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?

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.