理查德·桑多（Richard Sandor）：市场制造商
随着芝加哥气候交易所（CCX）和欧洲气候交易所（ECX）在各自地区的基准中，温室气体排放交易逐渐成为一个真正的市场。这篇文章回顾了理查德·桑多（Richard Sandor）的职业，理查德·桑德（Richard Sandor）是建造他们两者的人。
理查德·桑多（Richard Sandor）与纽约州格伦斯瀑布（Glens Falls）的五年级学生一起讲述，他们决定通过在芝加哥贸易委员会（CBOT）上购买和退休二氧化硫津贴来打击肺部疾病。他回忆说：“孩子们通过推出自己的'上限和贸易市场来咀嚼口香糖津贴，筹集了资金来购买津贴。”“当十二岁的年轻人证明自己在排放交易方面精明时，我知道没有首席执行官或国会议员能说他们没有得到。”
更重要的是，这些孩子十年前执行了交易，当时有更多进化的思想仍在战斗，以使排放量远离京都协议，这是一项国际协议，该协议将减少排放量的强制性目标分配给工业化国家。
While emissions trading eventually found its way into the protocol, the United States did not. And so by 2002 Sandor was tapping into his personal savings and hitting up friends to get the Chicago Climate Exchange (CCX) off the ground as a platform for trading voluntary emission reductions.
芝加哥气候交流
尽管被认为是一项自由主义者实验，以测试市场力量在不政府干预的情况下推动排放的能力，但实际上，CCX首先被认为提供了基于市场的机制，以实施政府政策作为北美北美贸易温室气体排放的中央平台在全国强制性的上限和贸易制度下。
Instead, its web site boasts its existence as "North America's only voluntary, legally binding rules-based greenhouse gas emission reduction and trading system." The exchange restricts trading to members who have voluntarily signed up to its mandatory reductions policy. During the pilot phase (2003-2006) members agreed to reduce greenhouse gas emissions 1% a year from a baseline determined by their average emissions during 1998 to 2001. The current goal (Phase II) is for members to reduce their total emissions by 6% below the baseline by 2010.
像一般碳市场一样，CCX将六种不同类型的温室气体转换为TCO2E。大多数信用是基于津贴的，由成员公司内部减少其排放量创建。自2003年下半年推出以来，CCX的会员资格已从19个机构增长到131多个机构。福特汽车，国际报纸，IBM，美国电力，芝加哥市，波特兰市，波特兰市，奥克兰市，新墨西哥州，新墨西哥州，，世界资源研究所和落基山研究所只是其业务，政府和慈善部门的众多成员。
CCX在2005年在2005年交易了145万TCO2E，总价值为270万美元，交易价格在2006年第一季度飙升，当时美国参议员可能有一天会采用CCX作为其DeCACTO碳交易。方案。
2005年，CCX创建了与国际石油交易所（IPE，今天的ICE Futures）的合资企业欧洲碳交易所（ECX），目前是欧盟排放交易计划上最大的交易所交易碳信用额（请参阅创建“华尔街”，对于碳）。今年，CCX宣布了全球各地的一系列新交易所和合资企业。
The Learning Curve
桑德（Sandor）追溯了CCX及其各个子公司和合资企业的起源，他在1991年在日内瓦（Geneva）经历了顿悟，这是在1990年《清洁空气法》（Clean Air Act）的一年后，为有效的公司提供了绿灯，以销售其过量的二氧化碳（SO2））津贴，以及1992年里约热内卢的地球峰会前一年。
A towering figure in the world of derivatives, the former Stanford professor (who is still a research professor at Northwestern University) had been key in building the CBoT from the place where farmers hedged their corn to the place where Wall Street hedges its interest rate risk.
"I knew how to pioneer new markets," he says. "I had done it with financial futures when others thought that interest rates didn't fluctuate and there was no need to hedge. The challenge would require thousands of tasks, but all were feasible."
He and CBoT president Les Rosenthal began hitting up the best minds in finance, business, and government to hammer out a way of properly managing the market for SO2 allowances, and then entered into an agreement with the US federal Environmental Protection Agency (EPA) to manage their auctions.
