The allowances traded were part of the Regional Greenhouse Gas Initiative (RGGI) - a 10 state program for northeastern states officially beginning in January 2009. RGGI’s first auction of allowances is scheduled for June 2.
ICAP executed this transaction between ECOSYS Capital Advisors and VITOL INC late last week.
The strategy included a series of four options covering the 2009 and 2010 vintages. The contract is currently limited to the RGGI market and is not fungible in other markets, the