Autor: venred

CHICAGO, Jan. 26, 2021 /PRNewswire/ — CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will launch a Global Emissions Offset™ (GEO™) futures contract on March 1, 2021, pending all relevant regulatory reviews. The new contract, which will provide customers with a market-based solution to manage global emissions risk, was jointly developed with Xpansiv market CBL, a leader in spot energy and environmental markets.  

«Demand for voluntary carbon offsets is growing around the world as more countries and companies take action toward creating a lower carbon economy,» said Peter Keavey, Global Head of Energy at CME Group. «GEO futures will provide a regulated, market-based solution that can help address risk management needs for near-term emissions reduction strategies, as well as a standardized pricing benchmark to help facilitate long-term climate goals.»

«After a decade building the largest voluntary carbon market in the world, it’s remarkable to witness this watershed moment,» said Xpansiv Chief Strategy Officer Nathan Rockliff. «We’ve worked closely with myriad stakeholders—corporates, project developers, trading firms, airlines, and leading standards like VERRA, CAR, ACR—to develop the GEO, the first standardized contract for carbon offsets across multiple project types and geographies. The GEO helps to establish a global price for the voluntary carbon market based on offsets vetted by a multi-year process, and with this landmark futures contract, CME Group and Xpansiv provide a clear path to action for net-zero commitments.»

The Taskforce on Scaling Voluntary Carbon Markets, a private sector-led voluntary carbon market initiative, has published recommendations around the need for a physically-delivered futures market, stating that it could help achieve a more robust and transparent voluntary offset market. CME Group is a member of the Taskforce alongside many of its clients and market participants.

Voluntary offsets allow businesses to purchase credits to help reduce their overall carbon footprint as they work to transition to more sustainable business practices. The scale of trading in the voluntary carbon offset market is currently around $320 million and this is expected to grow as demand for global decarbonization increases and climate hedging strategies become more standardized.

The GEO futures contract is based on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which includes globally accepted carbon offset standards based on a set of rigorous criteria developed by the International Civil Aviation Organization (ICAO), a specialized agency of the United Nations.  

GEO futures will allow for delivery of CORSIA eligible voluntary offset credits from three ICAO approved registries and will be listed by and subject to the rules of NYMEX.  For more information and contract specifications, please visit www.cmegroup.com/geo.  

About CME Group

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.  With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners

About Xpansiv
Xpansiv is the global market for ESG-inclusive commodities. These Intelligent Commodities™ bring transparency and liquidity to markets, empowering participants to value energy, carbon, and water to meet the challenges of an information-rich, resource-constrained world. The company’s main business units include CBL, the leading spot exchange for ESG commodities, including carbon, renewable energy certificates, and Digital Natural Gas™; H2OX, the leading spot exchange for water in Australia; and XSignals, which provides end-of-day and historical market data. Xpansiv is the digital nexus where ESG and price signals merge. Xpansiv.com

CME-G

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SOURCE CME Group

NEW YORK and MONTVALE, N.J., Jan. 26, 2021 /PRNewswire/ — The latest Global Economic Conditions Survey (GECS) released today from ACCA (the Association of Chartered Certified Accountants) and IMA^® (Institute of Management Accountants) found that global confidence in the fourth quarter of 2020 stalled and remains fragile at the start of 2021.

The GECS, the largest regular economic survey of more than 3,000 senior accountants and finance professionals from around the world, captured the true scale of the global recession caused by the response to the coronavirus pandemic, noting that global economic prospects have deteriorated since the survey was completed on December 8. The full report is available here or at https://www.imanet.org/insights-and-trends/global-economic-conditions-survey?ssopc=1.

