碳交易市场要真正活跃起来，不仅需要完善的政策环境、科学合理的交易规则，还需要培育发展符合中国碳市场实际的市场配套服务体系，增强碳市场参与者的交易能力，否则将很可能功亏一篑。

Carbon trading market to really warmed up，Not only need to perfect policy environment、Scientific and reasonable trading rules，Also need to develop development conforms to China's carbon markets actual market and the complete service system，Enhance the ability to trade carbon market participants，Or will likely the lip。

　　国家发展改革委已同意北京市、天津市、上海市、重庆市、湖北省、广东省及深圳市2013年开展碳排放权交易试点，并考虑2015年在全国推广。

The national development and reform commission has agreed to Beijing、tianjin、Shanghai、chongqing、Hubei province、Shenzhen city, guangdong province in 2013 and for carbon emissions trading pilot，And consider the 2015 spread in the whole nation。

　　目前，各试点地区的方案规则制定、市场准备等工作正在紧锣密鼓地展开。随着总量设定、配额分配、排放数据收集等工作的逐渐深入，如何通过市场形成有效的碳价格，已逐步为各试点地区方案制定者及交易机构所关注。

At present，The pilot areas plan regulations、The market for are busy working on。The total set with、Quota allocation、Emissions data collection and the further work gradually，How to through the market form effective carbon price，Has gradually for the pilot areas scheme and trade institutions makers attention。

　　理论上一个精心设计的碳市场具备实现“低成本减排”的优势，比行政手段强制减排更具有弹性。但是，其前提是碳交易必须活跃起来，这样才能形成有效的碳价格，地方对碳市场的各种美好期待才有可能真正变为现实。

In theory a carefully designed carbon market have realized“Low cost reduction”advantage，Mandatory cuts than administrative means more flexible。but，The premise is the carbon trading must get active，So as to form effective carbon price，Parts of carbon markets to all kinds of good will not be fully into reality。

　　根据国际碳市场的先行经验，碳交易市场要真正活跃起来，不仅需要完善的政策环境、科学合理的交易规则，还需要培育发展符合中国碳市场实际的市场配套服务体系，增强碳市场参与者的交易能力，否则将很可能功亏一篑。

According to international carbon markets first experience，Carbon trading market to really warmed up，Not only need to perfect policy environment、Scientific and reasonable trading rules，Also need to develop development conforms to China's carbon markets actual market and the complete service system，Enhance the ability to trade carbon market participants，Or will likely the lip。

碳交易试点活跃度之忧 Carbon trading pilot active with the degree of sorrow

　　由于中国经济增长迅速，短期内排放企业的绝对排放量增长在所难免，企业对自身排放量的增长也难有准确的估计，“惜售”将成为降低风险的策略之一。从国际碳交易的实践经验来看，即便在减排目标设定较为宽松、配额供应充足的情况下，部分企业的“惜售”也将在市场上形成配额供应紧缺的假象，“惜售”气氛将进一步蔓延，最终导致全年的大部分时间里企业持有的配额固步自封在企业的碳账户中，市场难以反映真实的供求关系，价格将大幅偏离有效价格;供应不足的情况下，将给炒作带来机会。

Because of China's rapid economic growth，The short term emissions of absolute emissions growth enterprise is inevitable，Enterprise for its own emissions growth also difficult to accurately estimate，“rised”Will become lower the risk of one strategy。From the international carbon trading practice experience，Even in emission reduction goals set and more liberal、Quotas under the condition of the ample supply，Part of the enterprise“rised”Also in the market form the appearance of supply shortages quotas，“rised”The atmosphere will be further spread，Eventually lead to most of the time for all of the enterprise to hold in the stubbornness of carbon in the enterprise quota account，The market cannot reflect the true of supply and demand，The price would dramatically from effective price;Supply shortages，Will give a chance to hype。

　　特别是，随着年底履约窗口的临近，前期累计的头寸和需求将在年底集中爆发，一旦供需关系得以明确，在缺乏有效调节手段的情况下，供给的刚性将导致碳价格出现暴涨暴跌。这就形成了一个怪圈，企业因惧怕价格风险而引发的企业惜售行为，最终反过来导致了价格的大起大落。

especially，By the end of the approach of the window with the performance，The cumulative size and demand will focus on outbreak at the end of the year，Once the supply and demand relation to clear，In the absence of effective regulatory measures，Supply of rigid will lead to a carbon price drop shot up。This forms a vicious circle，Enterprise for fear of price risk caused by rised enterprise behavior，Finally, in turn, led to the dramatic price。

