall capture a significant part of the spot trading market. Serial Options - in response to market demand for shorter dated options that would allow players to take a view on market volatility without paying the large time-value premiums inherent in the long-term nature of our product, we launched quarterly options in July. These products continue to be based on the December futures which form the core liquidity for both EUA's and CER's, but expire quarterly in March, June and September). Competition ECX continues to dominate emissions derivatives volumes with in excess of 95% of all exchange traded activity being directed through our facilities. However, we cannot become complacent and must continue to serve our customers needs for easily accessible, transparent and liquid trading. A recent initiative launched in conjunction with LCH.Clearnet, formerly our clearing partner, offers a facility to clear OTC transactions. It remains to be seen whether this will gain significant traction - an OTC cleared product certainly might suit some participants, but the absence of regulation and transparent pricing will undoubtedly not appeal to all. It is also important to comment on the recent VAT issue that has been uncovered in the Spot emissions market. Whilst this is a tax problem, rather than an issue linked to the ETS, it did create otherwise unexplainable levels of spot activity particularly in Europe. The uncovering of possible large-scale "carousel" fraud and the subsequent tightening of tax laws (initially in France, the Netherlands and the UK but with more states to follow) has seen spot trading volumes reduce to more understandable levels. In the long-term we remain of the view that the design of emissions caps and the methods of compliance makes it more likely that trading activity will be driven by derivatives rather than spot products. Strength of Management Under the leadership of Patrick Birley the European Climate Exchange (ECX) continues to dominate the landscape in futures and options trading in the European Union's Emissions Trading System (EU ETS) as well as Certified Emissions Reductions (CER) United States The election of President Barack Obama has significantly raised the importance of the discussion on climate change in the United States. On June 26th, The U.S. House of Representatives passed the American Clean Energy and Security Act of 2009, a historic step towards enacting cap and trade legislation for reducing greenhouse gas emissions in the United States. U.S. Senate leaders have signalled their intent to debate climate legislation before the world community meets to negotiate the successor treaty to the Kyoto Protocol in Copenhagen in December. Early action credits for both industrial reductions and offsets were included in the bill as voted by the House of Representatives on June 26, 2009. Furthermore, a colloquy between Congresswoman Deborah Halverson of Illinois and Chairman Henry Waxman of California that recognized the role of voluntary registries such as CCX was read on the floor of the House the day of the vote and became part of the legislative record. As the Senate undertakes climate legislation this fall, we expect further refinement surrounding the issue of early action crediting. Volumes The first six months of 2009 saw a shift in trading from the voluntary spot carbon contracts on CCX to the mandatory future and option emission contracts on CCFE. A 44% decline in CCX trading was offset by a step change in volumes in our carbon contracts on CCFE. Most notably our RGGI futures and options traded 297,936 contracts, almost 4.5 times the amount of allowances auction by the Regional Greenhouse Gas Initiative for the period. It is interesting to note that this is over 150% of the 188 million ton baseline. While uncertainty about the future of the Clean Air Interstate Rule (CAIR) remains, SO2 and NOx volumes have rebounded nicely from a slow second half of 2008, and have posted 56% and 1,758% gains respectively over the comparable period in 2008. In all, CCFE recorded four monthly volume records in the first half of 2009, trading 617,618 contracts, more than the entire year in 2008. Average daily volumes grew 113% to over 4,900 contracts and open interest increased to 140,338 contracts, 174% of the level at 30 June 2008. At the same time, uncertainty over when U.S. cap and trade legislation will be passed and the form that legislation will take, especially with respect to early action crediting, impaired the trading of CFIs at CCX and CCFE and hampered our membership recruiting efforts. CCX Month 2009 Volume 2008 Volume 2009 Volumes as % of 2008 (metric tonnes) (metric tonnes) January 3,349,400 1,342,800 249% February 7,741,300 10,071,200 77% March 6,419,300 8,549,200 75% April 1,090,700 7,302,000 15% May 5,031,500 11,205,800 45% June 2,570,300 8,554,800 30% Total (six months) 26,202,500 47,025,800 56% CCFE Month 2009 Volume 2008 Volume 2009 Volumes as % of 2008 (contracts) (contracts) January 51,599 55,350 93% February 56,429 42,580 133% March 91,524 56,149 163% April 132,319 47,644 278% May 109,724 50,966 215% June 176,023 39,376 447% Total (six months) 617,618 292,065 211% Particularly impressive is the volume in the RGGI futures contracts recently launched in August of 2008. RGGI, the first mandatory cap and trade program for CO2 in the U.S. which encompasses electric power generating facilities in ten north eastern states, now represents 40% of turnover on the exchange and continues to grow impressively. To catalyse this success, we have developed an incentive programme which has the effect of lowering some transaction costs for liquidity providers as the market develops. CCFE (2009 product mix, in percent of contracts traded) Product Volume Jan-Jun 2009 Volume Jan-Jun 2008 (% of Volume) (% of Volume) Futures: CFI 1.6% 4.0% SFI 20.8% 59.3% NFI 22.8% 5.2% RGGI 38.5% 0.0% Other 2.9% 1.6% Options: 