A new study is reporting that international trading of carbon rose 61 percent last year, and European carbon trading during the first half of 2009 exceeded all of the activity during 2008. International Financial Services, London, or IFSL, said that the 2008 growth came as the U.S., Australia, New Zealand and Japan are considering implementing some form of cap-and-trade systems. The bulk of the trading in Europe took place on the European Climate Exchange, a unit of London-listed Climate Exchange. Though trading activity increased, prices did not. On average, prices fell from $25 per metric ton in September 2008 to below $10 in February, with prices standing at $13.50 in June as companies reportedly sold off allowances to boost their finances. China was reported to be dominating the project-based market with 84 percent of volumes supplied in 1998 under the Kyoto Protocol's Clean Development Mechanism, with India, Brazil and Mexico also being important countries for investment.