Source: NYMEX Holdings
NYMEX Holdings, Inc. (NYSE: NMX), the parent company of the New York Mercantile Exchange, Inc., announced that Spectron Services Ltd, a subsidiary of IMAREX ASA (Oslo: IMAREX) has agreed to work with NYMEX Holdings, Inc. toward building The Green Exchange venture.
NYMEX Holdings holds approximately 15% of IMAREX ASA, parent of Spectron Group.
Introduced in December 2007 by NYMEX Holdings, Inc. with Evolution Markets, the current anticipated founding member participants in The Green Exchange are Morgan Stanley, Credit Suisse, Goldman Sachs, JPMorgan, Merrill Lynch, Tudor Investment, Constellation Energy, Vitol, RNK Capital, ICAP, and TFS Energy.
Andrew Stephens, Director and Chief Executive Officer of Spectron Group Ltd., said, "We are delighted to be a founding member of The Green Exchange venture, which we think is a ground-breaking initiative with a great future. Following Spectron's unprecedented growth and recognition in the US over the last two years and its expansion into China, Spectron is now truly a one-stop shop for global OTC environmental products. We look forward to using our global green expertise and presence to make a significant contribution to the project's development."
NYMEX anticipates the establishment of The Green Exchange as a separate futures exchange in 2009, subject to the review and approval of the U.S. Commodity Futures Trading Commission (CFTC). Once established, it is anticipated that the new exchange will offer a comprehensive range of environmental futures, options and swap contracts for markets focused on solutions to climate change, renewable energy and other environmental challenges. At present, all of the emissions and other environmental futures and options contracts designated as associated with NYMEX's The Green Exchange initiative are listed for trading and clearing by NYMEX. The first slate of environmental futures and options contracts were introduced on NYMEX on March 17, 2008.