Investors in the fledgling market in greenhouse gas emissions have seen their share of volatility and shocks in the past three years. Shares in several carbon trading companies have fallen sharply in the past year, and traders have had to cope with a crash in the carbon price and uncertainty over the future regulation of the market. A delay to technology linking the European Union's emissions trading scheme to the system run by the United Nations has proved troublesome, and a report out this week from the UK's Financial Services Authority warned of a litany of risks to the market, from a lack of liquidity to the possible mis-selling of emissions products. But most carbon traders remain optimistic about the future, pointing out that teething problems are to be expected in such a young market, and that the market itself is based on a strong fundamental