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ICE exchange to host UK emissions auctions from next year

·1-min read
FILE PHOTO: A screen displays the ticker symbol and logo for Intercontinental Exchange Inc. (ICE) on the floor of the NYSE

(Reuters) - Britain has appointed the Intercontinental Exchange (ICE) to host emissions auctions once the UK's trading scheme begins next month, the exchange operator said on Thursday.

On Monday, the British government announced its plans for a domestic emissions trading scheme (UK ETS) to replace its participation in the European scheme from Jan. 1, after the country formally leaves the European Union.

"ICE plans to commence auctions and launch the related futures contracts as soon as feasible and no later than the second quarter of 2021, subject to regulatory approval," ICE said.

Further details on the auction calendar and the spot and futures contracts ICE plans to launch will be announced in due course, it added.

ICE has conducted auctions of British emission allowances under the EU ETS scheme since 2012.

(Reporting by Nora Buli in Oslo; Editing by Susan Fenton)