Listers are indirect injection, ie, they inject into a small ante chamber in the cylinder head, as opposed to say my Petter AV1 that has a depression in the piston crown, and a flat cylinder head, this one squirts directly into the cylinder.
As the injector initially squirts into the chamber, it fires and immediately uses up the small amount of air. This small heat pocket rapidly expands out into the main piston/cylinder proper, carrying the following unburned atomised fuel at great velocity and extreme turbulence where it hits the main volume of air and thereafter burns normally.
This is the secret I think to why Listers burn cleanly, but also causes that very rapid initial expansion contributing to that knocking noise.
The Petter on the other hand is quieter at similar revs and load, but is much dirtier in the exhaust despite being plumbed into the same fuel supply.
The COV actually varies the size of the antechamber, and I believe lowers the overall compression ratio from 17:1 to 14:1. Mine knocks less with the larger chamber, COV out, indicating more of a "cushion" to the initial firing event.....
I could be wrong, but thats what I think.