Page 39 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

ESMA Publishes Its Final Report on the EU Carbon Market（2022/3/28）

The European Securities and Markets Authority (ESMA), the EU’s securities

markets regulator, has today published its Final Report on the European Union

Carbon Market (EU carbon market). The Report’s analysis did not find any current

major deficiencies in the functioning of the EU carbon market based on the data

available. However, ESMA’s analysis of the market has led it to put forward a

number of policy recommendations to improve market transparency and monitoring.

Key Findings

The Final Report presents an in-depth analysis of the trading of emission

allowances (EUA) and emission allowance derivatives based on data gathered from

different sources, including EMIR reporting, MiFIR transaction reporting, MiFID II

daily and weekly position reports, auction data and data obtained from the EU
Registry. ESMA, in looking at trading in carbon markets and counterparties in this

market, has identified the following:

 long positions in carbon derivatives are mainly held by non-financial

entities for hedging purposes;

 short positions are mainly held by banks and investment firms providing

liquidity and carbon financing;

 positions by investment funds remain limited, with positions principally

held by third-country funds; and

 the share of high-frequency and algorithmic trading is significant in the

carbon market, even if the relevant firms are only holding very small or no actual

positions.

As far as recent developments are concerned, ESMA is aware that the war in the

Ukraine has had a major impact on the carbon market, with EUA prices declining by

30% between 23 February and 4 March, which was the cut-off date for ESMA’s

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