LEBA clearers bypass ECX
The London Energy Brokers' Association (LEBA) is now clearing over-the-counter European carbon market trades directly through LCH.Clearnet.
Until recently, brokers cleared carbon trades through the European Climate Exchange (ECX), which converted OTC contracts into futures and cleared them through LCH.Clearnet. This irritated many brokers, who felt that business they had generated was being unfairly counted as exchange volume. In addition there were technical complications with having an OTC
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