Abaxx Commodity Futures Exchange and Clearinghouse Selects Baymarkets Clara Clearing System to Support New Commodities Exchange
New Singapore-based commodities exchange and clearinghouse powered by award-winning clearing technology
Stockholm / Singapore, July 16, 2024 (GLOBE NEWSWIRE) — Baymarkets AS (“Baymarkets”), and Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx”), today announced that Abaxx’s indirectly held, majority-owned Singapore-based exchange (“Abaxx Exchange”) and clearinghouse (“Abaxx Clearing”), has chosen the award-winning Baymarkets clearing technology and platform, Clara, to power their newly-launched, Singapore-based Abaxx Commodity Futures Exchange and Clearinghouse, licensed as a Recognised Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”).
Abaxx Clearing is leveraging Baymarkets’ clearing expertise and innovative technologies to support their initial suite of five new, centrally-cleared, physically-deliverable commodities futures contracts in liquefied natural gas (LNG) and carbon, to be soon followed by solutions for battery metals and provide better price discovery and risk management tools for these transition-critical commodities
Baymarkets’ unique Clara clearing solution has been customized to meet the needs of the exchange, and Abaxx has the ability to further configure the system to fit specific commodities-market requirements, while also utilizing standard protocols and interfaces already integrated with multiple systems used by Abaxx clearing members, including Fidelity Information Services Ltd. (FIS®) and ION.
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.”
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About Baymarkets
Baymarkets AS is the independent vendor of clearing systems for global financial markets, with world leading expertise in clearing and post-trade services. Based in Oslo and Stockholm, the Baymarkets team has deep knowledge and first-hand experience of providing clearing technology across multiple asset classes, including commodities, equities, rates and credit products (cash and derivatives).
Baymarkets proprietary, full-service Clara Clearing system features unique CCP interoperability, advanced risk management algorithms and standardised APIs for ease of integration and connectivity to global financial markets and participants (banks, clients, CSDs etc).
About Abaxx
Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.
Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media
For media inquiries, please contact:
Baymarkets AS
Email: [email protected]
Media and Investor Inquiries:
Abaxx Technologies Inc. Investor Relations Team
Tel: +1 246 271 0082
E-mail: [email protected]
CONTACT: For media inquiries, please contact: Baymarkets AS Email: [email protected] Media and Investor Inquiries: Abaxx Technologies Inc. Investor Relations Team Tel: +1 246 271 0082 E-mail: [email protected]
