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Carbon Markets : Microstructure, Pricing and Policy / von Gbenga Ibikunle, Andros Gregoriou


This book explores the market microstructure of carbon markets, and the pricing of carbon financial instruments. It provides a critical analysis of the key emissions trading schemes around the world, with a particular focus on the EU Emissions Trading Scheme (EU-ETS), and also examines the theoretical and related market design issues. Subsequent chapters analyse how intraday pricing evolves in carbon markets, the price impact of block trades and its determinants on the ICE/ECX, short and long-term liquidity effects of events and trading in carbon markets, and liquidity and market efficiency in carbon markets. It includes a case study analysis of a major trading platform in the EU-ETS, and concludes by summarising key findings and proposing some new policy options that could help in further improving the pricing of carbon financial instruments.