Regional Clean Air Incentives Market (RECLAIM) is an emissions trading program operating in the state of California since 1994. Under the trading program, hundreds of polluting facilities are required to cut their emissions of nitrogen oxide (NOx) and sulphur oxide (SOx). This program is specific to the greater Los Angeles area. The system was designed to reduce emissions of NOx significantly with a goal to achieve this more cheaply than the traditional ‘command and control’ regulations originally in place.. The program is administered by the South Coast Air Quality Management District (SCAQMD) and is targeted at entities that emit more than four tons of NOx/year., effectively every industrial, refining, and generating facility in LA. It requires stationary source emitters of NOx and SOx to reduce emissions each year by capping available credits, called RTCs, and allowing stockholders to trade with one another. With the cap decreasing each year, upward price trends should incentivize facilities to install control technologies and improve operating efficiencies. In 2016, SCAQMD implemented the beginning of reduction in the allowances that once completed early next decade will effectively cut the supply by ~50%. This has caused prices to increase over 1800% from 2014 to 2016.