UBS to launch Greenhouse Index

UBS will launch the UBS Greenhouse Index (UBS-GHI), the first tradable investment benchmark to track the Greenhouse Effect, on January 23 2008. The UBS-GHI is the first integrated index that provides exposure to greenhouse gas emissions and their consequent impact on the weather, otherwise known as the Greenhouse Effect, by comprising Weather and Emissions asset classes.

Weather exposure is derived from Heating Degree Day (HHD) monthly futures contracts from October to April and Cooling Degree Day (CDD) monthly futures contracts from May to September, both of which are traded on the Chicago Mercantile Exchange.

Emissions exposure is provided by carbon credits associated with the EU Emission Traded Scheme and the Kyoto Clean Development Mechanism, traded on the European Climate Exchange and Nord Pool respectively. The weighting and composition of the UBS-GHI and

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