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Clearing and Settlement


All purchases and sales executed on the Trading Platform are cleared and settled through the CCX Clearing & Settlement system.  CCX Carbon Financial Instrument® (CFI®) contracts are transferred accordingly between Registry Accounts.

CFI Delivery Process

Delivery of CFI contracts between CCX Registry account holders occur on the same trade day ad are delivered based on a first-in-first-out (FIFO) basis unless otherwise specified by the seller. 

Early Vintage Delivery

CCX Rules allow for CFI's to be banked towards future years for compliance purposes.  Therefore, CCX allows account holders to specify early vintages to be delivered on trades.  For example, on a vintage 2007 trade, a seller may specify delivery of 2007 or earlier year CFI's (i.e. 2006 back to 2003, should the account holder have them in holdings). A seller may not deliver a later years' (i.e. 2008) vintage, however, in order to meet its obligation.  Sellers who want to make early vintage delivery instructions must follow the operating procedures outlined in Advisory 2004-06 and Advisory 2006-08, otherwise, delivery will take place according to the FIFO rule.

Short Selling

CCX Rules Registry account holders prohibit from carryng a short position in any CFI vintage at the close of a trading session.  In order to accommodate short selling trading strategies, however CCX has implemented a lending facility for professional trading participants. Under this facility, loan agreements are executed and collateral is deposited with CCX prior to 10:00a.m. CT. CFI's are then transferred to a borrower's Registry Account for same-day trading.  Not utilizing the lending facility will subject the Registry account holder to CCX's Short Cover procedure, requiring a 24-hour borrow from CCX and related fees.  See CCX Advisory 2004-13 and CCX Advisory 2006-13 for additional information.

Pays & Collects

For banking purposes, pays and collects occur on the next business day (T+1).  Members may keep cash on account if desired.

Customer Statements

CCX registry account holders can access both daily and monthly clearing statements by logging into the CCX Registry.  Information regarding the current day's activity is generally available after 3:30pm CST.  Key features of Member clearing statements include:

  • Trading account activity for CFI contracts
  • Notification of early vintage delivery (Advisory 2004-06)
  • CFI Issuance, Transfer, Cancellation and Retirement activity
  • Fees and rebate information
  • Money Movement activity
  • Cash Balances
  • Settlement instructions
  • End of day CFI holdings
  • CCX XML Clearing Data Services (subscription required)
Designed for high transaction volume participants, CCX XML Market Data Service is a subscription-based technology service that enables subscribers capture all clearing statement transaction detail in a simple, automated method.  For additional information, please contact a CCX Member Services Representative.