As part of the launch of the Western Climate Initiative, the province of Québec has implemented on January 1st, 2012, one of the first carbon emissions trading system in North America (CETS). This system constitutes the centrepiece of the Québec's climate change policy. It belongs, however, to a category of economic instruments still timidly explored in legal literature. This paper offers a first glance analysis of the CETS regulation through the teachings of law and economics. Thus, it proposes a rearrangement of the various sections of the regulation, structured around the diversification strategies of the exchange of emission rights and the institutionalization of its terms. It also raises market surveillance issues, particularly of the carbon derivatives market, in a context of fragmentation of market authorities.