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CICC Hong Kong Asset Management Selects ICE Index for CICC Carbon Futures ETF
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Rhea-AI Summary
Intercontinental Exchange (NYSE: ICE) announced that China International Capital Corporation Hong Kong Asset Management Limited has selected the ICE EUA Carbon Futures Index for its CICC Carbon Futures ETF. The index tracks a long-only basket of ICE EUA Futures Contracts, representing 1,000 Carbon Emission Allowances each. This ETF, the first of its kind in Hong Kong, aims to provide efficient exposure to environmental markets. In 2021, ICE reported 18 billion tons of carbon allowances traded, equating to approximately $1 trillion in notional value.
Positive
Launch of CICC Carbon Futures ETF increases ICE's presence in Asia.
First launch of a carbon allowance futures ETF in Hong Kong.
ICE previously reported record trading volumes of carbon allowances.
Negative
None.
ATLANTA, NEW YORK & HONG KONG--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that China International Capital Corporation Hong Kong Asset Management Limited (CICC HKAM) has selected the ICE EUA Carbon Futures Index (Excess Return) for its CICC Carbon Futures ETF.
The ICE EUA Carbon Futures Index measures the performance of a long-only basket of ICE EUA Futures Contracts (EUA Contracts). Each EUA Contract is euro-denominated and represents a lot of 1,000 Carbon Emission Allowances (EUA) that are deliverable to or from the Union Registry under the European Union Emissions Trading System (ETS).
CICC HKAM, a wholly owned subsidiary of China International Capital Corporation Limited, provides asset management services in Hong Kong and has led the market in offshore asset management services. The company offers investors Hong Kong-listed ETFs and SFC-authorized unit trusts and mutual funds.
“ICE continues to grow its presence across Asia,” said Magnus Cattan, Head of ICE Fixed Income & Data Services, Asia Pacific. “The CICC Carbon Futures ETF is the first carbon allowance futures ETF to be launched in Hong Kong and will provide the market with more efficient exposure to environmental markets.”
ICE is home to the largest environmental markets and recently announced that a total of 18 billion tons of carbon allowances traded in 2021, equivalent to an estimated $1 trillion in notional value, which included 15.2 billion EUAs.
“This ETF highlights our commitment to the development of climate-themed products and our overall capabilities to structure innovative investment solutions,” said Ning Lin, Managing Director at CICC HKAM. “Our new CICC Carbon Futures ETF will allow investors to access one of the largest, most liquid and most actively traded environmental markets in the world.”
ICE’s global family of indices serve as the performance benchmark for more than $1.5 trillion in assets managed by investors around the globe. For more information about ICE’s Indices, please visit: https://www.theice.com/market-data/indices.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 3, 2022.
