Emissions-Linked Trading in the US and EU

The underlying rationale for emissions trading is that derivatives could save the planet or, at the least, could be an influence for good.

Emissions trading is an asset class which is purely a creature of regulation, and that leads to many intricacies, nuances, and traps for the unwary, which are not found in other types of product or derivative. Interest in emissions for trading, and as underlying assets for OTC derivatives and structured products, is on the rise again. During this session, Mayer Brown's partners, Edmund Parker (Derivatives & Structured Products) and Tim Baines (Environment & Climate Change), based in London, and Matt Kluchenek, based in the US, will discuss key issues including:

• The underlying asset: relevance of the Paris Agreement; the COPs; and EU, UK and US climate change action initiatives
• Emissions trading and crediting regimes, including the voluntary market
• ISDA, EFET, and IETA documentation
• Regulatory treatment of emissions products in the US (i.e., as Swaps, Futures or Forwards)

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