CP1 | CORSIA Phase One Carbon Offset Unit Futures Contract

Trade high-integrity carbon credits eligible for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) Phase One period with Abaxx's CORSIA Phase One futures contract. Designed for traders and commercial participants, this physically-deliverable benchmark offers reliable price discovery and a better hedging instrument for airlines participating in the CORSIA Phase 1 compliance period covering 2024-2026.

Abaxx's CORSIA Phase One Carbon Offset Unit (CP1) futures contract is a US dollar-denominated, 100 tCO2e contract, offering delivery of CORSIA Phase One labelled tonnes on American Carbon Registry (ACR), Architecture for REDD+ Transactions (ART), Verra, Gold Standard, and Climate Action Reserve (CAR) registries.

Contract Specs

Rulebook Chapter|Fees|Contract Summary

Contract Name	CORSIA Phase One Carbon Offset Unit Futures
Contract Symbol	CP1
Rule Chapter	1400
Settlement	Physical
Contract Months	Up to 14 contracts (comprising at least three December contracts and any number of serial (nonrolling) monthly contracts for January through November
Pricing Terms	USD and cents / tCO2e
Contract Size	100 tCO2e of Eligible CORSIA Phase One Carbon Offsets
Minimum Price Movement	USD 0.01 per tCO2e
Trading Hours	1000 – 2400 SGT
Price Limits	Fixed price limits which will be published via circulars
Settlement Price Period	Daily Settlement Price Period – Five (5) minutes ending 2230 SGT Final Settlement Price Period – Thirty (30) minutes ending 2230 SGT on the Last Trading Day Note: times are subject to change to accommodate holidays and scheduled modifications announced by Exchange in advance
Final Settlement Price	The Final Settlement Price is the volume weighted average price for all trades done during Final Settlement Price Period of the contract rounded to the nearest $0.01 or as determined by the Exchange at its discretion using available information from related markets.
Last Trading Day	The second Business Day preceding the Delivery Date
Block Trade Minimum	5 lots
Reportable Level	25 lots
Position Limits (Spot Month)	1,000 lots
Position Accountability Levels (any/all month)	5,000 lots
Eligible Voluntary Carbon Standard	• ART Program • ACR Program • CAR Program • Gold Standard • Verified Carbon Standard
Carbon Unit Type	• ART Credit • ACR Credit • Climate Reserve Tonne • GS-VER • VCU
Vintage	2021 – 2026 (both years inclusive)
Delivery Date	The first Business Day of the Contract Month that is not preceded by a US bank Holiday, else it will be the next Business Day that is not preceded by a US bank holiday.
Eligible Carbon Registry	• ART Registry • American Carbon Registry • Climate Action Reserve Voluntary Offset Project Registry • Gold Standard Impact Registry • Verra Registry
Product Placement	The Seller shall adequately demonstrate commercial capability and the ability to effect delivery of a quantity and quality of Eligible CORSIA Phase One Units prior to the last five (5) Trading Days of the Contract. The Buyer shall adequately demonstrate commercial capability and the ability to receive Eligible CORSIA Phase One Units at all Eligible Carbon Registries prior to the last five (5) Trading Days of the Contract. Failure to demonstrate the above capabilities can result in liquidation of position
Notice of Intention to Accept	Submitted by Clearing Member having open long positions on the Business Day following Last Trading Day
Notice of Intention to Deliver	Submitted by Clearing Member having open short positions on the Business Day following Last Trading Day
Delivery Margins	On the Business Day following Last Trading Day, the Buyer’s Clearing Member and the Seller’s Clearing Member shall deposit with the Clearing House margins in such amounts and in such form as may be required by the Clearing House. Such margins shall be returned as per the following: (i) the Buyer’s Clearing Member submitting a confirmation that it has received a valid invoice from the Seller; or (ii) In the event of any dispute between the Parties: (a) upon settlement of the dispute in writing by mutual agreement of Parties and authorized by the Clearing House, or (b) upon the issuance of an Award or judgment finally resolving the dispute between the Parties and the Parties have duly performed their obligations under the said Award or judgment; or (iii) where the Buyer and Seller elected for ADP (Alternate Delivery Procedures), in accordance with Rule 1409 of the Contract.
Delivery Payment	By 1600 SGT on the Business Day following Last Trading Day the Buyer’s Clearing Member shall obtain from the Buyer an amount equal to the Contract Value and deposit that amount with the Clearing House. The Seller will deliver, no later than the Delivery Date, the requisite number of Eligible CORSIA Phase One Units, to the Buyer, pursuant to Rule 1403.2. Within three (3) Business Days after the Delivery Date, Seller or its representative shall promptly furnish to Buyer a confirmation and an invoice pursuant to Rule 1407.3 (A). The Buyer’s Clearing Member will submit a Confirmation of Valid Invoice along with a copy of the Seller’s invoice to the Clearing House to confirm receipt and accuracy of the sum due as soon as possible, but no later than 1200 SGT the Business Day following receipt of the invoice. The Clearing House shall upon receipt of Confirmation of Valid Invoice from the Buyer’s Clearing Member promptly release to the Seller’s Clearing Member the sum due noted in the Seller’s duly issued invoice.
Venue of Arbitration	Singapore International Arbitration Centre (SIAC)

