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HIGHLIGHTS
Volumes: 2010 began with a healthy month of volumes amid relatively low volatility. Total volumes reached 416 Mt, up 45% year-on-year and with an average daily volume of over 20 Mt. As the proportion of on-screen trades continues to increase, it is noticeable that the average clip size has grown by 60% in the six months since July Trading activity remains most intense in the afternoons.
Spot: ECX daily futures saw its second most liquid month to date with an average of 567,000 tonnes per day trading in January with an increasing share of brokered deals.
Options: After a consultation with the emissions options market, ECX/ICE plans to begin settling ECX EUA and CER options volatilities with a skew. This will be implemented from early February, and market participants will be surveyed for their views on volatilities for all options, Serials as well as Decembers, on a regular basis.
Open Interest: Open interest continues to grow and stands at nearly 600,000 contracts. Phase 3 EUA trading activity is growing rapidly with over 9 Mt tonnes of open positions in the Dec 13 contract, and 450,000 tonnes in the Dec 14 contract.
Membership: ICE Futures Europe and ECX welcome their 103rd and 104th Members: Macquarie Bank Limited (also a Clearing Member) and Consus S.A.
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