Template:M comp disc EUA Annex (d)(i)(1)

Cash Settlement: Trick question. There is no provision for cash-settlement under the ISDA Emissions Annex.

Situation normal... : Techy drafting slip from ISDA’s crack drafting squad™: “Number of Allowances to be Delivered” isn’t a thing: there is “Number of Allowances”, which is the notional size of the Transaction, and then there is Allowances to be Delivered which references the particular number of Allowances to be settled under an Option and thus already builds in a number.