13.4% 29.9% Open Interest Especially encouraging is the growth of open interest, up 78% year-on-year. The resurgence of volumes in the NFI contract has been accompanied by a huge increase in NFI open interest. While uncertainty over the legal challenge to the Clean Air Interstate Rule (CAIR) has impaired SFI volumes this year, open interest in SFI contracts has continued to grow. Open interest in RGGI also steadily grew. CCFE (by product) Product Open Interest Open Interest 2009 Volumes as % of 2008 30 Jun 2009 30 Jun 2009 Futures: CFI 3,354 4,402 76% SFI 37,475 33,311 113% NFI 42,222 2,045 2065% RGGI 14,838 0 n/a Other 6,599 3,378 195% Options: 35,850 37,458 96% Total 140,338 80,594 174% New Products In February, CCFE launched futures and options contracts on the California Climate Action Registry (CCAR) Climate Reserve Tonnes, a program created by the State of California that issues offset credits for greenhouse gas reduction projects. In April, CCFE launched futures contracts on Renewable Energy Credits (RECs). RECs are certificates issued by a certifying agency that represent proof that a megawatt-hour of electricity was generated from an eligible renewable energy resource. As REC programs are mandated at the state level currently, we have launched three state REC contracts (MA, CT, NJ) and one voluntary contract. It is possible that federal legislation on renewable energy may be enacted separately from cap and trade legislation. An important ongoing initiative for the Company was the marketing of our IFEX hurricane derivative contracts in 2009. In the exchange market, there are several remaining uncleared asset classes which have traded in large volumes either OTC or on a paper based bi-lateral system. Insurance is one of the largest untapped asset classes and we believe the market would benefit from an exchange-based solution. In response, we have launched a series of insurance futures that trade U.S. catastrophe wind products. IFEX is part of CCFE, a wholly owned subsidiary of Climate Exchange. This is a natural fit to our product range in so far as the bulk of our products are involved with emissions and energy related products which are part of the causes of climate change and these insurance products relate to the consequences. Initial feedback is positive. Entities set up to trade are being recruited at a good rate and now total 51, up from 22 at 1 January 2009. Volumes are currently thin and to date, the current hurricane season would appear to be benign. We remain committed to this asset class and will continue to expand our activities in this area. Competition CCFE continues to be the central price discovery point and dominant exchange in volume and open interest for futures and options in all mandatory emissions cap and trade programs in the U.S. specifically SO2, NOX, and RGGI. Membership Though uncertainty over U.S. cap and trade legislation has made recruiting new CCX members much more difficult this year, the number of members continues to increase. Total Members as of June 30 numbered 463, up from 459 at the end of 2008. The total CCX program-wide baseline, at 632 million tonnes, continues to exceed the largest single country baseline within the European Union's Emissions Trading Scheme (EUETS). CCFE continued to build its membership in the first six months of 2009 with the sale of eight new Trading Privileges. Trading Privilege Holders are entitled to exchange membership benefits including a 20% discount on CCFE transaction fees. Strength of Management CCX and CCFE continue to develop under the leadership of our Executive Chairman and the support of a highly motivated staff team. In September, we announced the appointment of Satish S. Nandapurkar as President of CCX. This May, Mr. Nandapurkar also assumed the title of CEO at CCX. He will be responsible for working with the Boards of CCX and Climate Exchane plc to develop and implement strategy at CCX and CCFE. In April, Eric Nield was appointed as SVP and General Counsel for CCX. Eric brings 19 years of experience in the futures industry that will be important to us as we expand the business and our relevance in the regulatory landscape. International Our international businesses are focused on states and regions that have the potential for Mandatory or Voluntary markets in environmental products. While our strategy in each area of focus will be tailored to the local political and legislative circumstances our international approach has generally taken the form of ventures with local partners. Through our interest in Envex (a joint venture in Australia with Macquarie Bank Ltd. and Financial and Energy Exchange) we are developing a range of environmental products catering to the Australian market. The Mercari OTC platform commenced operation on 1 September 2009 meeting the demands of a variety of institutions across Australia. In Canada the Group has a relationship with the Montral Climate Exchange("MCeX") and has launched new futures contracts on Canadian carbon dioxide equivalent (CO2e) units. MCeX continues to develop products for the Canadian environmental market. The Tianjin Climate Exchange (TCX), a partnership that was formed in 2008 between CCX, the China National Petroleum Corporation Assets Management Co., Ltd. and the City of Tianjin, is developing emissions trading products for the Chinese market. In India, we continue to advance our research and developmental capabilities using resources and expertise from 25 leading Indian companies as well as India-domiciled subsidiaries of current CCX Member companies. The Group has continued to explore various opportunities and avenues in Japan as the government considers a variety of environmental measures and policies, while in Korea we signed a Memorandum of Understanding with the Korea Power Exchange, Korea Exchange and Korea Energy Management Corporation to collaborate in preparing for the