Before revision:  The peak of cross-correlation function of  volatility time series between EUA (or WTI) and stock market indicators show a signi?cant time shift (> 20days) from 0.
After revision:  The peak of cross-correlation function of volatility time series between EUA (or WTI) and stock market indicators show a signi?cant time shift (> 20 days) from 0, showing that the volatility of stock market indicators today can predict the volatility of EU emissions allowances and of crude oil in the near future.