End of Phase Reconciliation Deadline - Emissions Annex Provision

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EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions

A Jolly Contrarian owner’s manual™

End of Phase Reconciliation Deadline in a Nutshell

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End of Phase Reconciliation Deadline in all its glory

End of Phase Reconciliation Deadline: Means, in respect of an EU Emissions Allowance Transaction, the Reconciliation Deadline scheduled to fall in April 2031.


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)



Template:M comp disc EUA Annex End of Phase Reconciliation Deadline



The long stop date at the end of the Fourth Compliance Period beyond which — who knows? Your Phase 3 and Phase 4 Allowances may be worthless? Collectible? Possessing sentimental value? Just as valuable as they were before?

The concept comes up in the Byzantine Cost of Carry Delay provisions relating to Suspension Events, and also in the Settlement Disruption Event provisions which, in not providing for a Cost of Carry Delay, are in an odd way kind of Byzantine by omission. It is quite a feat to achieve confusion and unnecessary extra complication by not saying something, of course, but if anyone can do it, ISDA’s crack drafting squad™ can.

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  • The JC’s famous Nutshell summary of this clause
Template:M premium EUA Annex End of Phase Reconciliation Deadline

See also