Commodities Now Glossary

Kansai Commodities Exchange (KANEX) - This Commodity Exchange is a non-profit corporation with a membership system. Members must be traders working in industries related to the sales, manufacturing, processing, etc., of commodities on the commodity exchange, and must meet the legally defined qualifications requirements.

Kansas City Board of Trade - The Kansas City Board of Trade is the operations arm of the exchange and oversees actual trading. Trading at the exchange is conducted by open outcry, a public auction in which members shout out bids to buy and offers to sell to everyone present.

KPMG - the audit, tax and advisory firm KPMG International’s member firms have 145,000 people, including more than 8,000 partners, in 152 countries.

Korea Exchange (KRX) - Korea Exchange (KRX) was created through the integration of the three existing Korean spot & futures exchanges (Korea Stock Exchange, Korea Futures Exchange and KOSDAQ) under the Korea Stock & Futures Exchange Act.

Kyoto Mechanisms (KMs) the three flexibility mechanisms that may be used by Annex I Parties to the Kyoto Protocol to fulfill their commitments. Those are the Joint Implementation (JI, Art. 6), Clean Development Mechanism (CDM, Art. 12) and International Emissions Trading (Art. 17).

Kyoto Protocol - Adopted at the Third Conference of the Parties to the United Nations Convention on Climate Change held in Kyoto, Japan in December 1997, the Kyoto Protocol commits industrialized country signatories to collectively reduce their greenhouse gas emissions by at least 5.2% below 1990 levels on average over 2008–12 while developing countries can take no regret actions and participate voluntarily in emission reductions and removal activities through the CDM. The Kyoto Protocol entered into force in February 2005.