establishment of emissions trading. Strength of Management Martin Hollander has joined the team as International Portfolio Manager. He has 15 years of experience in investment and portfolio management, and operations. Outlook For financial markets in general, the first half of 2009 continued the turbulent trends that began in the second half of 2008. Although the financial sector throughout most of the world was under significant stress, regulated exchanges that provided transparency and cleared transactions performed flawlessly. This, as well as the fundamentally positive outlook for the growth of environmental asset classes, is why we believe the Company is well positioned for continued growth. In the U.S., the American Clean Energy and Security Act (ACESA) legislation is now reaching a critical phase as it is debated in the Senate and the legal challenges to the Clean Air Interstate Rule (CAIR), which have had a detrimental impact on prices and volumes in the SO2 market, highlight the need for a legislative resolution in Washington. In addition, international negotiations will take place at the United Nations Climate Change Summit in Copenhagen from the 7th to the 18th December 2009. Whilst we are delighted with the growth achieved in the first half of 2009, political and regulatory uncertainty may moderate our rates of growth during the second half of the financial year and we have observed lower volumes in August. Our medium to long term growth expectations of this market remain unchanged. Unaudited Financial Highlights for the 6 months ended 30 June 2009 * Pro-forma core business revenues of �18.8 million, up from �10.8 million (6 months ended 30 June 2008) * Pro-forma core business operating profit of �6.7 million, up from �3.4 million (6 months ended 30 June 2008), excluding share based payment expenses * Cash balances were �16.5 million (including short term investments) at 30 June 2009 compared with �12.4 million at 31 December 2008 * Unaudited IFRS profit before tax of �1.5 million (6 months ended 30 June 2008 : loss of �0.3 million) We are delighted to report that on a pro-forma basis, our operating profit in our core businesses (excluding share based expenses) almost doubled to �6.7 million compared to a pro-forma operating profit of �3.4 million in 2008. In addition, for the first time, we reported an IFRS pre-tax profit for the Group of �1.5 million compared with a pre-tax loss of �0.3 million for the comparable period in 2008. Our balance sheet remains strong. As at 30 June 2009, we have a cash and short term investments balance of �16.5 million (31 December 2008: �12.4 million) with no external indebtedness. Our taxable profit is greater than our IFRS profit before tax, since some expenses are not tax deductable, including our share-based payments. Accordingly we have made a loss of �0.17 million for the period compared with our after tax loss of �1.38 million in the first six months of 2008. The figures above and in the pro-forma financial summary table below are extracted from unaudited management accounts of the Group. The unaudited consolidated financial statements of the Group for the 6 month period to 30 June 2009 and for the 2008 comparative period contained in this document have been prepared in accordance with International Financial Reporting Standards. In order to set out a comparable summary of the operating performance of the Group's core businesses, the following table of key financial data has been prepared. These figures have not been audited and do not form part of the financial statements of the Group. 2009 2008 �'000 �'000 Core Business Revenues ECX Trading Fees 11,135 4,033 Membership Fees 213 178 Other 88 9 11,436 4,220 CCX Trading Fees 1,645 2,112 Membership Fees 1,498 1,205 Other 1,413 1,417 Management fee Transfer from ECX - 387 4,556 5,121 CCFE Trading Fees 2,056 809 Membership Fees 761 640 Other - - 2,817 1,449 Total Core Business Revenues 18,809 10,790 Core Business Operating Expenses ECX Personnel 915 624 IT 4,396 1,565 Other 335 243 Management fee Transfer to CCX - 387 5,646 2,819 CCX Personnel 1,804 1,264 IT 835 480 Other 1,820 1,433 4,459 3,177 CCFE Personnel 613 384 IT 889 715 Other 473 272 1,975 1,371 Total Core Business Operating Expenses 12,080 7,367 Core Business Operating Profit ECX 5,790 1,401 CCX 97 1,944 CCFE 842 78 Total Core Business Operating Profit 6,729 3,423 R&D overhead ** (539) (748) Net Corporate Overhead (1,548) (1,185) Net Group Interest 61 136 Group pre-tax Profit * 4,703 1,626 Cash and cash equivalents including short-term investments at 16,548 12,404 period end (30 June 2009 and 31 December 2008) Exchange Rates � - $ 1.4950 1.9750 � - EUR 1.1195 1.2908 * Adjusted to exclude the expense of share-based payments of �3,219,500 (6 months ended 30 June 2008: �1,930,340) ** Since reporting for the six month period ended 30 June 2008, the Company has recognised its core businesses of ECX, CCX and CCFE. The net expenses relating to other business areas under development have been identified as a research and development overhead Richard Sandor, Executive Chairman Neil Eckert, Chief Executive 15 September 2009 Review report by KPMG Audit LLC to Climate Exchange plc Introduction We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2009, which comprises the consolidated income statement, the consolidated statement of comprehensive loss, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the Company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The half-yearly report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly report in accordance with the AIM Rules. As disclosed in note 2 the annual financial statements are prepared in accordance with IFRSs. The condensed set of financial statements included in this half yearly report have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the Directors currently intend to use in the next annual financial statements. