Currently, liquidity in VCMs is fragmented. Projects have a range of attributes (e.g., project type, geography) that can influence their value, and buyers have different attribute preferences. In today’s market, matching each individual buyer with a corresponding supplier is a time-consuming and inefficient process, transacted over-the-counter…. Robust trade infrastructure is a vital precondition for the listing and high-volume trading of core carbon reference contracts (spot and futures), as well as contracts reflecting a limited set of additional attributes.… Exchanges should provide access to market data…. The Taskforce acknowledges the existing ICAO/CORSIA principles and the reference contract built on them—for example ‘GEO’ on CBL.