The European Climate Exchange (ECX) managed the product development and marketing for ECX Carbon Financial Instruments (ECX CFIs), listed and admitted for trading on the ICE Futures Europe electronic platform. For a time it was a subsidiary of the

Chicago Climate Exchange The Chicago Climate Exchange (CCX) was a voluntary, legally binding greenhouse gas reduction and trading system for emission sources and offset projects in North America and Brazil. CCX employed independent verification, included six greenhous ...

, but eventually became a sister company. Both companies as well as IFEX were owned by Climate Exchange Plc, a

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

listed on the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

Alternative Investment Market AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market, Unlisted Securities Market (USM) that had been in opera ...

, founded by

Richard Sandor Richard L. Sandor is an American businessman, economist, and entrepreneur. He is chairman and CEO of the American Financial Exchange (AFX) established in 2015, which is an electronic exchange for direct interbank/financial institution lending and ...

. A chief executive was Patrick Birley, son of archaeologist Robin Birley. While products were listed on the London Stock Exchange, the sales and marketing team was initially based in Amsterdam, the Netherlands, under its first CEO, Peter Koster, before moving to London in 2007. Climate Exchange Plc was bought in April 2010 by

Intercontinental Exchange Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the ...

. ECX provided a pan-European platform for

carbon emissions trading Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHGs). A form of carbon pricing, its purpose ...

, with its

futures contract In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item tr ...

based on the underlying EU Allowances (EUAs) and Certified Emissions Allowances (CERs), which had attracted over 80% of the exchange-traded volume in the European market. ECX contracted (EUA and CER Futures, options and

spot contract In finance, a spot contract, spot transaction, or simply spot, is a contract of buying or selling a commodity, security or currency for immediate settlement (payment and delivery) on the spot date, which is normally two business days after th ...

s) were standardised exchange-traded products. LCH.Clearnet was the designated clearing house prior to 2008; later, all trades were cleared by ICE Clear Europe. More than 100 businesses, including companies such as

Barclays Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

, BP, Newedge, E. ON UK,

Endesa Endesa, S.A. (, originally an initialism for ''Empresa Nacional de Electricidad, S.A''.) is a Spanish multinational electric utility company, the largest in the country. The firm, a majority-owned subsidiary of the Italian utility company Enel, ...

, Fortis,

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...

and Shell, signed up for membership to trade ECX products. Using a process called 'order routing, ' several hundred clients could access the market via banks and brokers without having to be members. ECX was bought out by its partner ICE Futures Europe in 2008.

Protests

On 1 April 2009,

Camp for Climate Action The Camps for Climate Action are Political campaign, campaign gatherings (similar to peace camps) that take place to draw attention to, and act as a base for direct action against, major Global warming#Causes, carbon emitters, as well as to deve ...

protesters set up a campsite and farmers' market outside the European Climate Exchange in Hasilwood House in Bishopsgate, City of London, to protest against

carbon trading Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHGs). A form of carbon pricing, its purpose ...

as a "false solution" to the problem of

climate change Present-day climate change includes both global warming—the ongoing increase in Global surface temperature, global average temperature—and its wider effects on Earth's climate system. Climate variability and change, Climate change in ...

. On 23 July 2010, European Climate Exchange's

website A website (also written as a web site) is any web page whose content is identified by a common domain name and is published on at least one web server. Websites are typically dedicated to a particular topic or purpose, such as news, educatio ...

was targeted by

hacktivists Hacktivism (or hactivism; a portmanteau of ''hack'' and ''activism''), is the use of computer-based techniques such as hacking as a form of civil disobedience to promote a political agenda or social change. A form of Internet activism with roots ...

operating under the name of . The website showed a spoof

homepage A home page (or homepage) is the main web page of a website. Usually, the home page is located at the Root directory, root of the website's Domain name, domain or subdomain. For example, if the domain is example.com, the home page is likely l ...

for around 22 hours in an effort to promote the contention that

is a false solution to the

climate crisis ''Climate crisis'' is a term that is used to describe global warming and climate change and their effects. This term and the term ''climate emergency'' have been used to emphasize the threat of global warming to Earth's natural environment an ...

References

{{Authority control Climate change policy Commodity exchanges Companies formerly listed on the London Stock Exchange Futures exchanges

Protests

See also

References