1995

First ever cap and trade program launched in North America to reduce SO₂ emissions

December 1997

Kyoto Protocol unanimously adopted. Text provides for “flexible mechanisms”, including emissions trading

1999

Kyoto Treaty was negotiated with commitment from the European Union to develop a cap and trade system for CO₂ 

2002

Founder member group established in Chicago in order to launch the world’s first contractually binding cap and trade emissions system

2003

Chicago Environmental plc established as a fund. £15 million raised in London on the AIM market to back the trading launch of CCX 

December 2003

CCX launches trading of the Carbon Financial Instrument (CFI), a CO₂ spot contract

2004

Further £15 million raised to back the launch of the Chicago Climate Futures Exchange (“CCFE”) in the U.S. and the European Climate Exchange (“ECX”) in Europe 

October 2004

The Commodity Futures Trading Commission approved CCFE’s application to operate as a Designated Contract Market in the U.S.

December 2004

CCFE launches the Sulfur Financial Instrument (SFI), a futures contract on the U.S. EPA SO₂ emissions allowance

April 2005

The European Emissions Trading System (“EU ETS”) futures contracts are launched on ECX under a revenue sharing agreement with the ICE Futures in London

December 2005

Montréal Exchange and Chicago Climate Exchange announce joint creation of a Canadian environmental products exchange, Montréal Climate Exchange

September 2006

Acquisition of 100% of CCX and ECX. Founder interests in the subsidiary companies are exchanged for shares in the publicly quoted holding company

October 2006

Option contract launched on the European Carbon future

February 2007

CCFE launches the Nitrogen Financial Instrument (“NFI”), a futures contract on the U.S. EPA NO_x emission allowance

April 2007

CCFE launches an options contract on the SFI futures contract

May 2007

CCX announces formation of the California Climate Exchange to develop and trade financial instruments relevant to the California Global Warming Solutions Act, AB 32

June 2007

·     CCFE launches futures contract on Wilderhill Clean Energy Index (ECO index)

·     United States House of Representatives votes by 216 to 176 to offset its CO₂ emissions through CCX

September 2007

Climate Exchange plc and Deutsche Bank launch trading in catastrophe event-linked futures on CCFE (IFEX)

December 2007

CCX announced the signing of a memorandum of understanding with the Chinese National Petroleum Corporation Assets Management (“CNPCAM”) to create a joint venture company to explore the feasibility and implementation of an emissions trading platform in China