The Global REC Marketplace

Xpansiv currently offers nearly one hundred global voluntary and compliance RECs on its CBL spot market platform. Participants can transact these instruments on the exchange platform or submit privately negotiated deals to be settled through the platform’s post-trade settlement infrastructure. In addition to North American, Australian, and international(I-REC) renewable energy certificates traded on the exchange, Xpansiv’s registry infrastructure provider APX offers voluntary global RECs through its TIGRS product.


CBL enables trading of any I-REC (Electricity) Product Certificates issued under the Evident Code for I-REC (Electricity) credits, which vary based on host country, project type, and vintage.

Trading I-RECs on CBL’s spot exchange provides benefits of transparent price discovery, equal market access by all participants, the ability to trade with hundreds of counterparties without bilateral agreements, prompt settlement, and minimized counterparty credit and performance risks.

More information on trading I-RECs is available in the CBL Markets User Guide.

Registry Partners

Price Transparency
Users can observe live bids, offers, and transactions across products, providing unprecedented clarity in historically opaque markets.
No Contracting
CBL streamlines REC transactions by taking care of time-consuming contracting and settlement—no paperwork required.
Same-Day Settlement
Our pioneering settlement facility provides same-day settlement of RECs and funds, bringing the T+3 spot market to T+0.
Clear Control
CBL’s intuitive functionality ensures clear ownership and entitlement to RECs and funds for the full transaction lifecycle.
Low Transaction Costs
Our exchange is free to access, with transparent transaction fees—our fee schedule does not change with price fluctuations.
Straight-Through Processing
CBL’s platform provides seamless, intuitive trading.
Reduced Risk
CBL is a central market facilitator providing delivery-versus payment and same-day settlement to reduce counterparty credit/delivery risks.
No Minimum Contract Size
CBL allows you to transact small REC volumes without having to pay an elevated price—minimum contract size is one REC.

Environmental Management Account (EMA)

EMA is the leading multi-registry, multi-asset portfolio management system. EMA streamlines workflows for managing complex asset portfolios, including scheduling and other time-consuming tasks. EMA is seamlessly integrated with the CBL exchange to support pre-and post-trade position management.

  • Participants designate physical RECs in EMA, making them eligible to be offered on the CBL exchange.
  • Designated RECs are pre-cleared and “encumbered” within the system to ensure they’re available to settle trades, eliminating delivery risk.
  • End-of-day netting—choose which RECs to deliver against net shorts.

Renewable Energy: North America

CBL partners with environmental registries to facilitate the trading of compliance and voluntary Renewable Energy Certificate (REC) contracts, providing same-day clearance and settlement for:

  • North American Renewable Registry (NAR)
  • MIRECs

Renewable Energy: Australia

CBL provides cleared spot trading for products associated with the Renewable Energy Target (RET) and Energy Efficiency Market in Australia.

  • Large-scale Generation Certificates (LGCs)
  • Small-scale Technology Certificates (STCs)
  • Energy Savings Certificates (ESCs)

Carbon: Offsets

CBL has operated in the carbon-offset market for more than a decade, and has access to 1000+ projects through partnership agreements with all major carbon standards and access to international products, including:

  • Australian Carbon Credit Units (ACCUs)
  • ACR
  • Climate Action Reserve (CAR)
  • Gold Standard (GS)
  • Verra (VCS)

Carbon: Aviation

CBL partnered with the International Air Transport Association (IATA) to develop the Aviation Carbon Exchange (ACE). ACE provides a centralized marketplace that helps airlines identify, select, and transact both voluntary as well as CORSIA eligible emission units from the following programs:

  • ACR
  • Climate Action Reserve (CAR)
  • Gold Standard (GS)
  • Verified Carbon Standard (VCS)

Carbon: Allowances

CBL offers cleared spot trading of products associated with the Regional Greenhouse Gas Initiative (RGGI) and California Cap-and-Trade Program. Through a partnership with the CME Group, CBL also facilitates the trading of California Carbon Allowance Futures, centralizing the pool of liquidity for both contracts. Products for these programs include:

  • RGGI CO2 Allowances
  • California Carbon Allowances (CCAs)
  • CME Futures Contracts for CCAs

Emissions: CSAPR

CBL offers cleared spot trading of products associated with the Cross-State Air Pollution Rule (CSAPR), which addresses local air pollution from coal and natural gas power generation from upwind states that crosses state lines and affects air quality in downwind states. The emission products available for trading on CBL include:

  • NOx Annual and Seasonal Allowances
  • SO2 Group 1 & 2 and Acid Rain Allowances

Differentiated Gas

As consumers demand more environmentally sustainable products, Xpansiv is leading the development of data-driven products, valued according to factors like methane emissions and water utilization. In 2019, CBL facilitated the first exchange-driven transaction for an energy commodity based on its environmental impacts.


Australian Gas

CBL partnered with the Tasmanian Gas Pipeline (TGP) to facilitate the trading of a range of gas-storage products on the TGP, with a view to increasing trading, transparency, and efficiency of Australian gas and energy markets. The partnership allows for trading of the following products:

  • Primary capacity
  • In-pipe loan gas

Australian Water

The H2OX water market helps balance competing demands for scarce resources, and ensures more efficient investment, allocation, and use of water. H2OX facilitates the trading of the following water products:

  • Entitlements—rights to an ongoing share of water within a system
  • Allocations—volumes of water distributed to users in a given year
  • Parking—facilitating the movement of water allocations between seasons
  • Options—physically settled water allocation call options to mange interseason water risk
  • Leasing—long term leasing of water entitlements to secure access to the entitlement’s seasonal allocation
Explore Further

Please contact us to find out more about Xpansiv’s platform and services. We look forward to speaking with you!

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