Functionalities of the BM&FBOVESPA Carbon Credit Trading
Contents
1. User s Manual 8 Annex IX BM amp F BOVESPA y Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System MARKET BY ORDER Seq code Time Participant ity Price 13 15 19 54 3493 250 000 12 90 12 18 19 17 349 900 000 12 380 1i 18 17 43 a4 850 000 12 5 10 18 17 12 243 800 000 17 60 Spes d 32656 3493 750 000 127 50 SG 16 14 22 349 7o0 000 127 40 Lele 3493 650 000 17 30 6 18 12 23 349 600 000 12 20 2 16 11 05 2459 220 000 12 10 4 17 56 49 349 200 000 12 00 Seq code Time Participant ty Price 14 18 22 37 Tog 850 000 123 12 Market by order 8 1 Description of fields 1 Seq code External code assigned to an 2 Qty Quantity of carbon credits in a order as defined by BM amp FBOVESPA bid or ask expressed in CER units 3 Time Registration of the exact time of an 4 Price Order price for the carbon order insertion credits expressed in monetary units 5 Participant External code assigned to a participant making a bid or ask as defined by BM amp FBOVESPA 8 2 Mouse trading Mouse trading is a functionality whose purpose is to facilitate the utilization of the system by the user By simply clicking on the left button of a mouse one can select and act on bids and asks as well as capture the corresponding counterparty information to insert an order An order may be selected in two possible ways as described below User s Manual Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA C2. gas Project 6 Link to instrument characteristics Upon clicking on the link indicated in the above illustration the window instrument characteristics opens up displaying the information regarding the selected instrument User s Manual 5 BM amp FBOVESPA A Nova Bolsa Annex IX Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 3 Instrument details Microsoft Internet Ex pl Instrument Characteristics Instrument Code Internal instrument code Maturity Min Qty Max Cty Round lot Min Price Decimal Places Tick Size Market Type CUrrency Notice Participant Code Participant Marne Status CERPOS2D BmMFCOO00000238 SPOT 200 000 1 000 000 1 z 0 10 1 EUR Notice 001 Tag SIL ESPECIAL BN Pay eee ele Rr Under auction 7 Window instrument characteristics 5 1 1 Description of the fields of the screen instrument characteristics 1 External code External code as determined by BM amp FBOVESPA 3 Maturity Maturity date for the instrument 5 Max qty Maximum quantity for the order expressed in units of CER 7 Min price Minimum price for the order as defined by the auction notice 9 Tick size Minimum variation between the order prices 11 Currency Currency utilized as reference for the trading of carbon credits 13 Participant code Code determined by BM amp F for a participant who holds carbon credits 15 Status Indicates the auc
3. sell Quantity Order quantity Trader Trader code Client Client code Price Order price Seq code Sequential order code Qty exe Traded quantity Number of executed trades Number of times the order is executed e Remaining qty Balance not executed e Exe qty cancelled Cancelled quantity e Cancelled exe orders Number of executed trades cancelled e Current order status Current order status 4 Execution e Trade exe time Time of trade execution information list User s Manual 14 2 Order information 3 Execution status Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System e Control number Sequential order code e Trade number Sequential trade number e Quantity Quantity executed e Traded price Price in which trade was executed e Status Current order status 5 Order trail e Date and time Date and time of the event information e Code Status code e Description Status description e Error Error message 10 Messages This functionality provides auction participants and market surveillance with a window for sending and receiving messages CHAT MESSAGES a 4 07 2007 04 33 46 Auctioneer The auction will be started in ane minute a 19 Messages 11 Notification This field exhibits the informational messages related to system actions performed by users NOTIFICATION Error Order not sent Invalid client code 20 No
