Quota spot transaction refers to the transaction with quota spot as the target. The government allocates quotas to the accounts of emission enterprises through electronic registers, and emission enterprises can trade quotas. After the transaction is completed, the ownership of the quota can be transferred. At this time, the quota belongs to the spot category.
Forward contract transaction refers to the transaction with the future delivery quota contract as the target. The target of the transaction is not the spot quota, but a forward contract, that is, buying and selling a certain number of quotas at an agreed price at some future time. After the transaction is completed, only the ownership of the contract is transferred, and the ownership of the line under the contract remains unchanged.
Futures trading refers to the transaction with the standard contract as the subject matter. Futures trading and forward contract trading are based on contracts, the difference is that the delivery time in forward contracts is not fixed, while the delivery time in futures trading is fixed.
Two, according to the different trading methods, can be divided into electronic bidding transactions and agreement transfer.
Electronic bidding transaction refers to the transaction conducted through the electronic bidding system according to the principle of time priority and price priority.
Electronic bidding is more conducive to openness and fairness, so most trading places now adopt electronic bidding. Transfer by agreement refers to a transaction in which both parties negotiate the price and quantity independently.
The efficiency of agreement transfer is low and the transaction cost is high. Generally, it is used when the transaction amount is large, and both parties can negotiate the price and quantity independently. Under the agreement transfer mode, the transaction price is not included in the real-time market of the exchange, but the transaction volume is included in the total turnover on the day after the transaction is completed.
Third, according to the different purposes of trading, it can be divided into performance trading and investment trading.
Performance transaction refers to the transaction to fulfill the settlement obligation. The main body of the buyer in the performance transaction is the pollutant discharge enterprise. Emission enterprises have the obligation to pay off, and when the quotas they hold are less than the quotas that should be paid off, they need to buy the required quotas from the market.
After the sewage enterprises pay the quota, the quota will be cancelled. Investment transaction refers to the transaction for the purpose of investment. Investment institutions and individuals can participate in the transaction. Although investment institutions and individuals can buy and sell quotas and hold quotas, they do not enjoy carbon emission rights.
Therefore, transactions involving investment institutions and individuals are all investment transactions.
Fourth, according to the different trading places, it can be divided into on-site trading and off-site trading.
On-site transaction refers to the transaction between the two parties in the exchange, and the exchange carries out unified delivery and liquidation of funds and quotas.
Over-the-counter trading refers to the quota trading conducted by both parties outside the exchange, but the quota delivery must be registered on the designated platform. Distinguish between the two