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Our Corporate Brochure
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founded by:the earth’s exchange
be in safe hands
1 TheEarth’sExchange
2 WhychooseBlueNext?
3 MemberswhochoseBlueNext
4 StrongDNA-OurFoundingShareholders
5 TheSpotMarkets
6 TheDeliveryversusPaymentProcess
7 TheFuturesMarkets
8 TheFuturesProcess
9 IntegratedOTCServices
10 FastMembershipProcess
11 SpotMembershipProcess
12 FuturesMembershipProcess
13 ContractSpecifications-Spot
14 ContractSpecifications-Futures
15 Fees-BlueNextSpot
16 Fees-BlueNextFutures
17 Disclaimer
18 ExhibitionStand
1 TheEarth’sExchange
Nobody disputes the need to tackle climate change.
The European Union Emission Trading System (EU ETS) is the largest multi-country, multi-sector Greenhouse Gas emission
trading scheme worldwide.
BlueNext enables the trading of carbon dioxide through European Union Allowances (EUAs). One EUA equals one tonne
of the right-to-emit CO2. Overtime the amount of allowances will be reduced, thus reducing the total emissions.
The flipside to this is the Clean Development Mechanism (CDM). This allows industrialised countries to invest in emission
reducing projects in developing countries. These CDM projects generate Certified Emission Reduction credits (CERs). The
CERs are transferable to industrial countries where they can be applied toward emission reduction targets.
Both of these can be traded on a spot and derivatives basis.
2 WhychooseBlueNext?
Wearea“safepairofhands”:
Zero counter-party risk on spot trades ensured by our Delivery versus Payment process.
Protection on all trades on our futures market thanks to LCH Clearnet’s Guarantee Fund.
WearethefastestExchange:
Traders need transactions and their delivery to happen quickly.
It takes only 15 minutes to settle a trade.
Our physical delivery for Futures is the same as an OTC trade; the first working day of December.
Being fast is important as the environment needs a speedy solution.
Wehavethegreatest“Spot”liquidity:
89 members.
97% market share, daily volumes increasing.
WeareTreasuryefficient:
Cash held on account is given interest of EONIA less an 1/8th (Euro Overnight Index Average).
LargeincentivetotradeFutures:
Trading Futures can give up to a 30% discount on Spot fees.
3 MemberswhochoseBlueNext
A2ATRADINGATELABLYCARBONACCORDENERGYAPTBUSINESSGROUPATLASCAPITALFINANCIALSERVICESBARCLAYSBANKB-CONCEPTBNPPARIBASBPGASMARKETINGCALYONLONDONCANTORFITZGERALDEUROPECARBONCAPITALMARKETSCARGILLINTERNATIONALCCIAGCEZCITIGROUPGLOBALMARKETSCLIMATECORPORATIONEMISSIONSCMCAPITALMARKETSCONSUSFRANCECONSUSCREPUSCULEDRESDNERBANKDUBUSE.ONENERGYTRADINGE.ONITALIAPOWER&FUELECOPROGRESSOECOSURECO-WAYEDELWEISSENERGIAEDFTRADING
EDISONTRADINGEDPENERGIASDEPORTUGALELECTRABELELECTRICITEDESTRASBOURGEGLENDESAFRANCEENDESAGENERACIONENDESATRADINGENELTRADEENERGIEOUESTSUISSEENERGYSTOCKMARKETESSENTTRADINGINTERNATIONALFINANCIERESAINTMERRIFORTISBANKFORTISBANKNEDERLANDGASNATURALGASELYSGAZPROMGREENSTREAMNETWORKIBERDROLAGENERACIONIRIDEMERCATOITALCEMENTIJPMORGANMERCURIAMERRILLLYNCHEUROPEMFGLOBALUKMITSUI&COMORGANSTANLEYNATIXISLONDONBRANCHNUONORBEO
PETUMPGEELECTRAPOWEOPRAVDACAPITALRENTRADINGROYALBANKOFCANADAROYALBANKOFCANADAEUROPERWETRADINGSAGACARBONSHELLTRADINGSINDICATUMCARBONCAPITALSOCIETEGENERALESTATKRAFTMARKETSSTXSERVICESSUSQUEHANNAIRELANDTEITHEROYALBANKOFSCOTLANDTOTALGASANDPOWERTOTSATOTALOILUNIONFENOSAV&ACORPORATIONVEETRAVELCANENERGYVERTISVICATVOLTALIAWINDTOMARKET
NYSEEuronext
The historic merger of NYSE Group and Euronext brought together major marketplaces across Europe and the United States whose histories stretch back more than four centuries.
