Merrill Lynch New Energy Technology Plc

UK emissions trading exchange owner Climate Exchange announced rapidly-increasing volumes on the European Climate Exchange, which passed the one million tonnes of carbon dioxide futures per day mark in June. The exchange has traded in excess of 10 million tonnes of carbon dioxide futures contracts since its launch in April, and continues to benefit from responses to Kyoto as well as a growing awareness among companies of their environmental footprint.

Anybody watching this one?

shares have gone up quickly but I bought in a few days ago after the weekend press comments on the tremendous growth in this area. CLE own a 50% stake in the european exchange for carbon trading and a stake in Biofuels plus other companies in this area IMO they are not that easy to buy but should well reward any investors who have patience--they are not on many radar screens yet. one to tuck away.

After Katrina and recent floods over here-attention will soon focus on companies in this area-next results will be worth checking up on. the shares are not doing well yet but soon I hope for good results. Anyone else in them??

looking good how?

sure wish I'd held on to mine!! I got bored and moved on.....story of my life! can't really see why they are up so much-it looks a bit of a bubble now at the first whiff of disappointment stand clear. still well done if anyone stuck with them.

No need to make bio plastic, corn fuel, or tinker with dna. Just market fresh air.

Great idea

Other than being well placed to " make the market" in trading fresh air why are we still rising. Not complaining, with sola leading the way a green portfolio is the way to go this year. Just need to give GTL a kick and all looks good.

Thanks in advance to anyone that can explain rise..

Originally bought as a blind momentum buy this Co has legs. If emissions are to be limited and if a cap and trade system evolved than a trading exchange is reqd. Our man Dr Sandor has the wherewith all to make it work. (google Dr R Sandor). Our little Aim co. will be taken out, but trading exchanges, especially in Chicargo are worth big bucks.

Lots of IFS but maybe...

Now watch price collapse...

There you go. Pulled out by stops earlier. Now waiting to reload.

Climbed back on with the dip. But its scary quiet here. Could do with some company or am I about to be stamped on........?

I am a sucker for a good storey but is there more to it than the idea that if Sandor builds an exchange trading will come?.

Still going for it. Anyone know why?.
Can't work out why this goes up and GTL gets knocked down.
Keep lifting stops as it can't go for ever.

Must run out of steam soon. Very annoyed at having stops hit on gtl yesterday as they seem to have great potential. As far as I see Cle don't really have a sound business until a cap and trade market is set up in the US.
But you just have to go with the flow. S/B how with 300+pips. What a crazy world.

No interest here?.

Been in then out, shake it all about. Back in Tues. and lots more today. Them good old yanks look more and more like going cap and trade.

It seems CLE has been over-rated as carbon credit has drop from 17 euro to less than 1 euro recently. CLE is a SELL!

Can anyone tell me why this stock has such huge daily swings on very little volume? Have been watching it for a while but can't see any reason for the price swings. Maybe it's difficult to trade??? Bid / offer spread is not too great. Opinions gratefully received.

41million shares issued but mainly held by institutions with some share lock ins in force at present. Some institutions are also members of the exchange so probably in for the long run.

EK is very short!!

int results out 19 sep 07.

High volume traded yesterday. Looks like an institution picking these up cheap. Lets hope the start of a recovery on this one.

CLE was informed today that Richard Sandor, Chairman of the Company has sold 250,000 shares

Emissions exchange operator Climate Exchange moved into profit in 2007 as revenues surged and it said growth in 2008 has been even more exciting.

It made a pro-forma pre-tax profit of 850,000 in 2007 compared with losses of 5m the year before. Revenues jumped to 13.6m from 3.9m.

The company, which operates the Chicago Climate Exchange, the Chicago Climate Futures Exchange and the European Climate Exchange, said it was helped by a surge in volumes on all three exchanges.

Personally I think Trading emissions plc (TRE) is a better long term bet.

I HOLD BOTH.

A very interesting article in the ft regarding the future price of carbon :

http://www.ft.com/cms/s/0/ce67fbe0-5333-11dd-8dd2-000077b07658.html

CLE spread 1800 bid, 1844 offer! What's that all about???

Lehman Brothers shuts carbon trading desk - AFX


LONDON, Sept 15 (Reuters) - Lehman Brothers shut down its carbon emissions trading desk after the bank filed for bankruptcy protection, a source close to the company told Reuters on Monday.

'Everything's stopped, blocked ... it's a bit anarchic,' he said.

Lehman declined to comment on the matter.

The U.S. investment bank filed for Chapter 11 protection on Monday while Merrill Lynch, also plagued by toxic, mortgage-related debt, agreed to be bought by Bank of America . Merrill's carbon desk was open as usual on Monday, a source familiar with the bank said.

