Trading in the EU carbon market has slowed to a crawl following the decision yesterday afternoon by the European Commission to suspend transactions in all EU member states' allowance (EUA) registries, following the latest in a string of “security breaches”.

The suspension prevents anyone buying or selling EUAs in the ‘spot’ (or physical) market, although allowances can be surrendered by emitters for compliance, or allocated to emitters by governments. Trades in futures are not affected, although

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