Montreal Climate Exchange Launches First Canadian Environmental Market



    MONTREAL, May 30 /CNW Telbec/ - The Montréal Climate Exchange (MCeX), a
joint venture of the Montréal Exchange (MX) and the Chicago
Climate Exchange(R) (CCX), today officially launched trading of a new futures
contract on Canada carbon dioxide equivalent (CO2e) units.
    "The listing of the MCeX futures contract is a 'first' and it makes
Montréal Climate Exchange the first regulated environmental market in Canada,"
said Luc Bertrand, President and CEO of the Montréal Exchange, Deputy CEO of
the new TMX Group and chairman of MCeX. "This is a historic milestone in the
development of both the MX and the Canadian financial markets."
    Mr. Bertrand was speaking to an official MCeX launch ceremony in the
presence of Quebec Premier Jean Charest, Federal Environment Minister John
Baird and Federal Public Works and Government Services Minister Michael M
Fortier. Also attending were representatives of MCeX market makers -Orbeo, TD
Securities Inc. and TradeLink LLC - and a group of MCeX business partners (see
list on page 2). After a short countdown, fully automated trading in the MCeX
futures contract was launched at 9:30 am on the MX SOLA (R) platform.
    "We know this is the first step in a gradual process of constructing
environmental markets in Canada and attracting investors to participate,"   
Mr. Bertrand said. "Our goal is to position MCeX as a leading developer of
market solutions that help industry reduce greenhouse gas emissions as
efficiently as possible."
    "Our launch of the Montréal Climate Exchange will help establish Canada
at the forefront of environmental finance and integrated international
emissions trading," said Richard Sandor, Chairman and Founder of the Chicago
Climate Exchange(R), which operates the world's first greenhouse gas emissions
reduction and trading system, now with members and project participants
worldwide.

    MCeX Market Makers and Partners

    Mr. Bertrand emphasized that the MCeX listing was the product of years of
effort by a dedicated MX team working with CCX experts. "I also want to thank
MCeX market makers - Orbeo, TD Securities Inc. and TradeLink LLC - and our
business partners for supporting this new market. Their efforts and expertise
will be critical to our success as the market operator."
    "We aim to build a critical mass of trading activity in Canadian carbon
futures," Mr. Bertrand added. "The MCeX market will help Canadian industry
discover the true 'price of a tonne of carbon' under the new federal
regulatory framework. Trading in the MCeX futures will generate vital price
signals for industries that are investing in new 'green' infrastructure and
capital equipment."
    The MCeX carbon futures contract has been designed specifically to help
industrial participants to manage their emissions risks at the lowest cost
while also creating continuous incentives for technological innovations that
reduce greenhouse gas emissions. The market is expected to bring together a
variety of participants including large regulated emitters, investors in
voluntary emissions reduction projects, financial institutions, institutional
investors, hedge funds and insurance companies.
    Mr. Sandor pointed out that MCeX, like CCX, the Chicago Climate Futures
Exchange and European Climate Exchange(R), offers investors in emerging
environmental markets important advantages. "We add value the way regulated
exchanges always do - by offering traders transparency, liquidity, open access
to information, standard contracts, clearing services and, above all,
efficient price discovery," he said.
    Trading of the MCeX contract is conducted using the MX electronic trading
platform. MX settles and guarantees contracts through its clearing house, the
Canadian Derivatives Clearing Corporation, which is AA rated by Standard and
Poor's.

    
    MCeX Business Partners
    -------------------------------------------------------------------------
    Caisse de dépôt et    Fasken Martineau    Société Générale (Canada)
    placement du Québec   Dumoulin
    -------------------------------------------------------------------------
    CantorCO2e, L.P.      MF Global           SNC-Lavalin Inc.
                          Canada Co
    -------------------------------------------------------------------------
    Carbon Capital        Ogilvy Renault LLP  TD Securities Inc.
    Management
    -------------------------------------------------------------------------
    Ecoressources         Orbeo               TradeLink LLC
    Consultants
    -------------------------------------------------------------------------
    Deloitte &            Rio Tinto Alcan
    Touche LLP
    -------------------------------------------------------------------------


    About the Montréal Climate Exchange

    The Montréal Climate Exchange is a joint venture of Montréal Exchange Inc.
and the Chicago Climate Exchange(R) (CCX), the world's pioneer in the design
and operation of carbon markets in the United States and Europe. Its aim is to
establish the leading market for publicly traded environmental products in
Canada.

    About Montréal Exchange Inc.

    Since May 1st, 2008, the Montréal Exchange is part of TMX Group Inc.(1).
TMX Group is the product of the business combination of TSX Group Inc. and
Montréal Exchange Inc. TMX is the leading integrated exchange group in Canada,
operating markets for multiple asset classes.
    The Montréal Exchange (MX) is the Canadian derivatives exchange. MX offers
trading in Canadian interest rate, index and equity derivatives. Clearing,
settlement and risk management services are provided by an AA rated clearing
house. MX has interests in: the Boston Options Exchange (BOX), a U.S.
automated equity options market, the Canadian Resources Exchange (CAREX), a
corporation dedicated to developing the Canadian energy market; and the
Montréal Climate Exchange (MCeX), a joint venture with the Chicago Climate
Exchange(R), which aims to establish the leading market for publicly traded
environmental products in Canada.

    (1) TSX Group is expected to change its name to TMX Group Inc. on June
        11, 2008, subject to approval by shareholders
    

    About Chicago Climate Exchange and Chicago Climate Futures Exchange

    Chicago Climate Exchange (CCX) is a financial institution whose
objectives are to apply financial innovation and incentives to advance social,
environmental and economic goals. CCX, which began trading in 2003, is the
world's first and North America's only legally 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 mitigation, located throughout
the United States.
    The founder, Chairman and CEO of CCX is economist and financial innovator
Dr. Richard L. Sandor, who was named a Hero of the Planet by Time magazine in
2005 for his founding of CCX, and in 2007 as the "father of carbon trading."

    Chicago Climate Futures Exchange (CCFE), a wholly-owned subsidiary of
CCX, is the world's first and leading environmental derivatives exchange.
Market participants are able to secure price transparent, standardized futures
and options contracts on an anonymous electronic trading platform.

    CCX, a US corporation, launched its trading platform in 2003. In 2005,
CCX launched the European Climate Exchange (ECX), now the leading exchange
operating in the European Union Emissions Trading Scheme. Since 2006, both CCX
and ECX have been owned by Climate Exchange Plc. (CLE.L), a publicly traded
company listed on the AIM division of the London Stock Exchange.




For further information:

For further information: Jean Charles Robillard, (514) 871-3551,
jcrobillard@m-x.ca

Organization Profile

The Montreal Exchange

More on this organization

MONTREAL CLIMATE EXCHANGE (MCEX)

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890