Lehman's membership on the IntercontinentalExchange, which includes access to the European Climate Exchange, the world's largest emissions trading exchange, was suspended, an ICE spokesman said.

This effectively disallows Lehman from closing any open positions on its trading books.

LCH.Clearnet, which handles clearing for ICE, also restricted Lehman's trading, citing the company as a 'defaulter', the clearing house said in a statement.

'Lehman's were relatively small, they were late coming into the (emissions) market,' one London-based broker said, adding that Lehman is thought to have been more involved in the Clean Development Mechanism (CDM) market than in day-to-day trading.

In the $13 billion CDM market, a trading scheme under the Kyoto Protocol, companies from rich nations can invest in clean energy projects in developing countries and in exchange receive offset credits, called CERs, which they can use toward emissions targets or sell for profit.

Lehman has stakes in up to 10 CDM projects, the first source said. 'There are some very good projects in the pipeline,' he said, adding that they would probably be sold by liquidators.



BACKFIRE

The projects, mostly in China, are expected to generate 10 million to 12 million CERs by 2012, worth up to 275 million euros ($385.4 million) at current market rates.

The source said the projects are of high quality and not involved in the destruction of hydrofluorocarbons (HFCs), a lucrative trade considered controversial by many in the emissions market.

One potential implication of Lehman's demise is the effect felt by those on the other side of these CER deals, often small companies in developing countries.

'If Lehmans have entered into direct contracts with counterparties in the developing world, chances are these contracts are probably not that complex,' the broker said.

'Provisions in the case of bankruptcy probably won't have been included unless Lehmans introduced them unilaterally ... to protect themselves in case of the small (project owner) declaring bankruptcy,' he said, adding that these provisions may now have backfired against Lehman.

European emissions markets were lower on weakness across the global energy markets on Monday.

European Union Allowances for December delivery lost one euro or 4.2 percent at 22.90 euros a tonne on volume of 2,300 lots traded. Benchmark CERs lost close to three percent at 19.20 euros a tonne.

Not seen this level (620p) since spring 2007.
Nothing that I can see to justify this drop in the sp.

Climate Exchange plc

Notice of Preliminary Results

"Climate Exchange plc, the leading global environmental exchange operator, will announce its preliminary results for the year ending 31st December 2008 on Thursday 12th March 2009."

02/03/09 CLE

February Highlights:www.exchange-handbook.co.uk

* "Monthly volumes reached a new all time high of 447 Mt, surpassing the previous record of 412 Mt in October 2008 (which had 3 extra trading days). The monthly volumes are over 3 times the levels traded in February 2008

* Two consecutive daily volumes records were set on 18th and 19th February with 39.3 Mt and 41.6 Mt contracts traded on the respective days. Average daily volumes in February were in excess of 22 Mt (22,000 lots)

* Prices saw further downward pressure with high volatility on the individual contracts. Additionally there has been noticeable volatility in the EUA/CER spread during the month, ranging from 1.28 to 0.30.

* Open interest continued its steady growth, with the combined EUA & CER futures and options total now standing at 451,705 contracts

* The new T+1 contracts will be launched on 13th March - considerable interest has been shown from across the trading community."

Great news and thanks for the update, thiss can be a very volatile stock but i see real potential

I am trading this stock pretty regularly now in small amounts. Although the bid/offer spread can sometimes be unattractive, the stock is certainly volatile enough to make trading worthwhile, imo. I will also hang on to some of my stock just in case the sp reaches the 1800/1900p level.
The only difficulty for me is understanding the complex reasons for the movement in the share price over a period of time. A bit of a learning curve.

Did you see Harbinger Capital Partners Master Fund took a 20% stake in cle two days ago. Monday could be interesting....

There are 2 RNS which came out within 30 mins of each other, but my reading of them is that a large quantity of shares have been shifted from one fund to another, but doesn't change the overall holding for Harbinger. I may be wrong.

Business Financial Newswire
"Chicago Climate reveals a record month for the Chicago Climate Futures Exchange in June with 176,408 contracts traded - a 33% increase over its previous record set in April.

And 463,149 contracts were traded on European Climate Exchange - the third highest month on record.

Average daily volume surpassed 21,000 contracts, representing a 57% year-on-year increase.

But contracts on the Chicago Climate Exchange fell 73% to 22,703.

Chairman Richard Sandor said: "Solid growth continued as CCFE saw record trading volume and open interest during the month of June.

"The policymaking process in the United States took an important step forward with passage of the American Clean Energy and Security Act in the House.

