International Emissions Trading Association
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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions
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The International Emissions Trading Association (to its friends, “IETA”) is a loose association people who indulge in carbon trading. It also publishes the IETA Master Agreement, with vies with the ISDA Emissions Annex as the framework trading agreement of types for those wanting to punt around on carbon.
Good website, with downloadable legal docs, here: https://www.ieta.org/Trading-Documents
Table of contents
1 Subject of Agreement
2 Interpretation and Construction
3 Confirmation Procedure
4 General Obligations, Representations and Warranties
5 Allowance Transfers
6 Effecting Transfers
7 Option Transactions
8 Effect of Option Exercise
9 Billing and Payment
10 Euros
11 Taxes
12 Transfer or Acceptance Failure
13 Force Majeure and Suspension Event
14 Termination
15 Confidentiality
16 Assignment
17 Liabilities
18 Miscellaneous
Schedule 1 Definitions
- Account Pair
- Administrator Event
- Affected Allowance
- Affected Party
- Affected Tax Party
- Affiliate
- Aircraft Operator
- Allowance
- Allowance Price
- Allowance Type
- American Option
- Appropriate Source
- Automatic Exercise
- Aviation EU Allowance
- Banking Day
- Base Rate
- Bermudan Option
- Buyer
- Buy-In
- Buy-In Period
- Call Option
- Central Administrator
- Central European Time
- Change in Tax Law
- Confidential Information
- Confirmation
- Contract Amount
- Contract Value
- Control and Profit Transfer Agreement
- Controlling Party
- Cost of Carry Amount
- Cost of Carry Calculation Period
- Cost of Carry Rate
- Credit Rating
- Credit Support Document
- Credit Support Provider
- Cross default threshold
- Default Quantity
- Defaulting Party
- Delayed Delivery Date
- Delayed Payment Due Date
- Delivered Allowance Volume
- Delivered Allowances
- Delivering Party
- Delivering Party’s Delivery Banking Day Location
- Delivering Party’s Holding Account
- Delivering Party’s Replacement Cost
- Delivery Banking Day
- Delivery Date
- Directive
- Early Termination Date
- EEP Amount
- EEP Status
- Encumbrance Loss
- Entity
- EU Allowance
- EU ETS Rules
- EU ETS
- EU
- EURIBOR
- Euro
- European Option
- EUTL
- Event of Default
- Excess Emissions Penalty
- Exercise Period
- Expert
- Expiration Date
- Expiration Time
- Final Delivery Date
- FM Affected Party
- FM Affected Transaction
- Fourth Validity Period
- Force Majeure
- GHG Reductions
- GHG
- Holding Account
- Illegality Affected Transactions
- Illegality Affected Party
- Illegality
- Indebtedness
- Letter of Credit
- Long Stop Date
- Loss
- Market Amount
- Market Quotation
- Agreement
- Material Adverse Change
- Member State
- Member State Registry
- Monthly Billing Cycle
- National Administrator
- No Encumbrances Obligation
- Non-Defaulting Party
- Operator
- Option Transaction
- Option
- Original Affected Party
- Participation Agreement
- Party
- Payment Due Date
- Performance Assurance Provider
- Performance Assurance
- Period Traded Allowance
- Physically Netted Allowances
- Positive Mark to Market Amount
- Potential Exercise Day
- Premium
- Premium Payment Date
- PTA Quantity
- Put Option
- Receiving Party
- Receiving Party’s Delivery Banking Day Location
- Receiving Party’s Holding Account
- Receiving Party’s Replacement Cost
- Reconciliation Deadline
- Reference Market Maker
- Reference Price
- Registries Regulation
- Registry
- Registry Operation
- Registry Pair
- Relevant Authority
- Relevant Change in Tax
- Relevant Entity
- Relevant Registry
- Relevant Tax
- Replacement Allowances
- Replacement Transactions
- Requesting Party
- Required Authorisations
- Schedule
- System
- Seller
- Shortfall
- Specified Period
- Specified Transaction
- Statement Amount
- Statement
- Strike Price
- Suspension Event
- Tangible Net Worth
- Termination Currency
- Termination Payment Date
- Termination Payment
- Total Debt
- Trade Date
- Transaction
- Transfer Request
- Transfer
- Unauthorised Transfer
- Undelivered Allowances
- UNFCCC
- Union Registry
- Unpaid Amounts
- Validity Period
- Validity Period Reconciliation Deadline
- Value Added Tax or VAT
Schedule 2 Agreement Information (Elections)
Schedule 3A Form of Confirmation for Spot/Forward Transactions
Schedule 3B Form of Confirmation for Option Transactions