World and we are taking steps to make it happen. The Montreal Climate Exchange should be activated this year. Besides, we have indicated very publicly our intention to provide exchange services, standardisation, low transaction costs and price transparency in any environment. What is the nature of your tie-up with the Multi-Commodity Exchange of India? The Multi-Commodity Exchange of India has a licensing agreement with us to list small versions of our carbon financial instruments. It's easily accessible to Indian firms at Indian hours and in Indian currency. Is the response of Indian Companies encouraging? Our open market mechanism is very welcoming of Indian participation. Indian Companies are already participating in the exchange to introduce mitigation projects in India. They want the opportunity to generate income and reinvest that income to reduce GHG emissions. Recently, we offered a customised exchange service to Tata Motors for selling its carbon credits under the Clean Development Mechanism (CDM). What are your predictions for the CDM market? It's impossible to say with certainty where the CDM would be after 2012. We consider it like any first generation mechanism. What is important is to recognise the impact of capital flows to developing countries, engagement of developing countries and opportunities for clean technology, which are very important in building a global response to climate change. How do you ensure transparency and accountability? The amount of material that we put out around the world is comprehensive and enormous. Perhaps the most important factor is providing information on the price of carbon, which is of critical importance in driving behaviours and responses as well as planning and launching mitigation projects. And we are completely transparent on pricing. How are you addressing the systemic shortcomings? We need to make sure that all sectors have a clear set of rules and at reasonable cost. It's critically important to have a structured approach that makes sense and is credible. To optimise the global response, we need to leverage the diplomatic and business resources. Markets don't drive emissions down; standards do. Technologies and methodologies do. So, we need to refine them as early as possible. If governments provide right signals and incentives to the private sector, capital Markets will offer a robust responses. Where do you see yourself in the next five years? Although it's impossible to predict international policies and Politics, there are strong signals that the US will have a mandatory carbon credits trading system. So, our transactions should increase manifold.