The logical essence and optimization path of legal regulation for securities trading in the carbon market

Carbon market securities trading covers spot trading, futures trading, options trading, credit trading, and repurchase situations, corresponding to the demand for legal regulation. The current laws do not recognize and correctly characterize carbon market securities trading, and the only regulatory arrangements have many gaps in content and hierarchy. In this regard, in theory, it is possible to promote the construction of a legal basis for carbon market securities trading with systems theory, and guide the progress of the content of the legal basis for carbon market securities trading with game theory. In practice, reformers should clarify the attributes of carbon market securities and their trading activities in important laws, while building a standardized system covering the complete process of carbon market securities trading.