Preliminary report
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.
The system operates according to pre-defined rules, which adapt auction volumes changing the total number of allowances in circulation. 7. The secondary market for emission allowances consists of (1) contracts with a daily expiry, ... 7 Monday, Tuesday and Thursday for auctions on behalf of the Member States and the EEA EFTA States ...
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