Page 40 - 《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

analysis. ESMA notes that the carbon price by 22 March had recovered but
appreciates that the situation remains volatile.

Policy recommendations

ESMA, based on its findings and observations, has formulated a number of

policy recommendations on the transparency and monitoring of the EU carbon market
from the securities regulators’ perspective, for instance:

 extend position management controls to EUA derivatives;

 amend EUA position reporting;

 track chain of transactions in MiFIR regulatory reports; and

 provide ESMA with access to primary market transactions.

The measures proposed would provide more information to market participants,

regulators and the public and are intended to contribute to the continued smooth
functioning of the market, which plays an important role for the EU’s transition to a

low-carbon economy.

Issues for consideration by the European Commission

ESMA has also identified two possible courses of actions, with arguments in
favour and against, that the European Commission (EC) could consider regarding:

 the introduction of position limits on carbon derivatives – cited in public

discussions as a potential addition to the legislative framework; and

 centralised market monitoring of the carbon market at EU level, in line

with the ACER-style monitoring for gas and power.

Next steps

ESMA’s Report provides a factual and comprehensive basis for the EC, the

Council of the EU and the European Parliament to determine whether additional

measures to regulate the carbon market are considered necessary. ESMA is ready to

assist with the implementation measures and with additional data analysis or advice
that could be useful in future deliberations on the EU carbon market.

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