4. 00 000 650 000 600 000 220 000 200 000 Price Required Traded Qty 12 50 12 40 12 30 127 20 12 10 12 00 oO A O A A Ne Pending Orders Cancelled Orders C Executed orders Remaining ty 700 000 700 000 650 000 600 000 220 000 200 000 A 31 Alter order Order altered 13 Index of illustrations 1 Accessing the system 2 Web trading interface 3 Language 4 Time 5 Market summary 6 Link to instrument characteristics 7 Window instrument characteristics 8 Project 9 Instrument 10 Order registration 11 Market trades 12 Market by order 13 Mouse trading Selecting an order by price 14 Mouse trading Order selected by price 15 Mouse trading Selecting an order by quantity 16 Mouse trading Order selected by quantity 17 Order management 18 Order details 19 Messages 20 Notification 21 Market summary Instrument selected 22 Order Instrument selected 23 Order Completing the fields 24 Confirmation 25 Order included Order management 26 Order included Market by order 27 Order included Market summary 28 Alter Order Selecting an order 29 Alter Order Screen market by order 30 Alter Order New values 31 Alter Order Order altered User s Manual 20 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 14 Appendix 14 1 Instrument codification In th
5. Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System Microsoft Internet Explorer X would you like to send this order Cancelar 24 Confirmation To conclude the user must select the option OK 12 1 3Verifying the inclusion of the order When including an order the corresponding information is displayed on the screens order management market by order and market summary User s Manual 17 Annex IX BM amp F BOVESPA I Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System a Order management ORDER MANAGEMENT Pending Orders C Cancelled Orders Executed orders Action Seq code Date Client Type Instrument Order qty Price Required Traded Gty Remaining Oty A M 2 D 07 2007 e Buy CERPOSZD 730 000 12 300 720 000 Ins SM amp ne o07 z007 a4 Buy CERPOSZ2D 7O0 000 12 40 J n 000 Ins S M 7 nes amp 07 2007 955 Buy CERPOSSD 620 000 12 30 650 000 Ins SM 6 06 07 2007 ERN Buy CERPOUSZD 600 000 12 20 600 000 Ins F ba 5 Os 07 2007 a351 Buy CERPOS2D 220 000 a2 E 220 000 Ins d xX 4 D 25 Order included Order management b Market by order MARKET BY ORDER Seq code Time Participant ty Price 13 15 19 54 949 950 000 1290 iz 18 19 17 949 900 000 12 380 26 Order included Market by order c Market summary Instrument Maturity Bid Qty Bid Price Offer Price Offer Q
6. April May June July August September October November December List of codes for maturity months Nx coOZZz riom d Block 4 This block aims to distinguish when applicable the instruments related to the same project with the same maturity but distinct trading rules Example CER PO21 ZOS 03 which can be identified by the trader as instrument number 3 of project number 21 with maturity in December 2008 User s Manual 21
7. Functionalities of the BM amp FBOVESPA Carbon Credit Trading System User s Manual BM amp F BOVESPA A Nova Bolsa 08 22 2008 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System ee 10 Notification 12 13 14 Introduction 1 1 Purpose 1 2 Installation System overview 2 1 Trade processing 2 2 Order types 2 3 Access to the system 2 4 Web trading interface Language Time Market summary 5 1 Instrument characteristics 5 2 Project 5 3 Instrument 5 4 Remaining fields of the screen market summary Order registration Market trades 7 1 Description of fields 7 2 Visualization of the list of market trades Market by order 8 1 Description of fields 8 2 Mouse trading Order management 9 1 Description of fields Messages Typical examples 12 1 Inserting an order 12 2 Altering an order Index of illustrations Appendix 14 1 Instrument codification User s Manual 1 Annex IX BM amp FBOVESPA Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 1 Introduction 1 1 Purpose The purpose of BM amp FBOVESPA s electronic system is to allow for the trading of instruments whose underlyings are related to the carbon market as well as to other Brazilian Securities Commodities and Futures Exchange BM amp FBOVESPA markets The electronic trading occurs through the processing and matching of orders bids and asks by system algori
