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EmissionAssetClass
Figure 2: Evolution of Carbon Vehicles
EEX/Eurex CO
2
Emissions
Trading Products
Since December 2007, EEX and Eurex have
been cooperating in emissions trading. The
alliance combines EEX’s energy market
membershipandconnectivitytotheEuropean
power trading community with Eurex’s
financial market membership and global
distribution network. Table 1 shows the CO
2
derivatives available. In addition to
electronically trading, the EEX/Eurex products
intheCentralOrderBook,marketparticipants
Source: ICFInternational– Carbon Funds Outlook, 2009
can also enter bilaterally agreed OTC
transactions into the Eurex system. Both
2012policyframeworkandthecreditcrisis,thefutureofthe segments are supported by central counterparty functionality,
carbon fund market has positive support with several minimizing counterparty risk. Registered OTC trades are then
development banks and institutions launching post 2012 automatically cleared as regular exchange transactions. The
carbon funds aimed at encouraging and facilitating OTCBlockTradefacilityisfullyelectronic,makingasignificant
reductioninoperationalcostsandrisks.EurexandEEXimposed
Table 1: EEX/Eurex CO
2
Products
nosizerestrictionsonblocktradesinCO
2
products.
Product Eurex Product ID Introduction
EUAFutures F2PE Dec5,2007
EUAs & CERs – No Correlation to Traditional Asset
CERFutures FCER Mar26,2008
Classes of Government Bonds & Equities
OptionsonEUAFutures O2PE Apr14,2008
TheattractiontofundmanagersandhedgefundsinEUAs
andCERsasanassetclassliesintheirnon-correlationtothe
investments into carbon reductions after the expiry of the traditionalinvestmentassetclassesofbondsandequities.For
current Kyoto Protocol. The European Investment Bank the period of March 2008 until March 2009 an econometric
launcheda €100millionpost2012CarbonFundinSeptember analysis was made to examine the relationship between the
2007 – The European Carbon Fund – initiated by Caisse des (daily) change in EUAs and CERs (for December 2009
Dépôt and Fortis and managed
by Natixis Environment and
Figure 3: Climate Change Investment Strategies
I

nfrastructures which raised
142.7million;TheFuture Carbon
Fund by the Asian Development
Bank, with an initial target size
of US$100 million and the
potential to increase this to
US$200 million; and the World
Bank’s Carbon Partnership Facility
whichhasafundtargetinglong-
term investments possibly
reaching €5billion.
Mark Fulton, climate change
strategist at Deutsche Asset
Management in New York, in
Investing in Climate Change: An
Asset Management Perspective
aptly outlines the linkage
between the various climate
change investment vehicles and
theroleofCO
Source: DeutscheAssetManagement
2
trading–Figure3.
worldPower2009 107
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