ICE daily CER price got hammered, dropping to 1.19 EURO (-22.07%). The market is long and new offsets keep hitting the market. There are no technical barriers to guide carbon at this point, everything is trading in range and the range keeps dropping as new U.N. offsets add to current oversupply. Without regulatory measures to shore up the market, it's really a case of the emperor having no clothes. We are witnessing a repeat of what transpired during Phase I of the Kyoto Protocol in 2007, for similar reasons.