Jurisdiction(s):
United Kingdom

Key definition

Agreement definition

What does Agreement mean? In competition law practice, an agreement is any form of coordination between undertakings that shows a meeting of minds about market conduct (for example pricing, output, customers or territories). It is not limited to a legally enforceable contract: it includes informal or “gentlemen’s” understandings, oral arrangements, email exchanges and tacit understandings, and extends to decisions of associations of undertakings. Mere parallel conduct is insufficient without evidence of contact or communication. The term is used in legislation and developed by case law: Article 101 TFEU, section 4 of Ireland’s Competition Act 2002, and the UK Chapter I prohibition in the Competition...

EU and UK emissions allowance trading contracts: participation, OTC vs exchange, IETA/ISDA/EFET documentation, delivery, invoicing, payment, netting, transfer failures and replacement costs

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Practice notes

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Carbon trading agreements

While the contractual framework for trading carbon resembles that for other products, it also has several distinctive aspects. This note outlines those characteristics, concentrating on issues arising in compulsory regimes, chiefly the European Union’s Emissions Trading System (EU ETS). After Brexit, the UK created a separate, self-contained UK Emissions Trading Scheme (UK ETS). For further detail, refer to the section below on Brexit, the EU ETS, and the UK ETS. For context on the operation and rationale of cap and trade schemes, see Practice Notes: Carbon markets—international emissions trading schemes and Carbon markets—price of Carbon.

Carbon trading—who and how?

The range of actors permitted to join an emissions trading scheme, the market participants, is a key driver of market liquidity. Certain regimes, for instance the South Korean Emissions Trading Scheme (ETS), confine trading to regulated entities or installations. Others, such as the EU ETS, adopt the broadest possible stance and state that 'any person may hold allowances' provided they maintain an account with a national registry; as a result, financial institutions are among the largest participants in the EU ETS market...

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Web page updated on 21/05/2026

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