TORONTO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- ADM Investor Services Singapore (“ADMIS Singapore”), an affiliate of ADM Investor Services Inc. (“ADMIS Inc”), and Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx”), today announced that ADMIS Singapore has become the third 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 respectively as a Recognised Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”).
ADMIS Singapore’s clients will have access to Abaxx Exchange’s suite of centrally-cleared, physically-deliverable liquified natural gas (LNG) and carbon futures contracts, enabling ADMIS’ clients to be among the first market participants to benefit from Abaxx Exchange’s market price discovery and enhanced risk management tools for energy transition-related commodities.
“ADMIS has been a global leader in the futures industry for more than 50 years, and ADMIS Singapore is a critical part of our strategy to continuing expanding our capabilities both in Singapore and the entire APAC region,” said Ray Bradbury, ADMIS President. “Joining Abaxx Exchange helps add to the capabilities and offering for our clients, especially for clean energy investments.”
“We are thrilled to become one of the first clearing members of Abaxx Clearing, extending Abaxx Exchange’s promising new products to our valued clients,” said Willy Cahyadi, Managing Director, ADMIS Singapore. “Abaxx Exchange tackles head-on, the pressing challenges in the industry where players seek better commodity benchmarks and risk management solutions; not forgetting an intentional focus on the energy transition space. We believe Abaxx Exchange’s proposition brings forth a new growth chapter in the commodity trading industry and we are glad to be part of this meaningful collaboration.”
An award-winning brokerage house with a strong reputation of providing unparalleled customer service, ADMIS Singapore continues its dedication to futures industry leadership with its connectivity to Abaxx Exchange and Clearing. With a shared commitment to prioritizing clients’ needs, this offering enables access to better benchmarks and better risk management tools for transition-related commodities for ADMIS’ broad client portfolio.
“ADMIS' esteemed legacy in the futures industry and their strategic expansion across the APAC region make them an ideal partner for Abaxx Exchange,” said Abaxx Exchange CEO, Nancy Seah. “We look forward to working alongside ADMIS Singapore to help our clients navigate the unique challenges presented by today's geopolitical uncertainty and shifting macroeconomic conditions with the introduction of smarter markets.”
About ADMIS
For more than 50 years, ADMIS has been a leader in the futures industry providing comprehensive brokerage services to institutional, commercial and retail clients. Headquartered in Chicago, Illinois, ADMIS is a registered Futures Commission Merchant supported by a network of affiliated brokers and sister companies across the United States and around the globe. ADMIS Singapore is an affiliate of ADMIS Inc. and a wholly-owned subsidiary of ADM (NYSE: ADM), a global leader in sustainably sourced solutions from nature.
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 subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (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.tech, abaxx.exchange and smartermarkets.media.
Media contacts
For ADMIS media inquiries , please contact:
ADMIS
media@adm.com
+1 312-634-8484
For Abaxx media and investor inquiries, please contact:
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: 647-490-1590
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 ADMIS’ Singapore’s future plans, objectives, or goals, including words to the effect that Abaxx or ADMIS Singapore 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 ADMIS Singapore, Abaxx and ADMIS Singapore 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 and ADMIS Singapore in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans, development of risk management tools and expectations related to price discovery, development of new products and expectations related to the operation of Abaxx Exchange and Abaxx Clearing and benefits of the collaboration between Abaxx and ADMIS Singapore.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Abaxx and ADMIS Singapore as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors include, among others: risks relating to the global economic climate and extreme weather events; dilution; 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; regulatory risks in Singapore and Canada; 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; taxation; resource shortages; damage to Abaxx’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to Abaxx’s operations, whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; the impact of inflation, including global energy cost increases; 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.
Abaxx and ADMIS Singapore caution that the foregoing list of material factors is not exhaustive. In addition, although Abaxx and ADMIS Singapore 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 ADMIS Singapore 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 ADMIS Singapore as of the date of this press release and, accordingly, is subject to change after such date. Both ADMIS Singapore 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. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.
