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Montréal Exchange Inc. (MX) (TSX: MXX) welcomed today a decision granting regulatory approval of the market rules that will govern the trading of Montréal Climate Exchange (MCeX) environmental products, namely futures contracts on Canada carbon dioxide equivalent (CO2e) units.
The ruling was announced earlier in the day by the lead regulator of MX, the Autorité des marchés financiers (AMF).
“This decision is much appreciated since it enables the MX team to stay on the critical path leading to the launch of trading in carbon futures at the end of May,” said Luc Bertrand, MX President and Chief Executive Officer. “It is a milestone for us in creating the leading public market for environmental products in Canada.”
“I would like to acknowledge the contribution of the MX team that developed the market rules as well as the valuable work of the AMF in subjecting them to a critical review process,” Mr. Bertrand added.
The target date for the launch of trading in MCeX futures contracts is May 30, 2008, as previously announced. The market rules commit MX to operate a transparent, secure and liquid market that earns the confidence of traders, investors and market participants. Futures contracts based on Canada CO2e units will be traded on the MX electronic trading platform, SOLA®. MX will settle and guarantee contracts through its clearing house, the Canadian Derivatives Clearing Corporation, which is AA rated by Standard and Poor's.
