First RIN futures trade completed on ICE

NEW YORK Tue May 7, 2013 4:22pm EDT

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NEW YORK May 7 (Reuters) - The IntercontinentalExchange on Tuesday saw the first trade for renewable identification number (RIN) futures since the contracts' listing last Monday, according to a spokeswoman.

Element Markets, a Houston-based producer and marketer of renewable energy, sold the first contract at 88 cents per RIN for one lot of 10,000 advanced biofuel RINs, the firm's chief executive confirmed in an email.

The ICE launched three futures contracts for RINs on April 29 in response to increased volatility and surging prices for the credits.

Rival exchange operator CME Group is also launching RIN futures contracts, which will become available for trading starting May 13.

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