Operates the world’s largest and most liquid exchange group.
Widest array of financial products and services.
Brings together six cash equities exchanges and six derivatives exchanges.
Reaches across time zones and currencies.
4 StrongDNA-OurFoundingShareholders
CaissedesDépôts
World’s safest bank (Global Finance).
State-owned Financial Institution.
Played a key role in the launch of “Environmental Finance”.
Invented “Carbon Credit Investment Funds”.
Perfected Seringas, a carbon registry software.
5 TheSpotMarkets
EUA&CERSpot:
Key Features:
Zero Counter-Party risk.
Delivery versus Payment mechanism (DVP) delivers a transaction in an average of 15 mins.
Powerful integrated electronic trading platform.
Straight through processing.
Price transparency.
Full anonymity.
CERs are filtered when the order is entered.
6 TheDeliveryversusPaymentProcess
cash account
CER account
BUYER
trading account(GV)
cash account
CER account
SELLER
trading account(GV)
EUA account EUA account
CO2CO2
BLX cash transfer account
orderorder
€ €
BLX EUA/CER transfer account
CO2
€
7 TheFuturesMarkets
Futurescontractswerelaunchedinthemiddleoflastyear:
Market making agreement with key market players.
LCH Clearnet SA has established a Guarantee Fund to ensure the margin deposits on the exchange.
We have the commitment of our founders NYSE Euronext and Caisse des Dépôts to support the futures market.
BlueNext has the same delivery date as OTC.
BUYER’S
CLEARING MEMBER
cash account
EUA/CER account
BUYER
trading account
(GV)
SELLER’S
CLEARING MEMBER
cash account
EUA/CER account
SELLER
trading account
(GV)
TRANSACTIONS
Central Bank
EUA/CER account
LCH.CLEARNET
orderorder
IM VM STIM VM ST
CO2CO2
IM
VM
ST
initial margin
variation margin
settlement
8 TheFuturesProcess
9 IntegratedOTCServices
We have a full suite of OTC services.
Both Spot and Future OTC trades can be registered easily using our web-based interface.
OTC access to our Delivery versus Payment system.
OTC ability to use CER filter.
Specificallyforfutures:
Transactions are registered by a registering broker or by counterparties directly.
The system provides central credit risk management through clearing without the need for complex bank guarantees or bi-lateral margin calls between counterparties.
Helps to reduce treasury requirements by netting OTC positions with existing exchange positions.
10 FastMembershipProcess
Becoming a member of the exchange is straightforward.
Our membership team will guide you through the simple application process.
First, we will need to understand more about you. This will require supplying us with standard due diligence documents.
Our membership team will help you through this process to ensure that no steps are missed.
Second, sign the relevant Trading agreements (Futures or Spot).
Third, for BlueNext Spot you need to sign the EUA & CER account agreements as well as a cash account agreement with Caisse des Dépôts. All procedures are centralised by BlueNext. For BlueNext Futures you need to sign a clearing agreement with the Clearer.
11 SpotMembershipProcess
1 contract 2 product accounts
trading agreement cash account agreement
EUA account agreement
CER account agreement
1 cash account
emissiontrading registry
emissiontrading registry
NB: A settlement bank scheme is also possible.
market rules
id form
12 FuturesMembershipProcess
TRADING MEMBER
CLEARING MEMBER
clearing agreement
application form
cash account
EUA/CER account
id form
market rules id form
admission agreement
PRPDSE
product account agreement
LCH.CLEARNET
Central Bank
EUA/CER account
A Clearing Agreement is required in parallel to a BlueNext contract.
