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1. Offset credits or offsets

   Emission reduction credits from project-based activities that can be used to meet compliance or corporate objectives as a supplement or alternative to reducing one's own emissions. In a cap-and-trade scheme, offsets may be used instead of allowances, sometimes up to a limit (see credit limit). CERs and ERUs are types of offset credits

2. Operational Entity

   An independent entity, accredited by the CDM Executive Board, which validates CDM project activities, verifies and certified emission reductions generated by such projects.

3. Over the Counter (OTC) market

   Trades arranged by brokers, as opposed to trades on exchanges or bilateral (direct) trades.