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 clearingsolution that supports its mission to transition to a more sustainable financial markets ecosystem that will make a positive social impact.”