Mercari

What Mercari does

Mercari Pty Ltd (ABN 48 102 928 727) operates Australia's first licensed electronic swaps marketplace, licensed since 2005 as a Tier 1 wholesale financial derivatives market exchange under Section 791A of the Australian Corporations Act and holding AFSL #229935. The company runs a regulated electronic venue for OTC derivatives spanning interest rate swaps (BBSW/RBA/SOFR-settled), FX forwards (AUD/USD, USD/JPY), energy (coal, crude), commodities (iron ore, wool, wheat, beef, lamb, cattle, cotton), and environmental certificates (NSW ESC, LGC, STC, VEEC). Its core technology is the proprietary Mercari eSEF electronic trading and matching platform, purpose-built for OTC conventions and configurable at product and tenor level for both RFQ and CLOB market structures, accessible via the Mercari Direct desktop application or through broker-intermediated channels.

Mercari monetizes through two streams: (i) transaction and exchange fees on derivatives trades, with separate published fee schedules for financial and non-financial products, and (ii) licensing of reference rates and closing prices distributed through Bloomberg (ticker MRCI) and Refinitiv (ticker MERC/INDEX). In 2022 the company executed a strategic expansion into digital-asset infrastructure, completing a Series A (March 2022) with Digital Currency Group, MCR Unlimited, Jeff Yew of Monochrome Asset Management, and DCA Global Derivatives Management, launching AUD crypto reference rates (Mercari DAR, January 2022), and partnering with METACO and IBM Cloud (June 2022) to deliver institutional digital-asset custody on METACO's Harmonize platform with FIPS 140-2 Level 4 hardware security. Mercari serves institutional OTC market participants, wholesale financial institutions, and professional trading entities, with the digital-asset products also targeting institutional crypto-asset investors across Australia and Asia.

The company is a privately held Australian proprietary limited company headquartered in Sydney, with a small core team of 1-10 employees. Its GTM is enterprise field sales via direct registered access and broker intermediation, supported by PR-led market awareness, Bloomberg/Refinitiv data distribution, and industry event participation (e.g., the Sydney Provvy Canvas to Token NFT event). Strategic positioning is anchored by a regulatory moat (Tier 1 AML plus AFSL), proprietary matching technology, long time-series reference data (LGC data back to 2011), and infrastructure partnerships intended to position Mercari as a domestic institutional gateway for regulated digital-asset products.

Name

Mercari

Legal name

Mercari Pty Ltd

Website

https://mercari.com.au

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Mercari is an Australian Tier 1 licensed wholesale financial derivatives exchange operating a regulated electronic marketplace for OTC derivatives across interest rates, FX, commodities, energy, and environmental certificates, plus AUD crypto reference rates and institutional digital asset custody for wholesale market participants.

Ownership category

akta.pro rank

Product category

Wholesale Financial Derivatives Exchange

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro industry

PRIMARYFSAGAMAK

Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations)

Financial & Insurance/Financial Technology (Fintech)/Blockchain & Web3 Financial Infrastructure (Tokenization, Custody Tech)

Keywords

• Wholesale derivatives exchange
• OTC swap execution facility
• Environmental certificate trading
• Commodity derivatives market
• Digital asset reference rates

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Exchange Trading and Transaction Fees: Mercari generates revenue through exchange and trading fees charged on derivatives transactions executed on its licensed Tier 1 wholesale financial derivatives market. Products span commodities, energy, environmental, interest rates, foreign exchange, and tradeable certificates.
2. Market Data and Reference Rates Licensing: Mercari publishes reference rates and closing prices (e.g., LGC closing rates, DAR Crypto Reference Rates) distributed via Bloomberg (MRCI) and Refinitiv (MERC/INDEX), generating licensing revenue from data distribution.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Mercari operates a licensed Tier 1 Australian wholesale financial derivatives exchange providing electronic trading in interest rate, foreign exchange, commodity, energy, and environmental derivatives, plus non-financial spot products and digital asset reference rates. Access is delivered via the proprietary Mercari eSEF trading platform and Mercari Direct desktop application, with market data and reference rates distributed through Bloomberg and Refinitiv terminals. Mercari also offers institutional digital asset custody built on METACO Harmonize on IBM Cloud.

Product overview

Mercari operates as a single unified platform for wholesale financial derivatives trading. The core offering is the Mercari eSEF platform, a proprietary OTC trading and matching system that provides electronic execution across multiple asset classes. Access is available through the Mercari Direct platform and Mercari Desktop Application (available in Production and Demo versions). The product portfolio spans Interest Rate Derivatives (swaps, FRAs, OIS), Foreign Exchange Derivatives (AUD/USD, USD/JPY), Environmental Derivatives (LGC, ESC, STC, VEEC), Commodity Derivatives (Iron Ore, Wool, Wheat, Beef, Lamb, Cattle, Cotton), Energy Derivatives (Coal, Crude Oil), and Non-Financial Products (Spot Cotton, Bulk Raw Milk). Mercari also offers specialized reference rate products including LGC Closing Rates and Mercari DAR Crypto Reference Rates for digital assets. Institutional digital asset custody services are provided through METACO's Harmonize platform on IBM Cloud.

