The Impact of Climate Change on Commodities Trading

The CFTC is not directly regulating the physical carbon market and that's the they're certainly looking at their options there, but what they are regulating is us as an exchange. We traded over a billion contracts over the course of last year, and we're seeing that up again quarter to date our options businesses up 21%. So we're seeing customers, yes, use increasing numbers of derivatives,. hence the overall record volume and participation, but also an expanded use of options inside that story.