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MF Global Weekly CDM & VER Market Summary 22nd – 28th June 2009

The VER market picked up over the week with positive US legislative news leading to optimism of a global emissions trading scheme. The change in mood has seen the return of smaller participants and led to the reemergence of previously dormant market locations. Interest continues to focus on recent vintage Issued RE VCUs from SE Asia and South America trading at $4.25 levels. There is increased chatter surrounding eagerly anticipated African projects which are likely to trade at a premium. Demand for US offsets is intensifying with additional project flow weekly. Issued OTC CRTs remain $6/$7 with 5 year forward strips $5.50/$6.50 bid/offered. However on exchange the Dec 2009 CCX CAR CRT was marked lower recovering to close at $4.75 from $4.40 midweek with 40 contracts traded. The 10 year Dec 2009/2018 strip settled down $0.17 cents from the previous week at $5.39 as the market awaited news of the Waxman Markey climate change bill. US VCUs remain $4/5 bid/offered with methane projects dominating demand.

Gold Standard inertia has lifted with several orders circulating the market for non typical projects with a wide price spread of

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