When better to further the cause of financial greenery than St Patrick's Day? On March 17th the first carbon-linked derivatives contracts will begin trading on the Green Exchange, a joint venture between the New York Mercantile Exchange, Evolution Markets, a broker, Morgan Stanley, Merrill Lynch and others. America already has a small emissions-trading market in the Chicago Climate Exchange, run by one of the founding fathers of financial derivatives, Richard Sandor. Nevertheless, the nymex venture is seen as America's boldest step yet towards the carbon-trading big league.
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