Welcome to Climate Exchange [CLE]
Website: CLE
Climate Exchange plc (CLE) is a company listed on the AIM section of the London Stock Exchange. The CLE group is principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments, including emissions reduction credits, designed to support and lower the economic costs of achieving environmental objectives.
Climate Exchange plc has three core operating businesses:
European Climate Exchange (ECX) which operates an exchange that focuses on compliance certificates for mandatory European Emissions Trading Scheme ("EU ETS"),
Chicago Climate Exchange (CCX ) which operates the world’s first voluntary, but contractually binding cap and trade system for greenhouse gas emissions reductions and Chicago Climate Futures Exchange (CCFE), a regulated exchange in the U.S. with a growing portfolio of environmental futures contracts.
In addition, Climate Exchange plc is also investing in new product development such as IFEX and in other geographic regions including:
* China
* Canada
* Australia
Shares in Issue - 47,592,023
Shares not in public hands is 64.42%
Top 10 Shareholders as at 29 January 2010
Invesco Asset Management Limited 29.75%
Directors and Related 15.70%
BlackRock Advisors 8.64%
Intercontinental Exchange 4.79%
Generation Investment Management LLP 2.98%
Fidelity (Institutional Group) 2.63%
William Blair & Company, LLC 2.45%
Deutsche Wertpapierservice Bank Ag - Custodian 2.33%
Ontario Teachers' Pension Plan Board 2.11%
Jupiter Asset Management Ltd 1.29%
Company Information
Registered in the Isle of Man no. 109015C
Registered Address: IOMA House, Hope Street, Douglas, Isle of Man IM1 1AP
The following information is being disclosed for the purposes of AIM Rule 26
1. The Company is incorporated in the Isle of Man and therefore the rights of shareholders may be different from the rights of shareholders in a UK incorporated company
2. There are no restrictions on the transfer of shares other than as specified by Agreement and as detailed in the Admission Document
3. 64.42% of the Company's shares are not in public hands, these being held by Directors of the Company as follows (approved 1.04.09) and those of related parties (shareholders of 10%+ of ISC)
Dr. R L Sandor -- 7,883,614 shares
N D Eckert -- 1,084,124 shares
C Brookins -- 16,252 shares
K Gierstner -- 37,000 shares
L Magnus -- 4,093 shares
B Williamson -- 1,500 shares
Directors:
Richard Sandor, Chairman
Neil Eckert, Chief Executive Officer
Matthew Whittell, Chief Financial Officier
Carole Brookins, Non Executive Director +*
Klaus Gierstner, Non Executive Director *
Sir Laurie Magnus, Non Executive Director +*
Sir Brian Williamson, Non Executive Director
Company Secretary:
Philip Scales
Chairman-- Dr. Richard L. Sandor:
Richard L. Sandor is Chairman and CEO of the Chicago Climate Exchange, the world’s first and North America’s only voluntary, legally binding integrated greenhouse gas emissions reduction, registry and trading system. Dr. Sandor is also a research professor at the Kellogg Graduate School of Management at Northwestern University and a Member of the International Advisory Council of Guanghua School of Management at Peking University.
While on sabbatical from the University of California, Berkeley in the early 1970s he served as Vice President and Chief Economist of the Chicago Board of Trade. It was at that time that he earned the reputation as the principal architect of the interest-rate futures market.
Richard L. Sandor was honored by the City of Chicago and the Chicago Board of Trade for his contribution to the creation of financial futures and his universal recognition as the "father of financial futures". In October 2007, Dr. Sandor was honored as one of Time Magazine’s “Heroes of the Environment” for his work as the “Father of Carbon of Trading.”
In August 2002 Dr. Sandor was first chosen by Time magazine as one of its "Heroes for the Planet" for his work as the founder of the Chicago Climate Exchange. In November 2004, Dr. Sandor was the recipient of an honorary degree of Doctor of Science, honoris causa, by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland for his pioneer work in the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. In May 2005, Dr. Sandor was named by “Treasury and Risk Management” magazine as one of the “100 Most Influential People in Finance”.
Chief Executive Officer -- Neil Eckert:
Until April 2005, Neil was Chief Executive of Brit Insurance Holdings PLC which is a UK and International insurance and reinsurance company. Neil founded the company in 1995 as an Investment Trust listed on the London Stock Exchange. There followed a sustained period of corporate activity which resulted in the company being re-listed as a publicly quoted insurance company in 1999. Following the tragic events of September 2001, which severely impacted the company, Brit undertook two major fund raisings totaling some £350 million. Brit moved into the FTSE 250 in September 2002.
Neil is Chairman of Trading Emissions Plc, an AIM listed company which is one of the world’s leading funds investing in emission reduction permits.
