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Mastering the Commodities Markets by Francesca Taylor

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BACKGROUND AND CONTEXT

In February of 2003, Shell Trading and Nuon Energy Trade (now a subsidiary of European electricity giant Vattenfall) completed the first ever trade of a European carbon allowance, signalling the beginning of a new commodity market. Over the next several years, the market continued to develop: multinational energy companies, investment banks and hedge funds expanded their energy trading desks to include carbon traders, whilst the top commodity exchanges developed standardised derivative contracts, promoting transparency and liquidity in the marketplace. What happened in Europe was imitated in other parts of the world. Niche carbon markets progressed in North America, New Zealand and even in the developing world. Carbon, ...

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