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| {{A|emissions|{{subtable|{{Emissions Allowance - FWMD}}}}}}Here is the JC’s latest [[Anatomy]]{{tm}}: [[ISDA]]’s emissions annex. This Annex is a sort of add on to the {{commoddefs}}, which you access by adding a new Part with some elections to the Schedule to your {{isdama}}. You sort of get the sense it is a bit more of a moving feast, and a bit more hesitant, than {{icds}}’s usual work, which may be bloody-minded and pedantic, but is at least thorough, fulsome and rooted in some kind of logic, however perverse. This one — not so much.
| | #redirect[[Emissions Anatomy]] |
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| Now that may well be partly our fault: we read this cold, without the benefit of having seen its evolution, and without much knowledge of the competing products (the [[International Emissions Trading Association]]’s master agreement, for example). We’ll maybe get on to that.
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| The [[Emissions Annex]] is also special in that it is the creature of those permanently marginalised, quasi-fundamentalist drafting weirdos, {{icds}} splinter group the {{carbonsquad}}, with all their neo-{{isda92prov|First Method}}, {{tiwu}} nonsense. But working out which tracts of the annex are dangerous, extremist nonsense and which are practical allocations of risk in a new and [[sui generis]] asset class this is all part of the fun of it, frankly.
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| Part [•]. '''{{euaprov|EU Emissions Allowance Transactions}}''' <br>
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| {{euaprov|(a)}} '''{{euaprov|Scope}}''' <br>
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| {{euaprov|(b)}} '''{{euaprov|ISDA Definitions}}''' <br>
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| {{euaprov|(c)}} '''{{euaprov|Multiple Delivery Dates}}''' <br>
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| {{euaprov|(d)}} '''{{euaprov|Terms}}''' <br>
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| :{{euaprov|(d)(i)}} {{euaprov|Physical Settlement}}
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| ::{{euaprov|(d)(i)(1)}} {{euaprov|Settlement}}
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| ::{{euaprov|(d)(i)(2)}} {{euaprov|Delivery}}
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| ::{{euaprov|(d)(i)(3)}} {{euaprov|Netting}}
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| ::{{euaprov|(d)(i)(4)}} {{euaprov|Settlement Disruption Event}}
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| ::{{euaprov|(d)(i)(5)}} {{euaprov|Suspension Event}}
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| :{{euaprov|(d)(ii)}} {{euaprov|Failure to Deliver}}
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| ::{{euaprov|(d)(ii)(1)}} {{euaprov|Failure to Deliver by Delivering Party}}
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| ::{{euaprov|(d)(ii)(2)}} {{euaprov|Failure to Comply by Receiving Party}}
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| ::{{euaprov|(d)(ii)(3)}} {{euaprov|EEP Amount}}
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| :{{euaprov|(d)(iii)}} {{euaprov|Partial Settlement}}
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| :{{euaprov|(d)(iv)}} {{euaprov|Abandonment of Scheme}}
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| :{{euaprov|(d)(v)}} {{euaprov|Invoicing}}
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| :{{euaprov|(d)(vi)}} {{euaprov|Requirements under the Scheme}}
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| :{{euaprov|(d)(vii)}} {{euaprov|No Encumbrances}}
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| :{{euaprov|(d)(viii)}} {{euaprov|Value Added Taxes}}
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| :{{euaprov|(d)(ix)}} {{euaprov|No Consequential Loss}}
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| :{{euaprov|(d)(x)}} {{euaprov|Other Fees and Expenses}}
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| :{{euaprov|(d)(xi)}} {{euaprov|Failure to Deliver (Alternative Method) - EEP Applicable}}
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| :{{euaprov|(d)(xii)}} {{euaprov|Specified Holding Accounts and Modifications of Party’s Specified Holding Accounts}}
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| {{euaprov|(e)}} '''{{euaprov|Defined Terms and Interpretation}}''' <br>
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| {{euaprov|Administrator Event}}<br>
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| {{euaprov|AEUA Allowance}} or {{euaprov|AEU Allowance}}<br>
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| {{euaprov|Affected Allowance}}<br>
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| {{euaprov|Aircraft Operator}}<br>
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| {{euaprov|Allowance}}<br>
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| {{euaprov|Allowance Forward Transaction}}<br>
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| {{euaprov|Allowance Option Transaction}}<br>
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| {{euaprov|Allowances to be Delivered}}<br>
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| {{euaprov|Allowance Purchase Price}}<br>
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| {{euaprov|Allowance Shortfall}}<br>
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| {{euaprov|Allowance Strike Price}}<br>
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| {{euaprov|Allowance Type}}<br>
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| {{euaprov|Appropriate Source}}<br>
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| {{euaprov|Buyer}}<br>
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| {{euaprov|Buy-In}}<br>
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| {{euaprov|Buy-In Period}}<br>
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| {{euaprov|Calculation Agent}}<br>
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| {{euaprov|Call}}<br>
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| {{euaprov|Central Administrator}}<br>
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| {{euaprov|Central European Time}}<br>
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| {{euaprov|Close-out Cost of Carry Amount}}<br>
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| {{euaprov|Close-out Cost of Carry Delay}}<br>
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| {{euaprov|Close-out Cost of Carry Rate}}<br>
