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| {{A|emissions|{{subtable|{{Emissions Allowance - FWMD}}}}}}Here is the JC’s latest [[Anatomy]]{{tm}}: [[ISDA]]’s emissions annex, which comes in at least two flavours: the original EU Emissions Annex, and the new, copycat, we absolutely-are-not-going-through-separation-anxiety, [[UK Emissions Allowances Anatomy]]. These Annexes are sort of add-ons 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 splinter group from {{icds}}, the {{carbonsquad}}. These quasi-fundamentalist drafting weirdos, with all their neo-{{isda92prov|First Method}}, {{tiwu}} nonsense don't often get a look in, but ISDA seems to have given them free rein here, and they have not wasted the opportunity. 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 [•]. '''{{ukaprov|UK Emissions Allowance Transactions}}''' <br>
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| {{ukaprov|(a)}} '''{{ukaprov|Scope}}''' <br>
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| {{ukaprov|(b)}} '''{{ukaprov|ISDA Definitions}}''' <br>
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| {{ukaprov|(c)}} '''{{ukaprov|Multiple Delivery Dates}}''' <br>
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| {{ukaprov|(d)}} '''{{ukaprov|Terms}}''' <br>
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| :{{ukaprov|(d)(i)}} {{ukaprov|Physical Settlement}}
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| ::{{ukaprov|(d)(i)(1)}} {{ukaprov|Settlement}}
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| ::{{ukaprov|(d)(i)(2)}} {{ukaprov|Delivery}}
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| ::{{ukaprov|(d)(i)(3)}} {{ukaprov|Netting}}
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| ::{{ukaprov|(d)(i)(4)}} {{ukaprov|Settlement Disruption Event}}
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| ::{{ukaprov|(d)(i)(5)}} {{ukaprov|Suspension Event}}
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| :{{ukaprov|(d)(ii)}} {{ukaprov|Failure to Deliver}}
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| ::{{ukaprov|(d)(ii)(1)}} {{ukaprov|Failure to Deliver by Delivering Party}}
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| ::{{ukaprov|(d)(ii)(2)}} {{ukaprov|Failure to Comply by Receiving Party}}
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| ::{{ukaprov|(d)(ii)(3)}} {{ukaprov|EEP Amount}}
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| :{{ukaprov|(d)(iii)}} {{ukaprov|Partial Settlement}}
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| :{{ukaprov|(d)(iv)}} {{ukaprov|Abandonment of Scheme}}
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| :{{ukaprov|(d)(v)}} {{ukaprov|Invoicing}}
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| :{{ukaprov|(d)(vi)}} {{ukaprov|Requirements under the Scheme}}
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| :{{ukaprov|(d)(vii)}} {{ukaprov|No Encumbrances}}
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| :{{ukaprov|(d)(viii)}} {{ukaprov|Value Added Taxes}}
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| :{{ukaprov|(d)(ix)}} {{ukaprov|No Consequential Loss}}
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| :{{ukaprov|(d)(x)}} {{ukaprov|Other Fees and Expenses}}
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| :{{ukaprov|(d)(xi)}} {{ukaprov|Failure to Deliver (Alternative Method) - EEP Applicable}}
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| :{{ukaprov|(d)(xii)}} {{ukaprov|Specified Holding Accounts and Modifications of Party’s Specified Holding Accounts}}
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| {{ukaprov|(e)}} '''{{ukaprov|Defined Terms and Interpretation}}''' <br>
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| {{ukaprov|Administrator Event}}<br>
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| {{ukaprov|AUKA Allowance}} or {{ukaprov|AUK Allowance}}<br>
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| {{ukaprov|Affected Allowance}}<br>
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| {{ukaprov|Aircraft Operator}}<br>
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| {{ukaprov|Allowance}}<br>
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| {{ukaprov|Allowance Forward Transaction}}<br>
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| {{ukaprov|Allowance Option Transaction}}<br>
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| {{ukaprov|Allowances to be Delivered}}<br>
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| {{ukaprov|Allowance Purchase Price}}<br>
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| {{ukaprov|Allowance Shortfall}}<br>
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| {{ukaprov|Allowance Strike Price}}<br>
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| {{ukaprov|Allowance Type}}<br>
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| {{ukaprov|Appropriate Source}}<br>
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| {{ukaprov|Buyer}}<br>
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| {{ukaprov|Buy-In}}<br>
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| {{ukaprov|Buy-In Period}}<br>
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| {{ukaprov|Calculation Agent}}<br>
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| {{ukaprov|Call}}<br>
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| {{ukaprov|Central Administrator}}<br>
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| {{ukaprov|Central European Time}}<br>
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| {{ukaprov|Close-out Cost of Carry Amount}}<br>
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| {{ukaprov|Close-out Cost of Carry Delay}}<br>
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| {{ukaprov|Close-out Cost of Carry Rate}}<br>
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| {{ukaprov|Cost of Carry Amount}}<br>
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| {{ukaprov|Cost of Carry Delay}}<br>
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| {{ukaprov|Cost of Carry Rate}}<br>
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| {{ukaprov|Deadline Shortfall}}<br>
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| {{ukaprov|Delayed Delivery Date}}<br>
