Abaxx and Baymarkets joint press release on Abaxx launch with Baymarkets clearing system
As previously posted, Abaxx Commodity Futures Exchange and Clearing house went live on June 28 2024 using Clara Clearing system from Baymarkets.
Abaxx Clearing is leveraging Baymarkets’ clearing expertise and innovative technologies to deliver centrally cleared, physically delivered futures contracts and derivatives for commodities central to the global transition to a lower-carbon energy system. Abaxx’s initial suite of exchange-traded products are first-of-their-kind, physically-deliverable futures contracts for liquefied natural gas (LNG), carbon and nickel sulphate to better provide better price discovery and risk management tools for these transition-critical commodities.
Abaxx selected Baymarkets, and its multi-asset, multi-currency Clara clearing system, for the ease and speed of service implementation, seamless integration with existing internal infrastructure, and considerable service flexibility.
“The energy transition is creating a generational opportunity to build the market infrastructure needed to unlock the investment capital required for the energy transition to a low-carbon economy,” said Abaxx Clearing CEO, Dan McElduff. “Baymarkets is a great fit for us and their proven Clara clearing technology will be a major contributor in our mission to build smarter markets.”
Baymarkets’ Chairman Peter Fredriksson, and CEO Tore Klevenberg, said: “We are delighted to be working closely with Abaxx on this new exchange for the global commodities trading community. We have worked closely with the Abaxx team to deliver a custom-fit, trusted and tested global clearing solution that supports its mission to transition to a more sustainable financial markets ecosystem that will make a positive social impact.”
Baymarkets' proprietary, full-service Clara Clearing system features unique cloud ready, advanced risk management algorithms and standardised APIs for ease of integration and connectivity to global financial markets and participants (banks, clients, CSDs etc).
For the full press release: