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Nodal Exchange, LLC announced the successful migration of 100% of the positions in Nodal Exchange contracts from the previous clearing house, LCH.Clearnet Limited, to Nodal Clear, LLC, the new clearing house subsidiary of Nodal Exchange. Nodal Clear now serves as the central counterparty for all Nodal Exchange transactions.
Twelve clearing members were involved in the transition today, which moved approximately 340 million megawatt hours of futures positions with a notional value of over $12 billion on each side (over $24 billion total) to Nodal Clear.
Nodal Clear has contributed $20 million of its funds to the default waterfall, and Nodal Clear’s 12 clearing members have placed $100 million in Nodal Clear’s guaranty fund.
“The successful transition to Nodal Clear is a tremendous achievement and milestone for our organization,” said Paul Cusenza, Chairman and Chief Executive Officer of Nodal Clear and Nodal Exchange. “Establishing Nodal Clear was an important strategic decision for Nodal Exchange as it gives us the opportunity to more rapidly offer new products and services to better meet the needs of the markets we serve. We sincerely appreciate the support and efforts of all those in our trading and clearing community who helped make this transition to Nodal Clear possible.”
Nodal Clear was formed October 1, 2014, and was granted registration as a derivatives clearing organization (DCO) by the U.S. Commodity Futures Trading Commission (CFTC) on September 24, 2015.
