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Article: Exchanges head for green war; CME, Sandor jockey to dominate $120-bil. cap-and-trade market.(Richard Sandor)
- Article from:
- Crain's Chicago Business
- Article date:
- July 20, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ANN SAPHIR
Green may be the hue of environmentalism, but it's still the color of money to the Chicago futures exchanges vying for control of the nascent trading market in carbon emission credits.
CME Group Inc., the world's largest futures exchange, and the Chicago Climate Exchange, led by Richard Sandor, inventor of bond futures, are both angling to dominate a market that could generate $120 billion in carbon-credit trading annually if a so-called cap-and-trade system becomes the law of the land.
"We are talking about what will be the biggest commodity ever traded,'' says Mr. Sandor, executive chairman of London-based Climate Exchange ...