Hong Kong Exchanges and Clearing on Wednesday said it was looking to partner with an overseas exchange this year to create a trading platform for carbon credits or other emissions-related products.
It joins a number of its Asian rivals hoping to tap into the increasingly mature market. Mumbai-based Multi Commodity Exchange of India and the New Zealand Stock Exchange have both announced similar plans.
Most emissions-related trading take place in Europe under the European Union’s emissions trading scheme, with a smaller amount also traded through the Kyoto Protocol’s clean development mechanism.
Exchanges, however, have faced strong competition. In the EU ETS market, less than one-third of the carbon trade was conducted on exchanges, with the rest occurring either over the counter through brokers or in bilateral agreements.
Paul Chow, HKEx chief executive, yesterday also announced a plan to introduce trading in gold-related products within this year.
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