Number of Allowances - Emissions Annex Provision
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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions A Jolly Contrarian owner’s manual™
Number of Allowances in all its glory
Comparison See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs
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Overview
The same broad concept is dealt with as follows:
- ISDA: Number of Allowances
- EFET: Contract Quantity
- IETA: PTA Quantity
The JC will call it, in any case the “Allowance Quantity”. This may confuse things further.
Summary
Whatever your documentation regime, you will need a means to designate how many Allowances you are planning to trade.
It ought not be a hard concept to label, and it should not differ from agreement to agreement but, for reasons best known to themselves, the three Carbon Squads could, ir did, not contrive a common terminology between them, even though they managed to in many other areas where you rather wish they hadn’t.
It is what it is; we quite like ISDA’s unusually colloquial “Number of Allowances”; EFET’s “Contract Quantity”, while a bit starchier, isn’t bad, but “PTA Quantity” borders on the perverse. What is this? A parent teacher association?
In any case, to make life easier for you, dear reader, in these pages, where the interests of doubt reduction recommend it, we might here and there refer generally to an “Allowance Quantity” meaning whichever of the above applies, and this will redirect to the correct term in each case.
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- The JC’s famous Nutshell™ summary of this clause