The survey notes that the global economy contracted by around 4.5% in 2020, the biggest fall in global activity in several decades. Having recovered from lockdown-imposed weakness in the first half of the year, many economies again faced weakness as a second wave of COVID infections triggered renewed lockdowns. The survey envisions a steady recovery this year, but continued uncertainty limits the bounce in consumer and busines confidence, with pre-crisis output not being reached until mid-2022. The 2020 Q4 findings also reveal that:

• Global orders, employment and capital investment indices recorded a further modest improvement, but still point to activity well below the pre-crisis level in the fourth quarter of 2019.
• The «fear» indices—concern about customers and suppliers going out of business—edged lower in 2020 Q4 but remain elevated, clearly underlining the extreme uncertainty in the global economic outlook at the start of 2021.
• Inflation concerns remain negligible with concern about costs staying close to an all-time low.
• The confidence measure fell back in North America, having surged in the prior third quarter. By contrast, there was a big improvement in Middle East confidence, buoyed probably by continued recovery in oil prices.
• More than 50% of respondents in Asia Pacific, North America and South Asia expect sustainable recovery in the second half of this year.

«Last year was the worst for the global economy for several decades,» said Warner Johnston, Head of ACCA USA. «2021 will see recovery, but precisely when and how strong it will be is very uncertain. We anticipate a weak start, followed by a recovery gathering momentum through the second half. Much depends on the evolution of the COVID virus and variants relative to the progress of vaccination programs, and there is great uncertainty surrounding these developments.»

Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research and policy, said, «The pandemic has forced millions into extreme poverty as emerging markets suffered recession for the first time in decades last year. Policy responses to the pandemic have left the public finances of most economies in a perilous state with budget deficits in the range of 10% to 15% of GDP in many countries with debt to GDP ratios well over 100%.»

He added, «All this presents a big test for policy makers in terms of when to withdraw policy support and when policy should be tightened to rebuild public finances. Policy mistakes would risk derailing economic recovery.’

Michael Taylor, Chief Economist at ACCA, noted that since polling concluded in December, many countries have witnessed increased COVID-19 infection rates, prompting governments to re-impose restrictions, including national lockdowns. This means that global economic prospects early in 2021 have deteriorated since the Q4 survey. At the same time, there has been progress on the approval of vaccines, raising hopes of a permanent improvement in economic conditions later this year. However, unemployment rates will rise in many countries, potentially undermining consumer confidence and limiting the strength of a rebound.

North America/United States

In North America, confidence dropped in Q4, having jumped by the most on record in Q3. The orders and capital spending indices were both little changed in Q4 and were well below their pre-crisis levels of a year ago. The employment index recovered significantly in Q4, highlighting the continued relatively good jobs market rebound since the early weeks of the pandemic. Overall, the North America region GECS is consistent with continued recovery in early 2021.

Meanwhile, the U.S. economy suffered one of the smallest contractions among advanced economies last year – likely around 3.5%. A large fiscal package equivalent to around 10% of Gross Domestic Product and easier monetary policy, including cuts in interest rates and greatly increased quantitative easing, cushioned the economic downturn.

But toward the end of 2020, the economy was losing momentum and COVID infections were increasing rapidly. The report notes that the economy was likely to show modest expansion in the fourth quarter of 2020, but renewed weakness is possible in early 2021.

«There are significant risks to the outlook for the year ahead,» Lawson said. «Much depends on the evolution of the COVID virus and variants, rates of infection and the speed and effectiveness of vaccination programs. The central case is economic weakness early on in 2021 as the virus dominates, followed by recovery gathering momentum later in the year as vaccination takes effect. There are significant risks surrounding the timing of these developments. In addition, the emergence of vaccine- resistant variants of the COVID virus, unexpected adverse side effects from vaccination and low vaccine take up are also health-related risks that could cause deviations in the recovery path.»

Fieldwork for the 2020 Q4 survey took place between November 20 and December 8, 2020, and attracted 3086 responses from ACCA and IMA members, including over 300 CFOs.

About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 227,000 members and 544,000 students (including affiliates) in 176 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com

About IMA^® (Institute of Management Accountants)
IMA^® is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA^® (Certified Management Accountant) and CSCA^® (Certified in Strategy and Competitive Analysis) programs, continuing education, networking, and advocacy of the highest ethical business practices. Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA has a global network of more than 125,000 members in 150 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe and Middle East/India. For more information about IMA, please visit www.imanet.org.

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SOURCE ACCA (the Association of Chartered Certified Accountants)