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MF Global Weekly CDM & VER Markets Summary 20th – 26th July 2009

Voluntary trading has slowed during the summer period with most market participants taking annual leave. Demand remains dominated by small clips of either exotic RE or bargain priced VCUs. Issued, recent vintage, RE VCUs from SE Asia, South America and Africa are transacting at $4/5; credits from China and India are trading at $2.50/3.50 levels. American VCUs are holding steady at around $5.

Gold Standard demand has slowed as buyers hold on for interesting projects from unusual locations. Price levels remain at

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