> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/1.-introduction/1.1-purpose.md).

# 1.1 Purpose

The INITIATIV Exchange (the “Exchange”) is a regulated venue for trading environmental and commodity products. It operates as a multilateral trading facility (MTF) under European financial services regulation, giving professional participants a secure, transparent venue for price discovery and execution, with cleared settlement and no bilateral counterparty risk.

The Exchange launches with European Union Allowances (EUA), listed as a spot instrument and as a curve of futures. The market model, systems and rules are intended to be product agnostic: the same trading, clearing and settlement framework is designed to extend to further environmental and commodity markets over time, with EUA as the first market rather than the defining one.