CP1 | CORSIA Phase One Carbon Offset Unit Futures Contract

Contract Specs

Rulebook Chapter|Fees|Contract Summary

Contract Name	CORSIA Phase One Carbon Offset Unit Futures
Contract Symbol	CP1
Rule Chapter	1400
Settlement	Physical
Contract Months	Up to 14 contracts (comprising at least three December contracts and any number of serial (nonrolling) monthly contracts for January through November
Pricing Terms	USD and cents / tCO2e
Contract Size	100 tCO2e of Eligible CORSIA Phase One Carbon Offsets
Minimum Price Movement	USD 0.01 per tCO2e
Trading Hours	1000 – 2400 SGT
Price Limits	Fixed price limits which will be published via circulars
Settlement Price Period	Daily Settlement Price Period – Five (5) minutes ending 2230 SGT Final Settlement Price Period – Thirty (30) minutes ending 2230 SGT on the Last Trading Day Note: times are subject to change to accommodate holidays and scheduled modifications announced by Exchange in advance
Final Settlement Price	The Final Settlement Price is the volume weighted average price for all trades done during Final Settlement Price Period of the contract rounded to the nearest $0.01 or as determined by the Exchange at its discretion using available information from related markets.
Last Trading Day	The second Business Day preceding the Delivery Date
Block Trade Minimum	5 lots
Reportable Level	25 lots
Position Limits (Spot Month)	1,000 lots
Position Accountability Levels (any/all month)	5,000 lots
Eligible Voluntary Carbon Standard	• ART Program • ACR Program • CAR Program • Gold Standard • Verified Carbon Standard
Carbon Unit Type	• ART Credit • ACR Credit • Climate Reserve Tonne • GS-VER • VCU
Vintage	2021 – 2026 (both years inclusive)
Delivery Date	The first Business Day of the Contract Month that is not preceded by a US bank Holiday, else it will be the next Business Day that is not preceded by a US bank holiday.
Eligible Carbon Registry	• ART Registry • American Carbon Registry • Climate Action Reserve Voluntary Offset Project Registry • Gold Standard Impact Registry • Verra Registry
Product Placement	The Seller shall adequately demonstrate commercial capability and the ability to effect delivery of a quantity and quality of Eligible CORSIA Phase One Units prior to the last five (5) Trading Days of the Contract. The Buyer shall adequately demonstrate commercial capability and the ability to receive Eligible CORSIA Phase One Units at all Eligible Carbon Registries prior to the last five (5) Trading Days of the Contract. Failure to demonstrate the above capabilities can result in liquidation of position
Notice of Intention to Accept	Submitted by Clearing Member having open long positions on the Business Day following Last Trading Day
Notice of Intention to Deliver	Submitted by Clearing Member having open short positions on the Business Day following Last Trading Day
Delivery Margins	On the Business Day following Last Trading Day, the Buyer’s Clearing Member and the Seller’s Clearing Member shall deposit with the Clearing House margins in such amounts and in such form as may be required by the Clearing House. Such margins shall be returned as per the following: (i) the Buyer’s Clearing Member submitting a confirmation that it has received a valid invoice from the Seller; or (ii) In the event of any dispute between the Parties: (a) upon settlement of the dispute in writing by mutual agreement of Parties and authorized by the Clearing House, or (b) upon the issuance of an Award or judgment finally resolving the dispute between the Parties and the Parties have duly performed their obligations under the said Award or judgment; or (iii) where the Buyer and Seller elected for ADP (Alternate Delivery Procedures), in accordance with Rule 1409 of the Contract.
Delivery Payment	By 1600 SGT on the Business Day following Last Trading Day the Buyer’s Clearing Member shall obtain from the Buyer an amount equal to the Contract Value and deposit that amount with the Clearing House. The Seller will deliver, no later than the Delivery Date, the requisite number of Eligible CORSIA Phase One Units, to the Buyer, pursuant to Rule 1403.2. Within three (3) Business Days after the Delivery Date, Seller or its representative shall promptly furnish to Buyer a confirmation and an invoice pursuant to Rule 1407.3 (A). The Buyer’s Clearing Member will submit a Confirmation of Valid Invoice along with a copy of the Seller’s invoice to the Clearing House to confirm receipt and accuracy of the sum due as soon as possible, but no later than 1200 SGT the Business Day following receipt of the invoice. The Clearing House shall upon receipt of Confirmation of Valid Invoice from the Buyer’s Clearing Member promptly release to the Seller’s Clearing Member the sum due noted in the Seller’s duly issued invoice.
Venue of Arbitration	Singapore International Arbitration Centre (SIAC)

