Central Administrator - Emissions Annex Provision
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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions A Jolly Contrarian owner’s manual™
Central Administrator in all its glory
Comparison See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs
Resources and Navigation
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Overview
Similar across all three of the emissions trading documentation suites.
And why not?
Summary
The Central Administrator operates the Union Registry, a database that holds accounts and keeps track of Allowance ownership for all entities participating in the ETS markets including end users (ie those compliance obligations to surrender Allowances) as well as intermediaries, market makers and speculators who trade Allowances — for the, er time being — without compliance obligations.
The Union Registry It was centralised in 2012 — before then it was decentralised and run by National Registries, which was kind of a disaster — and is supervised by the European Commission, which also runs the central transaction log, the EUTL, which checks and records all transactions taking place within the trading system and is also designed to stamp out the wide scale fraud and tax abuse in the system prior to 2012.
So you are not going to thank me for this but I asked Chat GPT to tell me a joke about the central administrator of the EU ETS. This is what it came up with:
Q. Why did the central administrator of the EU ETS go to a comedy club?
A. Because he heard that the emissions from laughter were a gas!
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- The JC’s famous Nutshell™ summary of this clause