1、 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 www.esma.europa.eu 2 15 November 2021 ESMA 70-445-7 3 Table of Contents 1 Executive Summary.4 2 Introduction.6 3 Carbon

2、 markets and the regulatory environment in securities supervision.8 3.1 Carbon markets under MiFID II/MiFIR.8 3.1.1 Financial Instruments.8 3.1.2 Transaction reports.9 3.1.3 Weekly and daily position reports.13 3.1.4 Transparency data.14 3.1.5 Orderly trading.14 3.2 Carbon markets under MAR.15 3.3 C

3、arbon markets under EMIR.18 3.3.1 Details of derivatives reported to the TRs.19 3.3.2 Reports made available by the TRs to the authorities.20 3.3.3 Public data.21 3.3.4 Revised technical standards under EMIR REFIT.21 4 Recent market developments.22 4.1 Evolution of carbon market price and volatility

4、.22 4.1.1 Spot prices.22 4.1.2 Forward curve.25 4.1.3 Volatility.27 4.1.4 Comparison with other assets.30 4.2 Evolution of open positions and counterparties in the EU carbon market based on weekly position reports.33 4.2.1 Data availability.33 4.2.2 Classification of counterparties.33 4.2.3 Analysis

5、.34 5 Next steps.38 6 Annexes.40 6.1 Annex 1.40 4 1 Executive Summary Reasons for publication The European Trading Scheme(ETS)is a key tool of the EU policy against climate change.It puts a price on the CO2 that entities subject to compliance obligations can release to the atmosphere,with the overal

6、l objective of reducing net greenhouse gas emissions.In its Communication on Energy Prices“Tackling rising energy prices:a toolbox for action and support”,published on 13 October 2021,the European Commission highlights that questions have emerged around the functioning of the European carbon market.