ICE Scrutinizes US Climate Unit As 2Q Rises 41% | Real Time Market News | Dow Jones
IntercontinentalExchange Inc. (ICE) is examining the future of its new U.S. emissions-trading business after the collapse of climate change legislation.
The energy and commodity trading specialist acquired the Chicago Climate Exchange as part of its $597 million purchase of London-based Climate Exchange PLC, which also runs profitable emissions units in Europe.
"The business was built out with expectation that cap-and-trade in the U.S. was imminent," said Scott Hill, ICE's chief financial officer.
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Chief Executive Jeff Sprecher said the Chicago-based unit of Climate Exchange is losing money, and ICE plans to scale back the operation and re-evaluate its future.
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ICE said it would take a charge of $4 million to $5 million related to staff reductions at the Climate Exchange, which it acquired in July.
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