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with IAS 34 and the AIM Rules. KPMG Audit LLC Chartered Accountants Douglas Isle of Man 15 September 2009 Climate Exchange plc Unaudited Consolidated Income Statement For the six months ended 30 June 2009 Unaudited6 months Unaudited6 months ended 30 June 2009 ended 30 June 2008 Notes �000 �000 7 Revenue 18,843 10,478 Expenses: Personnel expenses: - (2,378) (1,898) equity-settled share based payment expense - other personnel (5,155) (3,757) costs 8 Other expenses (9,046) (5,231) - equity-settled (842) (32) share based transaction cost Total expenses (17,421) (10,918) Profit/(loss) from 1,422 (440) operating activities Interest income 61 136 Net finance income 61 136 Profit/(loss) before 1,483 (304) tax 9 Taxation (1,657) (1,071) Loss for the period (174) (1,375) 12 Basic and fully (0.37) (3.03) diluted loss per ordinary share (pence) Climate Exchange plc Unaudited Consolidated Statement of Comprehensive Loss For the six months ended 30 June 2009 Unaudited6 months Unaudited6 months ended 30 June 2009 ended 30 June 2008 �000 �000 Loss for the period (174) (1,375) Other comprehensive loss Foreign currency (9,404) (60) translation differences for foreign operations Total comprehensive (9,578) (1,435) loss for the period Climate Exchange plc Unaudited Consolidated Balance Sheet As at 30 June 2009 Unaudited Audited 30 June 31 December 2008 2009 �'000 Notes �'000 Assets Non-Current assets 10 Intangible assets 57,150 64,454 11 Investments 1,908 1,908 Property, plant and equipment 362 443 9 Deferred tax assets 3,423 4,933 Total non-current assets 62,843 71,738 Current assets Cash and cash equivalents 16,548 12,404 Trade and other receivables 2,769 3,322 Total current assets 19,317 15,726 Total assets 82,160 87,464 Equity and liabilities Current Liabilities 13 Trade and other payables 4,238 3,886 9 Income tax liabilities 699 - Total liabilities 4,937 3,886 Equity 15 Share capital 474 471 15 Share premium 71,617 71,617 Reserves 5,132 11,490 Total equity 77,223 83,578 Total equity and liabilities 82,160 87,464 Climate Exchange plc Unaudited Consolidated Statement of Changes in Equity For the six months ended 30 June 2009 Share capital Share premium Retained reserves Foreign exchange Unaudited Unaudited reserve Total 30 June 2008 �'000 �'000 �'000 �'000 �'000 �'000 Balance at 1 January 471 71,617 (3,151) 14,641 83,578 60,948 Total comprehensive loss for - - (174) (9,404) (9,578) (1,435) the period Contributions by and distributions to owners: Share issue proceeds 3 - - - 3 - Share option expense - - 3,220 - 3,220 1,930 Total transactions with owners 3 - 3,220 - 3,223 1,930 Balance at 30 June 474 71,617 (105) 5,237 77,223 61,443 Climate Exchange plc Unaudited Consolidated Statement of Cash Flows For the six months ended 30 June 2009 Unaudited Unaudited 6 months ended 30 6 months ended 30 June 2009 June 2008 �'000 �'000 Cash flows from operating activities Profit/(loss) before 1,483 (304) tax Depreciation 94 63 Share-based payments 3,220 1,930 Operating cash flows 4,797 1,689 before movements in working capital Decrease/(increase) 190 (66) in trade and other receivables Increase/(decrease) 737 (1,920) in trade and other payables 5,724 (297) Tax paid (4) - Net cash generated 5,720 (297) from/(used in) operating activities Cash flow from investing activities Proceeds from sale - 238 of investment securities Purchase of (36) (42) property, plant and equipment Net cash (used (36) 196 in)/generated from investing activities Cash flow from financing activities Proceeds from issue 3 - of shares Cash generated from 3 - financing activities Increase/(decrease) 5,687 (101) in cash and cash equivalents Effect of foreign (1,543) 154 exchange rate fluctuations on cash balances Cash and cash 12,404 12,695 equivalents at beginning of period Cash and cash 16,548 12,748 equivalents at end of period Climate Exchange plc Notes to the financial statements For the six months ended 30 June 2009 1 The Company The Company was incorporated on 13 August 2003 in the Isle of Man as a public limited company. The Company's ordinary shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange plc. The interim consolidated financial statements of the Company as at and for the six months ended 30 June 2009 comprise the Company and its subsidiaries (together referred to as the "Group"). The interim consolidated financial statements are unaudited. The consolidated financial statements of the Group as at and for the year ended 31 December 2008 are available upon request from the Company's registered office at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP or at www.climateexchangeplc.com. The Group is principally engaged in owning, operating, and developing exchanges to facilitate trading in environmental financial instruments including emissions reductions credits in both voluntary and mandatory markets. The three core businesses are the European Climate Exchange (ECX) which operates an exchange that focuses on compliance certificates for mandatory European Emissions Trading Scheme (EU ETS), the Chicago Climate Futures Exchange (CCFE), a regulated exchange in the U.S. with a growing portfolio of environmental futures contracts and the Chicago Climate Exchange (CCX) which operates the world's first voluntary, but contractually binding cap and trade system for greenhouse gas emissions reductions. 2 Statement of compliance These interim consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2008. These interim consolidated financial statements were approved by the Board of Directors on 15 September 2009. 