Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

StoneX Becomes Abaxx Exchange’s First Clearing and Trading Member to Expand Market Offering

SINGAPORE, Jan. 30, 2024 (GLOBE NEWSWIRE) -- StoneX Financial Pte Ltd (“StoneX”), a subsidiary of StoneX Group Inc. (NASDAQ: SNEX), and Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx”), today announced that StoneX has become the first approved clearing and trading member of Abaxx’s indirectly held, majority-owned Singapore-based exchange (“Abaxx Exchange”) and clearinghouse (“Abaxx Clearing”), introducing centrally cleared, physically-deliverable futures contracts, and licensed as a Recognised Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”).

StoneX’s clients will have access to Abaxx Exchange’s suite of first-of-their-kind, physically- deliverable futures contracts, including liquefied natural gas (“LNG”), nickel sulphate, and carbon, from the first day of trading on Abaxx Exchange. This will enable StoneX clients to be the first market participants to benefit from Abaxx’s market price discovery and enhanced risk management tools for energy transition-related commodities.

Greg Kallinikos, CEO Asia Pacific, StoneX Group said; “We are excited to have become the first clearer of Abaxx following a very productive collaboration with Abaxx’s team, leading up to Abaxx obtaining its recent regulatory approvals in Singapore. We look forward to adding this unique capability to our existing, industry-leading market access and providing StoneX clients with a brand-new avenue to manage their inventory and market risk. In true StoneX fashion, we have listened to our clients and will continue to work closely with Abaxx and the industry to support the establishment of this promising new marketplace.”

With its global full-service FCM offering out of New York, London, and Singapore, and it’s 24-hour coverage and multiple electronic access solutions, StoneX is well placed to be the ideal choice for clients looking to trade on Abaxx Exchange. StoneX and Abaxx Exchange share a deep expertise in the commodity and energy markets, and this offering supports a shared commitment to continued innovation in these markets.

Nancy Seah, CEO, Abaxx Exchange said: “The Abaxx team is thrilled to have StoneX lead the way as the first clearing member of Abaxx Exchange and Abaxx Clearing. Our growing list of clean fuel, battery metal and emission market products are designed to help our clients tackle the difficult challenges of the transition to clean, sustainable energy. Having a world class firm like StoneX as our first clearing member reaffirms the Abaxx mission of bringing smarter markets to our collective customers.”

About StoneX

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. StoneX strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance.

A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its over 4,000 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on StoneX is available at www.stonex.com

About Abaxx

Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.

Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

For more information please visit abaxx.techabaxx.exchange and smartermarkets.media.

Media contacts
For media inquiries, please contact:
Cognito, on behalf of StoneX
stonexapac@cognitomedia.com

Media and Investor Inquiries:
Abaxx Technologies Inc.
Investor Relations Team
Tel: +1 246 271 0082
E-mail: ir@abaxx.tech

For more information about Abaxx related to this press release, please contact:

Steve Fray, CFO of Abaxx
Tel: 416-786-4381

Cautionary Statement Regarding Forward-Looking Information

This joint press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx or StoneX’s future plans, objectives, or goals, including words to the effect that Abaxx or StoneX expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward- looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx and StoneX, Abaxx and StoneX do not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans, the ability to utilize the ACH and RMO licenses to launch a regulated trading marketplace on an economic basis, in a timely fashion, or at all, maintenance of regulatory approvals including the ACH and RMO licenses, timing of the commencement of operations of Abaxx Clearing and Abaxx Exchange, financial predictions, estimates of market conditions, benefits of the collaboration with StoneX and future product offerings. Such factors include, among others: risks relating to the global economic climate; dilution; the Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

Forward-looking statements related to StoneX are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by StoneX Group Inc. with the SEC, including those risks set forth under the heading “Risk Factors” in the company’s most recent Annual Report on Form 10-K and, to the extent applicable, subsequent Quarterly Reports on Form 10-Q and other filings made time to time with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.

Abaxx and StoneX caution that the foregoing list of material factors is not exhaustive. In addition, although Abaxx and StoneX have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx and StoneX have assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx and StoneX as of the date of this press release and, accordingly, is subject to change after such date. Both StoneX and Abaxx undertake no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. For these statements, StoneX Group Inc. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.