Emerging & Existing Trading Platforms
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1 Emerging & Existing Trading Platforms Scott Hernandez Head of Sales & Trading, North America RENEWABLE ENERGY MARKETS DECEMBER 3, 2014 CTX
2 OVERVIEW OF CTX CTX operates spot exchanges for multiple environmental commodity markets, including Carbon and Renewable Energy Certificates (RECs). Simple, Secure & & Transparent 2
3 OUR PARTNERS 3
4 How it works Product standard identified by symbol and colour Search for projects by 6 variables i detailed project information Purchase credits Add a bid to show interest or advertise for projects not listed Partial sale symbol purchase any quantity from offer volume 4
5 REC Platform Australia Regulatory Market 5
6 CTX SPOT MARKET PRODUCTS Voluntary Carbon Market Verified Carbon Standard Verified Carbon Unit (VCUs) Non-Activated VCUs Gold Standard Verified Emission Reduction (VERs) Australian REC Market Large-Scale Generation Certificates (LGCs) Small-Scale Technology Certificates (STCs) Alberta Regulated Carbon Market Emissions Performance Credits (EPCs) Alberta Offsets Simple Secure Transparent Climate Action Reserve Climate Reserve Ton (CRTs) Non-Activated CRTs American Carbon Registry Emissions Reduction Ton (ERTs) Early Action ERTs Australian Water Market (partly-owned associate) Permanent Entitlements Temporary Allocations 2014 Confidential
7 MARKET OVERVIEW Secondary market trading activity consists mainly of OTC spot products and exchange-cleared futures contracts No other exchange platform currently exists for the spot trading in environmental credit markets Why not? Credit issues? Solutions? 7
8 BENEFITS OF EXCHANGE TRADING VS OTC Exchange OTC Centralized pool of liquidity X Electronic clearing and settlement X Same-day settlement of products and funds X No credit, delivery or counterparty risk X Real-time price transparency X Continuous trading contract for all transactions X Secure and transparent web-based marketplace X Anonymous trading X Rules-based trading environment X 8
9 HOW EXCHANGES DRIVE MARKET LIQUIDITY Mature markets trend toward exchangebased trading Example: EU ETS Market (see chart) Increase liquidity by providing centralized marketplaces for market participants, regardless of location. Converge fragmented markets and provide regional (and international) linkages, facilitating least-cost compliance for market participants Benefits entire by developing centralized pools of liquidity, facilitating efficient price discovery within a rules-based trading environment. 9
10 Exchanges and Regulatory Hurdles Exchanges can overcome the regulatory hurdles that market participants face when operating across multiple compliance programs and jurisdictions. Dodd-Frank Act: designed to promote stability, accountability and transparency in the financial system driving markets towards screen-based trading Increased demand for spot/physical delivery. Exchanges promote an efficient and effective regulatory environment for the trading of renewable energy and other environmental commodities. 10
11 CTX SPOT MARKET KEY FEATURES Element Exchange Operating Rules & Procedures CTX Product Accounts CTX Cash Accounts Features Simple to use Secure, transparent and anonymous web-based trading environment Central location for buyers and sellers to spot trade in multiple markets and products Visibility of all bids and offers Automated matching process Increased price transparency and liquidity Standardised continuous trading contract Provides for a fair, orderly and transparent market Reduced transaction & administrative costs (compared to OTC contracts) Secure retention of legal title to credits Pre-clearing of credits and cash Same-day settlement and delivery No credit/delivery risk Secure management of funds dedicated for trading Pre-clearing of funds for bids Same-day settlement of funds No credit risk Clear ownership of cash accounts 11
12 CONTACT Carbon Trade Exchange Inc 885 Third Avenue, Suite 3180, New York, NY Scott Hernandez Head of Sales & Trading, North America M: E: Nathan Rockliff Chief Operating Officer M: E: 12
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