The study examines liquidity effects after the onset of trading in phase II of the EU-ETS for EUA futures contracts. Using the orthodox market model and liquidity proxies, evidence of long-term improvement in liquidity of the EEX EUA December 2008 futures contract after the commencement of trading in phase II is obtained. Results suggest the application of a new regime of trading rules in phase II led to the improvements in liquidity.
|Publication status||Published - 26 May 2011|
|Event||7th Scottish Doctoral Management Conference - University of St Andrews|
Duration: 26 May 2011 → 27 May 2011
|Conference||7th Scottish Doctoral Management Conference|
|City||University of St Andrews|
|Period||26/05/11 → 27/05/11|