The EU ETS operators probable don't put to much weight whether they trade in the spot market or in emissions derivatives markets (particularly given the availability of financial products such as "daily futures" for instance), nevertheless, from regulatory point of view under MiFID II draft Directive each of these markets will be covered by distinct exemption.
Each of these exemptions have its own strict perimeters, which must be observed, unless EU ETS operator intends to apply for a MiFID licence.
The MiFID II EU ETS operators exemption covers emission alllowances in themselves (spot market), which are classified under MiFID II as financial instruments, however, its application to emission derivatives rises ambiguities on the ground of wording of the provision at issue.
As opposite to some other exemptions, which explicitly refer to "emission allowances or derivatives thereof" the EU ETS operators exemption applies "when dealing in emission allowances" and does not include clear reference to emission derivatives products.