3 Significant accounting policies Except as described below, the accounting policies applied by the Group in these interim consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2008. Change in accounting policy a. Presentation of financial statements The Group applies revised IAS 1 Presentation of Financial Statements (2007), which became effective as of 1 January 2009. As a result, the Group presents in the consolidated statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the consolidated statement of comprehensive income. This presentation has been applied in these interim financial statements as of and for the six months period ended on 30 June 2009. Comparative information has been re-presented so that it also is in conformity with the revised standard. Since the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. Climate Exchange plc Notes to the financial statements For the six months ended 30 June 2009 (continued) b. Determination and presentation of operating segments As of 1 January 2009 the Group determines and presents operating segments based on the information that internally is provided to the CEO, who is the Group's chief operating decision maker. This change in accounting policy is due to the adoption of IFRS 8 Operating Segments. Previously operating segments were determined and presented in accordance with IAS 14 Segment Reporting. The adoption of the standard had no impact on presentation and disclosure of segment information. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's headquarters), head office expenses, and income tax assets and liabilities. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill. 4 Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Except as described below, in preparing these interim consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2008. During the six months ended 30 June 2009 management reassessed its estimates in respect of: * Deferred tax assets * Impairment of intangible assets * Measurement of share-based payments 5 Financial risk management The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2008. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 6 Segmental Reporting European Climate Exchange Chicago Climate Exchange Chicago Climate Futures Exchange Business segments Eliminations Consolidated 2009 2008* 2009 2008* 2009 2008* 2009 2008* 2009 2008* �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 External revenues 11,470 4,295 4,556 4,734 2,817 1,449 - - 18,843 10,478 Inter-segment revenue 1,329 993 - 1,467 - - (1,329) (2,460) - - Total segment revenue 12,799 5,288 4,556 6,201 2,817 1,449 (1,329) (2,460) 18,843 10,478 Segment result 5,219 893 66 2,031 842 78 68 1 6,195 3,003 Unallocated expenses - - - - - - - - (4,773) (3,443) Results from operating - - - - - - - - 1,422 (440) activities Net finance income - - - - - - - - 61 136 Taxation - - - - - - - - (1,657) (1,071) Loss for the period - - - - - - - - (174) (1,375) Segment assets 14,751 12,352 10,789 5,898 1,770 674 (9,238) (4,719) 18,072 14,205 Unallocated assets - - - - - - - - 64,088 73,259 Total assets 14,751 12,352 10,789 5,898 1,770 674 (9,238) (4,719) 82,160 87,464 Segment liabilities 20,293 22,687 4,367 12,998 1,326 1,038 (21,619) (33,529) 4,367 3,194 Unallocated liabilities - - - - - - - - 570 692 Total liabilities 20,293 22,687 4,367 12,998 1,326 1,038 (21,619) (33,529) 4,937 3,886 Capital expenditure - 29 36 57 - - - 14 36 100 Depreciation 10 14 37 48 - - 47 78 94 140 Non-cash expenditure other - - - - - - - 99 - 99 than depreciation * 2008 comparative figures for segmental reporting are for the 6 months ended 30 June 2008 for Income Statement items, and as at 31 December 2008 for Balance Sheet items. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 6 Segmental Reporting (continued) Geographical segments Europe United States Elimination Consolidated 2009 2008* 2009 2008* 2009 2008* 2009 2008* �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 Segment revenue 12,799 5,288 7,373 7,650 (1,329) (2,460) 18,843 10,478 Segment assets 14,751 12,352 12,559 6,572 (9,238) (4,719) 18,072 14,205 Capital expenditure - 29 36 57 - 14 36 100 * 2008 comparative figures for segmental reporting are for the 6 months ended 30 June 2008 for Income Statement items, and as at 31 December 2008 for Balance Sheet items. 7 Revenue 30 June 30 June 2009 2008 �'000 �'000 Membership fee income 2,473 2,023 Transaction fee income 14,874 6,954 Registration fee income 1,331 1,338 Grant income 35 1 Other 130 162 18,843 10,478 8 Other Expenses 30 June 30 June 2009 2008 �'000 �'000 Revenue share 4,365 1,542 Occupancy 349 203 Technology 1,773 1,260 Professional Fees 1,459 1,716 Depreciation 94 63 Other 1,006 447 9,046 5,231 Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 9. Taxation 30 June 30 June 2009 2008 �'000 �'000 Current tax expense 703 - Deferred tax charge 954 1,071 1,657 1,071 30 June 31 December 2009 2008 �'000 �'000 Deferred tax asset 3,423 4,933 3,423 4,933 Income tax liabilities 699 - 699 - The deferred tax credit in the income statement and deferred tax asset in the balance sheet relates to deferred tax which has been provided for in respect of tax losses of certain Group companies. The Company is resident in the Isle of Man where it is subject to tax at zero percent. The operating subsidiaries of the Company are resident in various jurisdictions where they are subject to local rates of taxation 10. Intangible assets Goodwill �'000 Cost Balance at 1 January 2009 64,454 Balance at 30 June 2009 57,150 Reconciliation in carrying amount Balance at 1 January 2009 64,454 Revaluation to Foreign Currency Translation Reserve (7,304) Balance at 30 June 2009 57,150 The goodwill relates to the acquisition of Chicago Climate Exchange, Inc in 2006. It is denominated in US$ and retranslated at each period-end. