Abaxx Technologies Inc., a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange and Clearinghouse, announces that the Monetary Authority of Singapore (MAS) has granted an Approved Clearinghouse (ACH) license and Recognized Market Operator (RMO) license “to Abaxx Singapore’s fully owned subsidiaries, Abaxx Clearing Pte Ltd. and Abaxx Exchange Pte Ltd. respectively.”
The grant of these licenses is expected “to allow Abaxx to operate a regulated marketplace that provides a venue for listing and trading futures and options contracts and a clearing facility that offers centralized clearing and settlement services for global commodities markets.”
Abaxx Exchange CEO Nancy Seah said:
“Receiving our ACH and RMO licenses marks a monumental milestone for both the Abaxx team and the development of Smarter Markets. Commodity futures markets provide the price discovery and ability to transfer risk that is crucial to unlocking the investment capital needed to ensure the reliable supply of energy and materials to meet the world’s demand. The global energy transition presents a generational opportunity to build new exchange market infrastructure that will provide the physical commodity benchmarks to support a lower-carbon economy.”
Abaxx Technologies CEO, Josh Crumb said:
“The legacy commodities futures exchanges are not keeping pace with the changing commercial needs of the marketplace when it comes to developing new, physically-deliverable contracts for commercial risk management. As global energy and resource supply chains are set to undergo monumental changes over the coming years, we look forward to offering market participants new approaches, more competition resulting in new futures and options products, and a commitment to rapid innovation in the digital infrastructure required by the evolving information technology landscape.”
Abaxx is a development-stage financial software and market infrastructure company creating proprietary technological infrastructure “for both global commodity exchanges and digital marketplaces.”
The company’s formative technology “increases transaction velocity, data security, and facilitates improved risk management in the majority-owned Abaxx Commodity Exchange and Clearinghouse (Abaxx Singapore), a commodity futures exchange licensed as a Recognized Market Operator (RMO”) and Approved Clearing House (ACH) with the Monetary Authority of Singapore (MAS).”