Mizrach, Bruce; Otsubo, Yoichi - In: Journal of Banking & Finance 39 (2014) C, pp. 107-116
This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. Volume growth has averaged 277% in EUA between 2005 and 2009 and 724% in CER since 2007. Spreads...
