Five European countries resume spot carbon trading while major exchanges remain closed, still no way to determine if credits are fraudulent:
"Meanwhile, the ICE carbon exchange and Green Exchange remained suspended, while
- no spot trading took place on the EEX exchange.
"One trader told me this morning that people are basically 'scared of the stolen shit'," said Alessandro Vitelli of analyst firm IDEAcarbon, referring to the estimated €30m (£25m) of carbon credits that were stolen in a cyber attack on the Czech national carbon registry last month.
"There is still no official list of the stolen EUAs so there is no guarantee that you are not going to buy them," he explained. "Some traders are saying that they are just not bothering with the market until the issue is resolved."
Where spot trades are taking place firms are having to offer credits
- at a significant discount to carbon futures in order to offload them.
The re-opening of registries in France, Germany, the Netherlands, Slovakia and the UK comes after the countries passed European Commission cyber security tests allowing them to re-start operations."...
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3/5/10, "Criminal activity is not the exception to the rule, but intrinsic to a carbon market."...(3rd para. from bottom)
- from "Anti-fraud investigators swoop on EU emissions traders," EUObserver.com, Leigh Phillips
via Tom Nelson
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