Green Exchange LLC filed for independent exchange status Monday, marking a step forward for the emissions-trading unit owned by CME Group Inc.
The Green Exchange, a venture launched in 2007 by the New York Mercantile Exchange and a slate of banks and brokers, plans to soon relaunch as a standalone entity pending approval of its application by U.S. futures regulators.
"It's an enormous step," said Tom Lewis, chief executive of the Green Exchange, in an interview. "This really is a signal of our commitment for the long haul to this business and the highest standard of regulation."
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