New Business Opportunity The Carbon Market AFM Bucharest

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New Business Opportunity: The Carbon Market AFM Bucharest, 27 June 2005 Peter Koster, Chief New Business Opportunity: The Carbon Market AFM Bucharest, 27 June 2005 Peter Koster, Chief Executive, ECX 1

Contents n Introduction to the European Climate Exchange n The EU Emissions Trading Scheme Contents n Introduction to the European Climate Exchange n The EU Emissions Trading Scheme n Market characteristics n How can you trade emissions at an exchange? n Looking ahead – how will the carbon market develop? 2

Background n The European Climate Exchange (ECX) and the International Petroleum Exchange (IPE) is Background n The European Climate Exchange (ECX) and the International Petroleum Exchange (IPE) is working together to offer exchange-traded products for CO 2 emissions; n Futures contracts were launched on 22 April 2005; n Contracts will fall under the normal exchange infrastructure: q Traded electronically on the ICE Platform; q IPE Regulations apply; q LCH. Clearnet Ltd. to act as Central Counterparty; q IPE market surveillance and compliance. 3

The EU Emissions Trading Scheme n EU ETS started on 1 January 2005 under The EU Emissions Trading Scheme n EU ETS started on 1 January 2005 under Directive 2003/87/EC; n Regulates CO 2 emissions across 12, 000 energy-intensive installations including power generation, mineral oil refineries, offshore installations, pulp, paper and chemical industries; n Operates on a ‘cap-and-trade’ basis enforced by financial penalties (€ 40 per tonne in Phase 1 rising to € 100 per tonne in Phase 2); n Each EU Member State must prepare a National Allocation Plan (NAP) to be approved by the European Commission; n Allowances will be held in dematerialised form in national registries. 4

Emissions Trading: “cap” and “trade” Shortfall – need to buy Emissions cap set Total Emissions Trading: “cap” and “trade” Shortfall – need to buy Emissions cap set Total emissions 2004 Target emissions 2005 Excess – can sell Actual 2005 Scenario 1 – business as usual 5 Actual 2005 Scenario 2 – emissions reduced

How many allowances are there in the market? 2. 2 billion EU allowances per How many allowances are there in the market? 2. 2 billion EU allowances per year = over € 40 billion market value* * Current market price is around € 18 per ton CO 2 6

State-of-Play n 23 National Allocation Plans approved or conditionally approved by the Commission n State-of-Play n 23 National Allocation Plans approved or conditionally approved by the Commission n Greece and Italy still awaiting their approval n Commission has tightened allocations by 223. 6 million tonnes so far + agreed that unused reserves are cancelled (e. g. France) 7

Development of the EU ETS First spot trade Feb 2005 First index-linked OTC trade Development of the EU ETS First spot trade Feb 2005 First index-linked OTC trade in Feb 2005 Spot market First forward trade Feb 2003 OTC derivatives Forward market Futures market 8 ECX IPE futures contract launched 22 nd April 2005

Market Data 9 Market Data 9

Emerging Carbon Risks § Regulatory Risk 25 NAPs and 25 legal jurisdictions § Price Emerging Carbon Risks § Regulatory Risk 25 NAPs and 25 legal jurisdictions § Price Risk Volatile prices § Market Risk of various local liquidity pools § Credit Risk Counterparty risk § Operational Risk Experienced staff? 10

How can an exchange add value? Market requirements Exchange offering Fair market price Standardised How can an exchange add value? Market requirements Exchange offering Fair market price Standardised contracts Liquidity Low cost central market place Easy access Member or use bank/broker - No counter-party risk Credit risk management Post-trade administration Highly-regulated marketplace - OTC registration ability Established back office and invoicing system Regulated by the FSA 11

Contract specifications ECX CFIs (Carbon Financial Instruments) Settlement Physically settled against transfer of EU Contract specifications ECX CFIs (Carbon Financial Instruments) Settlement Physically settled against transfer of EU allowances Settlement cycle Quarter-ends on Mar / Jun / Sept / Dec cycle to Mar 2008 – first expiry Dec 2005. 5 annual contracts – Dec expiry 2008 – 2012. Contract size 1000 tonnes CO 2 (i. e. 1000 allowances). Quotation € per metric tonne. Tick size € 0. 05 per tonne (i. e. € 50. 00 per contract). Trading hours 8: 00 am to 5: 00 pm UK time Closing price Weighted average of trades during the daily settlement period. 12

How can you access the market? n Trade directly as an IPE Member; n How can you access the market? n Trade directly as an IPE Member; n Order-Route as a customer of an IPE Member or a Broker electronically (or place orders by telephone); Access route decision will be driven by: q Nature of company; q Type of trading activity (market-making); q Volume of trading activity; q Regulatory status; q Cost (inc. taxes). 13

Members in IPE ECX CFIs* (As per 24 May 2005) n n n n Members in IPE ECX CFIs* (As per 24 May 2005) n n n n ABN AMRO Futures Accord Energy ADM Investor Services International Bache Financial Barclays Capital Bear Stearns International BNP Paribas Commodity Futures BHF Bank BP Gas Marketing Breakwater Trading Calyon Financial Cargill Investor Services Deutsche Bank E. On UK Fimat International Banque Fortis Bank Global Clearing *Entities marked in red are General Clearing Members (offering clearing to third parties) in IPE ECX CFI futures contracts. n n n n 14 Goldman Sachs Kyte Trading MAN Financial Marquette Partners (UK) Merrill Lynch International Merrill Lynch Commodities (Europe) Morgan Stanley & Co International Refco Overseas Scottish Power Energy Management Sempra Energy Europe Shell Energy Trading Shell International Trading & Shipping Spectron Energy Services TFS Derivatives UBS

Delivery mechanism Community Independent Transaction Log Seller’s Account IPE Clearing Member’s Account LCH. Clearnet Delivery mechanism Community Independent Transaction Log Seller’s Account IPE Clearing Member’s Account LCH. Clearnet Account IPE Clearing Member’s Account Buyer’s Account LTD +3 Registry 1 Registry 2 15 Registry 3

Screenshot 16 Screenshot 16

Looking ahead. . § Creating a liquid pan-European marketplace § Exchange-traded contracts such as Looking ahead. . § Creating a liquid pan-European marketplace § Exchange-traded contracts such as spot and options § Kyoto ratification – global emissions trading 17

Thank You! peter. koster@ecxeurope. com www. ecxeurope. com Tel. +31 20 7990 18 Thank You! peter. [email protected] com www. ecxeurope. com Tel. +31 20 7990 18




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