Revision with unchanged content. Environmental regulators are routinely challenged to devise innovative methods for reducing air pollution that limit the negative economic impacts to commerce and industry. Recent experiments with Open Market Emissions Trading in the United States have sought to resolve this regulatory predicament and capture market-based opportunities that elude traditional credit trading systems like cap and trade. This work seeks to clarify whether the termination of one open trading program in the country is the result of any critical flaws in this trading theory or a failure to transition the concept of open trading properly from creation to application. This book is addressed to students of public and environmental policy, environmental regulators, industry representatives, and environmental advocates, and can be used as a case study in an academic setting to invoke discussion on the trials and tribulations of ushering in environmental regulation.