In September 2008, the Western Climate Initiative (WCI) Partner jurisdictions released the final "Design Recommendations for the WCI Regional Cap-and-Trade Program."  In February 2009, the Partner jurisdictions released the WCI 2009 - 2010 Work Plan, describing the approach to implementing the Design Recommendations.  Among the activities identified, the Markets Committee's "market oversight" task is examining measures to ensure that the allowance and offset credit trading market is organized properly to operate reliably and prevent or minimize manipulation.  This task reflects the commitment of the WCI Partner jurisdictions to provide appropriate safeguards and oversight of the allowance and offset credit trading markets.  Today, the Partner jurisdictions release the Markets Committee's Draft Recommendations on Market Oversight.

• Whether the tools available to WCI Partner jurisdictions for market oversight have been completely and correctly identified;
• Whether the Draft Recommendations would correctly maximize the environmental and economic benefit to the public and support WCI's Principles of Market Oversight;
• Whether the Committee should recommend collection of derivatives position information from market participants, including on over-the-counter derivatives; and if so, what of that information to disclose to the public; and
• The Draft Recommendation to require secondary market trades to use a central limit order book.