Trade surveillance and market risk solution developer Eventus will provide AirCarbon Exchange with its technology as part of a new partnership.
AirCarbon, which is a global exchange hoping to revolutionise the Voluntary Carbon Market (VCM), will leverage Eventus’ technology to release the first comprehensive market surveillance program for the VCM.
As part of the deal, AirCarbon will leverage the Eventus Validus platform for trade surveillance, transaction monitoring and anti-money laundering in its spot and forthcoming derivatives markets globally.
ACX CEO and co-founder Thomas McMahon said, “A key principle of ACX’s vision is our decision to partner with Eventus to develop, for the first time in the history of the VCM, a comprehensive market surveillance platform to monitor prohibited activities such as market manipulation or money laundering.
“With trade surveillance set to go live on ACX later this year, we expect that the enhanced integrity that this provides will further open up the Voluntary Carbon Market to as broad a range of participants as possible and hence increase the necessary investment in global carbon reduction and offset programs.”
AirCarbon wanted a trade surveillance partner that could support its market but would meet the regulatory requirements of multiple jurisdictions.
It stated that as a soon-to-be fully regulated Investment Exchange by the Financial Services Regulatory Authority in the Abu Dhabi Global Market, it is required to operate an effective market surveillance and transaction monitoring platform to identify, record, detect and prevent misconduct and financial crime.
Eventus CEO Travis Schwab said, “AirCarbon Exchange is leading the way – particularly in markets such as Singapore, the UAE and Africa – in establishing a robust carbon offset marketplace that can stand the test of time and grow, making a significant contribution to the future of our planet.
“Our deep experience in established markets, as well as more emerging exchange venues, enables us to offer ACX expertise, along with the full functionality and scalability of the Validus platform, as the exchange seeks to grow and promote further adoption of this valuable emissions-reducing tool.”
Earlier in the year, Eventus named Scott Leader as its new managing director in the APAC market. In the role, Leader will support sales efforts in the Asia Pacific region and will be based in Sydney.
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