Climate Exchange plc is a holding company whose subsidiaries are principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments, including emissions reduction credits in both voluntary and mandatory markets. The three businesses are the European Climate Exchange (ECX), which operates an exchange that focuses on compliance certificates for mandatory European Emissions Trading Scheme (EU ETS), the Chicago Climate Futures Exchange (CCFE), a regulated exchange in the United States with a portfolio of environmental futures contracts and Chicago Climate Exchange (CCX), which operates the voluntary, but contractually binding cap and trade system for greenhouse gas emissions reductions.