February 2, 2011

WSJ: European Emissions Markets to Reopen Gradually

Filed under: climate, Environmental Crime, Europe — inece @ 6:59 pm

The Wall Street Journal reports:

European markets for permits to emit carbon dioxide will start reopening in the next week after a shutdown following the dramatic cybertheft of permits valued at tens of millions of euros two weeks ago, EU officials said Tuesday.

The theft, by a ring of hackers who phoned in a bomb threat to the Czech carbon exchange and stole permits during the ensuing confusion, was the latest in a series of security breaches in the market, which has turnover of $100 billion a year. Permits valued at about €28 million ($38 million) were stolen in three European countries, EU officials said. …

Interpol, Europol and national police in several countries say they are continuing to recover stolen permits, but questions remain about the security of the registries where transaction records are kept for each of the 30 national markets.

Markets in Germany, France, the Netherlands and the U.K. are expected to be first to restart trading, but it remains unclear how much longer other registries will remain closed. Traders expressed concerns over the further market disruption caused by Germany’s canceling of its Tuesday spot auction because some security issues hadn’t yet been resolved.

The European Commission, the European Union’s executive arm, says the markets can only reopen once it has certified their security systems. But delays in writing and testing the software have extended the time frame, and some countries might not be ready to restart trading for several months, EU officials said.




Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Create a free website or blog at WordPress.com.