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Our Bureau

Mumbai, June 16 Multi-Commodity Exchange of India (MCX) has signed memorandum of understanding with Singapore-based IDEAcarbon, an independent rating agency for carbon market participation and global advisory on carbon finance.

Under the MoU, IDEAcarbon would advise MCX on the propensity to launch carbon relate contracts. With the assistance of MCX, IDEAcarbon will create instruments that MCX will make available for trading on the MCX platforms.

Mr Joseph Massey, Managing Director and CEO, said: “We will integrate IDEAcarbon’s ratings into the design of carbon instruments we offer on MCX.”

Mr Shandi Modi, founder and CEO of IDEAcarbon said: “The MoU represents a key step in developing the carbon market in India and internationally as for the first time trading will be based on the goal of the Indian Government and corporate leaders.”

MCX launched futures trading in carbon credit—CER on June 9 for the contracts expiring in November 2008 and February 2009.

The trading lot, tick size and initial margin for these contracts have been fixed at 250 tonnes, 50 paise and 6 per cent respectively.

MCX already had two carbon-related instruments traded on its platform which is not rated.

The Certified Emission Reduction (CER) futures was launched by MCX on June 9 whereas National Commodity and Derivatives Exchange had launched CER futures in April.

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MCX inks MoU with IDEAcarbon

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