Abaxx exchange and clearing house selects Baymarkets Clara Clearing System
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Abaxx exchange and clearing house selects Baymarkets Clara Clearing System 16 July 2024Singapore Reporter: Klea Neza
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Abaxx Technologies’s indirectly held, majority-owned Singapore-based exchange Abaxx Exchange, and clearing house Abaxx Clearing, have chosen Baymarkets clearing technology and platform.
The Clara platform will be used to power the newly-launched Abaxx Commodity Futures Exchange and Clearinghouse.
Abaxx Clearing aims to use Baymarkets’s clearing expertise and technologies to support its initial suite of five new, centrally-cleared, physically-deliverable commodities futures contracts in liquefied natural gas (LNG) and carbon.
It will also support solutions for battery metals, which are soon to follow, and will provide better price discovery and risk management tools for these commodities, the firms say.
Dan McElduff, CEO of Abaxx Clearing, says: “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.
“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’s chairman Peter Fredriksson, and CEO Tore Klevenberg, add: “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.”
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