"The Bill recognises the benefits of using a market mechanism to achieve cost-effective emissions reductions.

"As the debate moves to the Senate, the experiences CCX and CCFE have gained in operating a cap-and-trade system over the past six years in the US will serve as an important resource and model."

Business Financial Newswire
"International environmental exchange operator Climate Exchange reveals a strong first half with accelerating growth in existing contracts.

The European Climate Exchange traded 2,682,806 contracts, an increase of 153% over H1 2008, nearly equaling full year 2008 volumes.

ECX average daily volumes for the first half were 20,797 contracts against 8,390 contracts in the first half of 2008 and monthly volume records were set in February and March.

Chicago Climate Futures Exchange traded 617,618 contracts; an increase of 111% over H1 2008 and a 27.5% increase over full year 2008.

Chicago Climate Exchange trading volumes declined 44% in the first half of 2009 compared to the first half of 2008.

The drop in trading of the voluntary carbon contracts was offset by the 1,889% increase in trading in the carbon complex contracts on CCFE, including contracts for the mandatory Regional Greenhouse Gas Initiative (RGGI), which posted 5 consecutive monthly volume records in the first half of 2009. "

"Climate Exchange plc, the leading international environmental exchange operator, will announce interim results for the six months ended 30th June 2009 on Wednesday 16th September 2009."

"Climate Exchange plc, below outlines the trading volumes for the month of August 2009 for the European Climate Exchange (ECX), the Chicago Climate Exchange (CCX) and the Chicago Climate Futures Exchange (CCFE).

Market Highlights
ECX volumes remained strong with 283,400 contracts traded, a 36% year-on-year increase. Average daily volumes continued above 20,000 contracts.

Total open interest on ECX surpassed 750,000 contracts. EUA futures open interest has grown 125% over the course of the year.

CCFE posted its 2nd highest volume month ever with 154,150 contracts traded, a 600% year-on year increase.

CCFE SFI futures set a new monthly record with 32,703 contracts traded, beating the previous record set in May 2008, which occurred prior to the U.S. Court of Appeals' vacating and subsequent reinstatement of the Clean Air Interstate Rule (CAIR).

CCX volumes remained constrained by uncertainty over the prospects of U.S. climate change legislation as Congress recessed in August"

Business Financial Newswire
"The Chicago Climate Futures Exchange had a record month in September with 203,794 contracts traded - 1 16% increase on the previous record set in June.

European Climate Exchange volumes increased 63% over September last year with average daily volumes of 19.600 contracts traded.

But Chicago Climate Exchange contracts fell 43% to 35,597. "

Business Financial Newswire
Climate Exchange continued to make solid progress in October.

Trading volumes at the European Climate Exchange remained strong across all products during October and year to date volumes on the exchange have now surpassed 4 billion tonnes.

It said 108,696 contracts traded on Chicago Climate Futures Exchange in October, a 229% increase over the 32,999 contracts traded in October 2008.

But it said 27,220 contracts traded on the Chicago Climate Exchange in October, representing an 18% decrease from the 33,013 contracts traded during October 2008, as uncertainty of US climate legislation continues to affect the market.

Chief executive Neil Eckert said: "This represents another month of solid progress both at ECX and CCFE.

"We now enter a critical phase where the spotlight will be Carbon markets during the run up to Copenhagen."

Historically this is the time when the sp seems to be at it's lowest. Possibly see 600p. A good buying opportunity imo with a surge in the sp in the spring.
The talks in Copenhagen seem to have had little or no effect on CLE thus far.

Where's the global warming?
The whole of UK and Europe are a frozen state, not seen for many decades.
Such a load of bollocks for politicians to give excuse to tax for greenhouse gases.

Time to watch ready for the upward cycle & shorters closing out.

Richard Sandor, Executive Chairman of Climate Exchange plc, said: "While Washington continues to work on climate legislation, we're seeing increased activity in state policymaking circles in the United States, especially in the area of renewable energy. CCFE closed February with record high open interest in our REC contracts. In Europe, ECX volumes were up again in February continuing on a path of steady growth."