他说：“这是一个试点项目，必须做对了。”“如果不是，那么排放津贴交易的整个概念可能会沉没。”
这种令人兴奋的但冒险的飞行员为CBOT带来了SO2津贴拍卖，这是同类环境的第一份环境合同。桑德说：“我们在交易，清算和解决SO2津贴交易方面获得了经验。”“我们使用贸易来帮助市政发电厂安装的污染洗涤器，以减少排放。”
But not everyone appreciated the efforts. "Successful auctions were often characterized by headlines such as 'Smut Traders' or 'Dirt Traders'," he recalls. "Marchers from Greenpeace chanted 'trading pollution is not the solution.'"
桑多的下一个市场引起了争议，而且成功也不那么成功。他说：“我们开发了灾难性保险市场。”“开发了促进飓风和龙卷风对冲的天气期货。我们还发明了地震期货。”保险和天气期货都没有设法找到桑多的市场，但是努力使他在保险行业内建立CCX所需的联系。
休息室法
即使他通过CBOT的SO2拍卖获得了他的经验，以及他在天气期货中工作的接触（更不用说他作为金融中最具创新性的思想之一的声誉 - Sandor都说他的早期促进CCX的早期是一个漫长而艰难的障碍。实际上，他称他在CCX上工作的第一年为“休闲法”。桑德（Sandor）被左派宣称倡导市场解决方案，并以太绿色的右派而被驳回。他说：“我是行业会议和研讨会的环境恳求者。”“这并不容易。”
Despite the tough going, Sandor's lounge act helped him build a network of believers and converts—among them Paula DiPerna, whom he met at a United Nations conference in 1995 when she was a Costeau Society vice president. Five years later, DiPerna become president of the Joyce Foundation, which funded a feasibility study for a voluntary pilot program to trade greenhouse gases.
这个想法是让市场参与者有机会在美国加入京都之前进行一些熟练的交易，当然，这是从未到来的时刻。桑德回忆说：“在满足这些智力挑战的过程中，我们所知道的世界开始转变。”“美国拒绝了京都。我们的努力似乎已经死了。”尽管如此，乔伊斯基金会的第二笔赠款仍将CCX带到2002年。
When the second grant ran out, Sandor began dipping into his own savings while ramping up the lounge act in order to persuade 14 companies to join the exchange. Today, Sandor credits Chicago's Mayor Richard M. Daly with rallying government support, and Brit Insurance CEO Neil Eckert with finding a way to raise cash without losing control. The London financier's idea: a closed-end investment company called Chicago Environmental, which was listed on the London Stock Exchange, making it possible for institutional investors to put their money into a listed company, which in turn invested in a private, non-listed company—CCX.
桑多回忆说：“在交易所开业前一周完成了一轮耗资1800万美元的融资。”那是2003年9月，在一年之内，他们与IPE达成协议，开始了欧洲合资企业。ECX于2005年上线，同年Diperna于2002年退出乔伊斯基金会（Diperna），他加入了CCX，以处理公司招聘和公共政策。两者交换都拖着水，但仍在漂浮。2006年，随着动荡袭击欧洲碳市场，ECX量爆炸（请参阅碳交易通行证崩溃测试）。
勇敢的新世界
Sandor won't say if CCX is making money yet or not, but it does seem to be announcing or implementing joint ventures almost monthly. In July, for example, they launched the Montréal Climate Exchange (MCeX) together with the Montréal Exchange, and in August, they signed an agreement with India's Energy and Resources Institute (TERI) to develop the greenhouse gas emission offset market there. Last year, CCX announced plans to launch two other exchanges—the Northeastern Climate Exchange (NECX) and the New York Climate Exchange (NYCX). Neither project has been finalized, as Sandor and his undisclosed regional partners try to gage the ultimate form the Regional Greenhouse Gas Initiative (RGGI) in the U.S. Northeast will take. "These things won't fly until 2009," he says. "Who knows what kind of national policy this country will be talking about then?"
来自中国旋风之旅的新鲜（请参阅CDM Rush中的中国领导发展中国家），Sandor和ECX老板Peter Koster正在开发一辆交易所交易的车辆，以抵消基于项目的减少津贴的风险。他说：“挑战是制作一种可以作为非标准化项目风险的替代工具的挑战。”该解决方案可能是沿芝加哥商业交易所的房地产期货的某种指数，该索引于今年早些时候推出。
Needless to say, Sandor's lounge act is booked months in advance these days - and the crowds are usually standing room only. And those kids from New York? They should be getting their bachelor's degrees soon – and maybe a few will show up on Sandor's research team at Northwestern.
