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New monthly record for European carbon derivatives market

The European Energy Exchange and Eurex achieved the highest monthly trading volume to date in October for their jointly-operated market for carbon dioxide emission rights, with European Union emission allowance (EUA) futures equivalent to 16.7 million tonnes of carbon dioxide, 17 times higher compared than the equivalent of 977,000 tonnes in October 2007 and up by 90 per cent compared with the previous record month, August.

Of the total, 6.13 million EUAs was attributable to OTC clearing, offered by both partners, which contributed considerably to the increase in turnover, the exchanges say, along with the constant increase in open interest.

The more active participation of market players in trading on the EEX is demonstrated, the firm say, by the fact that at the end of October, open interest in the carbon futures market had risen to 33.8 million EUAs, more than three times the figure at the beginning of the year.

The cooperation between the EEX and Eurex began in December 2007 with trade in EUA futures, which were already listed on the EEX, for the Kyoto 2008-12 phase. This joint platform enables market participants to trade not only EUA futures but also CER futures, global emission credits under the Kyoto Protocol, as well as options on the EUA future.

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