FNRS Grant for Estelle Cantillon

Congratulations to Estelle Cantillon who was awarded a research grant from the FNRS for her research on “Price formation in the EU emissions Trading Scheme: Evidence from theory and transaction data”.

The project builds on ongoing research with Aurélie Slechten (Lancaster University) on the European emissions trading scheme, with a focus on how the microstructure of this market, i.e. its detailed rules, contributes to its performance and, in particular the ability of prices to reflect market fundamentals.  The project will rely on transaction and price data over the period of 2005-2018 and will require extensive data cleaning and manipulation to bring the datasets to a state amenable for analysis. It will explore the impact of internal risk management constraints and the VAT fraud cases on price formation.