Highlights
2010 ECX volumes continue to grow. February's totals show a modest year-on-year increase to reach 458,942 contracts, up 10% on January. Screen traded volumes continue to climb with EUA Futures alone trading over 10,000 contracts per day, a total of 200,193 for the month.
The Dec 13 Futures contract became increasingly active trading every day and total volume for the month reaching 15,150 contracts. Open interest has reached 16,549,000 tonnes in the Dec 13 and 715,000 tonnes in the Dec 14. ECX Dec 13 Options contract is scheduled to be introduced in march.
ECX Daily Futures (Spot) volumes continue to grow with almost 15.5m tonnes traded in total in EUAs and CERs. February was a record month for ECX EUA Daily Futures contracts with 14,750 contracts traded.
Despite lower volatility, February was an active month in the emissions options market as over 61m tonnes cleared onto the Exchange, an average of more than 3,000 contacts per day - the majority of activity was in the Dec 10 EUAs which saw a 34% increase in open interest during February.
Open interest in all products continues to rise and is now approaching 700,000 contracts, a 36% increase since delivery in December.
Open interest across all CCFE products ended the month at 108,950, up 37% from 79,607 last year.
Open interest in the CCFE Renewable Energy Certificate futures ended the month at a record high of 3,690.
Volumes in the CCFE SFI and NFI-A futures and options contracts was 48,031 contracts, up 36% from the 35,334 last year.

"Climate Exchange plc, the leading global environmental exchange operator, will announce its preliminary results for the year ending 31 December 2009 on Friday 12 March 2010.

An analyst briefing, hosted by Neil Eckert, CEO, and Matthew Whittell, CFO, will be held on the day at 9.30am in the Drawing Room at Merchant Taylors' Hall, 30 Threadneedle Street, EC2R 8JB. Those wishing to attend should contact Alexandra Parry at Haggie Financial on 020 7417 8989 or by email at alexandra.parry@haggie.co.uk.

For investors and for analysts unable to attend the earlier briefing, a conference call will be held at 2.00 pm (Greenwich Mean Time), 9.00 am (Central Daylight Time) and 10.00 am (Eastern Daylight Time). Dial-in details will be included in the statement and available on the Company's website in due course."

Business Financial Newswire
"Climate Exchange says that 2010 ECX trading volumes continued to climb with a total of 476.43m tonnes changing hands in March, up from 458.94m tonnes in February.

CO Neil Eckert comments: "March was a month that exhibited low volatility across many financial asset classes. In spite of this we recorded further progress in ECX.

"Our key metric is open interest which is the lead indicator of underlying growth irrespective of short term volumes. This continued to grow.

"The political situation in the US is progressing. Health Care legislation was passed by the Senate and the Bi-partisan initiative lead by Senators Graham, Lieberman and Kerry is still being worked on.

"Press reports state it will contain a 2.5bn ton Cap and Trade provision for the Power Sector, which is 25% larger than EU ETS, the foundation for our success at ECX.

"Whilst we cannot speculate on the outcome of such a Bill, we are excited by its potential impact, if successful, it could be a value changing event for CLE."

"The Boards of IntercontinentalExchange, Inc. ("ICE") and Climate Exchange plc ("Climate Exchange") are pleased to announce that they have reached agreement on the terms of the unanimously recommended acquisition by Aether Ios Limited ("Bidco"), a wholly-owned subsidiary of ICE, of the entire issued and to be issued share capital of Climate Exchange (the "Acquisition").

Under the terms of the Acquisition, Climate Exchange Shareholders will receive 750 pence in cash for each Climate Exchange Share (the "Offer Price") held at the Scheme Record Time, valuing the entire existing issued and to be issued share capital of Climate Exchange at approximately 395 million."

Broker note from KBC:
"ICE has timed its deal cleverly. Carbon trading volumes in Europe have hit a new monthly high (volumes MTD April +90% vs March) on carbon prices at last on the move. Sentiment over the US introducing cap-and-trade had just been hit. The offer is close to our fair value WITHOUT a bid premium. A counter-bidder could have paid more but has been squeezed out. There is no real alternative but to accept the offer.
ICE has made a recommended offer at 750p cash. With 53% irrevocable acceptance there is effectively no room for a counter-offer, even if another player can afford to pay more.
The Intercontinental Exchange (ICE) entered into CLE equity through a 22 June 2009 acquisition of a 4.8% stake at 644p per share. It has long been obvious that CLE would fit attractively into ICEs portfolio. The 750p cash offer is close to fair value for CLE, without a bid premium, hence the offer is not generous. 24x PER on FY2012E may seem a high rating, but CLE is strongly positioned for US cap-and-trade. Our fair value of 713p was a probability weighted average, including an allowance for trading fees to fall by 75% in Europe.
CLE paid ICE an estimated 7.3m last year in revenue share, which we expect to rise to 10.0m this year, 2010. We do not know the terms of this agreement but if an acquirer other than ICE could make a 50% net margin on the revenue share it would reduce the PER of an acquisition based on 2011 earnings by 35% we estimate. The irrevocable undertakings ensure that this will not be achieved.