Preliminary report

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15 November 2021 | ESMA70-445-7 Preliminary report Emission Allowances and derivatives thereof ESMA 201-203 rue de Bercy CS 80910 75589 Paris Cedex 12 France Tel. +33 (0) 1 58 36 43 21 2 15 November 2021 ESMA 70-445-7 3 Table of Contents 1 Executive Summary ........................................ ........................................ .......................... 4 2 Introduction ........................................ ........................................ ....................................... 6 3 Carbon markets and the regulatory environment in securities supervision ....................... 8 Carbon markets under MiFID II/MiFIR ........................................ ............................... 8 Financial Instruments.

12. The proportion of OTC trading activity in the mandatory carbon market is marginal (in contrast to the voluntary carbon credits 12 that are traded OTC). Hence, as opposed to other derivatives markets, the carbon market is almost entirely traded on regulated markets and cleared in central counterparties (CCPs). 13.

  Derivatives