Perfect storm behind the CER meltdown
29 Jul 2011
Six weeks ago, the price of a CER was 13 euros and the emissions markets were looking healthy; a couple of weeks’ later, they were fetching 9 euros. Why the rapid meltdown, asks Richard Hayes of Environmental Intermediaries & Trading Group Limited.
Simply, the market rapidly lost its liquidity, after a series of events starting with renewed concern over the sovereign debt of the so-called PIGS (Portugal, Ireland, Greece and Spain) and the likelihood of defaults.
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