APX, NYSE Launching 'Green' Exchange Venture Called Blue
September 7, 2010
NYSE Euronext said it planned to launch a joint venture called NYSE Blue that will focus on "environmental and sustainable energy markets.''
The joint venture is with APX, a provider of infrastructure and services for such markets. NYSE Blue will include NYSE Euronext’s existing investment in BlueNext, a spot market in carbon credits.
NYSE Euronext will be own a majority of the shares of NYSE Blue and consolidate its results.
Shareholders of APX, which include Goldman Sachs, MissionPoint Capital Partners and Onset Ventures, will take minority positions.
The changeover is expected to conclude by the end of this year, subject to APX shareholder approval and regulatory approvals.
In its effort to profit from markets in green initiatives, such as the environment and "sustainable energy" markets, NYSE Blue will provide integrated pre-trade and post-trade platforms, environmental registry services, mechanisms for accessing the markets and managing environmental portfolios, environmental markets reference data and the BlueNext trading platform.
NYSE Blue will expand globally, but focus on North America and Asia. Brian Storms, chairman and CEO of APX, will become CEO of NYSE Blue. “Our listed companies and markets customers increasingly need innovative tools and trading instruments to manage new types of business risks including those around energy, carbon, renewable energy, water and other environmental factors,” said Duncan L. Niederauer, chief executive officer, NYSE Euronext. “The formation of NYSE Blue and addition of APX will build upon BlueNext’s business and strengthen NYSE Euronext’s position in environmental markets on a global scale
APX, founded in 1996, provides trading systems for environmental and power markets and post-trade infrastructure for the transfer and settlement of renewable energy and carbon credits.
APX provides complete coverage for renewable energy certificate (REC) creation, management and transactions across North America to facilitate the growth of clean energy generation and usage.
Goldman Sachs served as advisor to APX on the transaction.