　　类似的情形曾发生于英国石油集团公司(BP)内部碳交易试点中。由于在BP的模式中，市场的参与主体仅包括BP的成员企业，成员企业在交易能力、碳资产管理水平方面的参差不齐,在一定程度上阻碍了市场的健康发展。相反，在后来的欧盟碳交易体系(EUETS)中，通过推出期权期货等衍生品，引入中介、银行等市场服务机构服务于排放企业或直接参与交易、投资等，EUETS初期交易就比较活跃。

A similar situation occurred in the British petroleum corporation(BP)Internal carbon trading pilot。Because in BP mode，The market main body participation includes only the BP members of the enterprise，Members of the enterprise in the ability to trade、Carbon assets management level of is uneven,To a certain extent hindered the healthy development of the market。instead，In the later the eu carbon trading system(EUETS)in，Through out futures and options, derivatives，Introducing intermediary、Banks and other market service agencies in the service enterprise or directly involved in trade emissions、Investment, etc，EUETS initial business is more active。

　　企业有了交易意愿后，要交易活跃，还需要供需之间的匹配。通过统一的交易平台和活跃在市场中的中介机构虽可帮助买卖之间撮合，但仍将面临时点上的“错配”问题。

Enterprises have to trade，To transactions active，Need of match between supply and demand。Through the unified trading platform and active in the market intermediary agencies can help between buying and selling hitherto though，But will still face point“mismatch”question。

　　在经典的“上限与交易”模式下，每个企业在年初将从政府以无偿分配或竞拍的方式获得配额(试点初期大部分配额将免费分配)，基本可以满足企业正常生产经营活动所需;但配额并非像一般工业原材料一样随时间不断消耗，伴随着生产排放，所产生的负债仅需要到来年年初(欧盟为3月底，同财年保持一致)归还。这就形成了配额的供给和需求在时间窗口上的高度集中，即在每年的特定时间段(某周或某月)。

In the classical“Cap and trade”mode，Every enterprise from a government in a year to free distribution or bid way to getting the quota(Most of the early pilot quota free distribution)，Basic can satisfy enterprise normal production and business operation activities required;But quota is not, as is general industrial raw materials as a constant drain over time，With production emissions，Produced by the liabilities need only in early arrival(The European Union for the end of march，Consistent with its fiscal year)returned。This creates a quota of supply and demand in time on the window of the highly concentrated，In the year that a specified period(A week or month)。

　　当某企业希望买入配额时，要恰好存在持有相应数量可供出售的企业。然而对于现货市场来说，买单和卖单的数量常常很难在时点上精准匹配。例如，某履约企业的一个新建项目将于下半年投产，因配额需求较大，该企业交易员希望上半年在市场上采购足量的配额以供使用;但大部分持有富余头寸的企业基于风险的顾虑希望在年底履约需求明确后出售结余配额。

When an enterprise hope when buying quotas，There just a corresponding to the number of available for sale enterprise。However, to spot for the market，The number of pay and sell orders often difficult to accurately match point。For example，A performance of the enterprise a new project in the second half will be put into production，Demand for large quotas，This enterprise traders hope in the market in the first half of purchasing plenty of quotas for use;But most of the enterprise based on the surplus positions held concerns at the end of the year to risk failure needs clear sell balance after quota。

　　在一般商品市场中，投资类买卖、期货期权等衍生品以及做市商制度可有效缓解市场的错配。例如，做市商必须根据自己的报价，随时买入投资者卖出的商品，并在投资者需要买入商品时，卖出自己库存的商品，做市商作为一个买卖中介，解决了买入者和卖出者之间在商品供求上的时点错配问题。然而，受制于政策环境、市场风险等因素，对于中国碳市场来说，衍生品与做市商制度短期内皆难以实现，供需间的“错配”这一在商品交易市场中时有发生的古老问题也将深刻地影响到碳市场的活跃度。

In general in the commodities market，Penetration of buying and selling、Futures and options and derivatives market maker system can effectively relieve the mismatch of the market。For example，Do the company must according to their offer，Buy investors sold the goods at any time，And in the investors need to buy goods，Sold his stock of goods，Do the company as a business agent，Solve the punters and sell between the commodity supply and demand in the points of the mismatch problem。however，Subject to the policy environment、Market risk factors，For China market for carbon，Derivatives and market maker system in the short term is difficult to achieve，Between supply and demand of“mismatch”This one in the commodity trading markets have occurred in the old issues will also be affected deeply the active carbon market degree。

