Abaxx Technologies Inc., a financial software (fintech) company, majority shareholder of Abaxx Singapore Pte. Ltd. the Abaxx Commodity Exchange (ACX), and producer of the SmarterMarkets™ Podcast, announces that it has reached a milestone towards plans to launch a commodity futures exchange and clearing house.
On August 25, 2021 Abaxx was notified that the Approved Clearing House application of Abaxx Clearing Pte. Ltd. was approved in principle (“AIP”), advancing the central clearing house towards launch.
Abaxx has advanced discussions with prospective members/launch partners to begin the final stage of commercial preparedness.
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Regulatory and Operational Milestones:
- Received AIP as a Recognized Market Operator (“RMO”) September 2020 and as an Approved Clearing House (“ACH”) on August 25, 2021
- Abaxx Exchange and Clearing is evaluating access requirements in secondary jurisdictions including Switzerland, UK and the US.
- Abaxx Exchange and Clearing has successfully recruited the senior executives required for launch and its management team is substantially in place.
- Target staff levels in the operations, regulatory, risk and tech departments are on track. Remaining operations staff will be scaled up over coming months as the project progresses towards launch. Senior and middle line leadership have developed and completed the necessary training programs for new staff onboarding.
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“The Approval in Principle (AIP) as an Approved Clearing House has been much anticipated by our shareholders, the marketplace and for Abaxx internally,” said Abaxx Exchange President, Dan McElduff. “With our engineering teams making progress on the development of our technology tools for the Abaxx Exchange, we are in process for onboarding clearing members. This will allow us to begin testing of our risk tools, clearing systems and order execution. With the AIP approval, we can begin this next phase, bringing us one step closer to official launch.”
“The formation of a new clearing house is an extremely rigorous and arduous process. Reaching the AIP milestone is a noteworthy accomplishment for our team, our partners, and equally for the prospective members and customers that have guided us to this point,” commented Abaxx Exchange President, Dan McElduff. “Speaking on behalf of the entire Abaxx team, we look forward to working with the commodity trading community to complete the integration tasks necessary for a successful launch.”
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