Nodal Exchange announced today that it successfully migrated natural gas futures and options contracts open interest from Nasdaq Futures, Inc. (NFX) to Nodal Clear, Nodal Exchange’s clearing house, pursuant to the agreement announced in November 2019 whereby Nodal purchased core assets of NFX’s futures and options exchange business. 818,737,500 million British Thermal Units (MMBtu) were migrated this morning to Nodal Exchange. This is the energy equivalent of 240 million MWh and represented about 94,000 lots. Nodal Exchange previously migrated 91 million MWh of power futures and options on February 6, 2020 which represented all of the NFX North American power open interest (except for current month expiries by design).
“These are challenging times with the current pandemic, and I very much appreciate the cooperation and support from our customers in accomplishing this migration,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “We are excited about growing our natural gas market which is an effective complement to our power market given the cross-margining benefits and the interrelatedness of these markets.”
Nodal Exchange has a 48% market share of U.S. power futures open interest with over 930 million MWh of open interest.