8. ZI LE ZSLIMAAI gt 28 Alter order Selecting an order The screen market by order will immediately display the information on the selected order S CLEAR Instrument CERPOS2D Client 955 ty i 730 000 Price 127 50 Confirmation required before sending order MODIFY CANCEL 29 Alter order Screen market by order 12 2 2 Informing the new values for price and quantity Next the user must inform the new values for the order Should the current auction rules allow the alteration may be performed for the quantity the order price or both as follows s CLEAR Instrument CERPOS2D Client ty 7O0 000 Price 12 50 Confirmation required before sending order MOD IF T CANCEL 30 Alter order New values After inserting the new values the user must click on the button MODIFY to confirm the alteration The screen order management shows the order with the values altered The button CANCEL deletes the items inserted but not sent User s Manual 19 BM amp FBOVESPA A Nova Bolsa Annex IX Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System ORDER MANAGEMENT Action Seq code Date Client Type Instrument S M 3 ne nz z007 955 Buy CERP USZD S ks 5 n n07 2007 954 Buy CERP USZD S ka O8f07 2007 953 Buy CERP OSZD S Af 6 O6f 07 2007 952 Buy CERP DOSZ2D S Af 5 De n rz z007 951 Buy CERP USZD S ka 4 O6fo7 2007 950 Buy CERP USZD Order qty 700 000 7
9. arbon Credit Trading System 8 2 1 Selecting an order by price Upon clicking on the order price corresponding to the bid or ask one chooses to act on the information for this order is automatically transferred to the order registration screen as demonstrated by the following example User s Manual 10 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System a First the trader clicks on the price corresponding to the order to be hit MARKET BY ORDER Seq cade Time Participant Qty Price 13 16 19 54 243 950 000 T2 18 19 17 243 900 000 12 80 11 16 17 43 243 550 000 152 70 10 16 17 12 243 S00 000 127 60 a 18 15 06 949 70 000 aLa A a 15 14 22 949 700 000 12 40 pe LSLS LF 243 650 000 12 30 6 18 12 25 949 600 000 12 20 2 18 11 05 243 220 000 2 250 4 17 56 49 949 200 000 127 00 13 Mouse trading Selecting an order by price b Following this action the fields of the screen order registration are automatically completed S CLEAR Instrument CERPOS2D Client OOOO O O ty 950 000 Price 12 90 Confirmation required before sending order 14 Mouse trading Order selected by price c To complete the trade the trader informs the client code and clicks on the button corresponding to either buy or sell 8 2 2 Selecting an order by quantity Another way to select an order to hit is by quantity In this situation the user indicates the intention to bu
10. by a login and a password The functionalities assigned to users are determined in accordance with their respective profiles as explained below e Trader The carbon credit trader who can access the sell or buy functionalities e Observer The participant who can only access the functionalities related to the monitoring of trading with no authorization to send orders or messages User s Manual 3 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 2 4 Web trading interface X d E JOHN iurc Time 22 24 37 Brasilia Time 19 24 37 Project Instrument Maturity Bid Qty Bid Price Offer Price Offer Qty Min Price Min Oty Hax Opening da Energy Efficiency Project CERPOSID SPOT 10 00 100 000 300 000 Under auction 22 06 2007 Cogeneration Project CERPUSZD SPOT 12 00 500 000 1 000 000 Under auction 22 06 2007 Landfill gas Project CERP US1D SPOT 200 000 14 00 11 00 200 000 600 000 Under auction 22 06 2007 a TRADES CERPO92D SEE ALL Hour Cru Price Buyer Seq code Time Participant Qty Price 19 03 54 850 000 12 90 359 760 Instrument CERPO92D Client 1 iz 18 19 17 949 900 000 12 80 Confirmation required before sending order 11 16 17 43 949 250 000 12 70 10 18 17 12 949 800 000 17 60 9 18 15 06 949 750 000 12 50 S8 18 14 22 349 O0 000 127 40 ORDER MANAGEMENT f Pending Orders Cancelled Orders Executed or
