PHASE III TRADING: The Dec 13 Futures contract became increasingly active; it traded every day and total volume hit 15,150 contracts – open interest has reached 16,549,000 tonnes in the Dec 13 and 715,000 tonnes in the Dec 14. ECX Dec 13 options are scheduled to be introduced in March.

SPOT: ECX Daily Futures (Spot) volumes continue to grow; with almost 15.5 Mt tonnes traded in total, February was a record month (see chart 5 below). The Spot-Dec 10 spread was lively, reaching a low of -0.31 before narrowing to settle on Friday at -0.17 (see chart 4).

OPTIONS: Despite lower volatility, February was an active month in the emissions options market as over 61 Mt were cleared onto the Exchange, an average of more than 3,000 contracts a day; the majority of activity was in the Dec 10 EUAs which saw a 34% increase in open interest during February. ECX Options volatility will be settled with a skew from Monday March 15th.

OPEN INTEREST: Open interest in all products continues to rise and is now approaching the 700,000 contract mark, a 36% increase since delivery in December.

MEMBERSHIP: ICE Futures Europe and ECX welcome their 106th Member: Rosenthal Collins Group LLC.