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UPDATE 1-New ICE contracts to include renewable fuel credits
April 12, 2013 / 8:41 PM / 4 years ago

UPDATE 1-New ICE contracts to include renewable fuel credits

NEW YORK, April 12 (Reuters) - Exchange and clearing house operator IntercontinentalExchange Inc said on Friday it plans to launch 35 new futures contracts, including three for renewable identification numbers (RINs), on April 29.

RINs are 38-digit numbers generated for each gallon of U.S.-produced ethanol or other renewable fuel. Refiners, importers and other so-called “obligated parties” are required by the U.S. Renewable Fuel Standard program to blend the renewable fuels into finished gasoline and other products.

For each gallon blended, they can present the RIN number to the U.S. Environmental Protection Agency as proof of compliance. But if they fall short, they must buy RINs on the open market, where prices have recently surged.

CME Group said earlier this month it plans to launch a suite of RINs contracts in May.

Other new contracts ICE plans to launch include global crude oil, gasoline, middle distillate, natural gas liquid, natural gas, power, freight and iron ore futures and options products, ICE said.

The contracts, which are subject to regulatory approval, will be cleared at ICE Clear Europe.

Atlanta-based ICE agreed to buy transatlantic market operator NYSE Euronext for $8.2 billion in December. The deal will give it control of Liffe, Europe’s second-largest derivatives market and will help it expand into interest rate futures.

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