Progress Report
Market Activity
Cap and trade programs allow participants to independently determine their best compliance strategy. Participants that reduce their emissions below the number of allowances they hold may trade allowances, sell them, or bank them for use in future years. While the ARP and CSAPR are cap and trade programs, MATS is not a market-based program; therefore, this section does not discuss MATS.
Market Activity Figures
![2018 Allowance Transfers under CSAPR and ARP](img/market_activity_f1_small.png)
![Allowance Spot Price (Prompt Vintage), January–December 2018](img/market_activity_f2_small.png)