11. deletion of fields which are inserted but not sent S CLEAR Instrument CERPOS2D Client Confirmation required before sending order ET coma 10 Order registration 7 Market trades This functionality exhibits the list of executed trades for a selected instrument as they are executed It exhibits the time the quantity and the closing trade price as well as the participant codes for the buyer and the seller Hour ty Buyer 19 03 54 820 000 12 90 359 760 11 Market trades 7 1 Description of fields 1 Time Registration of the closing time of 2 Buyer Buyer s code for the carbon the trade credits traded 3 Qty Quantity of carbon credits traded 4 Seller Seller s code for the carbon credits traded 5 Price Price of the carbon credits traded by participant 7 2 Visualization of the list of market trades Upon selecting the option SEE ALL the system exhibits a list containing all the trades displaying the same fields as the ones in the screen market trades 8 Market by order This functionality exhibits all the open bids and asks including their respective codes quantities and prices as well as the codes for the participants involved This screen presents two divisions The upper part yellow where the bids for the selected instrument are exhibited and the lower part green where the asks for that same instrument are shown both are always classified by best price and by arrival time
12. ders y 18 13 17 949 690 000 127 30 Action Seq cade at Client Type Instrument Order qty Price Required Traded Qty Remaining Qty amp 18 12 23 949 600 000 12 20 SP 3e 3 ne 07 2007 955 Buy CERPOS2D 750 000 12 50 750 000 Mod S 12 11 05 349 550 000 12 10 SP M e ne z z 07 954 Buy CERP S2D 7 0 0n0 12 40 700 000 Inse 4 17 56 49 349 500 000 12 00 M 7 UOD6 07 2007 253 Buy CERP S2D 650 000 12 30 n 650 000 S 36 6 DO6 07 2007 352 Buy CERPOS2D 600 000 12 20 600 000 Seq code Time Participant ty Price S M s ne z z 007 951 Buy CERP SZ2D 220 000 12 10 220 000 Inse S M 4 06 07 2007 950 Buy CERPDS2D 500 000 12 00 D 500 000 Inse 123 4 CHAT MESSAGES NOTIFICATION 2 Web trading interface The main system functionalities are listed below Language Brasilia time UTC time Market summary Market trades Order registration Market by order Order management Messages Notification These functionalities are detailed on the next pages 3 Language User s Manual 4 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System The electronic trading system may be visualized in Portuguese or English The language for the system interface may be easily altered by clicking on the flag corresponding to the language desired EE E3 3 Language This functionality provides the time furnished by the electronic trading system servers whic
13. ders but no trades are effectively executed until the end of the auction Once the auction is over trades are executed on a best price basis which means the highest price in a sale auction and the lowest price in a purchase auction At the Supervisor s discretion provided that all the rules established prior to the auction are observed more than one trade may be executed at the end of the auction even at different prices 2 1 2 Continuous trading The type of trading which may occur following an auction as described in the previous item provided there are lots available for trading In this type of trading trades may be executed as bids asks are registered at a price higher than lower than or equal to the ask bid price registered at the opening of the ongoing session 2 2 Order types There are orders to buy and orders to sell and traders can only register a single order type To register an order in the system the corresponding price must be mandatorily informed User s Manual 2 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 2 3 Access to the system Users have access to the system s entry page through the following Website link http www bmf com br carbonauction Consultation af Registrations g 1 Registratianz Carbon Trading Suide Trading System LOIN PASSWORD CLIENT CODE 1 Accessing the system Each user is identified
14. e carbon market auctions each instrument is identified by a code generated by the system This code is composed of four blocks of information as explained in the following examples CER P021 D 03 a Block 1 CER This is a fixed block which means Certified Emission Reduction and identifies the carbon market security b Block 2 PQ21 This block informs the project s or the underlying related to the instrument If the instrument represents an offer of carbon credits related to a single project it will be identified by the letter P followed by the registration number of the project in the BM amp FBOVESPA Carbon Facility If the instrument represents an offer of carbon credits related to several projects this set or basket of projects will be identified by the letter B for basket followed by the respective sequential number generated by the system Example CERBO21D03 c Block 3 This block informs the type of market and maturity for the instrument that is e For the spot market the letter D is utilized Example CER P021 D 03 e For the forward market the letter corresponding to the month of maturity see table below followed by the numbers corresponding to the year of maturity is utilized Example CER P021 ZOS 03 The letter Z corresponds to the month of December and the number 08 corresponds the year of 2008 that is in this case the instrument will mature in December 2008 Letter Month January February March