13 ContractSpecifications-Spot
contract
Mnemonic Code
Underlying
Price Tick
Minimum Price
Volume Tick
Minimum Volume
Trading System
Trading Hours
Delivery Place
Delivery & Settlement
BlueNextSpotEUA2008-2012/BlueNextSpotCER
BNS EUA 08-12 / BNS CER
European Union Allowance 2008-2012 / CERs delivered by the Executive Committee of CDM Board, whose projects have been selected following the advice of BlueNext’s Expert Committee
0.01 €/t
0.01 €/t
1,000 tonnes
1,000 tonnes
Continuous through Global Vision (Trayport)
8:00 AM to 5:30 PM (UTC+1)
Registries interfacing with the delivery vs. payment scheme
Delivery and Settlement operated by BlueNext in real timeDelivery consists of the transfer of the Underlying from the seller’s account to the buyer’s account via BlueNext transit account in the French registry for EUA and Swiss registry for CER.
14 ContractSpecifications-Futures
contract
Mnemonic Code
Underlying
Maturity
Last Trading Day
Price Tick
Minimum Price
Volume Tick
Minimum Volume
Trading System
Trading Hours
Delivery Place
Clearing
BlueNextFuturesEUA/BlueNextFuturesCER
BNF EUA / BNF CER
European Union Allowance (2008-2012) / CERs delivered by the Executive Committee of CDM Board whose projects have been selected following the advice of BlueNext’s Expert Committee
Annual contracts with December expiries between 2009 and 2012
Penultimate business day of November
0.01 €/t
0.01 €/t
1,000 tonnes
1,000 tonnes
Continuous through Global Vision (Trayport)
8:00 AM to 5:30 PM from Monday to Friday (UTC+1)
Registries interfacing with the delivery scheme
LCH.Clearnet SA
15 Fees-BlueNextSpot
admission fees
annual fees
trading licence(Global Vision)
Discounted rate for members if monthly volume is >4mt
transactions from Market Orders
transactions from OTC orders if volume is <50kt
transactions from OTC orders if volume is >50kt
delivery
€
€/pa
€/pa
€/t
€/t
€/t
€/t
€/trade
_
7,500
3,500
4,000
0.017
0.020
0.020
0.010
40
7,500
1,000
4,000
0.030
0.030
0.010
40
highactivity mediumactivity
administrative and technical fees
trading fees
16 Fees-BlueNextFutures
admission fees
annual fees
trading licence
transactions from Market Orders
transactions from OTC orders
legal transactions
transactions from Market Orders and OTC orders
legacy transactions
€
€/pa
€/pa
€/t
€/t
€/t
€/t
€/t
7,500
3,500
4,000
0.0020
0.0020
0.0
0.0015
0.0
For BlueNext Spot members, the admission fee is not invoiced.
For BlueNext Spot members, the annual fee is not invoiced for 2009.
Existing BlueNext Spot licences can be used for BlueNext Futures. New licence will be charged at the rate of 4000€ p.a.
LCH Clearnet SA
Fees holidays for 3 months
administrative and technical fees
trading fees
clearing fees
17 Disclaimer
The information contained in this document is neither an offering document nor a solicitation. This document is solely
intended as information for eligible institutions, professional investors and is not intended in any country, directly or
indirectly, as a means of soliciting business or offering any financial products to any person. These financial or non
financial products have been registered for sale with the European Economic Area governmental authorities or approved
by any such authority. The financial or non financial products described in this document are traded on the multilateral
trading facility operated by BlueNext. BlueNext is registered as a multilateral trading facility in France.
No section or clause may be regarded as creating any right or obligation. Rights and obligations in respect of financial
or non financial products that are traded on the exchange operated by BlueNext shall depend solely on the rules of
BlueNext.
Although this information has been compiled with great care, BlueNext shall not accept any responsibility for errors,
omissions or other inaccuracies in this information or for the consequences thereof.
This publication and its associated documents can only be published or reproduced with the express approval of
BlueNext.
Copyright © BlueNext SA - All rights reserved 2009.
instant deliveryOur Delivery versus Payment process gives:
Immediate delivery and settlement of your trade
Zero counter-party risk
Simple, Safe Spot Trading
the earth’s exchange
founded by:
+33 1 7303 7300 www.bluenext.eu
18 ExhibitionStand
the earth’s exchange +33 1 7303 7300 www.bluenext.eu