News
2008-04-24 - OTC volumes outweigh exchange
The following text is reproduced with the permission of Argus Media Group and is not LEBA information:
OTC volumes outweigh exchange rnLondon, 17 April (Argus) — Trading volumes in the over-the-counter (OTC) EU emissions market in March remained well above levels seen on the region’s leading exchange during the past month, according to Argus analysis of data published by London energy brokers\' association (Leba) and the European Climate Exchange\'s (ECX).
OTC volumes accounted for 69pc of total allowance trade in the last month, Argus reports in its daily European Emissions Markets. OTC volume totalled 126.2mn t of CO2 equivalent (CO2e) between 17 March and 16 April, compared with just under 60mn t CO2e traded on London-based ECX. The ECX volume includes screen-based trades, and does not include OTC trades cleared on the exchange.
OTC volumes traded on the December 2008 allowance contract — the most liquid product — accounted for 66pc of the overall December 2008 allowance market, according to Leba and ECX\'s data. Almost 96mn t CO2e changed hands in the OTC December 2008 allowance market, compared with 49.1mn t CO2e on the ECX.
In the secondary certified emission reduction (CER) market, OTC trade accounted for an even greater proportion of the overall market. Total CER volumes traded in the OTC market represented 84pc of overall CER trade in the last month, according to Leba and ECX data.
OTC CER volumes totalled 26.1mn t CO2e, compared with just under 5mn t CO2e listed on the ECX.
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