BEST BIDS TO BUY	50 tons 1999 @ $6,000/ton 50 tons 1999 @ $5,700/ton 50 tons 1999 @ $5,550/ton 25 tons 1999 @ $4,800/ton 150 tons 1999 @ $4,500/ton
BEST OFFERS TO SELL	1999:   50 tons @ $7,000/ton
RECENT TRADE PRICES	$6,300/ton (1999) $6,100/ton (1999) $6,050/ton (1999) $5,800/ton (1999) $5,800/ton (1999) $5,500/ton (1999) $5,950/ton (1999) $3,587/ton (2000-2002) in chronological order
MARKET PRICE INDEX	1999 = $6,592/ton     up $1,881 1999-2002= $3,587/ton     up $694 The Market Price Index (MPI) is derived by averaging the Best Bid, Best Offer, and Most Recent Trades.
OPTIONS AND OTHER INSTRUMENTS	Loan Sought:   200 tons/year of 2000-2002 Buy Call:   500 tons/year of 1999 @ up to $2,800/ton 10-20% premium, delivery during Summmer 1999

NOx NEWS: New York and New Jersey have recently funded allowance accounts. Connecticut and Massachusetts are not far behind in funding their NATS accounts! NOTE: CF Cantor Environmental Brokerage never trades on our own account -- NOx EAs in our general account are held in confidence at the request of our clients.

How is the MPI Derived? The MPI, in $/ton, is derived by averaging the following: 1) the Best Bid - the highest price at which a buyer is willing to purchase at least 5 tons of NOx Allowances. 2) the Best Offer - the lowest price at which a seller is willing to sell at least 5 tons of NOx Allowances. 3) the Most Recent Trade - the price(s) at which NOx Allowances have been agreed to be transacted (NOTE: NOx Allowances have not yet been placed in Budget Sources' NATS Accounts, and thus trades cannot yet be "transacted". Until such time, the "Most Recent Trade" represents buyer(s) and seller(s) agreement(s) on price).

Questions? Like to Place an Order? Consider a Swap? Call Us at (800) 228-2955 (x6) Trade With the Cantor Environmental Brokerage Market Experts Cantor Environmental Brokerage has Facilitated over $1 Billion Allowance, ERC, DER, & RTC Trades