金融配套服务当“内外兼修” Financial supporting service when“Inside and outside and the”

　　“惜售”与“错配”的问题是否会真正出现，分别取决于企业交易能力与市场环境两个方面。

“rised”and“mismatch”The question is whether there will be real，Depends on enterprise ability to trade and respectively market environment in two aspects。

　　企业的交易动力来自于各自减排成本的差异，一些企业通过实施低成本减排措施来获得配额的结余并出售获利，另一些企业因减排成本较高而选择通过采购不够的配额来降低履约成本。在一个理想的碳交易框架中，当碳价格准确反映减排边际成本时，无论上述哪一种类型的企业都将从交易中获利，企业的交易动力是存在的。

Enterprise trading motivation comes from their emissions cost differences，Some enterprise through the implementation of the low cost reduction measures to get the balance and sell profit quota，Some other enterprise for high cost reduction and the choice is through the purchase of quotas not enough to reduce the cost of failure。In an ideal carbon trading in the frame，When the carbon price accurately reflect marginal cost reduction，No matter what the above a type of enterprise to gains from trade，Enterprise trading power exists。

　　然而仅有交易动力并不足以让市场活跃起来，企业交易及风险管理能力不足将严重削弱企业参与交易的积极性。在CDM机制下，减排企业可通过出售核证减排量获得额外收益，除小部分开发费用外无需承担额外成本及义务，也就不存在任何风险。然而，在强制碳交易模式中，企业参与交易将难以如此洒脱。在获得碳排放权配额的同时，也给企业带来了相应的履约义务。面对碳价格走势的不确定性，排放企业不得不在收益与交易风险中进行权衡，任何对自身实际年排放总量的误判以及市场走势、供求关系改变等系统性风险都可能会给企业带来损失，特别是在碳交易试点初期，对于此类风险，企业多半将选择规避。这也是目前交易所普遍担忧的“惜售”问题的成因。

But only trading power is not enough to make a market warmed up，Enterprise transaction and risk management ability inadequacy will be seriously weakened enterprise in the deal the enthusiasm。In the CDM mechanism，Emission enterprises can sell nuclear card by emissions reductions to gain an extra income，Apart from a small proportion of the development costs need not assume additional costs and obligations，Is also not exist any risk。however，The mandatory carbon trading mode，Enterprise in the deal will not so free and easy。In carbon emissions rights for the quotas at the same time，Also brings to the enterprise to the corresponding performance obligations。Face the carbon price trend of uncertainties，Emissions in revenue and trade enterprises have to weigh the risk，Any of their own in the vicinity of the actual total emissions and market movements、Supply and demand change systemic risk may bring business enterprise loss，Especially in the early pilot carbon trading，For this kind of risk，Enterprise most will choose avoid。This also is at present exchange of widespread concerns about“rised”The cause of the problem。

　　在欧盟碳交易市场EUETS的排放企业中，碳交易做得最好基本上是电力企业，主要原因是它们已有成熟的能源商品交易部门。例如通过能源商品、电力市场以及碳市场远期协议与投行合作，配合在燃煤燃气及电力等商品市场签订1～3年的远期协议，购买投行创设的期货期权衍生品达到融资和风险对冲的目的，也降低了履约成本。相反，对于一些钢铁企业，因缺少商品市场的操作经验和专职的交易部门，其交易策略和决策流程都极大僵化，甚至当每个季度明确配额头寸缺口后，不论价格高低，直接采购现货，这导致了企业在碳交易方面的严重亏损。

In the eu carbon trading market EUETS emissions enterprise，Carbon trading do best basically is the electric power enterprise，The main reason is that they have mature energy commodities trading department。For example through the energy goods、Electric power market and carbon market forward agreement and investment banking cooperation，Cooperate with coal gas and electric power in commodities such as signing market 1 to 3 years of the long-term agreement，Investment Banks to buy the creation of futures and options derivatives to hedge risk and financing of purpose，Also reduces the cost of failure。instead，For some steel enterprise，Because of lack of commodity market operation experience and full-time trade department，Its trading strategy and decision-making process are great rigidity，And even as each quarter clear quotas positions after gap，Whatever the price directly，Directly sourcing stock，This leads to the enterprise in carbon trade of heavy losses。

　　交易能力的问题对于国内大部分没有能源商品市场交易经验的排放企业来说，无疑带来了巨大的挑战。仅依靠企业自身，对于碳市场这个新生事物来讲，是不够的，还需要与之配套的专业碳金融产品及服务。

