National Commodity and Derivatives Exchange (NCDEX) has recorded total volumes of Rs 174.66 crore in the first fortnight of trading in certified emission reduction (CER). The total number of CERs traded contracts was 3,396 during this period, making the exchange one of the largest in the world in CERs . The CERs contracts launched on April 10 has witnessed significant trading interest since then, exchange release said. NCDEX is the first exchange in any of the developing countries of the world to launch a futures contract for carbon credit issued under United Nations Framework Convention on Climate Change on its exchange platform.The CER contract is available for delivery in December 2008. The subsequent yearly contracts are likely to be launched within two months for deliveries in December between 2009 and 2012. The trade size in each lot has been fixed at 500 CERs with a client-wise limit of 11,000 lots. In the developed world, futures contract of CERs are traded on Nordpool, European Climate Exchange, European Energy Exchange and NYMEX's Green Exchange.