Matching
01
Best Execution
100,000 orders/sec p99≤250μs
Price-time priority central limit order book, one book per instrument, matched in memory against a single totally ordered log with a deterministic logic.
Contact UsInfrastructure
Digitally Native at Every Step: IntroducingIntroducing
by
A smarter infrastructure for the next generation of trading venues.
Chartis Awards winner for innovation in Energy market infrastructure
Introducing InEx
Global Connectivity is Changing Markets.
Going beyond matching speed, market participants can now access efficiency across the whole trade lifecycle.
Post-trade settlement & dynamic collateral usage is driving the narrative paving the next frontier of trading technologies. The last missing piece is what drives our efforts at Initiativ: accessing institutional-grade markets through the rails that make digital assets move so efficiently.
Now plugging directly into mature financial markets on shared distributed infrastructure, collateral becomes a real-time liquidity and financing layer where idle assets go to work instead of sitting still.
Market Infrastructure
Core Infrastructure
Increase trading capacity and collateral velocity through synchronized validation across matching, margin and settlement
Clearing
02
No Trapped Collateral
Our clearing house partner holds margin and position state on the same shared record as InEx, netting exposure in one place instead of three.
Settlement
03
Signed Once, Settled
For each transaction, every party signs at the same time. Spot settles atomically at T+0 and futures net intraday instead of overnight batching.
A hybrid infrastructure matching industry standards in engine speed and scalability, coupled with a shared common ledger for multi-party validation on clearing and continuous margining.
Market Efficiency
Moving from Friction to Flow.
Record fragmentation lengthen the time-to-collateral re-use. One shared ledger changes the rules of the game.
Today
Separate Records
Fragmented records create duplicated buffers and trapped collateral.
Venue
Clearing House
Member Book
Own recordOwn recordOwn recordReconciled after the fact
Released laterDelayed visibility
Instruction 07:30, payment 9:00
Precautionary buffers
Cash back + 1day after the 10:00 cut-off
Time to collateral reuse
ReconcileConfirmRelease
ConfirmReleaseEUA spot T+215-17h from close of business to find moving
InEx
Common Transaction State
Delivery and payment move together, not a business day apart.
VenueClearing HouseMember Book
One transaction statejointly validatedCollateral released sooner
Real-time shared visibility
Position or margin state, continuously
Netting sooner, where permitted
Within the applicable netting set
Time to collateral reuse
ValidateNetRelease
NetReleaseSpot T+0 on fully funded accounts14:00 cut-offIntraday margin state
Market Transparency
A Shared Ledger for Trust & Transparency.
Venue, clearing house and members read the same record at the same moment - one point of truth, in real time.
01 Today
Venue-to-Central CounterpartyVenue · MTF
Clearing house · CCP
Shared transaction state
Clearing member · GCMIntraday callsVenues and CCP work from one transaction state.
02 Tomorrow
General Clearing Member JoinsVenue · MTF
Clearing house · CCP
Shared transaction state
Clearing member · GCMSynchronized filesThe clearing member joins that same state.
03 Expanding to
Multiple Eligible CollateralsVenue · MTF
Clearing house · CCP
Shared transaction state
Clearing member · GCMSynchronized filesEUAsDigital cashStocks
Eligible collateral posts against that same state.
Capital Efficiency
Multiple Markets. One Margin Pool.
EU carbon markets as a core offering, branching into everything else a commodity traders needs to hedge.
At launch
EU Carbon Emission Allowances
EUA spot · EUA futures · Weeklies · Calendar spreads
Physical, registry delivery
Soon
Options
Options on EUA contracts — coming soon.
Soon
Other commodity contracts
More asset classes on the way. Subscribe to our newsletter to hear first.
Beyond
Digital Cash. Traditional Exposure.
The risk stays where it has always been, on liquid commodity futures. What changes is the collateral pocket: regulated digital cash and stablecoins posted and released against the same record as the position. Securities is paving the way, without leaving commodities behind.
Got questions?
We’ve Answered the Most Common Ones Here.
We’ve made it simple. Trade instantly, schedule your procurement, and generate yield, all in one place.
Do I need to be a compliance entity to participate?
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No. Initiativ is open to both EU ETS compliance entities (including industrial installations, power generators, aviation and maritime operators) and financial participants such as banks, trading firms, asset managers, hedge funds and carbon brokers. Firms can apply for direct membership provided they meet our admission criteria and complete onboarding and KYC/KYB checks. Our onboarding team can help you understand the requirements for your regulatory status.
What products can I trade on Initiativ?
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At launch, Initiativ offers EU Allowances (EUAs) in spot, futures and options. Our infrastructure is built to add further instruments over time, including ETS2 allowances once that market opens.
What's the minimum trade size?
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Just 1 EUA, equivalent to 1 tonne of CO₂e, on our spot market. Unlike traditional exchanges where the standard lot is 1,000 EUAs, Initiativ lets you trade spot at any size. This makes carbon markets accessible to a much broader range of participants, from large industrials managing precise compliance positions to smaller operators and new entrants who previously couldn't participate efficiently. Futures and options trade in the standard lot size of 1,000 EUAs (1,000 tonnes of CO₂e).
Does Initiativ offer tools for risk management or price alerts?
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Yes. The platform includes real-time price monitoring, configurable alerts, and pre-trade risk controls. Our infrastructure is built for professional participants who need fast, reliable execution and clear visibility of their positions, with API access available for automated trading and integration into existing risk systems.
Do I have security over my assets?
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Yes. You retain full legal ownership of your assets at all times. Your cash is held by our clearing partner, as custodian, in a segregated account with a trusted banking partner. Your emission allowances are held in the EU's dedicated Union Registry, where they can only be accessed by our clearing partner on your behalf.
What are the fees to trade on Initiativ?
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Initiativ offers tiered pricing designed to be significantly more competitive than the market standard. Get in touch for a fee schedule tailored to your trading profile.
How does margin work on Initiativ?
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Initiativ's digital clearing architecture optimises initial margin in real time, so less of your capital sits locked up than on legacy venues. Contact us for full details on margin requirements.
Can I become a market maker on Initiativ?
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Yes — Initiativ runs a dedicated market making programme with commercial incentives for qualifying participants. Reach out via Contact Us to learn more about eligibility and terms.
Is Initiativ regulated?
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Initiativ is on track to be regulated by the AMF, pending finalisation of our Central Clearing Partner. Contact us for the most current information on our regulatory status.