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dc.contributor.authorHeindl, Peteren_US
dc.date.accessioned2012-11-08en_US
dc.date.accessioned2012-11-08T16:16:40Z-
dc.date.available2012-11-08T16:16:40Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:bsz:180-madoc-325692-
dc.identifier.urihttp://hdl.handle.net/10419/66113-
dc.description.abstractThis paper examines the role of intermediaries in quantity regulation theoretically and presents a data application to the EU Emissions Trading Scheme (EU ETS). The choice of regulated firms to trade permits through intermediaries or directly at the exchange is discussed. Permit pricing strategies of intermediaries and possible issues of market power of intermediaries are modeled. Based on empirical data, the model application aims to assess the actual costs (fees, fixed costs) from permit trading, which represent costs of transacting. In a competitive setup, costs are relatively modest with about 1% to 2% of the permit price. In the EU ETS, firms that trade more than 283,000t CO2/year are likely to directly access the exchange while others trade with intermediaries. In the unlikely event of an intermediary having market power, overall costs would be six times higher in the model application. Options for regulated firms to access a permit exchange directly at low costs decrease the costs of transacting considerably in a competitive and non-competitive intermediary market.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheimen_US
dc.relation.ispartofseriesZEW Discussion Papers 12-064en_US
dc.subject.jelQ52en_US
dc.subject.jelD42en_US
dc.subject.jelD21en_US
dc.subject.ddc330en_US
dc.subject.keywordpermit tradingen_US
dc.subject.keywordfinancial intermediariesen_US
dc.subject.keywordmarket poweren_US
dc.titleFinancial intermediaries and emissions trading market development and pricing strategiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn729457125en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:zewdip:12064-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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