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.
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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."
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ADM Investor Services, Inc. (FCM)
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BNP Paribas Prime Brokerage, Inc. (FCM)
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Citigroup Global Markets Inc. (FCM)
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Goldman, Sachs & Co. (FCM)
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Macquarie Futures USA LLC (FCM)
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Merrill Lynch, Pierce, Fenner & Smith Incorporated (FCM)
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Mizuho Securities USA Inc. (FCM)
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Morgan Stanley & Co. LLC (FCM)
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RBC Capital Markets, LLC (FCM)
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Royal Bank of Canada
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SG Americas Securities, LLC (FCM)
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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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151006006485/en/
Copyright Business Wire 2015
Source: Business Wire
(October 6, 2015 - 1:00 PM EDT)
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