More and more players are looking at the way emissions feeds into the fundamentals of the market. There is no doubt that the clean spark and dark spread are causing some interesting analysis. Emissions markets are growing in volume though no where near trading their physical size, not surprisingly many of the emissions decisions are made round the marginal allowance. However, normal market semblance has been seen, with growing volumes, and some options trades, done. There are more brokers than you can chuck a stick at as players margins in a start up market are high.

Moreover many brokers are looking at marketing CERs (allowances from CDM (Clean development mechanisms), and JI (Joint Implementation)  projects.) These allowances are often trading at a discount to an EUA as players are looking to try and understand more about the risks associated with a project often in difficult countries unlikely to meet all verification requirements. Here the market is starting to break down with two types of price for two very different types of market.