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 11 Investments 30 June 2009 31 December 2008 �'000 �'000 Investment in associate 1,908 1,908 1,908 1,908 Investment in associates comprises a 25% interest in Envex, an Australian company that provides exchange-traded (ETC) and over-the-counter (OTC) climate and environmental products. The investment is stated at cost. 12 Basic and fully diluted loss per ordinary share The basic loss per share is calculated by dividing the loss for the six months to 30 June 2009 attributable to ordinary shareholders of �173,596 (6 months ended 30 June 2008: loss of �1,375,421) by the weighted average number of shares outstanding during the period, being 47,277,129 (six month period ended 30 June 2008: 45,442,780). Fully diluted loss per share is the same as basic loss per share. 13 Trade and other payables 30 June 2009 31 December 2008 �'000 �'000 Trade payables 112 619 Non-trade payables and accrued expenses 4,126 3,267 4,238 3,886 Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 14 Share-based payments Share-based payments arise from two different types of transactions. First, there is a cost attributable to employment services received by the Company during the year and for which the Company granted share options as consideration, subject to the achievement of certain vesting criteria. Secondly, in connection with the launch of IFEX and other CCFE businesses, the Company has entered into contracts for the provision of services and delivery of certain IP assets for which the consideration was a conditional issue of shares. Personnel costs - equity settled share based payment expense At the EGM on 29 December 2006, Shareholders approved new plans to provide incentive arrangements for key executive staff. As set out more fully in the Shareholder circular dated 13 December 2006, three new plans were established. The Climate Exchange Plc 2006 Share Option Plan (the 2006 Plan); a long term incentive plan (LTIP); and the Climate Exchange Plc (European Climate Exchange Limited commutation) Share Option Plan (CLE ECX Plan). The Plans are all subject to vesting conditions linked to the performance of the relevant operating entities of the Group and lock-up provisions until the 4th anniversary of the date of grant. The number of Ordinary Shares issuable under the 2006 Plan may not exceed 15% of the Company's issued share capital as at the date of grant. The maximum number of Ordinary Shares issuable under the LTIP is 1,299,428 shares. The maximum number of Ordinary Shares issuable under the CLE ECX Plan is 1,197,657 shares. The number of Share options outstanding and their weighted average exercise prices are as follows: Weighted average Number of options 2009 exercise price 2009 (�) Outstanding at 1 January 3.51 8,643,343 Forfeited during the period 3.42 73,890 Exercised during the period 0.01 299,960 Granted during the period 8.00 399,777 Outstanding at 30 June 3.79 8,699,275 Exerciseable at 30 June - - Since 31 December 2008, a total of 73,890 options have been forfeited and 299,960 options have been exercised as a consequence of staff changes. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 14 Share-based payments (continued) The fair value of share options granted has been determined using a recognised option pricing model as specified by relevant accounting standards. Options with an exercise price of negligible value, where there is no material difference between the model value and intrinsic value, have been valued at their intrinsic value. The grants under the CLE ECX Plan and the LTIP are treated as modifications to the terms and conditions of their respective original grants and in each case such modifications have not increased the fair value of the options. Based on a valuation of the ECX subsidiary of �43 million at the time of the original grants, the implied fair value of the current CLE ECX and the LTIP options is �1.54. 2009 2008 2007 2006 Grants Grants Grants Initial Grant Grant date share price �8.50 �11.85 �8.65 �5.18 Exercise price �8.00 �11.75 �7.95 �3.30 Volatility 24.1% 70.6% 45.8% 24.0% Expected life 3 years 3 years 3 years 3 years Dividend yield 0% 0% 0% 0% Risk free rate of return 5.20% 4.19% 5.01% 5.03% Fair value �4.66 �5.84 �3.43 �2.38 No. options granted during the period 399,777 955,000 1,060,500 4,696,500 The volatility assumption is based on a statistical analysis of daily share price over the 260 days prior to the date of grant. Holders of share options are not entitled to receive dividends declared during the vesting period. Other expenses - equity settled share based transaction cost In connection with the launch of IFEX and other CCFE businesses, the Company has entered into contracts. under the terms of which, subject to the satisfaction of certain vesting conditions, the Company may issue warrants into shares in Climate Exchange or which are exchangeable for shares in Climate Exchange. While in each case the actual number of shares to be granted to each party cannot be determined in advance, the expected number of shares to be issued may be calculated based on the application of the terms of the contracts to the Company's internal budgets for the relevant accounting periods, revised as appropriate for current trading. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 14 Share-based payments (continued) As at 30 June 2009, the aggregate number of shares expected to be issued under the terms of the contracts was 427,356 (31 December 2008: 427,356). The fair value of this number of shares is established at the date on which the contracts were entered into. The average share price applicable to these contracts was �15.07. The fair value is then recognised either upon delivery (in the case of delivery of IP assets) or over the period during which services are contracted to be received (in the case of provision of services). Accordingly, 50% of the fair value of the share based payment to Deutsche Bank was recognised in the year to 31 December 2007. The balance of 50% of the fair value of the share based payment to Deutsche Bank and the total fair value of the share based payment to Execution will be recognised over the three years to 31 December 2010. 