An Electronic Market exists when prices are discovered via orders placed on a trading platform. Financial regulators prefer a centralized, independent exchange like ICE, but a private platform like CBL Markets can also serve this function in the interim. Indeed, the consultation document explicitly mentions the CBL Global Emissions Offset (GEO), which uses the lowest-priced Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)-compliant offset as a proxy for a core carbon price.