15. h are synchronized with the official Brasilia time The UTC time Coordinated Universal Time is also displayed LITC Tire 17 08 19 Brasilia Time 14 08 19 4 Time 5 Market summary This functionality allows the monitoring of trade related information in a summarized form including the possibility to monitor multiple instruments in a consolidated manner This screen provides a link to instrument details besides furnishing basic information about the continuous trading session namely instrument maturity quantity for the best bid quantity for the best ask price for the best bid price for the best ask minimum price minimum quantity maximum quantity instrument status initial and final trading time In this section of the screen the trader chooses an instrument to monitor and trade Instrument Maturity Bid Qty Bid Price Offer Price Offer Qty Min Price Min Qty Max Qty Status Opening d Energy Efficiency Project CERPUSSD SPOT 10 00 100 000 300 000 Under suction 22 06 2007 Cogeneration Project CERPOSZD SPOT 12 00 500 000 1 000 000 Under auction 22 06 2007 E Landfill gas Project CERP US1D SPOT 200 000 14 00 11 00 200 000 600 000 Under suction 22 06 2007 of 5 Market summary 5 1 Instrument characteristics The link to the screen instrument characteristics is located left of the respective instrument on the same horizontal level Energy Efficiency Project E Cogeneration Project ay Landfill
16. quantity 9 1 1 Order details Upon clicking on one of the elements of column order code the window order details opens up The remaining quantity is equivalent to the difference between the order quantity and the traded quantity User s Manual qty 2 Seq code Order code 3 Date Order insertion date 5 Type Order type buy or sell 7 Order qty Order quantity 9 Traded qty Traded quantity 11 Status Current instrument status 13 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 3 Order Details Microsoft Internet Explorer y anl x Order Identficaton Date ns o07 2007 Internal Order Code BO YOEFE4 O90481986F 6A 7 55FERRFOA Order Informaton Instrument CERP USZzD Trader JoHN Order side Euy Client 955 Quantity 750 000 Price 12 50 Execution Status Seq code BMFCOD00000282007070659 Qty exe Exe qty cancelled Humber of Executed Trades 0 Cancelled Exec Orders O Remaining Qty 750 000 Current order status Insertion ak Execution information list 1 Order trail Date and time Code Description Error Oe 07 2007 18 15 05 n1 Mew order request D 6 07 2007 18 15 06 oO Mew 18 Order details 9 1 2 Description of the fields of the screen order details 1 Order identification e Date Order insertion date Internal order code Internal code of the order Instrument Order instrument Order side Buy or
17. r sell 9 Order management This functionality provides traders with a window to monitor their own orders The corresponding window exhibits information related to the orders submitted such as Order code date client order type instrument quantity and price It also exhibits information regarding executed trades such as traded quantity remaining quantity and traded price This window also allows for alterations and cancellations of open orders User s Manual 12 BM amp FBOVESPA A Nova Bolsa Annex IX Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System ORDER MANAGEMENT Action Seq code OK OK FX S X S X S X E fF gg r n Dat Li O6 O7 2007 De 07 2007 De 07 2007 e 07 2007 e6 07 2007 De 07 2007 Client Type aga Buy 2234 Buy 253 Buy 352 Buy 251 Buy 950 Buy Pending Orders Cancelled Orders 7 Executed orders Instrument CERPOSSD CERPOSSD CERPOSSD CERPOSSD CERP SZD CERP SZD Order qty 730 000 700 000 650 000 600 000 220 000 200 000 123 12 50 12 40 127 30 127 20 12 10 12 00 Price Required Traded Qty Oo Aa A A O A Remaining ty 730 000 700 000 650 000 600 000 220 000 200 000 E 17 Order management 9 1 Description of fields 1 Action order 4 Client Client code 6 Instrument Instrument Code rd Icon for altering an Icon for canceling an order 8 Price required Order price Remaining 10 Remaining
