Carbon trading at two of the main exchanges soared in 2008, as the market continues its run-up to genuine international cap and trade conditions in which carbon restrictions begin to bite.
Climate Exchange, which owns the European Climate Exchange in London and the Chicago Climate Exchange, reported record results for both exchanges.
At ECX, where nearly all the exchange-based trading of European carbon derivatives goes on, volume rose 171% in 2008 to 2.8m contracts, from 1.03m contracts last year. Each contract represents 1,000 metric tonnes of CO2.
Meanwhile, the Chicago Climate...