UPDATE: NYSE Euronext To Expand Carbon Trading To U.S., Asia
07 Settembre 2010 - 6:23PM
Dow Jones News
NYSE Euronext (NYX) plans to expand its carbon-trading business
from Europe to the U.S. and Asia through a joint venture that sets
up a three-way battle among exchanges to expand a once-promising
market whose fortunes have waned in recent months.
The exchange operator is fusing its Paris-based BlueNext unit
with APX Inc., a U.S.-based provider of trading technology to focus
on derivatives contracts tied to renewable energy and
emissions.
The new NYSE Blue joint venture will compete with offerings from
IntercontinentalExchange Inc. (ICE) and CME Group Inc. (CME) in an
emerging market whose growth has been partly stalled by the halt of
efforts to enact cap-and-trade legislation in the U.S.
"We think the marriage of an infrastructure company, APX, with
strong links to voluntary carbon and renewable energy markets, is
going to give us a competitive advantage going forward," said Brian
Storms, chief executive of APX, who will take over as CEO of NYSE
Blue.
Storms said in an interview Tuesday that he saw no chance of any
U.S. cap-and-trade legislation this year, but that NYSE Blue could
benefit from "evolving" state-level programs centered on renewable
energy and region-specific programs like the Regional Greenhouse
Gas Initiative.
China holds opportunity as well, Storms said, citing government
plans to introduce cap-and-trade pilot programs in several cities;
there, NYSE Blue would vie with ICE's Climate Exchange, which
maintains a joint venture in the country aimed at developing a new
emissions trading platform.
Exchange operators have for years sought inroads to emissions
trading, seen as potentially growing into one of the largest
commodities markets in the world through government mandates.
Under such cap-and-trade programs, carbon-dioxide producers like
coal-fired power plants would have their carbon emissions capped at
a certain level by government-issued credits for allowances. Those
that exceed their limits would have to purchase added carbon
credits from producers whose emissions fall below their allowed
amount.
Europe has had the programs in place for several years, but U.S.
lawmakers have struggled to implement similar measures, creating a
fractured landscape of regional cap-and-trade schemes and voluntary
programs that have yet to yield much business.
ICE highlighted the potential seen in carbon trading by agreeing
in July to pay $603 million for Climate Exchange Plc, adding the
world's largest emissions market operator to its portfolio of
energy and commodity markets. CME secured regulatory approval in
July to launch its U.S.-based Green Exchange venture as a
standalone unit, and is seeking similar status in the U.K.
ICE has since scaled back the Chicago Climate Exchange unit it
acquired in July in the continued absence of a U.S. carbon mandate,
and BlueNext has delayed past plans to expand into the U.S.
Carbon markets backed by CME and ICE are seen benefiting from
the products' ties to other contracts linked to energy and
commodities. NYSE Euronext CEO Duncan Niederauer said in a
statement that his company would look to build on its constituency
of listed companies and traders that carry exposure to
environmental factors.
"It's early days and we are very mindful of who has what share
in which markets," said Storms.
NYSE Euronext is contributing its ownership in BlueNext in
return for a majority stake in the enlarged venture. APX
shareholders, including Goldman Sachs & Co. (GS), MissionPoint
Capital Partners and Onset Ventures, will get a minority interest
in return for the APX business.
Francois-Xavier Saint-Macary, who signed on as CEO of BlueNext
Sept. 1, will serve as European chief executive, Storms said. A
U.S. CEO will be drawn from APX.
Terms of the deal, seen closing by year-end, were not
disclosed.
NYSE Euronext shares were recently 1.5% lower at $29.48.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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