Intercontinental Exchange will scale down the Chicago Climate Exchange in 2011, the exchange’s chief executive officer has said. Jeff Sprecher said ICE had decided to downsize its US carbon exchange because momentum to introduce a mandatory cap and trade scheme in the US had slowed.
Instead, Sprecher wants to concentrate on the exchange’s carbon projects in the Far East and particularly China, which he said was showing interest in launching its own cap and trade system.
Sprecher unveiled ICE’s plans for CCX in a conference call revealing the Atlanta-based exchange’s third quarter financial...