'Officials must be tougher on fraud'
Posted by Jos Cozijnsen in TradingOfficials must be tougher on fraud, Barclays trading head says. Following last week's revelation that about 250,000 carbon dioxide allowances worth $4.4 million were improperly transferred after cyber attacks, fraud threatens to undermine the world's largest emissions market, the head of carbon trading at Barclays Capital said in an interview. Carbon trading volumes on Paris' BlueNext exchange fell to the lowest level since Dec. 28 on word of the cyber attacks.
"Without consistent and decisive action by the European Union, the world's flagship carbon market will become mired in fraudulent activity," said Louis Redshaw, managing director of Barclays PLC's investment bank unit (Source: E&E News)
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