Source: Green Exchange
Green Exchange ("GreenX") today announced the addition of six new Clearing Member firms who will provide clearing services for the Exchange's international customer base.
Credit Suisse Securities (USA) LLC, Goldman Sachs Execution & Clearing L. P., J.P. Morgan Futures Inc., MF Global, Morgan Stanley & Co. Incorporated and Newedge USA LLC were approved by CME Clearing and join GreenX's first clearing member, BNP Paribas Commodity Futures Inc., as approved GreenX Clearing Members to date. Clearing Members assume full financial and performance responsibility for all transactions guaranteed by and executed through them on GreenX.
Commenting on the approval of the additional clearing members, Tom Lewis, Chief Executive of GreenX, said: "The approval of Credit Suisse, Goldman Sachs, J.P. Morgan, MF Global, Morgan Stanley and Newedge as Clearing Members of the GreenX is a significant milestone for us. These firms offer clearing services to some of the largest traders in environmental commodities and their admittance will allow their customers access to our markets. We are confident that they will bring with them a breadth of experience and expertise in risk management to our marketplace."
These memberships will take effect upon the migration of the environmental products from the NYMEX Designated Contract Market (DCM) to the GreenX DCM on January 24th, 2011. Until then, the GreenX product suite will continue to be listed for trading on NYMEX and cleared through CME Clearing. All CME/CBOT/NYMEX/COMEX Clearing Members are eligible to become GreenX Clearing Members.