11 July 2007
The exchange's cumulative traded volume hit the milestone on Tuesday, representing an underlying market value of 18.3 billion euros ($25.17 billion).
The European Climate Exchange (ECX) trades around 85 percent of all exchange-traded European Union Allowances, the CO2 credits used in the EU's emissions trading scheme (EU ETS).
The EU ETS, Europe's key tool in meeting commitments under the Kyoto Protocol, sets industry a certain emissions quota to force businesses to cut their output of greenhouse gases.
"Europe is leading the international efforts to fight climate change," Peter Koster, ECX's Chief Executive, said in a statement.
"ECX is very pleased to be contributing with liquidity and transparency to the success of the European emissions market."
Since the launch of the ECX in April 2005, the exchange has traded 989 million tons in futures contracts and 13 million tons in options.
http://www.reuters.com/article/environmentNews/idUSL1118113620070711
