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A. Definition
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1
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Directive
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2003/87/EC
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gives
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a
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definition
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of
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allowance
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in
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the
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annex:
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(a)
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‘allowance’
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means
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an
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allowance
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to
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emit
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one
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tonne
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of
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carbon
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dioxide
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equivalent
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during
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a
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specified
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period,
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which
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shall
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be
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valid
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only
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for
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the
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purposes
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of
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meeting
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the
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requirements
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of
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this
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Directive
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and
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shall
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be
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transferable
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in
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accordance
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with
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the
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provisions
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of
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this
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Directive.
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B.
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Transfer
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I.
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Transfer
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1
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The transfer of permits is referred to as a trade. The transfer can be the same as trade in the sense that the allowances are being exchanged in a public market by private buyers and sellers. Anyone who can improve their production scale by reducing the greenhouse gas emissions can benefit from selling the surplus allowances in market at a price gaining from arbitrage.
II. Market places
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2
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Climate exchanges have been established to provide a spot market in allowances, as well as futures and options market to help discover a market price and maintain liquidity.
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3
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Currently there are six exchanges trading in carbon allowances: the Chicago Climate Exchange (till 2010), European Climate Exchange, NASDAQ OMX Commodities Europe, PowerNext, Commodity Exchange Bratislava and the European Energy Exchange.
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