Home > Press > INSCX exchange cites support for NanoTox-AssuredNano merger
INSCX exchange (The Integrated Nano-Science & Commodity Exchange) issued the following press statement in response to the announcement of a merger between the UK based AssuredNanoŽ nanomaterials (SHE) agency and the US nanotoxicology counterpart, NanoTox Inc.
INSCX exchange cites support for NanoTox-AssuredNano merger
London, UK | Posted on July 7th, 2011
Welcoming the development, the exchange CEO commented; "This cross-Atlantic merger strengthens the collaboration between INSCX exchange and AssuredNanoŽ further where existing collaboration is structured to assist upstream and downstream users of nanomaterials (NMs) acquire SHE Accredited status using a defined exchange support mechanism."
SHE (Safety, Health and Environment) is regarded by the exchange as a base competency in the compliant manufacture, use and distribution of NMs and nano-enabled products. The combined US/UK operation will act to further demonstrate emerging nanobusiness as taking definitive and proactive steps toward self-regulation, a move encouraged by the global investment, insurance syndicates and consumer groups. INSCX exchange have repeatedly suggested any organisation engaged with commercial initiative to accrue benefit from nanotechnologies found itself obligated to accept the burden of proof in the context of compliance and safe practice rested firmly with the participants themselves to demonstrate.
Nanomaterials SHE forms an integral part of a necessary self-regulation combined with procedures to sequence exchange traded NMs from source through to end product. The process linking proof of SHE competence with a mechanism to reference the progress of NMs from source to end product, termed DAS (Downstream Audit Sequencing) meets the base requirement of corporate prudence and further underpins safeguards in societal interest.
An exchange spokesperson commented;
"The proactive and substantive effort to regulate nanoscience meeting commercial and societal interest we have long suggested as needing to emerge first from within nanobusiness itself. Too often the burden of regulation appears passed over as an inconvenient "red herring" to official regulation agencies while commercial efforts have continued unabated, in many cases with a reckless abandon to impartially proven standards."
Continuance of this ambivalent attitude toward regulation will not win over the confidence of global investors and insurers, elements vital to support the commercial sustainability of nanobusiness, and clearly, evidence points to the lack of movement within nanobusiness to developing procedures in-house to regulate as providing excuse for capital to "shy-away" from investment in the emerging field beyond tokenism. Furthermore, any assumption nanobusiness can continue supply of product containing NMs for sale to industry and consumers without independent assurance of safe practice, traceability and transparency tests the support of even the most sympathetic of insurers while wholly at odds with any appreciation of the most basic conventions of corporate prudence.
Historical proofs are abundant to demonstrate that effective regulation commences with a drive to self-regulate in support of official efforts, not the opposite as has proven the case with the emergence of nanobusiness. Acquiring the SHE standard, involving an impartial and objective audit assessment, a standard now greatly strengthened with tie up between AssuredNanoŽ and NanoTox Inc., provides commercial interest in NMs with the opportunity to follow the historical template as other industries have done to self-regulate. SHE accredited status demonstrates on the part of the accredited organisation, either a supplier or downstream user of NMs, adherence to best known practice serving both the interest of capital committed to commercial pursuits and the wider interests of society as a whole.
Since launching in December 2010, INSCX has operated a Credits System in support of AssuredNanoŽ. The system is geared to enable approved suppliers and registered users of the exchange fund the financial cost of initial and ongoing SHE evaluations in increments while meeting exchange trace regulations simply by using the trade platform.
The credits system operates by imposing a 0.5% transaction fee on all trade executed in a listed NM with the fee credited equally to the buyer and seller of the NM in question. On reaching the required level of "credits" the exchange issues instruction toAssuredNanoŽ to conduct an audit of the member and funds this cost. The system will now automatically transfer over to the newly merged AssuredNanoŽ/NanoTox entity to continue assistance to fund initial and ongoing annual SHE audit of exchange approved suppliers and registered users.
In summary a spokesperson for the exchange commented;
To qualify for SHE support suppliers and users of NMs are simply called to execute trade through the exchange process, a process historically contributing to secure the autonomous growth of key sectors of the existing global economy interlocking adherence to set standards with a market discipline to balance competing interests. The fact SHE accredited status implies to the investment and insurance community, not to mention the public a responsible disposition on the part of any NM supplier and user should be an obvious."
The spokesperson concluded;
"The imposition of the SHE levy is an ongoing cost of trade through INSCX exchange where funds will be used to finance initial and ongoing member SHE audit. Any surplus funds continually levied will remain committed to invest in further strengthening the AssuredNanoŽ/NanoTox merged entity to continue R&D and expansion of the SHE standard going forward."
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