CFTC Grants Nodal Clear, LLC Registration As A Derivatives Clearing Organization

Nodal Clear, LLC, the new clearing house subsidiary of Nodal Exchange, announced today that it has been granted registration as a derivatives clearing organization (DCO) by the U.S. Commodity Futures Trading Commission (CFTC). Nodal Clear is the first DCO to elect to become a Subpart C DCO at the time of its registration.

The DCO application was originally filed on December 9, 2014. Nodal Exchange plans to transition the clearing house for contracts listed for trading on Nodal Exchange from LCH.Clearnet Limited in the United Kingdom to Nodal Clear in the United States on October 19, 2015. After the transition, Nodal Clear will serve as the central counterparty for all Nodal Exchange transactions.

“This registration is a very exciting milestone for Nodal Clear, Nodal Exchange and our trading and clearing community,” said Paul Cusenza, Chairman and Chief Executive Officer of Nodal Exchange and Nodal Clear. “Nodal Exchange has become a significant part of the North American power market, providing the most granular and diverse set of locations for cleared power contracts, and we look forward to continued growth with the transition to Nodal Clear. We deeply appreciate the efforts of our many stakeholders in making this transition to Nodal Clear possible.”

Since the commencement of trading in April 2009, all Nodal Exchange contracts have been cleared by LCH.Clearnet Limited. Nodal Exchange contracts will continue to be cleared by LCH.Clearnet Limited until transition to Nodal Clear.