Supporting Commercial Trade Compliance with
EU Deforestation Regulation
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global
provider of technology and data, today announced that ICE Benchmark
Administration Limited (IBA) is collaborating with Space
Intelligence, a provider of high accuracy nature mapping data, to
launch the ICE Commodity Traceability Service (ICE CoT).
ICE CoT is a technology platform designed to facilitate the
continued frictionless trade of physical cocoa and coffee by
automating the process of submitting, storing, validating and
sharing due diligence information mandated by the European Union’s
Deforestation Regulation (EUDR). The EUDR is designed to reduce the
EU’s impact on global deforestation and forest degradation by
requiring proof that specified goods entering or sold in the EU are
“deforestation-free” and lawfully produced. Europe is the largest
market for cocoa and coffee worldwide.
“We are excited to be working with Space Intelligence on the
continued build-out of ICE CoT,” said Clive de Ruig, President of
IBA. “As one of the world’s foremost experts in forest mapping
using satellite data, their expertise in delivering highly accurate
and comprehensive data will be critical to providing information on
whether cocoa and coffee farm plots are deforestation-free.”
“Space Intelligence’s geospatial mapping capabilities will be
integrated into ICE CoT, clearly indicating areas in cocoa and
coffee producing countries that have been deforested post-December
31, 2020, and that are not eligible for the production of
EUDR-compliant goods. This geospatial mapping data will work in
tandem with ICE CoT’s farm and physical flow validation
methodologies, utilizing farm geolocation and traceability
information throughout the supply chain to support the tradability
of commodities within the EU,” continued de Ruig.
“The EUDR means stakeholders across commodity markets need to be
provided with trust in the compliance of the supply of goods
entering the EU, which can be ensured by audit-grade mapping data
supporting the verification process,” said Professor Ed Mitchard,
Co-founder and Chief Scientist at Space Intelligence. “Our process
generates mapping data that meets the stringent requirements of the
EUDR, developed from decades of experience in remote sensing
research and integrating ecology expertise with machine learning to
achieve accuracy on a geographical scale. Our collaboration with
IBA is a testament to our shared goal of ensuring customers can
meet the requirements of the EUDR.”
In June 2024, ICE CoT commenced a pilot phase for validating
cocoa and coffee farm geolocation data using a methodology
developed by Meridia. The platform allows companies to upload farm
plot coordinates and run a series of validation checks on the
geolocation data. IBA expects to pilot the validation of physical
flow data related to the movement, including merging or splitting,
of cocoa and coffee parcels along the supply chain to its ultimate
use or export, along with lawful production data, in the coming
months.
ICE provides the largest markets in the world to trade cocoa and
coffee through its benchmark Cocoa, London Cocoa, Coffee C® and
Robusta Coffee futures and options markets. Last year the
equivalent of over 500 million tons traded on ICE’s cocoa and
coffee markets.
IBA plans to launch ICE CoT prior to the end of 2024. The
platform remains subject to further testing, system and data
availability, and any regulatory contingencies. For more
information on ICE CoT, please contact IBA-ICECoT@ice.com.
About ICE Benchmark Administration
ICE Benchmark Administration is authorized and regulated by the
Financial Conduct Authority for the regulated activity of
administering a benchmark and is authorized as a benchmark
administrator under the U.K. Benchmarks Regulation. Operating ICE
CoT is not a regulated activity.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges –
including the New York Stock Exchange – and clearing houses help
people invest, raise capital and manage risk. We offer some of the
world’s largest markets to trade and clear energy and environmental
products. Our fixed income, data services and execution
capabilities provide information, analytics and platforms that help
our customers streamline processes and capitalize on opportunities.
At ICE Mortgage Technology , we are transforming U.S. housing
finance, from initial consumer engagement through loan production,
closing, registration and the long-term servicing relationship.
Together, ICE transforms, streamlines and automates industries to
connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here . Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
About Space Intelligence
Space Intelligence is a NatureTech company enabling zero
deforestation and mass restoration of biodiverse forests globally
by providing the highest quality nature mapping data.
We combine our extensive expertise in satellite data analytics,
ecology, and machine learning to provide highly accurate and
comprehensive data that is trusted to support the development and
review of forest carbon projects and compliance with nature impact
disclosures.
Our approach to mapping the world’s forest is rooted in science,
with our co-founders leveraging nearly 40 years of combined
research experience to develop our team and products, which are
trusted by major organizations in nature conservation and
restoration. To learn more about Space Intelligence, visit
www.space-intelligence.com.
Category: EXCHANGES
ICE-CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240827109276/en/
ICE Media: Jess Tatham jess.tatham@ice.com +44
7377 947136 ICE Investor: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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