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| {{euaprov|Cost of Carry Amount}}<br>
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| {{euaprov|Cost of Carry Delay}}<br>
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| {{euaprov|Cost of Carry Rate}}<br>
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| {{euaprov|Deadline Shortfall}}<br>
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| {{euaprov|Delayed Delivery Date}}<br>
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| {{euaprov|Delayed Payment Date}}<br>
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| {{euaprov|Delivering Party}}<br>
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| {{euaprov|Delivering Party’s Delivery Business Day Location}}<br>
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| {{euaprov|Delivering Party’s Replacement Cost}}<br>
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| {{euaprov|Delivery Business Day}}<br>
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| {{euaprov|Delivery Date}}<br>
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| {{euaprov|Directive}}<br>
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| {{euaprov|DPRC Shortfall}}<br>
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| {{euaprov|EEP Amount}}<br>
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| {{euaprov|EEP Non-delivery}}<br>
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| {{euaprov|EEP Payment}}<br>
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| {{euaprov|EEP Risk Period}}<br>
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| {{euaprov|Encumbrance Loss Amount}}<br>
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| {{euaprov|End of Phase Reconciliation Deadline}}<br>
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| {{euaprov|EU}}<br>
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| {{euaprov|EU Allowance}}<br>
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| {{euaprov|EUTL}} or {{euaprov|European Transaction Log}}<br>
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| {{euaprov|Excess Emissions Penalty}}/{{euaprov|EEP}}<br>
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| {{euaprov|Expiration Date}}<br>
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| {{euaprov|Final Compliance Date}}<br>
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| {{euaprov|Final Delivery Date}}<br>
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| {{euaprov|Fourth Compliance Period}}<br>
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| {{euaprov|Holding Account}}<br>
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| {{euaprov|Indemnifiable EEP}}<br>
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| {{euaprov|Long-Stop Date}}<br>
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| {{euaprov|Member State}}<br>
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| {{euaprov|Multiple Exercise}}<br>
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| {{euaprov|National Administrator}}<br>
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| {{euaprov|No Encumbrance Obligation}}<br>
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| {{euaprov|Notice of Exercise}}<br>
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| {{euaprov|Number of Allowances}}<br>
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| {{euaprov|Number of Options}}<br>
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| {{euaprov|Operator}}<br>
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| {{euaprov|Option}}<br>
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| {{euaprov|Option Entitlement}}<br>
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| {{euaprov|Original Affected Party}}<br>
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| {{euaprov|Payment Date}}<br>
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| {{euaprov|Potential Exercise Date}}<br>
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| {{euaprov|Premium}}<br>
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| {{euaprov|Put}}<br>
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| {{euaprov|Receiving Party}}<br>
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| {{euaprov|Receiving Party’s Delivery Business Day Location}}<br>
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| {{euaprov|Receiving Party’s Replacement Cost}} <br>
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| {{euaprov|Reconciliation Deadline}}<br>
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| {{euaprov|Registries Regulation}}<br>
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| {{euaprov|Registry}}<br>
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| {{euaprov|Registry Operation}}<br>
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| {{euaprov|Relevant Authority}}<br>
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| {{euaprov|Relevant Registry}}<br>
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| {{euaprov|RPRC Shortfall}}<br>
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| {{euaprov|Scheme}}<br>
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| {{euaprov|Seller}}<br>
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| {{euaprov|Seller Business Day}}<br>
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| {{euaprov|Settlement Disruption Event}}<br>
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| {{euaprov|Shortfall}}<br>
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| {{euaprov|Specified Compliance Period}}<br>
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| {{euaprov|Specified Holding Account}}<br>
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| {{euaprov|Suspension Event}}<br>
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| {{euaprov|Trade Date}}<br>
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| {{euaprov|Third Compliance Period}}<br>
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| {{euaprov|Unauthorised Transfer}}<br>
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| {{euaprov|Undelivered Allowances}}<br>
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| {{euaprov|Union Registry}}<br>
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| {{euaprov|VAT}}<br>
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| {{euaprov|VAT Amount}}<br>
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| {{euaprov|VAT Invoice}}<br>
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| {{euaprov|VAT Jurisdiction}}<br>
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| {{euaprov|Written Confirmation}}<br>
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