------------
史蒂夫·兹威克（Steve Zwick）is a freelance journalist and Editor-at-Large of Futures Magazine. He can be reached at[电子邮件保护]。
Reprinted with kind permission ofEcosystem Marketplace。
理查德·桑多（Richard Sandor）与纽约州格伦斯瀑布（Glens Falls）的五年级学生一起讲述，他们决定通过在芝加哥贸易委员会（CBOT）上购买和退休二氧化硫津贴来打击肺部疾病。他回忆说：“孩子们通过推出自己的'上限和贸易市场来咀嚼口香糖津贴，筹集了资金来购买津贴。”“当十二岁的年轻人证明自己在排放交易方面精明时，我知道没有首席执行官或国会议员能说他们没有得到。”
更重要的是，这些孩子十年前执行了交易，当时有更多进化的思想仍在战斗，以使排放量远离京都协议，这是一项国际协议，该协议将减少排放量的强制性目标分配给工业化国家。
While emissions trading eventually found its way into the protocol, the United States did not. And so by 2002 Sandor was tapping into his personal savings and hitting up friends to get the Chicago Climate Exchange (CCX) off the ground as a platform for trading voluntary emission reductions.
芝加哥气候交流
尽管被认为是一项自由主义者实验，以测试市场力量在不政府干预的情况下推动排放的能力，但实际上，CCX首先被认为提供了基于市场的机制，以实施政府政策作为北美北美贸易温室气体排放的中央平台在全国强制性的上限和贸易制度下。
Instead, its web site boasts its existence as "North America's only voluntary, legally binding rules-based greenhouse gas emission reduction and trading system." The exchange restricts trading to members who have voluntarily signed up to its mandatory reductions policy. During the pilot phase (2003-2006) members agreed to reduce greenhouse gas emissions 1% a year from a baseline determined by their average emissions during 1998 to 2001. The current goal (Phase II) is for members to reduce their total emissions by 6% below the baseline by 2010.
像一般碳市场一样，CCX将六种不同类型的温室气体转换为TCO2E。大多数信用是基于津贴的，由成员公司内部减少其排放量创建。自2003年下半年推出以来，CCX的会员资格已从19个机构增长到131多个机构。福特汽车，国际报纸，IBM，美国电力，芝加哥市，波特兰市，波特兰市，奥克兰市，新墨西哥州，新墨西哥州，，世界资源研究所和落基山研究所只是其业务，政府和慈善部门的众多成员。
CCX在2005年在2005年交易了145万TCO2E，总价值为270万美元，交易价格在2006年第一季度飙升，当时美国参议员可能有一天会采用CCX作为其DeCACTO碳交易。方案。
2005年，CCX创建了与国际石油交易所（IPE，今天的ICE Futures）的合资企业欧洲碳交易所（ECX），目前是欧盟排放交易计划上最大的交易所交易碳信用额（请参阅创建“华尔街”，对于碳）。今年，CCX宣布了全球各地的一系列新交易所和合资企业。
The Learning Curve
桑德（Sandor）追溯了CCX及其各个子公司和合资企业的起源，他在1991年在日内瓦（Geneva）经历了顿悟，这是在1990年《清洁空气法》（Clean Air Act）的一年后，为有效的公司提供了绿灯，以销售其过量的二氧化碳（SO2））津贴，以及1992年里约热内卢的地球峰会前一年。
A towering figure in the world of derivatives, the former Stanford professor (who is still a research professor at Northwestern University) had been key in building the CBoT from the place where farmers hedged their corn to the place where Wall Street hedges its interest rate risk.
"I knew how to pioneer new markets," he says. "I had done it with financial futures when others thought that interest rates didn't fluctuate and there was no need to hedge. The challenge would require thousands of tasks, but all were feasible."
He and CBoT president Les Rosenthal began hitting up the best minds in finance, business, and government to hammer out a way of properly managing the market for SO2 allowances, and then entered into an agreement with the US federal Environmental Protection Agency (EPA) to manage their auctions.
他说：“这是一个试点项目，必须做对了。”“如果不是，那么排放津贴交易的整个概念可能会沉没。”
这种令人兴奋的但冒险的飞行员为CBOT带来了SO2津贴拍卖，这是同类环境的第一份环境合同。桑德说：“我们在交易，清算和解决SO2津贴交易方面获得了经验。”“我们使用贸易来帮助市政发电厂安装的污染洗涤器，以减少排放。”
But not everyone appreciated the efforts. "Successful auctions were often characterized by headlines such as 'Smut Traders' or 'Dirt Traders'," he recalls. "Marchers from Greenpeace chanted 'trading pollution is not the solution.'"
