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Every other market is driven either by a desire to Links of london sale risk or to speculate," he says. "So I found myself in a market where I could employ all my financial market knowledge and on the legislative and policy side, all my legal know-how too. The carbon market played to my strengths." Indeed, the combination of legal expertise and market experience led to his appointment in June 2003 as a consultant to the UK government during the legislative process for the European Union's emission trading scheme (EU ETS). "I was effectively the Links of London Sweetie Bracelet Medium expertise for the government team. I arranged a breakfast meeting with Tony Blair and the heads of the largest banks in London - chairmen and CEOs at Morgan Stanley, Barclays, Deutsche Bank, etc," he says. In fact, it was the lessons that had been learnt from the UK trading scheme that allowed Emanuel to have some input into how the emissions allowances allocations would be handled between phase I and phase II of the EU ETS implementation. "I was part of the contingent that went to Brussels to negotiate on behalf of the UK when the EU ETS legislation was being formulated. A number of member states Links of London Sweetie Earrings that if a company was given an allocation of emissions allowances that were not used for phase one, then the company ought to be perfectly free to carry those over into a subsequent compliance period," says EmanueL "I said 'hang on, let's think about this from a market perspective. For cap-andtrade to work on a macro level, there has to be a shortage of allowances in circulation. Only then will you encourage people to invest in emissions abatement.' You could see the pennies dropping around the table and it was agreed there would be no banking between phase I and II." In January 2004, he set up the European business unit Links of London T Charm Evolution Markets with Benedikt von Butler, before the two moved to CantorCO2e from October 2005 to January 2010. Emanuel then decided a change of direction was in order, becoming head of environmental markets at US agriculture giant ADM's subsidiary ADM Investor Services International in October. "When I joined the carbon market, OTC brokerage was everything - there were no exchanges.