(New York/London) Green Exchange ("GreenX") announced today that it has gained further regulatory approvals, expanding its reach to market participants in Belgium and the Netherlands.
The approvals from the Banking, Finance and Insurance Commission (CBFA) in Belgium and the Netherlands Authority for the Financial Markets (AFM) mean that GreenX now has formal regulatory authorization to offer its products and provide exchange services in those countries. This supports the Exchange's aggressive growth strategy to provide quality environmental commodities products to the global market. GreenX currently is seeking further regulatory approvals from several other European jurisdictions including the Financial Services Authority in the United Kingdom.
With a growing percentage of the European environmental commodities markets, GreenX is well placed to meet the demands of the increasing range of participants looking for access to products traded on transparent, fairly priced and well-regulated exchanges.
Commenting on the approvals, Kari Larsen, Chief Regulatory Officer and General Counsel of GreenX, said:
"As environmental markets further expand, GreenX will continue to provide a secure and regulated marketplace, where participants can effectively manage their risk. Operating an exchange that provides a global regulatory framework, which is reflected by these recent approvals from the Dutch AFM and the CBFA in Belgium, demonstrates this commitment to all our participants."
These approvals follow the designation of GreenX as a Contract Market by the US Commodity Futures Trading Commission in 2010, and the successful listing of contracts on January 24, 2011.
GreenX is a consortium of leading banks, brokers, trading firms, and CME Group that, through significant experience in the energy, commodities and environmental markets, have developed a highly regulated, transparent and liquid venue for trading environmental commodity futures and options contracts. The owners of the GreenX's holding company, Green Exchange Holdings LLC, are: Constellation NewEnergy, Credit Suisse Energy, Evolution Markets, Goldman Sachs, ICAP Energy, J.P. Morgan Ventures Energy, Morgan Stanley Capital Group, RNK Capital, Spectron Energy, TFS Energy, Tudor Investment, Vitol and CME Group, the world's largest and most diverse derivatives marketplace.