The European regional Internet address registry, RIPE-NCC, has finally passed an IPv4 address transfer policy. This means that a legal market for trading in rapidly-depleting IPv4 address resources will go into effect for any member of RIPE-NCC. To discourage speculation, the proposal retains a simple form of needs assessment and prevents buyers of address resources from reselling them for two years. RIPE's decisive action contrasts markedly with the contentious drama surrounding IPv4 transfer markets in the North American region. After months and months of debate ARIN is still paralyzed and riven by ideological disagreements. However, the implementation of the idea in the European region will provide a chance to prove the concept. It is also possible that the RIPE market will turn into a global one, as addresses can be transferred by any RIPE member, and it is (we think) possible for Internet service providers from outside the region to join RIPE. For a description of the new policy see section 5.5 of RIPE NCC's IPv4 Address Allocation and Assignment Policies.