18. ry 1 Maturity Maturity date for the traded 2 Min qty Minimum quantity for the instrument order expressed in CER units as defined by the auction notice 3 Bid qty Sum total of the order quantities 4 Max qty maximum quantity for the which present the best bid price as order expressed in CER units as classified by the BM amp FBOVESPA system and defined by the auction notice in observance of the auction notice rules 5 Bid price Price of the best bid as 6 Status Indicates the current auction classified by the BM amp FBOVESPA system phase where the traded instrument is in 7 Offer price price of the best ask as 8 Opening date time Registration of classified by the BM amp FBOVESPA system the exact opening time for the auction 9 Offer qty Sum total of the order quantities 10 Closing date time Registration of the which present the best ask price as exact closing time for the auction classified by the BM amp FBOVESPA system 11 Min price Minimum price for the credits being offered for trading as defined in the auction notice 6 Order registration This window allows users to insert an order for the selected instrument by informing the client code order quantity and order price Refer to the appendix to understand the method by which the instruments are codified User s Manual 7 Annex IX BM amp F BOVESPA f Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System The icon CLEAR allows the
19. thms which are executed in computers These algorithms are detailed in this Manual The Web trading interface operating via internet allows for both the monitoring of transactions by participants and the registration of orders by traders 1 2 Installation By virtue of being a Web based application the BM amp FBOVESPA carbon credit trading system requires no specific installation procedure However to ensure its adequate operation the following minimum installation prerequisites must be fulfilled e Minimum hardware Pentium IV 1GHz 512MB of RAM memory 1GB of free disk space e Minimum software Windows 2000 or Windows XP Internet Explorer 6 disabled antipop up cookies enabled for Internet Explorer and video configured for 1024 X 768 pixels 2 System overview In this section a general overview of the system is presented including the functionalities and algorithms which are processed in the BM amp FBOVESPA central servers as well as the characteristics of the Web trading interface and the monitoring of trading 2 1 Trade processing Trading presupposes the existence of traders buyers and sellers as well as of the market Surveillance activities performed by BM amp FBOVESPA The electronic trading system allows for the execution of two types of trading each having its own characteristics and algorithms as described below 2 1 1 Best price auction The type of trading session where orders are continuously registered by tra
20. tification 12 Typical examples 12 1 Inserting an order The following provides a step by step description on how to insert a bid in the system 12 1 1 Select the instrument To select an instrument one needs only to click on the corresponding code located on the screen market summary as illustrated below User s Manual 15 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System Project Instrument Energy Efficiency Project CERPOSID Cogeneration Project CERPOS 2D Landfill gas Project CERPDS91D 21 Market summary Instrument selected 12 1 2 Include the order Upon selecting an instrument the screen order registration is filled with the corresponding code as illustrated below s CLEAR Instrument CERPOS2D Client Confirmation required before sending order 22 Order Instrument selected Next the user must complete the fields for client quantity and price L CLEAR Instrument CERPOY 2D Client 11034 ty S00 000 Price 127 00 Confirmation required before sending order pau p 23 Order Completing the fields To continue including the order the user must click on the button BUY The system will exhibit the following message To prevent this message from appearing ensure that the option confirmation required before sending order on the screen send order is not selected User s Manual 16
