End of Phase Reconciliation Deadline - Emissions Annex Provision
EU Emissions Allowance Transaction Annex to the 2005 ISDA Commodity Definitions
A Jolly Contrarian owner’s manual™
End of Phase Reconciliation Deadline in all its glory
See our natty emissions comparison table between the IETA, EFET and ISDA versions of emissions trading docs
Resources and Navigation
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.
- The JC’s famous Nutshell™ summary of this clause