In this paper we model the adjustment process of European Union Allowance(EUA) prices to the releases of announcements at high-frequency controlling forintraday periodicity, volatility clustering and volatility persistence. We ¯nd thatthe high-frequency EUA price dynamics are very well captured...

This work provides a descriptive overview of Russian markets for financialderivatives. Available figures for the exchange-traded and over-the-counter-tradedderivatives in Russia show that the Russian derivatives markets experiencedenormous growth rates since the financial crisis in 1998....