Since 2009, the European Carbon Futures Market has been in a permanent contango situation that is characterised by systematic negative convenience yields that allow investors to exploit profitable arbitrage opportunities. The objective of this paper is to analyse the possible drivers of these negative convenience yields. Our empirical results indicate that although some carbon trading variables are behind this contango situation, the carbon inconvenience yield is better explained if other financial markets and variables are considered, suggesting a financialization of the European Carbon Futures Market.

中文翻译：

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碳期货的不便收益

自 2009 年以来，欧洲碳期货市场一直处于期货溢价状态，其特征是系统性的负便利收益率，允许投资者利用有利可图的套利机会。本文的目的是分析这些负面便利收益的可能驱动因素。我们的实证结果表明，虽然一些碳交易变量在这种期货溢价情况背后，但如果考虑其他金融市场和变量，则可以更好地解释碳不便收益，表明欧洲碳期货市场的金融化。