progressing towards post - 2012 carbon markets

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... EuroSterlingBondsThisisbyfarthelargestsectorintheUKnon‐giltbondmarketcoveringover99%ofnon‐giltbonds.TheEuro markets grewupinthe1960sasaresultofcomplexinternationaltaxagreements.Broadly,aEurobond,andspecificallyaEuroSterlingbond,isabondthatisnotissuedunderaparticularjurisdictionbut,inthecaseofaeuro‐sterlingbond,denominatedinGBP.Itisthereforenotbeholdentoaparticulartaxauthority.ItisneverthelessoftenlistedonastockexchangeliketheLuxembourgexchangewherethereisnowithholdingtax20tofulfillpensionfundrequirements.AlthoughmanyofthereasonsfortheinitialgrowthoftheEuromarketsarenolongervalid,becauseofitsflexibility(the markets areabovecountry markets andregulationandthereforelacknationalbarrierstoentryandaresubjecttolesspoliticalrisk),theEuromarkets,andintheUK’scasetheEuroSterlingmarket,continuetogro ... EuroSterlingBondsThisisbyfarthelargestsectorintheUKnon‐giltbondmarketcoveringover99%ofnon‐giltbonds.TheEuro markets grewupinthe1960sasaresultofcomplexinternationaltaxagreements.Broadly,aEurobond,andspecificallyaEuroSterlingbond,isabondthatisnotissuedunderaparticularjurisdictionbut,inthecaseofaeuro‐sterlingbond,denominatedinGBP.Itisthereforenotbeholdentoaparticulartaxauthority.ItisneverthelessoftenlistedonastockexchangeliketheLuxembourgexchangewherethereisnowithholdingtax20tofulfillpensionfundrequirements.AlthoughmanyofthereasonsfortheinitialgrowthoftheEuromarketsarenolongervalid,becauseofitsflexibility(the markets areabovecountry markets andregulationandthereforelacknationalbarrierstoentryandaresubjecttolesspoliticalrisk),theEuromarkets,andintheUK’scasetheEuroSterlingmarket,continuetogro wandbethemarketofchoiceforissuance.3.3.3. GlobalBondsGlobalbondsaresimplybondsissuedintheEuromarketsanddomesticmarketatthesametime.Thisallowsinvestorswhocannotengageinoneofthese markets tostillbeabletobuythebondsandsoexpandstheinvestoruniverse.TheglobalbondmarkethasbeenparticularlypopularwiththelargestsupranationalagenciessuchastheWorldBankandtheEuropeanInvestmentBank(EIB),whowanttoensurethattheirbondscanbeboughtbybothEuromarketparticipantsandUSdomesticbondbuyers.3.4. ... IssuersaretheSupplyWithoutborrowers,orissuersofbonds,therewouldbenobondmarket.FortunatelytherearemanykeenanddiverseborrowersrangingfrominstitutionsliketheUKgovernmenttopre‐profit‐makingprojectfinance23companies.Brokersandindexcompaniesprovideausefulwayofexaminingthemarketbyprovidingindices24.ThereareanumberofsimilarprovidersthatnotonlycovertheUKbutalsoglobal markets. TheauthorhaschosentousetheMerrillLynch(ML)seriesofbondindicesastheycoverall markets (UKandinternational)andarereadilyavailablewithgoodbonddata.3.5.1....

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... recession. Markets in 2012 Foresight with InsightDeutsche Bank Markets in 2012 Foresight with InsightDeutsche BankDeutsche Bank The Markets in 2012 – Foresight with InsightThe Markets in 2012 Foresight ... Management Board Markets in 2012 Foresight with InsightDeutsche Bank Markets in 2012 Foresight with InsightDeutsche Bank3.4 Markets 3.4 Markets John-Paul SmithGlobal Emerging Markets StrategistEmerging ... Source: IMF, World Bank, Deutsche Bank 2.08.07.06.05.04.03.0Real GDP (%)8 1-8 5 8 6-9 0 9 1-9 5 9 6-0 0 0 1-0 5 0 6-1 0 1 1-1 51.0Figure 3: African growth has not been left behind in this recovery Current...

... Pedersen, L H (2005). ‘Over-the-counter markets , Econometrica, Vol.73, pages 181 5-1 847.Duffie, D, Garleanu, N, Pedersen, L H (2007) ‘Valuation in over-the-counter markets , Reviewof Financial ... fromthe behavior of investors in over-the-counter (OTC) securities markets. In particular, λ is de-termined by the diffusion, or otherwise, of over-the-counter trading in covered bond products.Such ... Paper 201 0-0 27.Lagos, R, Rocheteau, G, Weill, P O (2011). ‘Crises and liquidity in over-the-counter markets ,Journal of Economic Theory, Vol. 146, pages 216 9-2 205.Li, D, Schurhoff, N (2012) . ‘Dealer...

... Units may play a significant role in post- 2012 carbon markets. 30 ECN-E 0 7-0 90 • The existence of mandatory regulation that could render any projects non-additional. • Institutional capacity ... into CDM pre -2 012 (see also Section 3.3). Figures 2.6 and 2.7 show how much volume we expect from projects starting pre -2 012, but do not include projects that will start post- 2012. All upcoming ... mechanisms to procure carbon credits, followed by the conclusions. 14 ECN-E 0 7-0 90 2. CER supply from the CDM pipeline In this chapter we analyse the expected CDM credits post- 2012. This is done...