Web exclusive posted March 3, 2008 at 10:24 a.m. CST 
 
 Trading renewable identification numbers (RINS), the mechanisms that the U.S. EPA created to ensure compliance with the renewable fuels standard, is still in its infancy. As expected, new programs and companies designed to serve the new system are still working out the kinks as they develop a market share.
 
 One such program is a Web exchange platform for trading RINs, owned by Renewable Trading Services LLC. The platform, which opened for trading Jan. 30 and was previously named RINMark, is now called the RINXChange. According to Managing Director John Gelbard, the name RINMark was already trademarked by another company. "Fortunately, it's pretty early in the game," Gelbard said. The RIN market exchange can be found at <a href="http://rinxchange.com">http://rinxchange.com</a>, as well as its old domain <a href="http://rinmark.com">http://rinmark.com</a>. 

 
 The company is still looking for a clearing firm to settle the trades on the exchange. "When you buy and sell stock through a broker, there's a clearing firm that acts as a neutral middleman," Gelbard explained. "Because RINs are a totally new product, a lot of clearing firms aren't familiar with it. They're trying to figure out the best way to handle it. That will be the best way to do business."
 
 Renewable Trading Services, which is a conglomeration of Agrifuels LLC, I.A. Englander and Co. Inc., Freedom Group Inc. and Belzberg Technologies Inc., recently went through another change when it mutually agreed to part ways with former partner Clean Fuels Clearinghouse, which operates the RINSTAR Renewable Fuel Registry. When the Web exchange platform was developed, Renewable Trading Services required that the traded RINs be validated by RINSTAR, where RIN numbers are registered and validated before transferring the title to another party. 
 
 While the initial idea to offer validated RINs through RINSTAR was good, Gelbard said the partnership created some hurdles. "We met a lot of potential clients who weren't partners with RINSTAR," he said. "We had to convince people to use RINSTAR in order to use the exchange. It created the incorrect perception that we were funneling business to the exchange. Now it's open to anyone." 
 
 While RINSTAR could offer validity on RINs that originated on its system and check on the accuracy of others, Gelbard noted that it couldn't offer a guarantee on RINs generated outside of its system. That wasn't enough for some of the larger buyers, Gelbard said.
 
 Clean Fuels Clearinghouse President Clayton McMartin said the split will enable his company to focus on its primary product. "The RIN program is so much in its infancy that our focus is on building a solid foundation through the registry," he said. "That entails a level of validation that we must have to have confidence in the marketplace." 
 
 As of Feb. 13, RINSTAR had facilitated the transfer of 1 billion gallons worth of RINs since it started Sept. 1. "We've facilitated over 50,000 bilateral transactions on our system," McMartin said. "These RINs are selling. It's just that price discovery is being done directly. Then they come to RINSTAR to finalize the transfer. The price hasn't been negotiated on an open exchange like RINXChange is attempting to deliver. This was the best thing to do. It doesn't matter where the price discovery is done, people can still come to RINSTAR to make those transfers."
 
 Parties who produce, buy or trade RINs were expected to submit fourth-quarter reports and year-end compliance reports Feb. 28.

RINMark changes name, leaves RINSTAR

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Upcoming Events

2024 International Biomass Conference & Expo

2024 International Fuel Ethanol Workshop & Expo

Biodiesel Summit: Sustainable Aviation Fuel & Renewable Diesel

Carbon Capture & Storage Summit

North American SAF Conference & Expo

RINMark changes name, leaves RINSTAR