UK government issues guidance on eligibility criteria to participate in auction
Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of data, technology and market infrastructure, today announced that ahead of the UK’s first emissions allowances auction for the UK Emissions Trading Scheme (UK ETS), which is due to start on May 19, the UK Department for Business, Energy and Industrial Strategy (BEIS) has issued updated guidance on eligibility criteria to participate at auction.
The updated tips can be found here. Participants in the auction will need to register with the ICE. Market participants wishing to bid on UK ETS auctions should contact [email protected]
ICE has been appointed to host emissions auctions on behalf of BEIS following the announcement by the UK government and decentralized administrations of the planned launch of a UK ETS to replace UK participation in the EU ETS .
Full UK Allowance (UKA) auction details can be found here, including the auction schedule. ICE plans to launch UKA Futures contracts on May 19, coinciding with the launch of the first auction, with UKA Daily Futures on May 21, subject to regulatory approval. These will be eliminated at ICE Clear Europe alongside ICE’s global environmental complex, including European Union (EUA) allowances, California carbon allowances (CCA), and California carbon offsets ( CCO).
“We believe the UK ETS will be essential in supporting the UK’s climate ambitions,” said Gordon Bennett, managing director for public procurement at ICE. “Reliable and liquid carbon and energy benchmarks are essential for markets to effectively transition from high-carbon to low-carbon energy production and cap-and-trade programs. emissions have proven to be an incredibly effective policy tool for reducing emissions.
ICE provides its customers with access to the world’s largest and most liquid environmental markets. Over 14 gigatonnes of carbon are traded annually on ICE, which is equivalent to about 40% of the world’s total annual energy footprint of energy-related emissions, based on current estimates.
ICE has been a leader in environmental markets for almost two decades. A large and growing group of stakeholders are using market price signals and ICE indices to help assess climate transition risk in their portfolios and access liquidity pools for compliance, risk management purposes and capital allocation to benefit from energy transition opportunities.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that provide our clients with access to critical workflow tools that increase transparency and operational efficiency. We operate Trades, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients take advantage of opportunities and operate more efficiently. AT ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.
Trademarks of ICE and / or its subsidiaries include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. The key information documents for certain products covered by the EU Regulation on retail packaged and insurance-based investment products can be found on the relevant exchange website under the heading ‘Documents of key information (KIDS) â.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to limited thereto, the risk factors in ICE’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.
Source: Intercontinental exchange
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