Transcription of 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 .. 8 Transaction reports .. 9 Weekly and daily position reports .. 13 Transparency data .. 14 Orderly trading .. 14 Carbon markets under MAR .. 15 Carbon markets under EMIR .. 18 Details of derivatives reported to the TRs .. 19 Reports made available by the TRs to the authorities .. 20 Public data .. 21 Revised technical standards under EMIR REFIT .. 21 4 Recent market developments .. 22 Evolution of carbon market price and volatility .. 22 Spot prices .. 22 Forward curve .. 25 Volatility .. 27 Comparison with other assets.
regulations such as MiFID II/MiFIR, MAR and EMIR. Indeed, since 2018, emission allowances are financial instruments and hence subject to a series of requirements aiming at ensuring the transparency and the integrity of this market. This section describes in
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