The paper describes the development of analytical models and how they assist in examining domestic greenhouse gas emissions trading markets. Issues such as forward contract pricing and the impact of the introduction of banking are highlighted. The following findings are presented in the paper: 1) Domestic emissions forward markets prices are greater than expected future spot prices if the market comprises regulated emitters only; 2) Forward prices can however, become lower than expected future spot prices as the trade volume of non-emitter market participants exceeds that of regulated emitters; 3) When the regulatory authority allows banking, the current spot trade market and future spot markets are linked to each other. As a result, the increase of uncertainty on the future spot markets are linked to each other. As a result, the increase of uncertainty on future spot markets may contribute to the decline of the current spot price at first due to  the presence of non-emitter market participants, but soon will give rise to the increase.