15 Share Capital and premium Number of shares Share Capital�000 Share premium�000 Balance at 1 January 2008 44,856,810 448 67,192 Share issue proceeds 740,189 8 - Second contingent 1,515,152 15 4,425 consideration Balance at 1 January 2009 47,112,151 471 71,617 Share issue proceeds 299,960 3 - Balance at 30 June 2009 47,412,111 474 71,617 Authorised share capital consist of 67.5 million (2008: 67.5 million) ordinary shares of 1p each with a total nominal value of �675,000 (2008: �675,000) The share issue proceeds during first half of 2009 relate to 299,960 shares issued on exercise of employee share options. Climate Exchange plc Notes to the financial statements (continued) For the six months ended 30 June 2009 16 Related parties During the interim period, no contracts of significant were entered into by the Company or any of its subsidiaries in which the Directors had a material interest. 17 Subsequent events On 24 July 2009, the Chancery Division of the High Court of Justice of the Isle of Man approved a reclassification of an amount of �71,617,000 standing to the credit of the share premium account to distributable reserves. --------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END IR KELFFKKBFBBF More
15-09-09	NYMEX's Green Exchange appoints new CEO	AFX UK Focus
LONDON, Sept 15 (Reuters) - NYMEX's Green Exchange Holdings has appointed former Ameritrade head Tom Lewis as its first CEO, the environmental exchange said on Tuesday. "Tom Lewis has extensive experience in emerging environmental and energy markets such as electricity, renewable energy, carbon and emissions trading," Nancy King, chairperson of Green Exchange Holdings, said in a statement. `"He brings a unique understanding of how to successfully build and scale up new business models in both the broker-dealer and the environmental sectors."` `Lewis, also a former head of environmental registry APX, in 2000 resigned after only three months at the helm of online broker Ameritrade, citing personal reasons.` `Green Exchange has struggled to secure a share of the $126 billion global carbon emissions trading market, trading minimal volumes since its launch in early 2008.` `Market players had predicted early on that Green Exchange would dominate exchange trade in the new U.S. regional emissions market, called the Regional Greenhouse Gas Initiative (RGGI), but it has largely foundered.` `Earlier this month, Green Exchange waived trading fees for three months for all emissions futures and options, including European Union carbon permits, in a bid to gain market share from U.S. emissions exchange leader Chicago Climate Exchange, a subsidiary of Climate Exchange Plc.` `The Green Exchange also trades futures contracts in nitrogen oxide and sulphur dioxide emissions.` (Reporting by Michael Szabo; editing by James Jukwey) Keywords: CARBON/GREEN EXCHANGE (michael.szabo@reuters.com; +44 207 542 9242; Reuters Messaging: michael.szabo.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
03-09-09	Climate Exchange PLC - Trading Update	RNS
RNS Number : 4809Y Climate Exchange PLC 03 September 2009 RNS Announcement 3 September 2009 CLIMATE EXCHANGE PLC Monthly Trading Update for the European Climate Exchange, the Chicago Climate Exchange and the Chicago Climate Futures Exchange Climate Exchange plc, below outlines the trading volumes for the month of August 2009 for the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE). Market Highlights ECX VOLUMES REMAINED STRONG WITH 283,400 CONTRACTS TRADED, A 36% YEAR-ON-YEAR INCREASE. AVERAGE DAILY VOLUMES CONTINUED ABOVE 20,000 CONTRACTS. TOTAL OPEN INTEREST ON ECX SURPASSED 750,000 CONTRACTS. EUA FUTURES OPEN INTEREST HAS GROWN 125% OVER THE COURSE OF THE YEAR. CCFE POSTED ITS 2ND HIGHEST VOLUME MONTH EVER WITH 154,150 CONTRACTS TRADED, A 600% YEAR-ON YEAR INCREASE. CCFE SFI FUTURES SET A NEW MONTHLY RECORD WITH 32,703 CONTRACTS TRADED, BEATING THE PREVIOUS RECORD SET IN MAY 2008, WHICH OCCURRED PRIOR TO THE U.S. COURT OF APPEALS' VACATING AND SUBSEQUENT REINSTATEMENT OF THE CLEAN AIR INTERSTATE RULE (CAIR). CCX VOLUMES REMAINED CONSTRAINED BY UNCERTAINTY OVER THE PROSPECTS OF U.S. CLIMATE CHANGE LEGISLATION AS CONGRESS RECESSED IN AUGUST. Total ECX Products (Contracts) `2009 2008 Change` `August 283,400 208,050 +36.22` `YTD 3,439,500 1,620,607 +112.23` `Open Interest 763,185 396,763 +74.70` 1 CONTRACT EQUAL TO 1,000 EUAS/CERS ECX EUA Futures Contract `2009 2008 Change` `August 203,685 136,898 +48.79` `YTD 2,547,900 1,148,608 +121.82` `Open Interest 349,141 225,108 +55.10` ECX EUA Options Contract `2009 2008 Change` `August 25,550 6,665 +283.35` `YTD 313,825 190,020 +65.15` `Open Interest 202,505 108,155 +87.24` ECX EUA Daily Futures Contract ('Spot') (launched 13 March 2009) `2009 2008 Change` `August 4,029 - -` `YTD 25,944 - -` ECX CER Futures Contract (launched 14 March 2008) `2009 2008 Change` `August 46,028 59,537 -22.69` `YTD 480,780 250,029 +92.29` `Open Interest 122,235 71,846 +70.13` ECX CER Options Contract (launched 16 May 2008) `2009 2008 Change` `August 4,000 4,950 -19.19` `YTD 69,920 31,950 +118.84` Open Interest 89,304 31,750 +181.27 ECX CER Daily Futures Contract (Spot) (launched 13 March 2009) `2009 2008 Change` `August 108 - -` `YTD 1,567 - -` CCX CFI (Contracts) `2009 2008 Change` `August 12,268 36,162 -66%` `YTD 316,611 543,796 -42%` CCFE (Contracts) Total CCFE Products `2009 2008 Change` `August 154,150 22,015 600%` `YTD 902,655 355,133 154%` `Open Interest 129,157 81,774 58%` CCFE SFI and NFI Futures & Options Contracts `2009 2008 Change` `August 44,118 12,403 256%` `YTD 382,210 318,347 20%` `Open Interest 74,093 65,696 13%` CCFE Carbon Complex including CFI, RGGI, CCAR and WI `2009 2008 Change` `August 109,930 8,551 1186%` `YTD 513,507 31,026 1555%` `Open Interest 48,045 11,631 313%` Other CCFE Products including IFEX `2009 2008 Change` `August 102 1,061 -90%` `YTD 6,938 5,760 20%` `Open Interest 7,019 4,447 58%` For breakdown of daily trades, please refer to websites as follows: `ECX