The HT goes to the Telegraph, who write:
...The Financial Services Authority also cautioned that the fast-growing market in carbon dioxide emissions poses risks that could harm other commodities markets such as gas and electricity....
The FSA says:
...The key differences in the emissions market, compared with other commodities markets, are that it is a politically-generated and managed market and that the underlying is a dematerialised allowance certificate, as opposed to a physical commodity....
We've been licking our chops at the prospect of trading derivatives priced off structured products composed of sworn statements as to the absence of an invisible gas for a while now.
