November Highlights:
- Trading volumes on ECX during November reached 322 Mt, the third highest month on record,and up 228% year on year.
- Total ECX Year-to-date volumes for 2008 have surpassed 2.6 billion tonnes. This is an increase of 173% over YTD 2007.
- Open interest in the December 2008 EUA contract remains high but has started to decrease to 102 Mt ahead of expiry on 15th December, from a peak in October of over 120 Mt. Open interest in the equivalent CER contract stands at 15 Mt after October’s high of over 24 Mt.
- The new ICE-ECX Market Making programmes for futures and options in EUAs and CERs came into effect from 1st December – Market Makers include Getco, Infinium Capital Management, Jane Street Capital, RNK Capital and Saxon Financials.
- The CER- EUA spread has seen increasing volatility, narrowing to €1.61 at the end of the month – see chart below in page 3 – leading to growth in liquidity in the one-click spread tool launched in October.
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