After asking interested parties to bid for the job in February, the exchange has appointed top Australian law firm Mallesons Stephen Jaques û along with sub-consultants Climate Focus and International Environmental Trading Group û to analyse the potential for trading a full range of carbon and environmental markets, as well as options trading.
Christopher Tung, one of the regionÆs few lawyers specialising in climate change and clean energy, will lead the study team, which is expected to report back to the exchange by the end of November.
The Mallesons team is more than 30 lawyers strong and has already helped to develop a breakthrough model carbon contract that was launched at Carbon Expo 2007 and the first electronic trading platform for certified emissions reductions in Asia: the Asia Carbon Exchange in Singapore, launched in mid-2005.
McKinsey & Company will carry out a separate study into the trading of commodities derivatives, such as energy, base metals and agricultural products. McKinsey will report its findings at the same time as Mallesons.
It is somehow fitting that the two projects û emissions and commodities trading û should be linked. After all, it is the growing consumption of commodities that is creating the need to offset the emissions.
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