The ability to trade for domestic most no energy commodity market trading experience of enterprise that discharge，No doubt bring huge challenge。Rely on the enterprise itself，For carbon market this new thing to speak，Is not enough，Still need to support the financial products and services professional carbon。

　　通过专业培训、交易辅导等企业交易能力建设等方式，可帮助企业提高企业自身能力建设、厘清内部碳资产管理与交易决策体系。特别是在试点初期，企业的交易能力建设及培育一批具备交易能力的咨询服务机构，不仅有利于企业参与交易，对于市场的健康成长也将发挥决定性的作用。

Through the professional training、Trading counselling enterprise trading ability construction method，Can help enterprises to improve enterprise's own ability construction、To clarify the internal carbon asset management and trading decision system。Especially in the early pilot，Enterprise trade capacity building and cultivate a group of have the ability to trade consulting services，Not only benefit to the enterprise in the deal，For the healthy growth of the market will also play a decisive role。

　　此外，配额的使用者，即纳入碳交易机制的排放企业和减排指标供应商构成了碳市场的基础参与者，根据其他类型商品交易市场的经验，仅有此供求机构参与的市场是难以活跃的，或者说必将面临流动性短缺的问题。

In addition，Quotas users，That is the emissions of carbon trading mechanism in enterprises and reduce emissions constitute the carbon market suppliers based participants，According to other types of commodity trading market of experience，Only the supply and demand of market is hard to participate in institutions active，Or will face liquidity shortages。

　　在EUETS中，除了上万家企业投身其中外，投资银行、对冲基金、私募基金以及证券公司等金融机构在碳市场中也扮演着不同的角色。从最初担当碳交易中介赚取略高于1%的手续费，到直接投资CDM项目，金融机构的参与给碳市场带来了良好的流动性，市场也愈发透明，形式也更加多样化。

In the EUETS，In addition to notice the enterprise in them，Investment bank、Hedge fund、Private equity funds and securities companies, and other financial institutions in the carbon market also play different roles。From the original bear carbon trading intermediary earn slightly higher than the poundage of 1%，To direct investment CDM project，Financial institutions in the carbon market to bring good liquidity，Markets are also increasingly transparent，Form is also much more diverse。

　　碳市场金融配套服务体系的主要目标应包括连接市场中的买卖双方活跃市场、降低企业交易风险、为市场提供流动性、为减排项目提供多样化的融资安排、促进企业参与市场，降低履约成本等方面。

Carbon market financial supporting service system should include the main aim of the connection between the buyer and the active market in the market、Reduce enterprise business risk、Provide the market with liquidity、For emission reduction projects provides various financing arrangements、Promote enterprises to participate in the market，Reduce the cost of failure。

　　对于国内碳交易市场来说，无论是在政策体系还是市场环境方面都与欧盟成熟的市场存在显著差异，面临诸多我国特有的障碍，例如与碳市场息息相关的能源商品交易市场尚不完善，企业在商品市场的交易能力不足，衍生品交易管制导致了企业交易风险管理工具的缺失等。因此，围绕碳市场的相关金融服务更加不可或缺，并使得碳金融的发展模式和思路并不能简单照搬欧盟碳市场，而需要在政府的科学规划下，合理引导国内金融机构及碳市场相关机构研发、提供符合中国碳市场特色的多样化的碳金融产品及服务，通过引入银行、信托、评级、担保等金融机构，逐步探索基于碳市场的多层次投融资模式，实现碳市场的健康发展。(作者为兴业银行(601166,股吧)可持续金融部高级研究员)

For the domestic market for carbon trading，Whether in policy system or market environment and the European Union are mature market there was significant difference，China faces many unique obstacles，For example and carbon market closely related to energy commodity trading market still is not perfected，Enterprise on the commodity market trading ability is insufficient，Derivatives trading control led to the enterprise business risk management tools such as the lack of。so，Carbon markets around the relevant financial services more indispensable，And make financial model of development and carbon thinking and can't simply follow the eu carbon market，And in need of scientific planning government，Reasonable guide domestic financial institutions and carbon market related research institutions、Provide conforms to China's carbon market characteristics of the diversity of the carbon financial products and services，Through the introduction of the bank、trust、rating、Guarantee, and other financial institutions，Based on the exploration of the carbon market gradually multi-level financing mode，Realize the healthy development of the carbon market。(The author for the bank(601166,Shares it)Sustainable GRCS senior researcher)