Online trading of WEEE notes

In order to help producers and importers comply with the new Waste Electronic and Electrical Equipment (WEEE) Regulations, the Environment Exchange (t2e) will extend its online trading facility for the buying and selling of surplus WEEE Evidence of Recycling/Recovery/Reuse or Trade Notes (WENs).

By 31 May, 23 producer compliance schemes, representing some 6,000 producers and importers of electrical and electronic equipment, will have to provide evidence to the Environment Agencies that they have complied on behalf of these companies with the WEEE Regulations introduced in 2007.

However, Angus Macpherson (pictured), Managing Director of t2e, says that the situation is problematic. He explains: "Unfortunately, the schemes will not be advised of their final legal obligations until 1 May 2008. With over 4,500 different permutations of how a solution might be found and the additional burden of new commercial arrangements to be established, there is potential for total chaos."

The online trading scheme from t2e could be the answer. It will be open to compliance schemes, Designated Collection Facilities, Approved Authorised Treatment Facilities and Exporters. The scheme includes an annual participation fee of £1,000 (+ VAT) and will be open for trading on 9 April.

All bids and offers made on the markets will be confidential and binding and will be displayed on the t2e website. When these orders are made, standard Transaction Confirmation Notices will be issued and t2e will manage the settlement of funds and delivery of WEEE Evidence or Trade Notes through the WEEE Settlement Centre.

Macpherson comments: "This approach has been found to be popular in the PRN [Packaging Recovery Notes] market where our simplicity of use, efficiency, confidentiality and security are found to be of merit."

To find out more, visit: www.t2e.co.uk