The Bank of New York Mellon has launched Global Environmental Markets (GEM), a custody and trade settlement platform for carbon credits.
The platform aims to centralize regulated and unregulated standards of environmental credits recorded on different registries, allowing clients a single entry point to manage all credits in their portfolio.
Combined with BNY Mellon’s global cash clearing infrastructure, GEM also supports settlement of credit trades against payments.
Through its Global Corporate Trust business, BNY Mellon also offers a global custody service to facilitate trading of carbon credits. The company provides custody services for VCS v1 credits and escrow services for Regulated Carbon Credits.