Differentiator

Problem solved

Functional benefit

Products and services

• Mercari eSEF (electronic Swap Execution Facility) Proprietary electronic trading and matching platform providing fair, orderly, transparent and efficient markets for OTC derivatives; supports RFQ and CLOB structures delivered via direct market access or broker intermediated models. For wholesale OTC market participants.
• Mercari Direct / Mercari Desktop Application Direct market access trading platform allowing registered participants to access live Mercari Markets with direct connectivity to the exchange, including order management, trade books, and audit functionality. Available in Production and Demo/Training versions.
• LGC Closing Rates End-of-day closing rates window for Large-scale Renewable Energy Certificates (LGC) utilizing Mercari's proprietary eSEF technology, providing Spot and forward price curves with bid/offer/midpoint index data, firm tradable screen prices, market survey reference levels, and LGC Cost of Carry Model. For institutional customers calculating portfolio NAV and addressing valuation challenges.
• Mercari DAR Crypto Reference Rates First local and robust AUD crypto-asset benchmarks for the Australia and Asia markets, distributed via Bloomberg (MRCI) and Refinitiv (MERC/INDEX). For institutional portfolio NAV calculation and valuation challenges.
• Institutional Digital Asset Custody Services Institutional-grade digital asset custody operations using METACO's Harmonize platform deployed on IBM Cloud, enabling clients to securely store, trade, and settle digital assets with FIPS 140-2 Level 4 hardware security modules. For institutional clients in Australia and Asia.
• Interest Rate Derivatives Traded interest rate products including AUD Interest Rate Swaps, AUD Basis Swaps, AUD Overnight Index Swaps, AUD Forward Rate Agreements, and AUD-USD Cross Currency Basis Swaps, settled against BBSW, RBA Overnight Rate, and SOFR indices. For wholesale OTC market participants.
• Foreign Exchange Derivatives AUD/USD and USD/JPY Foreign Exchange forwards with physical delivery. For wholesale OTC market participants managing currency exposure.
• Environmental Derivatives Environmental derivatives for NSW Energy Saving Certificates (ESC), Large Scale Generation Certificates (LGC), Small Scale Technology Certificates (STC), and Victorian Energy Efficiency Certificates (VEEC). For compliance entities and market participants trading environmental certificates.
• Commodity Derivatives Iron Ore (62%, 58%, 65% Fe), Wool, Wheat, Beef, Lamb, Cattle, and Cotton derivatives settled against various indices including TSI Iron Ore, AWEX, MLA, and Urner Barry benchmarks. For agricultural producers, processors, and trading houses.
• Energy Derivatives Coal (API 2, API 4, API 5, API 6, Indonesian sub-bituminous) and Crude Oil (Brent, WTI, Dubai, ESPO, Sour Crude) derivatives. For energy market participants managing price risk.
• Non-Financial Spot Products Spot Cotton Preginned, Riemann AMPI Bulk Raw Milk Delivered, and Spot Environmental Certificates (ESC, LGC, STC, VEEC). For agricultural and environmental market participants.

Quantifiable outcome

• Mercari LGC Data extends back to 2011, providing long-term historical price reference data

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• METACOcoreTechnology or Integration · 2 June 2022Mercari selected METACO, the market-leading provider of digital asset custody orchestration technology, to launch its institutional digital asset custody operations on IBM Cloud. Mercari deploys METACO's Harmonize platform to enable clients to securely store, trade, and settle digital assets. Harmonize was built in partnership with Tier 1 banks and offers institutional-grade security and compliance.
• IBM CloudcoreTechnology or Integration · 2 June 2022Mercari deploys its digital asset custody technology on IBM Cloud to leverage confidential computing capabilities of IBM's digital asset infrastructure, including IBM Cloud Hyper Protect Crypto Services (FIPS 140-2 Level 4 HSM) and Hyper Protect Virtual Servers hardware-based isolation.
• AMPI (Australian Milk Price Initiative)minorStrategic or Co-development PartnerMercari supported AMPI in providing the dairy industry with an electronic marketplace for centrally discoverable price transparency. Mercari hosted bulk raw milk delivered auctions on its platform, demonstrating a methodology for ongoing price discovery and transparency in the dairy value chain.
• Australian DeFi AssociationminorStrategic or Co-development PartnerAustralian DeFi Association collaborated with Mercari to host the Sydney Australia Provvy Canvas to Token NFT event.
• NotCentralisedminorStrategic or Co-development PartnerNotCentralised partnered with Mercari to co-host the Canvas to Token NFT event in Sydney.
• Samsung LEDminorGTM or Marketing PartnerSamsung LED supported the Canvas to Token NFT event hosted by Mercari in Sydney, providing attendance and assistance.

Scale indicators4 records

Recent moves6 records

Expansion highlights7 records

Market position

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/MercariRates

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mercari