That is the reason, each falls into a different phase of the EU emissions program. Phase 1 was over allocated as it relied on data from the companies receiving the credits so they just abused the system. Phase 2 is 08-12 and will tighten things up a little.
Jury is still out on how far 08's can go but people do appear to be buying dips and i managed to take a little cash out. Problem with the market is that there is a constant political liquidity about it and if anything falls apart in the negotiations you could find a collapse like we saw last year. Other issue is the liquidity available on exchange. It is far thinner than the OTC and should any unforeseen decision be announced you will be left hanging with no bid or offer on the exchange. If you trade it you need to be aware of the execution risk and keep ear open to the news. Lot of businesses have picked up CER's in Russia and will try to sell them in EU for a premium. Nobody clear yet how over/under supplied Eu may be for Dec08.
Sorry for the cautionary tale but there is easier money elsewhere. this is primarily a business for the energy companies, carbon funds and banks right now who can get their grubby fingers on the physicals.
Good luck.
