While the Chicago Climate Exchange is the first U.S. exchange to create a market for carbon credit trading, other U.S. exchanges are racing to get a piece of the global carbon trading market, which Celent says reached $32 billion in 2006 and will cross $58 billion by 2012, Reuters reports.
NYSE Euronext recently said it would launch a carbon trading market in early 2008 with French bank Caisse des Depots.
CME Group, the world’s largest derivatives market, also is interested in developing carbon trading products.
The New York Mercantile Exchange will also begin offering contracts for carbon trading in the first quarter of 2008.
About two-thirds of current carbon trading happens in over-the-counter markets, according to the article. Four exchanges - Nord Pool, Powernext, the European Climate Exchange and Chicago Climate Exchange - conduct the remainder.
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