TMX Group, through its subsidiary, TSX Inc., and ClimeCo, a leader in the development and management of environmental market-based solutions, were the counterparties in this trade. This is a significant milestone towards digitising the trading of voluntary carbon offsets.

TMX Group has entered a transaction with ClimeCo to purchase voluntary carbon offsets, in accordance with TMX Group’s commitment to achieve carbon neutrality by the end of 2021. In preparation for the launch of The Voluntary Climate Marketplace (TVCM), the transaction was successfully put through Trayport’s Joule platform as a pilot trade.

“We are pleased to have participated in the inaugural trade of voluntary carbon offsets via Trayport’s Joule platform,” said David Arnold, Chief Financial Officer at TMX Group. “Not only does Trayport’s trading software help fulfil TMX’s target of achieving carbon neutrality, but it also represents an important solution for our clients and stakeholders across the industry as we look to support their evolving needs in making the transition to a low-carbon economy.”

The trade consisted of the Climate Action Reserve standard verified offsets purchased from a North American based offset project.

“We are excited to have the pilot trade conducted through Joule, Trayport’s front end for energy commodity trading. This positive development is another step towards the launch of TVCM which aims to bring transparency, liquidity and greater standardisation to the voluntary carbon marketplace,” said Peter Conroy, President, Trayport. “I would like to congratulate the counterparties to this trade and we look forward to working with and supporting other companies and stakeholders who wish to meet their carbon neutral commitments.”

This trade follows the recent announcement of the collaboration between Trayport and IncubEx with a view to launching a marketplace for trading voluntary carbon offsets through Joule. TVCM aims to offer market participants a transparent, efficient and standardised route to trading these contracts, leveraging Trayport’s existing trading software and expertise to expedite the availability of voluntary carbon offsets. TVCM is expected to launch in the first quarter of 2022.