No sign of EU carbon market being cornered, says watchdog

The market, made up of a primary market of allowances and a secondary market of mainly derivatives based on allowances, is core EU plank for cutting carbon emissions by putting a price on pollution that companies emit.

"Based on the data set that we have available, we cannot certainly claim that we did see any cornering of the market," Carsten Ostermann, head of ESMA's trading unit, told a media call. Positions by investment funds remain limited, and principally held by funds based outside the bloc, it said. The watchdog proposed extending controls for managing positions to platforms trading emissions derivatives, and publishing weekly reports on open positions in futures.

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