General Investing >> Analyst Interviews >> April 20, 2009

Carbon Trading – Terence Gallagher – Kaufman Bros., Lp

Terence Gallagher joined Kaufman Bros., LP, in 2008 to start the Environmental Sciences trading desk. Since joining Kaufman, he has been a guest lecturer and panelist at the 2008 Labs21 Conference, advised and interacted with S&P 500 companies, and has been invited to speak at an upcoming World Bank conference. He has more than 10 years of equity trading experience; before joining Kaufman Bros., he was a top producer for Crown Financial Group, covering institutions and broker-dealer accounts. Prior to Crown Financial, he was an Assistant Vice President for Spear, Leeds & Kellogg Capital Markets, where he worked as a senior member of a top producing team, covering program, broker-dealer and institutional accounts. He has an MBA degree in Finance from Rutgers University and a BS degree in Marketing from Bloomsburg University. Profile
TWST: Terry, tell us about carbon trading. How does it work? Where is it traded?

Mr. Gallagher: Carbon trading had its origins in the United States through SO2

and NO2 trading. SOX and NOX,