Norges Bank Investment Management Among Three to Join Sustainable Trading

Sustainable Trading, the non-profit organisation dedicated to transforming Environmental, Social and Governance (ESG) practices in the financial markets trading industry, has announced that three more firms have joined its membership network.

CastleOak Securities, Davy and Norges Bank Investment Management, join a group of investment managers, banks, brokers, exchanges, trading platforms and service providers that are supporting the creation and implementation of cross-industry ESG best practices and bring the total number of members to 60.

“Each firm is already committed to furthering ESG objectives and goals – CastleOak as a diverse broker-dealer through its giving back philosophy, Davy via their specialist advisory and sustainable investments, and Norges Bank Investment Management with its focus on responsible and sustainable investment,” says Duncan Higgins, founder and CEO of Sustainable Trading. “As such, we welcome their experience and first-hand perspectives as we continue to develop our ESG best practices and upcoming programme of activities.”

Since launching in February 2022, Sustainable Trading’s workstreams have seen members develop an initial set of Best Practices, covering topics from trading technology infrastructure to trading floor diversity. The initiative says members have begun to implement the practices, and the accompanying measurement framework is being used to establish a baseline and to track the progress of their implementation efforts.

In the coming months, it adds members will explore further subjects such as the environmental and governance implications of Artificial Intelligence, storage of high-volume market data, and the intersection of market structure and ESG. The workstreams will also initiate research into diversity and wellbeing within the trading industry to provide greater context to the Best Practices.

Emil Framnes, global head of equity trading and transition, Norges Bank Investment Management, says, “We are excited to join Sustainable Trading, aligning our commitment to responsible and long-term management with collective action. The organisation offers a platform to collaborate with peers, enhance transparency, and foster new initiatives that are vital for the sustainable evolution of the financial trading industry. It’s a step towards ensuring that the wealth we manage today extends into the future and benefits all stakeholders in the global market.”