Abaxx Exchange turns to Eventus for market surveillance
Eventus, a leading provider of comprehensive, at-scale trade surveillance software, and Abaxx Technologies, a financial software and market infrastructure company and majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse, announces that Abaxx Exchange has selected Eventus to provide the trade surveillance platform for the new marketplace.
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Abaxx has deployed the Validus platform as the foundation of its market surveillance program.
Open for trading as of June 28, 2024, and based in Singapore, Abaxx offers global futures on energy, metals and other energy transition focused commodities, beginning with liquified natural gas (LNG) and carbon, soon to be followed by solutions for battery metals.
Dan McElduff, Abaxx Exchange President, Strategy and Development, said: "As the first new regulated exchange and clearinghouse focused on physical commodities and built from the ground up in over a decade, Abaxx requires a market surveillance tool that is robust, customizable and scalable, yet quick and easy to implement. Eventus' Validus platform offers the flexibility we were looking for, supported by an experienced and responsive team guiding Abaxx in the deployment of the solution with ease. The user-centric features of Validus provide Abaxx with strong workflow automation, and better focus and control over our surveillance responsibilities of the market."
Eventus CEO Travis Schwab said: "We are incredibly honored that Abaxx has entrusted our team to provide the backbone of its critical trade surveillance function through the Validus platform. The innovative commodity exchange has generated significant interest in the industry. Market integrity is a high priority for the exchange, and Abaxx will benefit from our expertise and high-performance surveillance technology used by marketplaces and leading financial institutions across the globe."