New carbon market trades on New Zealand time zone
Wednesday 2 May 2007, 7:40PM
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NZX carbon exchange Credit:
TZ1
Being first in the world to see the sun gives New Zealand an edge in financial markets, according to a report presented to the Prime Minister, Minister of Finance and Minister for Climate Change Issues and Energy today by the Carbon Market Working Group.
This competitive advantage has given the new market its name: TZ1, for the time zone cornered by New Zealand.
“Carbon credits are fast becoming an around-the-clock commodity. This is the way the rest of the world is going and New Zealand has to be there too,†said Air New Zealand CEO and Carbon Market Working Group Rob Fyfe.
“Being the only market operating in this time zone means that, with the right technology and regulatory settings, New Zealand can attract liquidity from other parts of the world,†said NZX CEO and Carbon Market Working Group member Mark Weldon.
TZ1 is expected to commence operations in 2008, following establishment of the capital structure, regulatory and technology services. New Zealand Exchange Limited (NZX) will be one of the shareholders in the new market.
“The market will be locally owned, regionally significant and globally competitive,†said 42 Below CEO and Carbon Market Working Group member Geoff Ross.
The Carbon Market Working Group has elected to release the TZ1 name in advance to stake a firm claim on this geographical region.
“We've been keeping a close eye the activities of other markets and broking firms here, across the Tasman, elsewhere in the Asia Pacific and worldwide. There is clear interest in trading carbon credits on a New Zealand-based platform because of our international environmental and regulatory reputation, our status as a signatory to the Kyoto Protocol, our time zone and our sheer guts. That's what TZ1 represents. We've got the edge – we should use it,†said Ross.
TZ1's website will be established to coincide with the announcement of capital structure in the second half of 2007.
This competitive advantage has given the new market its name: TZ1, for the time zone cornered by New Zealand.
“Carbon credits are fast becoming an around-the-clock commodity. This is the way the rest of the world is going and New Zealand has to be there too,†said Air New Zealand CEO and Carbon Market Working Group Rob Fyfe.
“Being the only market operating in this time zone means that, with the right technology and regulatory settings, New Zealand can attract liquidity from other parts of the world,†said NZX CEO and Carbon Market Working Group member Mark Weldon.
TZ1 is expected to commence operations in 2008, following establishment of the capital structure, regulatory and technology services. New Zealand Exchange Limited (NZX) will be one of the shareholders in the new market.
“The market will be locally owned, regionally significant and globally competitive,†said 42 Below CEO and Carbon Market Working Group member Geoff Ross.
The Carbon Market Working Group has elected to release the TZ1 name in advance to stake a firm claim on this geographical region.
“We've been keeping a close eye the activities of other markets and broking firms here, across the Tasman, elsewhere in the Asia Pacific and worldwide. There is clear interest in trading carbon credits on a New Zealand-based platform because of our international environmental and regulatory reputation, our status as a signatory to the Kyoto Protocol, our time zone and our sheer guts. That's what TZ1 represents. We've got the edge – we should use it,†said Ross.
TZ1's website will be established to coincide with the announcement of capital structure in the second half of 2007.