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Xpansiv secures licence to trade Australian Carbon Credit Units in Australia
Digital commodity ecosystem Xpansiv has been advised by global law firm Baker McKenzie on its obtaining of a licence to facilitate the trade of Australian Carbon Credit Units across the country.
Jerome Doraisamy
Firm: Baker McKenzie (Xpansiv)
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Deal: Xpansiv’s energy and environmental commodity spot exchange, CBL Markets, has obtained a licence from the Australian Securities and Investments Commission (ASIC) to facilitate the trade of Australian Carbon Credit Units (ACCU) in Australia, which will see CBL launch ACCUs at scale during the first quarter of 2023.
Area: Energy
Value: N/A
Key players: The Baker McKenzie team was led by Bill Fuggle, who was assisted by associate Shemira Jeevaratnam.
Deal significance: ACCU transactions, Bakers said in a statement, play an important role in facilitating the growth and legitimacy of carbon markets in Australia.
“The move taps growing demand for the products as institutional investors and other market participants seek to transact in them alongside the existing energy and environmental products on CBL’s platform,” the firm noted.
Mr Fuggle said: “Baker McKenzie is delighted to continue to assist Xpansiv in its market-leading work, by further obtaining a licence for CBL to trade in carbon products.
“This licence was novel in a number of respects given that certain market licence conditions were applied in respect of the AFSL. It was a pleasure for us to work so closely with Xpansiv’s commercial teams to see ACCUs launch on the CBL platform in 2023.
“It is particularly pleasing to bring our legal skills to bear for a client helping to drive a sustainable future for our society and future generations.”
