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The Low Carbon Economy Ltd

27 Jan 2011 09:01:15

EU physical carbon trading market reopening delayed

EU physical carbon trading market reopening delayed
The physical European carbon trading market remained closed yesterday (January 26th), as its reopening date was delayed, leading some to question its future.

Almost €7 million (£5.9 million) of trading permits went missing from the carbon registry of the Czech Republic last week, which authorities believe were stolen, Reuters reported at the time, leading to the lock down of the European-wide market.

Reports now suggest the total figure stolen could be closer to €30 million, as permits have also gone missing from the Austrian and Greek carbon registries in recent weeks.

Physical trading was expected to be suspended until yesterday, although trading in futures and options was allowed to continue, however some exchanges claim they are unlikely to open again until next month.

David Peniket, chief operating officer at ICE Futures Europe, told the Financial Times: "We will reopen the daily futures markets again when we’re in a position to run a fair and orderly market. We need to have a level of confidence before we reopen."

Countries operating within the system have also warned it could take some time for new conditions, put in place by the European Union to ensure the safety of the market, to be implemented.  ADNFCR-1235-ID-800367797-ADNFCR

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