PROSPECTUS · VOLUME I
tanso.markets is the institutional venue for the trading, custody, and retirement of carbon allowances and certified offsets. Our floor convenes sovereigns, regulated emitters, and registered fiduciaries beneath the orderly discipline of a chartered exchange.
FILED THIS DAY
XIX MARCH MMXXVI
THE FLOOR · OPENING QUOTATIONS
| Instrument | Tenor | Last | Change | Volume (kt) | Curve |
|---|---|---|---|---|---|
| EU Allowance | DEC 2026 | 89.42 | +0.84 | 312.4 | |
| UK Allowance | DEC 2026 | 76.30 | +1.12 | 118.6 | |
| California CCA | Q4 2026 | 41.18 | −0.21 | 94.0 | |
| RGGI | 2026 Vintage | 14.92 | +0.07 | 61.7 | |
| NZ ETS | Spot | 64.50 | +0.30 | 22.8 | |
| VCS Renewable | 2025 Vintage | 7.84 | −0.04 | 208.1 | |
| Gold Standard Forestry | 2025 Vintage | 11.05 | +0.18 | 147.3 | |
| China National ETS | Spot | 78.20 | −0.42 | 514.9 |
Quotations established at the 11:00 fix · figures reported in lots of 1,000 tCO2e
Sealed under the authority of the Tanso Markets Charter
BOOK ONE
Sovereign and supranational emission allowances (EUA, UKA, CCA, RGGI, NZA, CN-ETS) listed for cleared spot and forward delivery. All contracts settle through TANSO CCP under uniform margining rules.
Verified emission reductions issued by VCS, Gold Standard, ACR, and Climate Action Reserve. Curated by methodology, vintage, and project geography. Each lot bears its registry serial and chain of custody.
Engineered carbon removal — direct air capture, mineralisation, biochar, and enhanced weathering. Issued under durable-storage protocols with century-grade permanence guarantees.
Standardised reference curves and basket indices for hedging and benchmarking — TANSO Continuous, TANSO Removal Composite, and the Sovereign Allowance Aggregate.
BOOK TWO
Every certificate listed upon the Tanso ledger is held in segregated custody under the supervision of the Office of the Registrar. Title passes upon clearing; retirement is final and recorded in perpetuity in the bound public register.
Membership of the registry is open to chartered emitters, sovereign entities, regulated funds, and accredited fiduciaries who have completed admission proceedings before the Membership Committee.
REGISTRY OFFICES
BOOK THREE
A formal note upon the unusual flatness in the EUA forward curve and its implications for compliance buyers entering the final phase of Fit-for-55.
A comparative study of permanence guarantees across mineralisation, biochar, and DAC, with a proposed actuarial framework for reversal insurance.
Methodology and constitutive weights of the new TANSO Sovereign Allowance Aggregate index, released to subscribers under the Index Charter.
BOOK FOUR
The Tanso Court convenes quarterly to rule upon listing standards, methodology admission, and matters of market integrity. Its proceedings are minuted and published in the bound public ledger.
Standing committees include Risk & Margin, Methodology Admission, Membership, and the Office of the Registrar. All committees report to the Chair under the Tanso Charter.
STANDING COMMITTEES
DECLARATION OF THE BOARD
Be it known that the instruments listed upon this Exchange shall be cleared, settled, and retired with the same orderly discipline that governs the elder bourses of the world. The atmosphere is the common estate of mankind; we administer its accounts.
— THE COURT OF GOVERNORS, TANSO MARKETS