New Zealand seeking global carbon traders

04 May 2007

New Zealand Exchange (NZX) is targeting international users to support the emissions trading market, that it expects to establish in 2008. The new market, to be called TZ1, intends to illustrate the exchange's desire to capitalise on New Zealand's easterly time zone.

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.