LONDON, July 11,
2024 /PRNewswire/ -- ION, a global leader in
trading and workflow automation software, high-value analytics and
insights, and strategic consulting to financial institutions,
central banks, governments, and corporates, announces that Abaxx
Commodity Futures Exchange and Clearinghouse has chosen ION's XTP
technology to support its building of new markets for the
ongoing energy transition. The Abaxx Exchange, which began
trading in Singapore on 28 June,
has partnered with ION to offer robust, scalable, secure post-trade
clearing and risk solutions.
The new Abaxx Exchange features five new centrally cleared,
physically deliverable commodity benchmark futures contracts
to help market participants execute their energy transition
strategies through improved price discovery and enhanced risk
management tools. Abaxx aims to establish physically deliverable
benchmarks for global LNG and voluntary carbon markets, followed by
battery metals solutions.
XTP is essential for exchange clearing members using the ION
technology as it allows them to source all trades via the Abaxx
Clearinghouse API and perform account transfers, trade splits, and
give-up/ take-up processes. Once trades are allocated to the end
beneficiary account, XTP performs in real-time position valuations,
margining and commission charge calculations. As part of the
end-of-day process, XTP calculates the final settlement amounts,
and produces all required reports.
Dan McElduff, Abaxx Exchange
President, Strategy & Development, says, "We are thrilled
to collaborate with ION to provide our clients with comprehensive
post-trade clearing and risk solutions. With ION's XTP technology
and our physically deliverable commodity futures contracts, market
participants can benefit from enhanced price discovery and risk
management tools. This partnership is crucial for supporting the
energy transition and attracting investment for a low-carbon
economy."
Francesco Margini, Chief
Product Officer for Cleared Derivates, ION Markets, says, "We
are pleased to partner with Abaxx as they launch their new exchange
and clearinghouse, especially as the development comes at a time
when the derivatives market structure is evolving rapidly. It is
important to bring the benefits of futures to a new market to
support the ongoing energy transition. Deploying XTP technology to
the LNG and Carbon markets provides robust and trusted post-trade
solutions with real-time capabilities that allow clients to manage
their risk effectively. We feel strongly about our role in
supporting Abaxx to fulfill its derivatives ambitions in a secure
and sustainable way."
About ION
ION provides mission-critical trading and workflow automation
software, high-value analytics and insights, and strategic
consulting to financial institutions, central banks, governments,
and corporate organizations. Our solutions and services simplify
complex processes, boost efficiency, and enable better
decision-making. We build long-term partnerships with our clients,
helping transform their businesses for sustained success through
continuous innovation. For more information, visit
https://iongroup.com/
About ION Markets
ION Markets provides transformative technology and solutions to
financial institutions dealing in equities, fixed income, foreign
exchange, cleared derivatives, asset management, and secured
funding. Our award-winning end-to-end solutions simplify
clients' operations by automating the full trade
lifecycle, providing tools to manage risk, and maximizing
access to liquidity, while giving real-time access to critical
information required for timely operational decisions and execution
on a global scale. For more information, visit
https://iongroup.com/markets/..
About Abaxx Technologies
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.
All product and company names herein may be trademarks of their
registered owners.
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SOURCE ION