Atlanta attorney John R. Varholy went to London six years ago for the primary purpose of helping clients trade an invisible, intangible — and, at that point, worthless — commodity on a market that didn’t exist.
Speculative? You bet. But thanks to a Gordian knot of international, European Union and nation-specific regulations that, quite literally, created a multibillion-dollar market out of absolutely nothing, Varholy, now the managing partner of Troutman Sanders’ London office, and the three other lawyers there now focus their practices on various aspects of the market for trading carbon emission allowances — essentially, the right to pollute.
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