On March 14, 2008, Luc Bertrand, the Chairman of the Board of the Montreal Climate Exchange, announced that the Exchange filed an application with the Autorité des marchés financiers requesting approval of the trading of environmental products on its electronic trading platform. The application provides, in particular, for a price discovery mechanism that allows for the generation of the price signals needed by large industrial emitters to assess the cost of a tonne of carbon. The application also provides for a mechanism for managing the risk associated with price fluctuations resulting from futures contracts linked to greenhouse gas emissions