The market, made up of a primary market of allowances and a secondary market of mainly derivatives based on allowances, puts a price on the carbon dioxide that companies emit and is a key tool for cutting greenhouse gas emissions.echoed conclusions from a preliminary assessment last November which followed accusations that hedge funds were speculating in the European Trading System, a market that accounted for 8.1 billion tonnes or 90% of global carbon market value in 2020.
Positions by investment funds remain limited, and principally held by funds based outside the bloc, it said. The watchdog proposed more comprehensive "management" of positions in the market for allowance derivatives and closer tracking of transactions.
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