Abaxx submits carbon futures contract notification to monetary authority of Singapore

KUALA LUMPUR, Oct 19 (Bernama) -- Financial software company, Abaxx Technologies Inc (Abaxx) has submitted an initial notification of the Impending Listing of Futures Contracts to the Monetary Authority of Singapore (MAS) through its subsidiary, Abaxx Exchange Pte Ltd.

In a statement, the company said the futures contract is designed to address the price discovery and risk management needs of emission market participants active in the emerging Voluntary Carbon Market (VCM), and the notice was required for all new products to be listed at launch.

It said Abaxx Exchange would file similar submissions for other products it intends to list at launch, including liquefied natural gas (LNG) futures contracts in the coming weeks.

Abaxx added that the additional contract submissions would not delay the process of satisfying the final conditions related to the registered market operator and approved clearing house licences.

The company, which operates the Abaxx Commodity Exchange (ACX), said the launch of the Registered Market Operator and Approved Clearing House as well as the futures contracts intended to be listed by the ACX remained subject to final regulatory approvals.

“Beyond the current market challenges in LNG, Abaxx is best positioned to deliver to our stakeholders by focusing on market infrastructure challenges before they present themselves.

“We’re looking forward to revealing our carbon-neutral commodity market structure in early 2023, and we are pleased to submit our first VCM futures contract to the MAS this week,” said Abaxx chief executive officer Josh Crumb.

The company intends to provide further regulatory milestone updates subsequent to filing its third quarter 2022 management discussion and analysis.

Abaxx is also the majority shareholder of Abaxx Singapore Pte Ltd and the producer of SmarterMarkets Media.

-- BERNAMA