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Market intermediaries play a crucial role in stitching together necessary actors for effective systems of exchange. However, there is limited understanding of how intermediaries emerge, and contribute to, water market development. This article explains how the China Water Exchange, the country’s first and only national-level water trading platform, was catalysed by a top-down imperative consistent with China’s water governance reform path. It shows how its genesis, objectives and functions reflect the congruence of goals between its key actors, and their struggles and efforts to build trust. Our focus on interorganizational dynamics adds a new perspective to understanding water market intermediaries.