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12 July 2006 -- The Montreal Exchange (MX) and the Chicago Climate Exchange (CCX) announced today the establishment of the Montreal Climate Exchange (MCeX), the first environmental products market in Canada. The new exchange combines the special expertise of the MX, Canada's financial derivatives exchange, with that of CCX, which operates the only global greenhouse gas emissions trading system.
The two exchanges have finalized the preliminary agreement announced in Montreal on December 2005, during the first meeting of the Parties to the United Nations Framework Convention on Climate Change.
"The Montreal Climate Exchange will accelerate the development of a structured environmental market in Canada," said Mr. Luc Bertrand, President and CEO of MX. "Since our first announcement, last December, we have received a multitude of requests for information. There is no doubt that people are interested. The Canadian industrial and financial communities are ready to welcome market-based solutions, and the Montreal Climate Exchange will provide those solutions."
MX will bring to the new climate exchange its experience in trading systems, clearing, market regulation and financial risk management. CCX will contribute its experience in operating the Chicago Climate Exchange, the only exchange of its kind in North America, as well as its subsidiary, the European Climate Exchange (ECX).
The mission of the Montreal Climate Exchange is to offer price transparency, environmental integrity, low cost, wide access and reliability to the many sectors of the Canadian economy involved in air quality and climate change concerns.
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