One of the very early participants in the global carbon market, the Carbon Trade Exchange (CTX), is headquartered in London, England. In contrast to previous carbon exchanges, CTX is a member-based spot exchange that welcomes a wide range of market players. The exchange is used by smaller players like single brokers, mid-size players like project developers, and large-size players like multinational corporations. The exchange has established relationships with various parties in the global carbon ecosystem, including Gold Standard, Verra VCS, and the UNFCCC CDM Registry.