It was essentially dead when we announced on WUWT Chicago Climate Exchange(CCX) was halting carbon futures trading last year. Note the flatlined final price of 5 cents per ton:
My only question now is “what took them so long”?
From the Wall Street Journal:
ICE to Close Chicago Climate Futures Exchange
CHICAGO—IntercontinentalExchange Inc. told traders Friday that it would shut down its U.S. emissions derivatives platform, a year after acquiring its parent only to suffer sparse trading as the prospects of a federal carbon-reduction plan remain dim.
The money-losing Chicago Climate Futures Exchange venture will continue operating through the first quarter of 2012 before closing, exchange officials said in a notice. ICE will then list over-the-counter emissions contracts mirroring products listed on the platform.
…
“The U.S. has not enacted carbon cap-and-trade legislation and changes to the EPA acid rain program have reduced trading activity,” ICE said in the notice. “Accordingly, Chicago Climate Futures Exchange volumes are down substantially and the exchange is operating at a loss.”
===============================================================
Makes you wonder what the bloviator in chief at the California Air Resources Board (CARB), Mary Nichols is going to do with their much ballyhooed (but delayed) idea of carbon trading in California?
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I’m sure it won’t take the state that brought us the twinkie tax long to mandate “carbon trading” by all its residents; for their own good, of course.
That would explain why Obama and Gore have been so grouchy lately……………….
Here’s a 2009 quote from Richard Sandor (then head of the Chicago Climate Exchange) talking about the US carbon emissions market:
“We are talking about what will be the biggest commodity ever traded,” says Mr.
Sandor. “Every time a mandated market has come through, it’s provided us enormous opportunities.”
Source:
“Exchanges head for green war” by Ann Saphir.
Crain’s Chicago Business. Chicago:Jul 20, 2009. Vol. 32, Iss. 28
Well, the MANDATED market did NOT come through thanks to the Senate nixing cap and trade so there you have it. It was all bunk to begin with.
Maybe this prediction belongs in the Climate FAIL section.
Put a fork in it, it’s done.
BTW, the Chicago Mercantile Exchange has been threatening to leave the city due to our high city & state taxes. Lots going on in trading…except for carbon, that is.
The Exchange will Administratively run the Carbon Futures thing until the funds are exhausted or there is an empty office.
Now, why would anyone bother with Carbon Dioxide trading shares when there are a plethora of other far more attractive commodities out there?
I think carbon at a nickel is WAY too much! Why not assign it a negative value of, say, $10 a ton just to get it started in the right direction, and hope it goes much lower. That means we’d be PROMOTING the life-supporting gas rather than penalizing it! (Anybody that charges for CO2 with the intention of limiting it should have their heads examined.)
It was always clear that without enforcement no one was really interested in making Carbon trading scamers rich , once that idea died it was only a question of time before this exchanged did
But its multi-heading monster and there still those looking to get very rich indeed in treading ‘hot air’
The real sad part is the main scamers, included Gore , have made their money on the back of the few that where dim enough to fail for the ‘endless ‘ riches promised. A fool and his money as the saying goes .
Too funny . . . the trading of Gaia Indulgences is now seriously at risk and she will not be a happy camper.
To say nothing of Prophet Al Gore (peace be upon him) . . . he will be seriously vexed I’m thinking and will likely have a few more bimbo eruptions like happened in Colorado recently.
That explains it…
http://www.christianpost.com/news/al-gore-goes-on-bullsht-rant-over-global-warming-53622/
My father told me that I should always see a Wake was a celebration.
So thank you AW for giving me a surprise party!
Pls keep up the good work, we in the UK need a little light relief at this time.
All is not bad though, this nonsense has shown up some of our politicians to be the charlatans that they are.
The problem is that we are very close to a situation that if the authorities do not ensure control then communities will. This is not a good situation.
:-))))))))))))))
c
A scam is a scam is a scam !
Definition as in meaning……..Gore….a bloody mess associated with a horror movie.
When all the Watermelon Warmers admit their Lie
We will raise a Monument into the Sky
A Monument of solid Carbon
To commemorate their Bogus Bargain.
Anthony,
I need some clarification.
CCX is closed and dis so last november right?
ICE is now closing the CCFE , correct?
How many trading platforms exist, eg european, asian etc?
Are they all dead?
So wasn’t Al Gore was involved in setting up this fiasco and how much did he profit?
is there still a pulse?
9 Aug: EnvironmentalLeader: ICE Adds 21 Emissions Contracts to Replace Futures Exchange
The new contracts will mirror products to be lost when the futures exchange closes, the Wall Street Journal reported. New products include derivatives linked to emissions reductions plans in California, Massachusetts, New Jersey and Connecticut, ICE said….
More information on the new contracts is here (pdf).
http://www.environmentalleader.com/2011/08/09/ice-adds-21-emissions-contracts-to-replace-futures-exchange/
@ur momisugly Pat, You are talking about the Regional Greenhouse Gas Initiative or RGGI. Thus far 2 states have left this market. This is a must read from award winning investigative journalist Mark Lagerkvist.
THE SECRETS TEN STATES & WALL STREET DON’T WANT YOU TO KNOW
http://newjersey.watchdog.org/2010/08/02/cap-trade-scheme-is-clouded-in-secrecy/
Soros must be going crazy. He was (is) a big promoter of carbon tax as a means to give developing countries money to help them deal with the big, bad, CO2 monster that the industrialized nations have unleashed on them. If the UN wants to tax something, they should tax profits on currency and stock manipulations profits, large bank transfers, and a minute tax on all internationally traded goods. Oh, never mind; Soros and his ilk can’t make money that way.
Here is more on the RGGI and be sure to read the links at the end of the article.
N.E. CARBON MARKET REELS AS RGGI AUCTION HITS ALL-TIME LOW
http://newjersey.watchdog.org/2011/06/10/2635/
“New products include derivatives linked to emissions reductions…”
Didn’t we already do the sub-prime thing?
I see they give Obama til Dec 2012 to come though.
After his next election he can railroad anything through exec order as a lame duck.
Stand-by.
Oops.
misread the date.
Is there any way to get the fox out of the hen house?
http://nonjcapandtrade.com/?p=5
How much government money was spent to create this market place?
Our fearless Ozzie leader Ms Gillard doesn’t worry about overseas pricing. Her plan is carbon at $23 per ton increasing to $131 per ton within 30 years. Pity I can’t buy in Chicago and sell it here. No doubt the scammers will find a way though.
This was the Goracle’s major play. 🙂