Where there's no muck, there's still brass

EMISSIONS TRADING

EU carbon dioxide (CO2) emissions trading started experimentally in the middle of 2004, with the official market opening in January 2005.

Since then, one CO2 emissions trading fund from Ixis has launched, another is running in Japan, and many hedge fund managers are eyeing an immature and less crowded marketplace than established equity, fixed-income and other traditional marketplaces.

Paul Dawson, director of environmental regulation at Barclays Capital, says that since the start of 2005, "li