 In addition, we ?nd the time-lag between stock market indicator volatility time series and EUA (EU allowances) , WTI (West Texas Intermediate)volatility time series. 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.
<meaning-changed>  In addition, we ?nd the time-lag between stock market indicator volatility time series and EUA (EU allowances) , WTI (West Texas Intermediate)volatility time series. 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.
 In addition, we ?nd the time-lag between stock market indicator volatility time series of the stock market indicators and those of the EU CO2 emission allowance (EUA) and crude oil futures (WTI). This time lag is given by the peak of the cross-correlation function of volatility time series between EUA (or WTI) and stock market indicators show a signi?cant time shift (> 20days) from 0.