Central Administrator - Emissions Annex Provision

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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions

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Central Administrator in a Nutshell

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Central Administrator in all its glory

Central Administrator: Means the person designated by the EU Commission to operate and maintain the EUTL pursuant to Article 20(1) of the Directive.


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

Resources and Navigation

Index: Click to expand:

Pro tip: for tons of information about EU ETS and EU financial services regulation see Michał Głowacki’s magnificent emissions-euets.com website.

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)



Similar across all three of the emissions trading documentation suites.

And why not?



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
Template:Emissions Central Administrator gen

See also