StoneX Group Inc (Nasdaq: SNEX) and AirCarbon Exchange (ACX) have agreed to work together on creating a digital carbon credits exchange for the United States.
The platform will be part of the larger StoneX trading platform and will allow for trading the credits issued by a broad variety of projects focused on reducing emissions.
Oscar Schaps, President of Latin America FCM Division, StoneX commented: “This agreement solidifies StoneX’s long-term commitment to carbon trading and creating increased transparency in this fast-moving market. Leveraging ACX’s expertise and established presence in the marketplace will add significant value for our clients. This is a mutually beneficial relationship and we are excited about our continued collaboration with ACX over the longer-term.”
William Pazos, Co-CEO and Co-Founder of ACX commented: “We are excited to link our markets in Abu Dhabi, Singapore and Brazil to StoneX, further expanding our reach into North America and the broader StoneX platform of over 54,000 commercial, institutional, and global payments customers.”
StoneX will set up and manage the digital carbon marketplace by using ACX’s technology, which covers the entire process from matching orders, through the clearing and settlement of the trades. StoneX will work with ACX to develop the specifications for the carbon contracts to be traded in the new digital carbon marketplace. This offering will target project developers, sellers, end-buyers, and other traders of carbon credits.
Earlier this year AirCarbon Exhchange announced it will be working with the American Carbon Registry to offer Emission Reduction Tokens (ERTs) on its platform.
The announcement from StoneX and AirCarbon Exchange confirms the upward trajectory of development for carbon credits in Canada and the U.S. where there are several voluntary and compliance markets already.