Competition between emission exchanges - A review of the European system

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi Kemppainen, Ossi 2012-03-15T02:30:37Z 2012-03-15T02:30:37Z 2011
dc.description.abstract This thesis searches and evaluates the factors that determine the outcome of competition between European emissions exchanges trading different kinds of emissions allowances. Since the beginning of the scheme in 2005, various exchanges have listed these allowances as traded products offering different kinds contracts for them. Currently, one of these exchanges dominates the market by approximately 90% market share in all exchange traded emissions contracts. Classical theories on competition suggest that the market outcome is mostly determined by prices (the cost of trading), production costs and quantities. As allowance holders are allowed to trade anywhere at will, according to common theories they should trade where-ever it is the most inexpensive. Yet, traders also seek for high liquidity that ensures fast execution of orders. It seems like that the trader specific attributes might determine what different aspect she seeks from an exchange, and makes the choice accordingly. This might lead to a situation where some traders choose to use local exchanges as others find it more profitable to use international exchanges – often located in world financial centers – that might offer higher liquidity, wider product scope or greater trader heterogeneity. en
dc.format.extent 75
dc.language.iso en en
dc.title Competition between emission exchanges - A review of the European system en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Economics en
dc.contributor.department Department of Economics en
dc.contributor.department Taloustieteen laitos fi
dc.subject.keyword exchange competition
dc.subject.keyword emission exchange
dc.subject.keyword emission allowance
dc.subject.keyword emission permit
dc.subject.keyword EU ETS
dc.subject.keyword European Union Emissions Trading Scheme
dc.subject.keyword EUA
dc.subject.keyword European Union Allowance
dc.subject.keyword CER
dc.subject.keyword Certified Emission Reduction
dc.identifier.urn URN:NBN:fi:aalto-201203181686
dc.type.dcmitype text en
dc.programme.major Economics en
dc.programme.major Kansantaloustiede fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon kansantaloustiede
dc.subject.helecon economics
dc.subject.helecon energiatalous
dc.subject.helecon energy economy
dc.subject.helecon ympäristötalous
dc.subject.helecon environmental economics
dc.subject.helecon päästökauppa
dc.subject.helecon emissions trading
dc.ethesisid 12761 2011-12-20
dc.location P1 I

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