less policy-makers and various political leaders across the globe will be making long-lasting and far-reaching decisions regarding the design – or redesign – of regulatory carbon markets. Certainly, as European negotiators convene in Bonn to hammer out a response to the Copenhagen Accord, or as the California Air Resource Board (CARB) drafts new cap-and-trade rules for AB-32, or as the U.S. Senate debates the Kerry-Graham-Lieberman (KGL) bill, the prevention of sub-prime market antics is a paramount issue. And it certainly should be.