BM&F Bovespa to create greenhouse gas marketLatin America’s largest exchange, BM&F Bovespa, has signed an agreement with the Environmental Company of São Paulo (CETESB), the Federation of Industries of São Paulo (FIESP), and the São Paulo Agency for Investment Promotion and Competitiveness (Investe São Paulo) to establish a greenhouse gas credit market.The gases for which credits will be established include carbon monoxide, sulphur oxides, nitrogen oxides and volatile organic compounds. The structure of the market will follow the arrangement for the exchange’s carbon auctions, for which the exchange sponsors the auction without hosting trading on its platforms.Hopes will be high for the market in a country which suffers from poor air quality. Under new state laws, companies installing a factory in São Paulo must offset their emissions in areas already saturated with pollutants. Credits they generate may be used to set up new ventures, to expand existing ventures or to...