A world standard is emerging.

The article offers information on Great Britain Financial Services Authority's (FSA's) published report on the emissions trading market. The Markets in Financial Instruments Directive (MiFID) has extended the range of financial instruments subject to regulation. One of the consequences is that not just European Union (EU), but non-EU firms wishing to do business with European clients must comply with its regulations. Australia has announced the implementation of the Australian Emissions Trading Scheme from 2010. The Report sets out the FSA's views on the risks in the new and expanding emissions market, and their likelihood of affecting the wider derivatives market.