ICE To Shutter Chicago Climate Futures Exchange: Report
Author: Abhiram Nandakumar
Intercontinental Exchange Inc (ICE) will close its U.S. emissions derivatives platform, the Chicago Climate Futures Exchange, after the first quarter, the Wall Street Journal reported.
ICE plans to start listing derivatives related to emissions reductions plans in New Jersey, Massachussetts, Connecticut and California, along with a sulfur-based contract, the Journal said, citing a notice issued by the company to traders on Friday.
The company is shutting the exchange down as it is losing money and the chances of a federal carbon-reduction plan being put into place look slim, the Journal said.
ICE bought the platform's parent company Climate Exchange PLC in 2010 for about $600 million last year.
(Editing by Gary Hill)