New carbon trading desk at BBY
In response to the Government's Clean Energy Future legislation, stockbroking and financial advisory house BBY have set up a carbon trading desk to assist Australian and international companies meet their compliance obligations.
The new desk will be led by BBY head of carbon trading, Matt Dever, who was previously managing director of carbon trading firm EMIT Securities.
Located in Melbourne, BBY stated that the new desk will provide its clients with a risk management capability in carbon and associated environmental market products and trade them in the New Zealand and European emission trading schemes.
Under the Clean Development Mechanism outlined in the United Nation's Kyoto Protocol, emission reduction projects in developing countries can earn certified emission reduction units which can be traded and sold by industrialised countries to a meet a part of their emission reduction targets.
BBY stated that it aims to become a leader in the provision of these international credits to Australian companies as the local market transitions to a flexible price scheme from July 2015.
The trading desk will cover all carbon asset classes globally and operate on a transitional and advisory basis for BBY clients, said the firm's chief executive officer and managing director Glenn Rosewall.
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