Intercontinental Exchange Inc. plans to shut down its Chicago Climate Futures Exchange at the end of next year’s first quarter.
The failure of the U.S. to pass “cap-and-trade” legislation to help limit carbon emissions is part of the reason for the closure, the Atlanta-based company said today in a notice to members. Intercontinental bought the parent company, Climate Exchange Plc, last year for about $581 million, providing access to Europe’s largest emissions trading market.