桑多的下一个市场引起了争议，而且成功也不那么成功。他说：“我们开发了灾难性保险市场。”“开发了促进飓风和龙卷风对冲的天气期货。我们还发明了地震期货。”保险和天气期货都没有设法找到桑多的市场，但是努力使他在保险行业内建立CCX所需的联系。
休息室法
即使他通过CBOT的SO2拍卖获得了他的经验，以及他在天气期货中工作的接触（更不用说他作为金融中最具创新性的思想之一的声誉 - Sandor都说他的早期促进CCX的早期是一个漫长而艰难的障碍。实际上，他称他在CCX上工作的第一年为“休闲法”。桑德（Sandor）被左派宣称倡导市场解决方案，并以太绿色的右派而被驳回。他说：“我是行业会议和研讨会的环境恳求者。”“这并不容易。”
Despite the tough going, Sandor's lounge act helped him build a network of believers and converts—among them Paula DiPerna, whom he met at a United Nations conference in 1995 when she was a Costeau Society vice president. Five years later, DiPerna become president of the Joyce Foundation, which funded a feasibility study for a voluntary pilot program to trade greenhouse gases.
这个想法是让市场参与者有机会在美国加入京都之前进行一些熟练的交易，当然，这是从未到来的时刻。桑德回忆说：“在满足这些智力挑战的过程中，我们所知道的世界开始转变。”“美国拒绝了京都。我们的努力似乎已经死了。”尽管如此，乔伊斯基金会的第二笔赠款仍将CCX带到2002年。
When the second grant ran out, Sandor began dipping into his own savings while ramping up the lounge act in order to persuade 14 companies to join the exchange. Today, Sandor credits Chicago's Mayor Richard M. Daly with rallying government support, and Brit Insurance CEO Neil Eckert with finding a way to raise cash without losing control. The London financier's idea: a closed-end investment company called Chicago Environmental, which was listed on the London Stock Exchange, making it possible for institutional investors to put their money into a listed company, which in turn invested in a private, non-listed company—CCX.
桑多回忆说：“在交易所开业前一周完成了一轮耗资1800万美元的融资。”那是2003年9月，在一年之内，他们与IPE达成协议，开始了欧洲合资企业。ECX于2005年上线，同年Diperna于2002年退出乔伊斯基金会（Diperna），他加入了CCX，以处理公司招聘和公共政策。两者交换都拖着水，但仍在漂浮。2006年，随着动荡袭击欧洲碳市场，ECX量爆炸（请参阅碳交易通行证崩溃测试）。
勇敢的新世界
Sandor won't say if CCX is making money yet or not, but it does seem to be announcing or implementing joint ventures almost monthly. In July, for example, they launched the Montréal Climate Exchange (MCeX) together with the Montréal Exchange, and in August, they signed an agreement with India's Energy and Resources Institute (TERI) to develop the greenhouse gas emission offset market there. Last year, CCX announced plans to launch two other exchanges—the Northeastern Climate Exchange (NECX) and the New York Climate Exchange (NYCX). Neither project has been finalized, as Sandor and his undisclosed regional partners try to gage the ultimate form the Regional Greenhouse Gas Initiative (RGGI) in the U.S. Northeast will take. "These things won't fly until 2009," he says. "Who knows what kind of national policy this country will be talking about then?"
来自中国旋风之旅的新鲜（请参阅CDM Rush中的中国领导发展中国家），Sandor和ECX老板Peter Koster正在开发一辆交易所交易的车辆，以抵消基于项目的减少津贴的风险。他说：“挑战是制作一种可以作为非标准化项目风险的替代工具的挑战。”该解决方案可能是沿芝加哥商业交易所的房地产期货的某种指数，该索引于今年早些时候推出。
Needless to say, Sandor's lounge act is booked months in advance these days - and the crowds are usually standing room only. And those kids from New York? They should be getting their bachelor's degrees soon – and maybe a few will show up on Sandor's research team at Northwestern.
------------
史蒂夫·兹威克（Steve Zwick）is a freelance journalist and Editor-at-Large of Futures Magazine. He can be reached at[电子邮件保护]。
Reprinted with kind permission ofEcosystem Marketplace。
