Multiple Delivery Dates - Emissions Annex Provision

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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions

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(c) Multiple Delivery Dates

If the Confirmation for an EU Emissions Allowance Transaction specifies more than one Delivery Date and, in respect of each such Delivery Date:

(i) a Payment Date;
(ii) an Allowance Purchase Price;
(iii) the Allowance Type (and Specified Compliance Period); and
(iv) the Number of Allowances,

is specified in, or is otherwise capable of being determined as provided in that Confirmation then, for the purposes of this Part only the relevant EU Emissions Allowance Transaction shall be deemed to consist of a number of EU Emissions Allowance Transactions: each one corresponding with one of the specified Delivery Dates, and having the Payment Date, Allowance Price, Allowance Type (and Specified Compliance Period) and Number of Allowances specified or otherwise determined as provided in that Confirmation in respect of that Delivery Date.


See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs

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Emissions trading documentation
ISDA: EU AnatomyEU Wikitext EU Nutshell (premium) • UK AnatomyUK Wikitext (to be merged into EU Anatomy)
IETA: IETA Master AgreementIETA WikitextIETA Nutshell (premium)
EFET: EFET Allowances AppendixEFET Allowances WikitextEFET Nutshell (premium)



A spot of scene-setting from Carbon Squad. This allows for multiple delivery Dates, perhaps imagining a world where financially literate carbon polluters enter into longer term EUA delivery mechanisms to allow them to finance, hedge and manage their annual compliance obligations years in advance.



The mechanism allows a single Confirmation with Multiple Delivery Dates to operate as a series of discrete Transactions, each with its own separate Delivery Date.

As to the precise consequence, or intended consequence they were driving at: perhaps seeing as Disruptions tend to be Delivery Date-dependent, should there be a Suspension Event or some such thing on one Delivery Date, that is unresolved and, God forbid, graduates into a Continuing Suspension Event or a “then I woke up and it was all a dream” Event, it only cancels scheduled deliveries and payments on that part of the multi-Delivery Date Transaction that is actually affected, so each of the other micro-Transactions can carry on unaffected.

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  • The JC’s famous Nutshell summary of this clause

See also


Template:M sa EUA Annex (c)