CP1 | CORSIA Phase One Carbon Offset Unit Futures Contract

Contract Specs

Rulebook Chapter|Fees|Contract Summary

Contract Name	CORSIA Phase One Carbon Offset Unit Futures
Contract Symbol	CP1
Rule Chapter	1400
Settlement	Physical
Contract Months	Up to 14 contracts (comprising at least three December contracts and any number of serial (nonrolling) monthly contracts for January through November
Pricing Terms	USD and cents / tCO2e
Contract Size	100 tCO2e of Eligible CORSIA Phase One Carbon Offsets
Minimum Price Movement	USD 0.01 per tCO2e
Trading Hours	1000 – 2400 SGT
Price Limits	Fixed price limits which will be published via circulars
Settlement Price Period	Daily Settlement Price Period – Five (5) minutes ending 2230 SGT Final Settlement Price Period – Thirty (30) minutes ending 2230 SGT on the Last Trading Day Note: times are subject to change to accommodate holidays and scheduled modifications announced by Exchange in advance
Final Settlement Price	The Final Settlement Price is the volume weighted average price for all trades done during Final Settlement Price Period of the contract rounded to the nearest $0.01 or as determined by the Exchange at its discretion using available information from related markets.
Last Trading Day	The second Business Day preceding the Delivery Date
Block Trade Minimum	5 lots
Reportable Level	25 lots
Position Limits (Spot Month)	1,000 lots
Position Accountability Levels (any/all month)	5,000 lots
Eligible Voluntary Carbon Standard	• ART Program • ACR Program • CAR Program • Gold Standard • Verified Carbon Standard
Carbon Unit Type	• ART Credit • ACR Credit • Climate Reserve Tonne • GS-VER • VCU
Vintage	2021 – 2026 (both years inclusive)
Delivery Date	The first Business Day of the Contract Month that is not preceded by a US bank Holiday, else it will be the next Business Day that is not preceded by a US bank holiday.
Eligible Carbon Registry	• ART Registry • American Carbon Registry • Climate Action Reserve Voluntary Offset Project Registry • Gold Standard Impact Registry • Verra Registry
Product Placement	The Seller shall adequately demonstrate commercial capability and the ability to effect delivery of a quantity and quality of Eligible CORSIA Phase One Units prior to the last five (5) Trading Days of the Contract. The Buyer shall adequately demonstrate commercial capability and the ability to receive Eligible CORSIA Phase One Units at all Eligible Carbon Registries prior to the last five (5) Trading Days of the Contract. Failure to demonstrate the above capabilities can result in liquidation of position
Notice of Intention to Accept	Submitted by Clearing Member having open long positions on the Business Day following Last Trading Day
Notice of Intention to Deliver	Submitted by Clearing Member having open short positions on the Business Day following Last Trading Day
Delivery Margins	On the Business Day following Last Trading Day, the Buyer’s Clearing Member and the Seller’s Clearing Member shall deposit with the Clearing House margins in such amounts and in such form as may be required by the Clearing House. Such margins shall be returned as per the following: (i) the Buyer’s Clearing Member submitting a confirmation that it has received a valid invoice from the Seller; or (ii) In the event of any dispute between the Parties: (a) upon settlement of the dispute in writing by mutual agreement of Parties and authorized by the Clearing House, or (b) upon the issuance of an Award or judgment finally resolving the dispute between the Parties and the Parties have duly performed their obligations under the said Award or judgment; or (iii) where the Buyer and Seller elected for ADP (Alternate Delivery Procedures), in accordance with Rule 1409 of the Contract.
Delivery Payment	By 1600 SGT on the Business Day following Last Trading Day the Buyer’s Clearing Member shall obtain from the Buyer an amount equal to the Contract Value and deposit that amount with the Clearing House. The Seller will deliver, no later than the Delivery Date, the requisite number of Eligible CORSIA Phase One Units, to the Buyer, pursuant to Rule 1403.2. Within three (3) Business Days after the Delivery Date, Seller or its representative shall promptly furnish to Buyer a confirmation and an invoice pursuant to Rule 1407.3 (A). The Buyer’s Clearing Member will submit a Confirmation of Valid Invoice along with a copy of the Seller’s invoice to the Clearing House to confirm receipt and accuracy of the sum due as soon as possible, but no later than 1200 SGT the Business Day following receipt of the invoice. The Clearing House shall upon receipt of Confirmation of Valid Invoice from the Buyer’s Clearing Member promptly release to the Seller’s Clearing Member the sum due noted in the Seller’s duly issued invoice.
Venue of Arbitration	Singapore International Arbitration Centre (SIAC)