The two companies announced on Wednesday that Singapore-headquartered environmental markets exchange Climate Impact X (CIX) has been approved to serve as an eligible custodian for Abaxx Exchange‘s carbon futures contracts.
The arrangement is already live. On July 1, it was used to move and deliver 120 lots under Abaxx’s CORSIA Phase One futures contract in Singapore and London, equivalent to 12,000 tCO2e.
Participants taking delivery under Abaxx carbon futures can now hold, transfer and retire their delivered credits through CIX’s omnibus custody service, which connects to 12 registries. The approval covers Abaxx’s Jurisdictional REDD+ and CORSIA Phase One contracts.
The setup reduces the need for firms to maintain separate accounts across multiple registries and service providers.
“Market participants need clearer ways to price carbon exposure before they trade, and more efficient ways to manage credits after they do,” said Joe Raia, Chief Commercial Officer at Abaxx Exchange. “CIX’s approval as an eligible custodian expands the post-trade choices available to participants taking delivery under those contracts.”
CIX was established in 2021 and is backed by DBS Bank, GenZero, Mizuho Financial Group, Singapore Exchange and Standard Chartered. It operates from Singapore and London.
