London Finance Takes Another Hit as Carbon Market Goes to EU
- ICE says EU contracts will shift from U.K. to Netherlands
- Traders had warned of cost and risk in post-Brexit London
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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.
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.”