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Dec 16, 2005 9:29 AM

A letter of intent has been signed to develop a new joint venture to create the Montreal Climate Exchange, a Canadian environmental products market.

The Montreal Exchange, Canada's financial derivatives exchange, and Chicago Climate Exchange, a voluntary, legally binding rules-based greenhouse gas emissions allowance trading system, signed the letter that calls for the development of trading, clearing, and registry services for Canadian environmental products.

The first product base will provide cost-effective trading products for the Canadian carbon market.

The announcement was made in Montreal during the 11th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC).

The new Montreal Climate Exchange will provide market solutions to address the most serious environmental challenges, especially climate change and the build-up of greenhouse gases.