Existing users please login

Forgot Password

Home / Markets

Friday, March 19, 2010

Hungary, BlueNext To Identify Recycled CERs, Prevent Entrance

| Respond to Editor | Print

 
By Margit Feher
Dow Jones Newswires
     

    BUDAPEST -(Dow Jones)- The Hungarian environment ministry has said it provided all necessary information to the Paris-based exchange BlueNext to help identify the recycled certified emission reductions that caused a halt in CERs trading earlier this week.

    The CERs, which originated in Hungary, had reentered the market even though recycled CERs shouldn't be sold into the European Emissions trading system, or EU ETS.

    The exchange and ministry have agreed a measure to avoid a recurrence of such selling, the ministry and Bluenext said in a release late Thursday.

    "It is likely that an intermediate market player transacted the CERs within the EU ETS knowingly," the ministry said in the release.

    The issue revolves around the sale of nearly 2 million carbon dioxide emissions quotas to Japan for 4 billion forints ($20.6 million) through a CO2 trader. Hungary said March 12 that it had signed a contract for the sale.

    The ministry, BlueNext and Hungarian Energy Power, the brokerage to which Hungary sold the quotas, held a consultation Thursday, the parties added.

    "A technical barrier will also be established that will prevent the entrance of recycled CERs in the future," the ministry said in the release.

    Both the ministry and BlueNext agreed that it was necessary to provide the market with an immediate solution to help the participants and BlueNext members find a quick and satisfactory resolution for all parties.

    BlueNext, as the leading CER spot market, is ready to offer its market infrastructure to reach this goal, BlueNext said.

    Ministry Web site: www.kvvm.hu

    Copyright © 2009 Dow Jones Newswires

    Fox Business Video


    Last 5 Stocks

    Find More Stocks

    • Ticker
    • Company
    • Price
    • Change
    Powered by
     

    Personal Finance - Investing - Financial News - Business News - Stock Market Quotes & News - Small Business

    Advertise with us | Jobs at FOX Business Network | Internships at FBN

    Terms of use. Privacy Statement. For FOXBusiness.com technical issues write to foxbusinessonline@foxbusiness.com; for all other feedback, write to feedback@foxbusiness.com.

    Quotes delayed at least 15 minutes. Market Data provided by Interactive Data (Terms & Conditions). Powered and implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.

    This material may not be published, broadcast, rewritten, or redistributed. ©2010 FOX News Network, LLC. All rights reserved.