How this market works today
The phone calls, the spreadsheets, the price nobody can verify and the settlement risk everyone tolerates. Written from how the market actually operates, not from how it is described.
Markets
An auction market for anything that trades
Wherever buyers and sellers meet on price, the mechanism is the same: collect orders, rank them, and match at a price both sides can check. Mehrex is that mechanism, plus the risk and clearing that make it safe to run with real money. These pages take one market at a time and say plainly what the engine does, and what it leaves you.
- Markets written up
- 13
- Sections per page
- Four, always the same
- Matching model
- One, configured per market
13 markets, four sections each.
They are grouped by what is being traded, and every one of them is a market somebody has asked us about. Start with the one nearest your own — the mechanics travel further between markets than most people expect.
Precious metals
Divisible, fungible, and bought in quantities far below the smallest wholesale lot.
Energy & environmental
Instruments defined by a certificate rather than a thing, traded under a regulator’s eye.
Market
Energy certificates
Energy-saving certificates, RECs, guarantees of origin and carbon credits — instruments defined by paper, priced today by survey.
Read the page →MarketRenewable PPAs
Corporate power purchase agreements — bespoke, lawyer-heavy, and out of reach for any buyer below a certain size.
Read the page →MarketEmissions allowances
New, sub-national and sectoral cap-and-trade schemes, where the cap exists and the market does not.
Read the page →Commodities & industrials
Physical markets that still run on phone calls, spreadsheets and bilateral credit.
Market
Wholesale metals
Silver, zinc and copper in physical lots — brokered by telephone today, at differentials nobody publishes.
Read the page →MarketAgricultural commodities
Grain, coffee, cocoa and pulses traded as graded, warehouse-receipted lots on a frontier-market exchange.
Read the page →MarketRecycled plastics
rPET, rHDPE and secondary raw materials — obligated demand, fragmented supply, and no reference price.
Read the page →Capacity & access
Perishable capacity that expires unsold, priced today by whoever answers the phone.
Market
Freight & charter capacity
Vessel and haulage capacity — perishable, brokered by telephone, and benchmarked by panel assessment rather than by trades.
Read the page →MarketData-centre & compute capacity
Accelerator hours and colocation power — extremely perishable, priced bilaterally, and hoarded because there is no spot price.
Read the page →MarketSpectrum & interconnect
Secondary trading and leasing of licensed spectrum and wholesale interconnect capacity — permitted in principle, almost nonexistent in practice.
Read the page →Rights & quota
Entitlements created by a regulator, where the trade is only as good as the register behind it.
Financial & structured
Markets where the sequence of events is the product, and has to be provable.
How each page is built01 02 03 04
The same four questions, in the same order, every time.
A series is only useful if the pages are comparable. Read two of these and you will know exactly where to look in the third.
What an auction changes
Price discovery in public, a fill that does not depend on who you called, and a record of the whole thing. Also what it does not change, which is usually more than the reader expects.
What Mehrex supplies
A first configuration — instrument, lot, tick, sessions, risk and settlement — and the modules underneath it, each linked to its own reference page.
What you still have to build
Custody, payment rails, KYC, licensing, registries, warehouses, market makers. The part a vendor normally leaves you to find out during delivery.
Gold, certificates and grain are the same problem to a matching engine.
An instrument is a definition: a lot size, a tick table, a session schedule and a settlement arrangement. Change the definition and you have changed the market — not the engine. The engineering was done for regulated trading venues, where being wrong is expensive; every other market on this page inherits it rather than getting a lighter version of it.
Cumulative demandCumulative supplyExecutable volume at that price
If your market is not here, it is not because it does not fit.
The test is simple: if buyers and sellers meet on price, and somebody has to be able to prove afterwards what happened, the engine is the right shape. The list below is not a roadmap — it is what people have asked us about and we have not yet had time to write properly.
Asked about, not yet written up: insurance and reinsurance capacity, scrap metal and end-of-life vehicles, timber and forestry, dairy and export quota, rail paths and port slots, advertising inventory, landfill and waste-processing capacity and district heating capacity. If one of those is yours, the quickest way to get a straight answer is to tell us what the market does today — the four questions on every page above are the same four we would ask you.
Next step
Tell us about your market. We will show you the engine matching.
A live demonstration runs about an hour: the order book, the Control Panel, an auction uncrossing, and a replay of the journal that produced it.