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Temporal restrictions on emissions trading and the implications for the carbon futures market: Lessons from the EU emissions trading scheme

机译：排放交易的时间限制及其对碳期货市场的影响：欧盟排放交易计划的经验教训

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摘要

Prohibiting the intertemporal trading of emission allowances induces positive risk premia in futures prices when the trading of the contracts and their expiry take place in time periods separated by this trading ban. In Phase I of the EU Emissions Trading Scheme (EU ETS) these were in the order of about 28% of the futures price on average, depending on the contract's expiry in Phase II. Environmental policy makers should avoid such restrictions as they result in increased hedging costs for polluters that are, since emission allowances represent opportunity costs, potentially borne by consumers.
机译：当合同的交易及其有效期在被该贸易禁令分隔的时间段内进行时，禁止排放配额的跨期交易会在期货价格中引发正风险溢价。在欧盟排放交易计划（EU ETS）的第一阶段中，这些价格平均约为期货价格的28％，这取决于合同在第二阶段中的到期时间。环境政策制定者应避免此类限制，因为它们会导致污染者增加对冲成本，因为排放配额代表机会成本，可能由消费者承担。

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