www.ecx.eu` `CCX www.chicagoclimateexchange.com` `CCFE www.ccfe.com` Richard Sandor, Executive Chairman of Climate Exchange plc, said: "In what's a traditionally quiet month, we saw a number of milestones in August such as a 600% increase in CCFE volume and total open interest on ECX surpassing 750 million contracts. There's been a continuation of the trend we've seen where decreases in one part of the U.S. carbon emissions market are more than offset by increases in others." Contact `Richard Sandor, Chairman Climate Exchange plc 001 312 554 3370` and Chairman & CEO Chicago Climate Exchange `Neil Eckert, CEO Climate Exchange plc 0207 382 7801` `Patrick Birley, CEO European Climate Exchange 0207 382 7818` `Ivonne Cantu, Cenkos Securities plc 0207 397 8900` `Peter Rigby/Alex Parry, Haggie Financial 0207 417 8989 /07813 808 738` About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2 , NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of futures, options and spot contracts based on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX contracts are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading alongside other energy commodities with standardised contracts and clearing guarantees. ECX/ ICE Futures is the most liquid Exchange for carbon derivatives trading. More than 100 businesses have signed up for direct membership to trade ECX products. In addition, several thousand ICE clients can access the market via banks and brokers. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END* TSTILFELAFIVIIA More
03-09-09	Climate Exchange PLC - Notice of Results	RNS
RNS Number : 4353Y Climate Exchange PLC 03 September 2009 Press release For immediate release 3 September 2009 Climate Exchange plc Notice of Interim Results Climate Exchange plc, the leading international environmental exchange operator, will announce interim results for the six months ended 30th June 2009 on Wednesday 16th September 2009. An analyst briefing, hosted by Neil Eckert, CEO, and Matthew Whittell, CFO, will be held on the day at 9.30am at the offices of Haggie Financial, 10 Fenchurch Avenue, London, EC3M 5BN. Those wishing to attend should contact Alexandra Parry at Haggie Financial on 020 7417 8989 or by email at alexandra.parry@haggie.co.uk. For investors and for analysts unable to attend the earlier briefing, a conference call, hosted by Richard Sandor, Executive Chairman, Neil Eckert, CEO, and Matthew Whittell, CFO, will be held at 4:15pm (British Summer Time), 10:15am (Central Daylight Time) and 11:15am (Eastern Daylight Time). Dial-in details will be included in the interim statement and available on the Company's website in due course. --ENDS-- Contacts `Neil Eckert, Chief Executive, Climate Exchange plc +44 207 382 7801` `Peter Rigby/Alex Parry, Haggie Financial +44 207 417 8989` `Ivonne Cantu, Cenkos Securities Plc +44 207 397 8900` Notes to Editors: About Climate Exchange plc Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments including emissions reduction credits in both voluntary and mandatory markets. Its three main businesses are the European Climate Exchange (ECX) which operates the leading derivatives exchange focused on compliance certificates for the mandatory European Emissions Trading Scheme, Chicago Climate Exchange (CCX) which operates a voluntary but contractually binding cap and trade system for greenhouse gas emissions in the U.S., and the Chicago Climate Futures Exchange (CCFE) the leading U.S. regulated environmental products exchange whose contracts include mandatory U.S. emissions such as SO2, NOx and RGGI CO2. www.climateexchange.com About European Climate Exchange The European Climate Exchange (ECX) manages product development and marketing of futures, options and spot contracts based on CO2 EU allowances (EUAs) traded under the EU Emissions Trading Scheme and Certified Emission Reductions (CERs) issued under the Kyoto Protocol. ECX contracts are listed and traded on the ICE Futures electronic platform, offering a central marketplace for emissions trading alongside other energy commodities with standardised contracts and clearing guarantees. ECX/ ICE Futures is the most liquid Exchange for carbon derivatives trading. More than 100 businesses have signed up for direct membership to trade ECX products. In addition, several thousand ICE clients can access the market via banks and brokers. www.ecx.eu About Chicago Climate Exchange, Inc. and Chicago Climate Futures Exchange Chicago Climate Exchange (CCX) is a financial services business whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals. CCX is the world's first and North America's only contractually binding rules-based greenhouse gas emissions allowance trading system, as well as the world's only global system for emissions trading based on all six greenhouse gases. CCX members are leaders in greenhouse gas management and represent all sectors of the global economy, as well as public sector innovators. Greenhouse gas emission reductions achieved through CCX are the only reductions in North America being achieved through a legally binding compliance regime. Independent third party verification is provided by FINRA. For a full list of CCX members, daily prices and other Exchange information please see the CCX website. The Chicago Climate Futures Exchange (CCFE), a wholly owned subsidiary of the Chicago Climate Exchange, is a CFTC designated contract market which offers standardized and cleared futures contracts on emission allowances and other environmental products. Clearing services are provided by The Clearing Corporation. Market surveillance services are provided by the National Futures Association, the industry wide, self-regulatory organization for the U.S. futures industry. www.chicagoclimateexchange.com www.ccfe.com <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END NORMGGGLVZZGLZM More

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