Romania bans OTC emissions trading to combat fraud
Romanian authorities have banned European Union carbon emissions allowances (EUA) in the over-the-counter derivatives market to prevent EUA tax fraud, after ruling that these contracts are now classed as equity securities and therefore can only be bought and sold on an exchange.
The National Securities Commission (CNVM), Romania's securities regulator announced that foreign traders of EUAs will now need to comply with the provisions of the Romanian capital market legislation and will therefore need to join an exchange.
The Sibiu Monetary Financial and Commodities Exchange, Romania's only market on which greenhouse gases emissions certificates can be traded, confirmed that the legal provisions are in place.
A poll of several market traders who want to remain anonymous
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