• CIX Nature X benchmark successfully passes first IOSCO assurance review by Ernst & Young
• Confirms adherence to IOSCO Principles for Oil Price Reporting Agencies (IOSCO Principles)

Singapore and London, 1 November 2023 – Climate Impact X (CIX), a global marketplace, auctions house and exchange for trusted carbon credits, has successfully completed the first independent assessment of its alignment with the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles), with respect to its global nature- based carbon credit benchmark, CIX Nature X (“CNX”).

The external limited assurance review was conducted by professional services firm Ernst & Young, which assessed CIX’s benchmark methodology and governance processes for adherence to the IOSCO Principles. IOSCO is the global standard setter for securities regulation and serves to protect market participants by ensuring fair, efficient and high-integrity market practices.

CIX’s decision to align its benchmarks to the IOSCO Principles from the very first day of publication stems from broad demand in the voluntary carbon market for professionally assessed, robust and data-driven benchmarks, which are priced transparently and consistently in concentrated liquidity sessions within a safe and accessible centralised trading venue.

Julien Hall, Pricing Director at CIX, said, “The adoption of trusted price benchmarks can lead to significant positive change for market participants and markets, including reduction in information asymmetry, fairer and more efficiently priced commercial agreements and a general increase in transparency. They can also catalyse the emergence of innovative new risk management tools such as swaps and futures, contributing to de-risking investments into the sector and encouraging a greater influx of capital. As demonstrated by this successful first audit, CIX is committed to ensuring that its price benchmarks are produced in accordance with the very best global standards.”

The IOSCO Principles provide internationally recognised best practice guidance on governance and control systems for the publication of commodity price benchmarks. It covers various aspects including price assessment methodology, the management of contract and index methodology changes, the data reporting process, supervision of assessors, audit trails, as well as the management and prevention of conflicts of interest.

CIX spot market assessments and benchmarks are published each trading day via CIX Carbon Daily: register your interest here to receive the market intelligence.

Note to Editors:

• Read CIX’s Statement of Compliance with the IOSCO Principles in full here.

For more information, please contact:
Daphne Chuah
daphne.chuah@climateimpactx.com