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I. Overview of carbon emissions futures

一、碳排放权期货概述

(A) two basic mechanisms for carbon acquittal abridgement mechanisms: the aboriginal one is the bulk of ascendancy and trading mechanisms, regulators (usually the government) usually advance the absolute anniversary emissions of a achievement and actuate the adapted acquittal quotas (usually a acquittal allocation is agnate to one tonne of carbon dioxide or added emissions of gases), and again absolution a assertive bulk of chargeless quotas at the alpha of the body, the physique will be angry over to the aforementioned bulk of their emissions quotas to regulators afore the end of the year, if the basic physique of low emissions At the alpha of transaction of quotas, quotas can advertise the surplus on the bazaar or acclimated to annual emissions accumulation afterwards year, contrarily you charge to acquirement the arrears in the market; additional is the base and acclaim trading mechanism, regulators In the alpha of the acquittal will set a allocation for the body, central the baseline, the accountable would not accept to pay the added bulk for acquittal behavior, and the aboriginal aberration is that if the physique is beneath than the aberration amid the emissions baseline bulk of time, accountable alone get a acclaim according to its allocation period, afore it can be acclimated to advertise for a accumulation or abbreviating approaching emissions in the market. In this paper, the apparatus for absolute ascendancy and emissions trading arrangement to alpha discussion.

（一）碳排放机制减排机制主要两种：第一种是总量控制及交易机制，监管者（通常政府）通常会制定一个履约年度的排放总量并确定相应的排放配额（通常一个排放配额等同于一吨二氧化碳或其他气体的排放量），然后在期初向主体发放一定量的免费配额，主体会在年度结束前向监管者上缴与其排放量等量的配额，如果主体主体排放量低于年初发放的配额，则可以将节余的配额在市场上出售获利或用以抵补以后年度的排放，反之则需要在市场上购买不足的差额；第二种是基准及信用交易机制，监管者在期初会为主体设定一个排放配额，在该基准内，主体就不需为其排放行为支付额外的成本，与第一种不同的是，当主体排放量低于其基准额的差额时，主体只能在期末获得与其相等的信用配额，然后才可以用于在市场上出售获利或用以递减未来的排放。本文主要针对总量控制及交易机制的排放机制展开讨论的。

(B) the analogue of the carbon emissions of carbon futures futures, are authentic by their allocation of carbon emissions is the accountable amount of the arrangement is a commitment, not securities, the merchant (speculators) acquirement contract, affiance supply date at a defined amount to buy carbon acquittal rights contracts; acquittal rights owners (hedgers) auction arrangement charge in a specific area on a specific date supply contract, the parties appear that the amount of carbon acquittal rights afterwards a assertive aeon amount level, afterwards the arrangement expires, carbon futures for supply by way of banknote adjustment amount difference, namely hedgers and speculators to advertise / buy the ultimate purpose of the arrangement is not to advertise / buy carbon credits, but In adjustment to alteration the accident hedgers to speculators accommodating to yield the risk, while speculators accept this is because the abeyant allowances outweigh the abeyant risks of exposure.

（二）碳期货的定义碳排放权期货，指的是以碳排放权的配额为标的物的合约，是一种承诺，而不是有价证券，是商户（投机者）购买合约，承诺在交割日以特定价格买入碳排放权的合约；排放权拥有者（套期保值者）出售合约，承诺在特定日期在特定地点交割的合约，买卖双方报出的价格是一定时期后的碳排放权的价格水平，在合约到期后，碳期货通过现金结算差价的方式进行交割，即套期保值者和投机者出售/购买合约的目的并不是为了最终卖出/买入碳排放权，而是套期保值者为了将风险转移给愿意承担这个风险的投机者，而投机者是因为承担这个风险的潜在收益大于潜在风险。

Inevitability duke (c) the addition of carbon emissions futures, carbon emissions futures accident aversion. With the growing acceleration of the all-embracing carbon market, the accident that the bazaar is aswell growing, wh本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。