India keen to start carbon futures trade
Watch out Europe and the west… India are now hoping to setup a pilot program with the Chicago Climate Exchange (CCX) to launch a futures carbon trading engine. Although interest is clearly growing in the area of carbon emissions trading, only the European Climate Exchange allows trading in carbon futures, whereas the CCX deals in futures only for sulphur and nitrogen emissions.
The Multi Commodities Exchange of India (MCX) is in discussions with the Chicago Climate Exchange (CCX) on launching a futures carbon-trading exchange in India.
MCX provides a marketplace for futures contracts in commodities such as bullion, pulses and steel.
“We have had several rounds of talks with CCX and some sort of contract is already ready. We are now waiting for a clearance from the Forward Markets Commission,” said Joseph Massey, deputy managing director of MCX.
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