21. tion phase where the traded instrument is in User s Manual 2 Internal instrument code Internal code for the instrument as determined by BM amp F 4 Min qty Minimum quantity for the order expressed in units of Certified Emission Reduction CER as defined by the auction notice 6 Round lot Multiple quantity or lot size expressed in CER units which must be followed by the order 8 Decimal places Number of decimal places for the order price 10 Market type Code for the market type spot futures options on actuals options on futures and forward where the carbon credits are being traded 12 Notice Link to the notice which describes the rules for the instrument auction 14 Participant name Name of the participant who is placing the carbon orders Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System 5 2 Project This column exhibits the name of the projects whose carbon credits are being offered for trading in the auction Each line corresponds to a hyperlink which when clicked on opens up a document that describes the underlying project characteristics Project Energy Efficiency Project Cogeneration Project Landfill gas Project 8 Project 5 3 Instrument This column exhibits the instruments available for trading CERPOSSD 1 CERPOSZD CERPOS1D 9 Instrument 5 4 Remaining fields of the screen market summa
22. ty Min Price Min Qty Max Qty Opening d 4 Energy Efficiency Project CERP US SD SPOT 10 00 100 000 300 000 Under suction 22 06 2007 E Cogeneration Project CERPOSZD SPOT 350 000 12 90 12 00 500 000 1 000 000 Under auction 22 06 2007 E Landfill gas Project CERPUS1D SPOT 200 000 14 00 11 00 200 000 600 000 Under auction 22 06 2007 T 27 Order included Market summary 12 2 Alteration of an order 12 2 1Selecting the order to be altered To select an order to be altered click on the alteration icon located at the same horizontal level as that of the selected order on the screen order management The order will only be displayed on the screen market summary when positioned at the top of the screen market by order User s Manual 18 Ins Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System ORDER MANAGEMENT Pending Orders Cancelled Orders C Executed orders Action Seq code Date Client Type Instrument Order qty Price Required Traded Oty Remaining Qty L8 t 3 06 07 2007 955 Buy CERPOS2D 750 000 12 50 750 000 Ins FX 8 06 07 2007 954 Buy CERPDS2D 700 000 12 40 700 000 Ins E b 7 06 07 2007 953 Buy CERPOS2D 650 000 12 30 a 650 000 Ins S M 6 06 07 2007 952 Buy CERPOS2D 600 000 12 20 600 000 Ins jS M 5 06 07 2007 951 Buy CERPDS2D 550 000 12 10 T 550 000 Ins S M 4 06 07 2007 950 Buy CERPOS2D 500 000 12 00 a 500 000 Ins 123 E 17 ZJ1I
23. y or sell a certain quantity of carbon credits which is equivalent to the sum of the selected order with the other book orders positioned above the selected order See the following example a Trader clicks on the quantity for the order to be hit User s Manual 11 Annex IX BM amp FBOVESPA A Nova Bolsa Funcionalities of the BM amp FBOVESPA Carbon Credit Trading System Seq cade Time Participant Qty Price 13 19 13 34 243 950 000 12 90 12 Asia 243 12 80 11 i8 17 43 949 250 000 12 70 10 16 17 12 949 200 000 12 60 9 18 15 06 949 750 000 ea mE a 15 14 22 949 700 000 12 40 2 det ee 243 650 000 12 30 6 18 12 23 949 600 000 132 2 2 18 11 05 243 220 000 1525 0 4 17 56 49 243 200 000 127 00 15 Mouse trading Selecting an order by quantity b Following this action the fields of the screen order registration are automatically completed as follows i The field quantity is filled with the sum total of all the orders to be sold by the trader in this example it is equal to 1 850 000 credits that is 950 000 900 000 and ii the field price corresponds to the selected order in this example it is equal to 12 80 Ss CLEAR Instrument CERPOSZD Client O ty 1 650 000 Price 127 50 Confirmation required before sending order 16 Mouse trading Order selected by quantity c To complete the trade the trader informs the client code and clicks on the button corresponding to buy o
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