Singapore-based carbon credit exchange Climate Impact X (CIX) has tapped Nasdaq’s cloud-based SaaS technology to power its spot trading platform for carbon credits.

Slated for launch in early 2023, the platform will enable two-way spot trading via standardized contracts, increasing access to transparent pricing signals and real-time market data.

Carbon credits have a range of attributes that can influence their price, such as the type of project or its location, since buyers value these characteristics differently. This inconsistency creates challenges in matching an individual buyer with a corresponding supplier, and can often be a time-consuming and inefficient process, CIX says.

Through Nasdaq’s Marketplace Services Platform, CIX will enable "resilient and dynamically scalable trading" in a Software-as-a-Service (SaaS) environment. This will ensure that buyers are procuring quality credits that meet their regulatory obligations, among other needs, while removing bottlenecks to supplier financing, further enabling the development of the global carbon markets.

The upcoming launch of its spot exchange rounds out the suite of platforms CIX is developing to create strong demand and pricing signals in the voluntary carbon market.

Established as a joint venture between DBS Bank, Singapore Exchange, Standard Chartered and Temasek, CIX aims to scale the market by collaborating with innovative partners and fostering ecosystems that help companies take practical climate action.

The technology agreement between CIX and Nasdaq is the most recent step in Nasdaq’s efforts in the intersection of carbon transformation and technology space. Earlier in 2022, Nasdaq launched the world’s first carbon removal indices. Also, CIX and Nasdaq partner Puro.earth recently announced a strategic partnership to increase access to quality nature- and technology-based carbon removal credits.