Amendments to the Definitions and Exclusion of Liability clauses in Contract Specifications for Certain GreenX European Union Allowance and Certified Emission Reduction Futures Contracts

Pending all relevant regulatory review periods, effective June 18, 2012, GreenX will amend language in the Definitions and Exclusion of Liability clauses for certain European Union Allowance and Certified Emission Reduction Futures Contracts. These amendments are being made to conform to the recent European Union Registry infrastructure changes. The changes are applicable to the GreenX European Union Allowance and Certified Emission Reduction Futures contracts only.

As previously described in GreenX Notice to Participants # NP-2012-11, dated May 29, 2012, the European Commission announced on April 27, 2012, the full activation of the EU Emissions Trading Scheme single registry and the migration of thousands of EU ETS accounts from national registries into a Union Registry. This change from individual Member State registries to a single registry for emission allowances was made to ensure improved market operation and increased registry security. Consequently, the Exchange is amending the rules in Exhibit A herewith to update the terms within the Definitions and Exclusion of Liability clauses for certain European Union Allowance and Certified Emission Reduction contracts in order to reflect the consolidation of national registries into a single Union Registry. Please note that the recently adopted European Union Aviation Allowance (EUAA) Futures (Rule 1108) and Emission Reduction Unit (ERU) (Rule 1110) contracts already contain the updated references to the Union Registry.

The rule amendments in Exhibit A are summarized as follows:

• Addition of definition of the term "EUTL" – Acronym for European Union Transaction Log, a new term provided by Article 20(1) of the Directive
• Addition of acronym "ITL" for the previously defined term "Independent Transaction Log"
• Clarification of the previously defined term "CITL" in order to explicitly state that CITL is the predecessor log for the EUTL
• Addition of definition of the term "Registry UK" – To provide clarity that the registry operates under the laws of the United Kingdom since all of the deliveries are made through the UK Registry
• Deletion of references to UNFCCC – Acronym was deleted as it was not defined anywhere in the rules and was used as a prefix to the International Transaction Log (or ITL). The Exchange determined to delete UNFCCC in favor of replacing it with the acronym ITL for International Transaction Log
• Amendment to the term "Registry." The Exchange added a statement within the definition of the term "Registry" in order to provide clarity that transfers continue to be subject to the jurisdiction of the Member State
• Rules 1104 and 1703 – change to the order of the placement of the definition of the term "Settlement Price" within the rules. The definition of the term is unchanged.
• Rule 1107. Deletion of definition of the term "EUA" from Certified Emission Reduction Plus (CERplus^SM) Futures contract. This contract inadvertently contained the definition of the term "EUA" or European Union Allowance which is not applicable to the Certified Emission Reduction Plus (CERplus^SM) Futures contract

For inquiries, please contact:

Compliance Officer
Nicholas Galati
Tel:  +212<299 2569br > E-mail:   nicholas.galati@thegreenx.com