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From our assessment of these water quality trading programs, we identified five key factors that stakeholders believed were important for the successful implementation of their trading programs:

• Strong regulatory and/or non-regulatory drivers, which helped create a demand for water quality credits;
• Minimal potential liability risks to the regulated community from meeting regulations through trades;
• Robust, consistent, and standardized estimation methodologies for nonpoint source actions;
• Standardized tools, transparent processes, and online registries to minimize transaction costs; and
• Buy-in from local and state stakeholders.

Before going to the expense of developing a water quality trading program, we recommend that the relevant bodies—either governmental or nongovernmental—ensure these factors are in place.