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| {{ukaprov|Delayed Payment Date}}<br>
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| {{ukaprov|Delivering Party}}<br>
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| {{ukaprov|Delivering Party’s Delivery Business Day Location}}<br>
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| {{ukaprov|Delivering Party’s Replacement Cost}}<br>
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| {{ukaprov|Delivery Business Day}}<br>
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| {{ukaprov|Delivery Date}}<br>
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| {{ukaprov|Directive}}<br>
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| {{ukaprov|DPRC Shortfall}}<br>
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| {{ukaprov|EEP Amount}}<br>
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| {{ukaprov|EEP Non-delivery}}<br>
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| {{ukaprov|EEP Payment}}<br>
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| {{ukaprov|EEP Risk Period}}<br>
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| {{ukaprov|Encumbrance Loss Amount}}<br>
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| {{ukaprov|End of Phase Reconciliation Deadline}}<br>
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| {{ukaprov|UK}}<br>
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| {{ukaprov|UK Allowance}}<br>
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| {{ukaprov|UKTL}} or {{ukaprov|European Transaction Log}}<br>
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| {{ukaprov|Excess Emissions Penalty}}/{{ukaprov|EEP}}<br>
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| {{ukaprov|Expiration Date}}<br>
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| {{ukaprov|Final Compliance Date}}<br>
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| {{ukaprov|Final Delivery Date}}<br>
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| {{ukaprov|Fourth Compliance Period}}<br>
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| {{ukaprov|Holding Account}}<br>
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| {{ukaprov|Indemnifiable EEP}}<br>
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| {{ukaprov|Long-Stop Date}}<br>
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| {{ukaprov|Member State}}<br>
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| {{ukaprov|Multiple Exercise}}<br>
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| {{ukaprov|National Administrator}}<br>
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| {{ukaprov|No Encumbrance Obligation}}<br>
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| {{ukaprov|Notice of Exercise}}<br>
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| {{ukaprov|Number of Allowances}}<br>
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| {{ukaprov|Number of Options}}<br>
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| {{ukaprov|Operator}}<br>
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| {{ukaprov|Option}}<br>
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| {{ukaprov|Option Entitlement}}<br>
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| {{ukaprov|Original Affected Party}}<br>
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| {{ukaprov|Payment Date}}<br>
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| {{ukaprov|Potential Exercise Date}}<br>
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| {{ukaprov|Premium}}<br>
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| {{ukaprov|Put}}<br>
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| {{ukaprov|Receiving Party}}<br>
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| {{ukaprov|Receiving Party’s Delivery Business Day Location}}<br>
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| {{ukaprov|Receiving Party’s Replacement Cost}} <br>
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| {{ukaprov|Reconciliation Deadline}}<br>
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| {{ukaprov|Registries Regulation}}<br>
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| {{ukaprov|Registry}}<br>
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| {{ukaprov|Registry Operation}}<br>
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| {{ukaprov|Relevant Authority}}<br>
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| {{ukaprov|Relevant Registry}}<br>
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| {{ukaprov|RPRC Shortfall}}<br>
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| {{ukaprov|Scheme}}<br>
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| {{ukaprov|Seller}}<br>
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| {{ukaprov|Seller Business Day}}<br>
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| {{ukaprov|Settlement Disruption Event}}<br>
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| {{ukaprov|Shortfall}}<br>
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| {{ukaprov|Specified Compliance Period}}<br>
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| {{ukaprov|Specified Holding Account}}<br>
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| {{ukaprov|Suspension Event}}<br>
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| {{ukaprov|Trade Date}}<br>
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| {{ukaprov|Third Compliance Period}}<br>
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| {{ukaprov|Unauthorised Transfer}}<br>
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| {{ukaprov|Undelivered Allowances}}<br>
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| {{ukaprov|Union Registry}}<br>
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| {{ukaprov|VAT}}<br>
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| {{ukaprov|VAT Amount}}<br>
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| {{ukaprov|VAT Invoice}}<br>
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| {{ukaprov|VAT Jurisdiction}}<br>
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| {{ukaprov|Written Confirmation}}<br>
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