Washington D.C., October 6, 2015
Nodal Clear, LLC, the new clearing house subsidiary of Nodal Exchange, announced today that the Board has approved twelve clearing members of Nodal Clear for the Nodal Exchange market. Eleven of the twelve approved clearing members are futures commission merchant (FCM) clearing members able to clear for customer accounts.
The following institutions are approved clearing members of Nodal Clear for the Nodal Exchange market. Institutions that have been approved as FCM clearing members are designated with “FCM.”
- ADM Investor Services, Inc. (FCM)
- BNP Paribas Prime Brokerage, Inc. (FCM)
- Citigroup Global Markets Inc. (FCM)
- Goldman, Sachs & Co. (FCM)
- Macquarie Futures USA LLC (FCM)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (FCM)
- Mizuho Securities USA Inc. (FCM)
- Morgan Stanley & Co. LLC (FCM)
- RBC Capital Markets, LLC (FCM)
- Royal Bank of Canada
- SG Americas Securities, LLC (FCM)
- Wells Fargo Securities, LLC (FCM)
“We are very pleased to have such a robust list of clearing members ready to support Nodal Exchange participants upon transition to Nodal Clear,” said Paul Cusenza, Chairman and Chief Executive Officer of Nodal Exchange and Nodal Clear. “We sincerely appreciate the support and efforts of all of our clearing members in making this transition to Nodal Clear possible.”
Nodal Clear was granted registration as a derivatives clearing organization (DCO) by the U.S. Commodity Futures Trading Commission (CFTC) on September 24, 2015, and 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.
About Nodal Clear, LLC
Nodal Clear, LLC is a wholly owned subsidiary of Nodal Exchange, LLC. The CFTC granted Nodal Clear registration as a DCO, and Nodal Clear intends to commence clearing Nodal Exchange contracts on October 19, 2015. Nodal Clear will serve as the central counterparty for all Nodal Exchange transactions. Nodal Clear’s strong risk management practices create a sound market infrastructure for trading Nodal Exchange contracts. Nodal Clear employs a tailored portfolio margining methodology that appropriately margins Nodal Exchange contracts and provides capital efficiencies to market participants.
About Nodal Exchange, LLC
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American energy markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers a Henry Hub natural gas contract providing cross margining benefits with participant’s power portfolios. Nodal Exchange is a designated contract market regulated by the CFTC. Nodal Exchange is an independent, privately held company.