The Brazilian Carbon Market Guilherme Fagundes
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1 The Brazilian Carbon Market Guilherme Fagundes march/2006 1
2 Top 10 Futures Exchanges Top 10 Futures Exchanges Rank 1 st Exchange Chicago Mercantile Exchange (CME) Traded Contracts January thru October ,211,764 2 nd Eurex Deutchland (EUREX) 657,313,617 3 rd Chicago Board of Trade (CBOT) 472,506,695 4 th Euronext 286,512,078 5 th Brazilian Mercantile & Futures Exchange (BM&F) 149,320,524 6 th New York Mercantile Exchange (Nymex) 139,267,697 7 th 8 th Mercado Mexicano de Derivativos (MexDer) National Stock Exchange of India (NSE) 92,432,685 90,611,648 9 th Dalian Commodity Exchange (DCE) 77,034, th London Metal Exchange (LME) 57,910,783 Source: FIA s Monthly Volume Report 2
3 Services BM&F TRADING AND REGISTRATION SYSTEMS CLEARING SYSTEMS SETTLEMENT BANK Open outcry Electronic platforms Registration facility FX Clearinghouse Securities Clearinghouse Derivatives Clearinghouse 3
4 Products FINANCIAL DERIVATIVES OTC DERIVATIVES COMMODITY DERIVATIVES FUTURES & OPTIONS -STOCK INDEX - INTEREST RATES -EXCHANGE RATES -PRICE INDEXES - SOVEREIGN DEBT BONDS STRUCTURED PRODUCTS - VOLATILITY TRADING SWAPS - INTEREST RATES -EXCHANGE RATES -PRICE INDICES FLEXIBLE OPTIONS -STOCK INDEX -EXCHANGE RATE FUTURES & OPTIONS -CRYSTAL SUGAR - ANHYDROUS ALCOHOL* - COTTON -CATTLE -COFFEE -CORN -SOYBEAN SPOT -GOLD -US DOLAR 4
5 Brazilian Carbon Market DNA High Potential for CDM Projects DOEs Consultants/ OTC Carbon Brokers Institucional Framework Robust Financial System Sound Regulatory Framework 5
6 Carbon Market Development WHAT CAN BE DONE TO FOSTER CDM MARKET Reduce costs Search Costs Transaction Costs Mitigate Risks Project Performance Counterparty Credit Risk Increase liquidity PIN and Validated CDM Projects CER (BIDs and ASKs) 6
7 Market Development What Can be done BM&F Actions Transparent Project Pipeline Carbon Facility Regulated Liquidity Center CER Trading System Training Courses and Seminars 7
8 The BM&F Carbon Facility Web based registration system and an instrument for new business opportunities at the CDM market VI SIBILITY Validated CDM Projects CDM Project Idea Notes (PIN) Expression of Interest (to buy CERs) CRE DIBILITY Participants Registration PIN Screening Baseline Analysis Additionality test Sustainability Scale and Sectoral Scope 8
9 The BM&F Carbon Facility Business Opportu nities Projects from Latin America Electronic Match Making: PIN X Expression of Interest Low Cost Zero cost to register any information Internet 9
10 CER Trading System Start Date To be lauched mid 2006 Platforms Electronic Auctions OTC Registration System Markets Forwards Options Spot Clearing (CER) Delivery versus Payment Funds transference to settlement accounts held outside Brazil Collateral Managerial System Participants BM&F Associated Brokers Institutional Investors Carbon Brokers 10
11 CER Trading Project Markets Project Idea Notes Options on a Foward Validated CDM Projects Forwards 11
12 CDM CICLE & BM&F PIN PDD Registration at Carbon Facility Validation DNA Aproval Registration Trading at BM&F Monitoring/Certification CER emission Trading Settlement at BM&F 12
13 Conclusion BM&F Carbon Market Regional Center Fair Trades Security Easy Access Low Cost 13
14 14
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