Climate Impact X Launches Spot Trading Platform CIX Exchange

Singapore-based Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has launched its spot trading platform, CIX Exchange, completing the company’s core solutions suite with three operational venues.

Powered by Nasdaq’s trading technology, CIX Exchange offers carbon market professionals a customised experience built on international best practices for platform stability, performance and governance. Users can efficiently discover market-driven prices, compare individual projects and trade standard contracts.

Addressing industry calls for greater transparency and price certainty, CIX has introduced the first daily on-exchange liquidity window in the voluntary carbon market with firm bids and offers.

This dedicated 30-minute pricing session pools all-day liquidity from Asia, Europe and the Middle East to help sharpen benchmark prices and improve order depth for spot nature-based credits.

By the close of trading on 7 June 2023, bids and offers had converged to just a few cents and seven transactions totalling 12,000 tonnes of carbon credits had traded and cleared on CIX’s first standardised contract announced in March, CIX Nature X.

Bids offers and transactions came from a variety of active market participants spanning leading project developers and suppliers, major financial institutions, trading houses and corporate end-users, demonstrating support for price discovery and market scaling.

The first trades were executed by Chevron (International) Trading Pte Ltd, CICC Commodity Trading Limited, Engie Energy Marketing Singapore and Standard Chartered. Other supporters that participated include Carbon Growth Partners, DBS Bank, Hana Securities, RWE Supply & Trading, South Pole, Viridios Capital and Vitol Asia.

New Clearing and Settlement Service

Marking the debut of its pricing intelligence unveiled in May, CIX published a first assessment of USD $5.36 per tonne for leading nature-based avoidance credits with vintages of 2019-2022.

Mikkel Larsen, CEO of CIX said: “This is an exciting chapter for CIX. The launch of our spot exchange completes the build of our core venues, which have been customised for the widest range of end-user, investor and intermediary needs.”

“CIX is uniquely positioned to cater to all major user requirements in the carbon markets ecosystem. Our expanded breadth of solutions and unrivalled user experience reflect our purpose and shareholder vision: to leverage the power of carbon markets with trust and transparency to unlock finance – at the speed and scale necessary – to meet global climate ambitions, protect nature and safeguard local communities.”

To complement on-screen trading activities on CIX Exchange, CIX also launched a new clearing and settlement service for privately negotiated transactions, CIX Clear. The service will enhance the accessibility and scalability of carbon markets by reducing onboarding friction and counterparty risk when establishing bilateral trade relationships.

CIX Exchange currently lists 34 single nature-based projects which have been verified by Verra and curated from around the world.

These projects support Reducing Emissions from Deforestation and Forest Degradation (REDD+), Improved Forest Management (IFM) and Afforestation, Reforestation & Revegetation (ARR). This includes the 11 projects that are eligible for delivery into Nature X.