This Appendix describes the operating system of commodity exchanges that existed in 1969. The system is triggered by (1) a decision to buy or sell by a speculator or hedger or (2) customer intention to deliver. The schematic representation indicates that orders from speculators and hedgers are sent to members of the exchange. These orders are then transmitted to the trading floor to be matched in an area called the ring or pit, a name evocative of the unique architecture of trading floors at the Chicago Board of Trade.1 The diagram also contains a unit labeled “Locals,” an alternative term for floor traders. After a trade is consummated by either a broker or a principal (speculator or hedger) trading for their own account, it is recorded on an order or trading card. Trading cards and orders are put on the computers of the clearing members, who provide the information to the clearinghouse.
Anaheim Savings
Bache & Co.
Bank of America
Brentwood Mortgage Corp.
Citizens Savings & Loan Association
CMI
Engel Mortgage Company
The First Boston Corporation
First Federal Savings and Loan Association of Miami
GNMA
Great Western Savings & Loan Association
Hornblower & Weeks-Hemphill, Noyes
Huntoon, Paige & Co., Inc.
Kaufman and Broad, Inc.
R.H. Lapin & Co.
Mortgage Guaranty Insurance Corporation
Salomon Brothers
F. S. Smithers
Western Mortgage
Dean Witter & Co.
Leslie Rosenthal, Chairman
Irwin M. Eisen
Walter M. Goldschmidt
Michael E. Green
Michael H. Helberg
William J. Mallers
Ronald Manaster
Marvin Parsoff
Louis M. Skydell
Jerome M. Spielman
Leslie Rosenthal, Chairman
Donald G. Andrew
Michael H. Helberg
John R. Kinsella
Ronald Manaster
Lester Mouscher
Richard L. Sandor
Mark Shlaes
Louis M. Skydell
Jeffrey B. Stern
Peter M. Todebrush
Donald L. Van Stone
John R. Wassong
Ralph Goldenberg, Chairman
Robert Goldberg, Co-Vice Chairman
Paul McGuire, Co-Vice Chairman
Patrick Arbor
Daniel Artmann
John Gilmore Jr.
Michael Helberg
Gerald Macellaio
Ronald Manaster
Monte Monaster
John Ruth
Warren Smith
Robert Witz
Offsets, Supply Constraints and Early Action
Credit Subcommittee
(Formerly Targets and Baseline Subcommittee)
Goals: Establish program's emission reduction targets (completed)
Define a backstop mechanism to address growth on existing facilities (completed)
Approve rules for eligible early action projects (completed)
Approve list of acceptable early action projects (completed)
Approve list of acceptable offset project types (completed)
Develop micro and macro supply constraints (completed)
Members: Bruce Braine (Chairperson)—American Electric Power
Jim Christensen—Alliant Energy
Joe Shefchek—Alliant Energy
Eric Kuhn—Cinergy
Mike Rodenberg—Detroit Edison
Art Smith—NiSource
Landfill Gas Subcommittee
Goals: Develop rules for crediting landfill methane offsets and early action projects undertaken by utility companies
Develop standardized monitoring protocol for landfill methane offset projects
Members: Mike Rodenberg (Chairperson)—Detroit Edison Eric Kuhn—Cinergy
Forestry Offset Projects Subcommittee
Goal: Develop eligibility and monitoring rules for CCX forestry off set projects in the United States and Brazil
Members: Eric Kuhn (Chairperson)—Cinergy
Joe Shefchek—Alliant Energy
Gary Kaster—American Electric Power
John Kadyszewski—Winrock International
Danny Adams—International Paper
Noel Cutright—Wisconsin Energy
New Plants Subcommittee
Goal: Define rules for accommodating growth on new facilities (completed)
Members: Art Smith (Chairperson)—NiSource
Jim Christensen—Alliant Energy Corporation
Joe Shefchek—Alliant Energy Corporation
C. V. Mathai—Arizona Public Service (Pinnacle West Capital)
Kris McKinney—Wisconsin Energy
John McManus—American Electric Power
Robert LaCount—PG&E National Energy Group
Joint Ownership Subcommittee
Goal: Define treatment of emissions from jointly owned facilities (completed)
Members: Bruce Alexander (Chairperson)—Exelon
Dan Chartier—PG&E National Energy Group (substituted by Robert LaCount)
Eric Kuhn—Cinergy
CCX Industry Subcommittees
Baseline Subcommittee
Goal: Establish program's baseline years (completed)
Members: Annabeth Reitter (Chairperson)—Stora Enso North America
Danny Adams—International Paper
David Bonistall—Mead Westvaco
John Orynawka—Temple-Inland
Oil & Gas Company Monitoring Subcommittee
Goal: Develop standard monitoring protocols for oil and gas companies
Members: Jim Keating—BP Amoco Corporation
Mike McMahon—BP Amoco Corporation
Geoff Johns—Suncor Energy
Unit Size Subcommittee
Goal: Define minimum plant size for estimating emissions from fossil fuel combustion (completed)
Members: John Orynawka (Chairperson)—Temple-Inland
Annabeth Reitter—Stora Enso North America
Targets and Economic Growth Provision Subcommittee
Goals: Establish program's emission reduction targets (completed) Define an economic growth mechanism to address growth on existing facilities
Establish industry agreement with Utility group consensus on targets and economic growth provision
Members: Chad McIntosh (Chairperson)—Ford Motor Company
Danny Adams—International Paper
Rob Routliffe—DuPont
Jim Keating—BP Amoco Corporation
Charlos Ward—BP Amoco Corporation
Alberto Niñno—Cemex
John Orynawka—Temple-Inland
Offsets, Supply Constraints, and Early Action
Credit Subcommittee
Goals: Define list of eligible project-based offsets and their supply limitations
Define supply constraints or market position limits
Develop rules for crediting early action projects
Members: Rob Routliffe (Co-Chairperson)—DuPont
James Keating (Co-Chairperson)—BP Amoco Corporation
Charlos Ward—BP Amoco Corporation
John Orynawka—Temple-Inland
Alberto Niño—Cemex
Jose Ramon Ardavin—Cemex
Joint Ownership Subcommittee
Goal: Define treatment of emissions from jointly owned facilities
Members: Annabeth Reitter (Chairperson)—Stora Enso North America
Geoff Johns—Suncor Energy
Charlos Ward—BP Amoco Corporation
Jim Keating—BP Amoco Corporation
Alberto Niño—Cemex
Forest Products Company Sequestration Monitoring
Goal: Develop standardized protocol for estimating/monitoring changes in biomass carbon on lands owned by forest product companies
Members: Bill Stansfield (Co-Chairperson)—Temple-Inland
John Paul McTague (Co-Chairperson)—International Paper
John Orynawka—Temple-Inland
Danny Adams—International Paper
Brad Franchi—Mead Westvaco
Tim Tollefson—Stora Enso North America
1The Chicago Board of Trade featured polygonal pits with steps climbing to a height of four or five feet and then descending by 10 feet into the pit. Due to this architecture, they became known as trading pits. The tradition outside of Chicago was either pits or rings.