Symbolic first 2020 EU carbon futures trade between JP Morgan and Gunvor

Hand shake

US Wall Street bank JP Morgan sold the first European Union Allowance contract for delivery in 2020 to Netherlands-based energy trader Gunvor at €22.72/tonne ($29.98/tonne) on August 6, in a trade that carries more symbolic importance than the promise of more liquidity, analysts say.

The over-the-counter trade, brokered by Tradition, was part of a complex structured deal involving trades with earlier delivery dates, the brokerage said in a statement.

Although the trade is unlikely to herald a ru