Neil is on the Board of the Isle of Man Assurance Company; Ebix Inc, an insurance based software company traded on NASDAQ; the Environmental Credit Corporation, a U.S. company dedicated to securing CO2 permits from U.S. agricultural business and Ri3K, a UK technology hub for the reinsurance market. Neil is also Chairman of Design Technology & Innovation Limited, a patenting and intellectual property company.
History --- Climate Exchange Plc [CLE]
Climate Exchange Plc was formed in November 2004 [1] by changing the name of the CCX and placing 15,000,000 new shares worth £15m. At the same time the new company made investments in the European Climate Exchange (ECX), which had begun trading European-based carbon-emission permits earlier that year.
One month later, the newly formed Climate Exchange Plc launched trading on the Chicago Climate Futures Exchange(CCFX).
The following year, in December 2005, the company formed the Montreal Climate Exchange (MCX), bringing its total global exchanges to four.
In September of 2006, Climate Exchange Plc acquired the remainder of CCX it didn't own and placed £12.2 million of new shares with Goldman Sachs. Two months later the company appointed Neil Eckert [2] its new chief executive officer.
In June of 2009, IntercontinentalExchange took a 4.8 percent stake in Climate Exchange. In a regulatory filing, Climate Exchange said that ICE had acquired 2.3 million shares in the company. ICE already provides the trading platform the Climate Exchange uses to trade its greenhouse gas contracts. [4]
In April of 2010, the InterContinental Exchange announced that they will buy the Climate Exchange for $606.7 million dollars.[3]
Website: CCX
Background of Chicago Climate Exhange [CCX}
In 2005, CCX launched the European Climate Exchange (ECX), and the Chicago Climate Futures Exchange (CCFE), a CFTC-regulated futures exchange for U.S. SO2 allowances and U.S. NOx Ozone Season allowances. [3] The exchange, CCFE and ECX all fall under the ownership of the publicly traded company called Climate Exchange Plc, which has been listed on the AIM of the London Stock Exchange since 2006.On May 30, 2008 CCX launched the Montréal Climate Exchange (MCeX) a joint-venture between CCX and the Montreal Exchange, (which is now TMX Group) to create and offer carbon and emissions futures for the Canadian market.[4]
On Sept. 30, 2008, CCX opened headquarters in China with the China National Petroleum Corporation Asset Management Company, Ltd. to create China's first foreign-owned joint venture exchange called the Tianjin Climate Exchange (TCX).[5]
Key People
* Dr. Richard Sandor, Founder and Chairman
* Satish Nandapurkar, President and CEO
* Eric Nield, Senior Vice President and General Counsel
* Michael J. Walsh, Executive VP
European Climate Exchange [ECX]
Founded -- 2005
Headquarters -- London
Key People -- Chief Executive of ECX is Patrick BirleyECX
The European Climate Exchange (ECX), launched by the Chicago Climate Exchange in 2005, manages product development and marketing of Carbon Financial Instruments (CFI) futures and options contracts on CO2 EU allowances traded under the EU Emissions Trading Scheme.
ECX CFI contracts are listed and traded on the ICE Futures U.S. electronic platform...
The current chief executive of ECX is Patrick Birley, son of the archaeologist Robin Birley.[2]
Chicago Climate Futures Exchange [CCFE]
Headquarters -- Chicago
Key People -- Satish Nandapurkar, president and CEO
Website: CCFE
A wholly owned subsidiary of the Chicago Climate Exchange (CCX), the world's first environmental derivatives exchange, the Chicago Climate Futures Exchange (CCFE) is a Commodity Futures Trading Commission-regulated futures exchange for U.S. CO2, SO2 and NOx allowances. It was approved by the Commodity Futures Trading Commission (CFTC) as a contract market in 2004.[1]
On Nov. 19, 2008 CCFE’s launched its Carbon Financial Instrument - U.S. Allowance Futures (CFI-US), which offers the first contract for directly hedging exposure to possible future U.S. carbon allowance prices, as well as whether and when a U.S. federal greenhouse gas emission reduction mandate is established.[3] The contract allows traders and investors to take a position on the US carbon market with delivery in 2013 and beyond.
On Aug. 15, 2008, CCFE was the first exchange to offer trading on Regional Greenhouse Gas Initiative (RGGI) futures and options on futures. RGGI is a CO2 cap-and-trade emissions trading program comprised of ten New England and mid-Atlantic states that began in January 2009 and is the first government-mandated CO2 emissions trading program in the United States.[4]
On Aug. 11, 2009, CCFE announced the successful completion of the first-ever physical delivery of a Renewable Energy Certificate (REC) futures contract, which was completed on Aug. 5, 2009.[7]