ECX and LCH clear way for CER futures launch
European Climate Exchange (ECX) and clearing house LCH.Clearnet have reached an out-of-court settlement over the proposed launch of ECX Certified Emission Reduction (CER) futures contracts.
The contracts, to be traded on ECX partner ICE Futures Europe, had been originally scheduled for a September 2007 launch, but were delayed due to clearing issues.
Currently LCH.Clearnet clears ECX contracts, but after ICE gave notice of a planned switch to its own clearing house, ICE Clear Europe, for its other futures contracts, LCH.Clearnet refused to clear the ECX CER contracts.
After unsuccessful negotiations with LCH.Clearnet, ECX initiated legal action against them on February 11th. The
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