Montreal Exchange Inc. reports that it has filed for regulatory approval of market rules designed to govern the trading of Montreal Climate Exchange (MCeX) environmental products on its electronic trading platform.

The rules were filed with Quebec’s Autorité des marchés financiers. The regulatory process provides for a 30-day public comment period on the MX filing.

The MX says the regulatory filing is a key step forward in the plan, announced July 25 by MX, to launch trading in a MCeX carbon futures contract. MCeX is a joint venture of the MX and the Chicago Climate Exchange.

The MCeX partners have taken a decision to launch trading in futures products based on an assessment of the federal government’s air emissions policy released in April 2007 and consultations with potential market participants, including large industrial emitters.