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Natural Gas Exchange Inc. (NGX), a wholly-owned subsidiary of TMX Group, today announced that it has initiated its US physical power clearing services in the ERCOT (Texas) market.
The launch is pursuant to the agreement that NGX entered into with NASDAQ OMX Commodities Clearing Company (NOCC) in July 2013. The transfer of the physical energy products to NGX was successfully completed, and the products are now available for trading through the IntercontinentalExchange Inc.'s WebICE.
“We are pleased that our inaugural efforts in US power clearing have been successful,” said Jim Oosterbaan, President of NGX. “We are confident that our customers will realize important benefits, including collateral efficiencies, regulatory certainty and enhanced liquidity.”
NGX is working to expand its product offering within ERCOT and into the WECC region in 2014.
