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Environmental Protection & Preservation

The Montreal Climate Exchange

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. CCX is a world leader in building and operating environmental markets.

The two exchanges have finalized the preliminary agreement announced in Montreal on December 7 2005, during the landmark 1st meeting of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC, MOP-1).

"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 expertise in leading-edge trading systems, clearing, market regulation and financial risk management. CCX will contribute its experience in operating the Chicago Climate Exchange, the first and only exchange of its kind in North America and now the second largest live market in the world, as well as its subsidiary, the European Climate Exchange (ECX), now the largest exchange operating in the European Union emissions trading system. The Chicago Climate Exchange, and its founder Dr. Richard L. Sandor, are widely recognized as pioneers in the field of financial innovation and in development of emissions trading and other environmental financial products.

"Establishing the Montreal Climate Exchange will place Canada in a strong position to confront environmental challenges in a cost-effective market-based manner. MCeX is a significant advance in the global integration and expansion of environmental markets," said Dr. Richard L. Sandor, Chairman and CEO of CCX. "This new Exchange will combine the environmental and financial expertise of Chicago and Montreal to offer an attractive suite of environmental financial products and services to the Canadian market."

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.

Mr. Bertrand pointed out that the Montreal Climate Exchange looks forward to emerging plans in Canada with regard to greenhouse gas emissions reduction, including the federal Government plan, expected in the fall. In this regard, he noted: "We are confident that our approach offers the wide flexibility and quality required to advance a variety of ideas and regulatory frameworks. Our partner, CCX, has already developed systems that operate in the disparate regulatory environments of the US and Europe. We feel we are well prepared to help develop a uniquely Canadian approach to benefit Canada as a nation and the world generally."

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