London Finance Takes Another Hit as Carbon Market Goes to EU
(Bloomberg) — Intercontinental Exchange Inc. plans to move its 1 billion-euro ($1.2 billion) daily market for European carbon emissions contracts to the Netherlands from London in a blow to the U.K.’s attempts to build a green finance powerhouse after Brexit.
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A pedestrian walks across the Millennium Bridge in view of skyscrapers in the City of London, U.K., on Thursday, Nov. 5, 2020. The Bank of England boosted its bond-buying program by a bigger-than-expected 150 billion pounds ($195 billion) in another round of stimulus to help the economy through a second wave of coronavirus restrictions.
Stuart Williams, president of ICE Futures Europe, said the decision to shift the business into the European Union will help traders and investors “manage climate price risk in the most cost-effective and seamless manner.”

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The market is a key plank of the EU’s efforts to combat climate change. Volumes for futures and