First post-2012 EUA trade brokered

The landmark trade is between Morgan Stanley and fund manager RNK Capital. Under the terms of the transaction 50,000 EUAs for delivery in December 2013 were sold for €20.05 per tonne.

The transaction marks the first trade of EUAs beyond the first commitment period of the Kyoto Protocol, which ends in 2012. The world community is yet to make any concrete plans for climate change policy post-2012.

"Increased certainty around the policy and architecture for Phase Three is enabling us to

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