The Bank of New York Mellon (BNYM) has launched a universal custody and trade settlement platform for carbon credits. The Global Environmental Markets (GEM) has been developed to help customers manage credits through a single web-based interface.
The platform addresses the challenges of administering the variety of regulated and unregulated standards of environmental credits recorded on different registries. Typically these are managed separately through various systems and spreadsheets that can make reporting and tracking complex and time-consuming. In response, GEM brings registries, units and standards into one place allowing clients a single entry point to manage all credits in their portfolio.
Combined with BNYM’s global cash clearing infrastructure, GEM also supports settlement of credit trades against payments simultaneously, which helps lower operational risks and increase efficiency.
Scott Posner, chief executive officer of BNYM’s Global Corporate Trust business, said: “GEM provides a robust and secure infrastructure for this rapidly growing area and a portal to our systems and facilities that link to the world’s financial markets. These systems are in turn supported by our global technology capabilities and capacity, in readiness for the anticipated growth in these markets.”
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