Nodal Exchange
Nodal Exchange is a CFTC-regulated US derivatives exchange providing price, credit, and liquidity risk management across North American power, natural gas, and environmental markets via 1,000+ power nodal contracts, 120+ environmental products, and portfolio-margined clearing through wholly-owned Nodal Clear, as a subsidiary of EEX Group.
- Company typePrivate
- Founded2009
- HeadquartersVienna, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Nodal Exchange does
Nodal Exchange is a CFTC-regulated designated contract market and derivatives exchange headquartered in the Washington, DC area, founded in April 2009 as the first independent electronic commodities exchange dedicated to locational (nodal) forward trading in North American electric power. It is privately held and a subsidiary of EEX Group, a Deutsche Börse-owned international commodity markets operator. The exchange provides price, credit, and liquidity risk management for wholesale energy and environmental market participants, with its wholly-owned clearing house Nodal Clear (a CFTC-registered derivatives clearing organization) clearing every transaction using a portfolio margining approach that yields capital efficiency across power and natural gas positions.
The product franchise is built around three asset classes: (1) Power Futures and Options, with over 1,000 contracts covering hundreds of unique nodes and zones across ISO-NE, NYISO, PJM, MISO, ERCOT, SPP, CAISO, and Mid-C; (2) Henry Hub natural gas futures and options in 2,500 and 10,000 MMBTU lots, including monthly and penultimate variants; and (3) Environmental Futures and Options with 120+ products across 70+ markets, including California Carbon Allowances, RGGI, Washington, Alberta, EPA NOx, RECs, RINs, and RNG certificates. Trading is delivered through the Nodal Access web platform (launched 2025), Nodal BlockTrade, and connected ISVs. Recent product expansions include 46 Power Daily Futures Contracts (Feb 2026) and the first financially settled CCA futures (Mar 2026, with IncubEx), and market data is distributed via CSV, FIX API, and HTTP API.
Commercially, Nodal operates an exchange-listing model: revenue is generated through transaction fees on traded contracts and clearing fees through Nodal Clear, with specific fee schedules not publicly disclosed. The customer base is multi-sided and enterprise-oriented: clearing members (e.g., Nanhua USA, the first Chinese firm able to both trade and clear on the exchange), prop trading firms (e.g., DRW, Gator Trading Partners), brokers (e.g., Tullett Prebon), and end-users (utilities, generators, retailers, hedge funds) that require basis-risk management across hundreds of wholesale power locations. Nodal Exchange reports 56% share of North American power futures open interest and a multi-year record of product launches and industry awards, including consecutive Energy Risk 'Commodity Exchange of the Year' wins in 2019, 2021, 2024, and 2025.
Nodal Exchange firmographics
Firmographics- Name
- Nodal Exchange
- Legal name
- Nodal Exchange, LLC
- Website
- https://nodalexchange.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nodal Exchange is a CFTC-regulated US derivatives exchange providing price, credit, and liquidity risk management across North American power, natural gas, and environmental markets via 1,000+ power nodal contracts, 120+ environmental products, and portfolio-margined clearing through wholly-owned Nodal Clear, as a subsidiary of EEX Group.
- Ownership category
- akta.pro rank
Nodal Exchange industry classification
Industry- Product category
- Derivatives Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Energy Commodities Exchanges (Crude Oil, Refined Products, Natural Gas, Power) (FSAFAMAC)
- akta.pro secondary industry
- Commodity Derivatives Exchanges (Futures & Options on Commodities) (FSAFAMAG)
Keywords
Where Nodal Exchange is headquartered
LocationHeadquarters
- HQ city
- Vienna
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Nodal Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Exchange Trading and Clearing Fees: Nodal Exchange generates revenue through transaction fees charged on futures and options contracts traded on the exchange and clearing fees through its subsidiary Nodal Clear. All transactions on Nodal Exchange are cleared through Nodal Clear.
Distribution channels3 records
Marketing channels3 records
Nodal Exchange product offering
Product offeringCore offering
Nodal Exchange operates an electronic derivatives exchange providing futures and options contracts on North American power, natural gas, and environmental commodities. It offers over 1,000 locational (nodal) power contracts across ISO-NE, NYISO, PJM, MISO, ERCOT, SPP, CAISO, and Mid-C markets, 120+ environmental futures and options products across 70+ environmental markets, and Henry Hub natural gas monthly and penultimate futures. All transactions are cleared through its wholly-owned subsidiary Nodal Clear using a portfolio margining approach.
Product overview
Nodal Exchange is a derivatives exchange providing price, credit, and liquidity risk management solutions to participants in North American commodities markets. The company operates as a platform with multiple interconnected products: Power Futures and Options (locational/nodal contracts covering major ISOs with 1,000+ contracts), Natural Gas Futures (Henry Hub monthly and penultimate contracts), and Environmental Futures and Options (120+ products across carbon, RECs, RINs, and other emissions markets). Trading is facilitated through the Nodal Access web platform and Nodal BlockTrade. All contracts are cleared through Nodal Clear, the company's CFTC-registered clearing house, which provides portfolio margining for capital efficiency. The exchange recently expanded with Power Daily Futures for intraday position management and launched financially settled California Carbon Allowance contracts. As part of EEX Group, Nodal Exchange maintains its position as the North American power futures market leader with 56% share of open interest.
Differentiator
Problem solved
Functional benefit
Products and services
- Power Futures and Options Locational (nodal) futures and options contracts in North America's wholesale electric markets covering ISO-NE, NYISO, PJM, MISO, ERCOT, SPP, CAISO, and Mid-C. Contracts cover on-peak and off-peak power at significant hubs, zones, and nodes. Over 1,000 power contracts on hundreds of unique locations providing effective basis risk management for utilities, generators, retailers, and traders.
- Natural Gas Futures and Options Monthly futures and penultimate futures and options products on the Henry Hub natural gas market in 2,500 and 10,000 MMBTU lot sizes. Contracts enhance capital efficiency through portfolio margining with participants' power portfolios.
- Environmental Futures and Options Environmental contracts covering Carbon Emissions Allowances & Offsets, Renewable Energy Certificates, Renewable Fuel Credits, Renewable Natural Gas Certificates, and other emission allowances. Over 120 futures and options products across 70+ environmental markets, including California Carbon Allowances (physically and financially settled), Regional Greenhouse Gas Initiative, Washington, Alberta, EPA NOx emissions, and CORSIA contracts.
- Nodal Clear CFTC-registered derivatives clearing organization that clears all Nodal Exchange contracts. Uses a portfolio margining approach providing participants significant risk management and capital efficiency advantages across power and natural gas positions.
- Nodal Access Trading Platform Web-based electronic trading platform allowing users to execute and manage all trades from any browser. Easy-to-navigate interface for accessing Nodal Exchange's derivatives contracts.
- Market Data Services Market data across asset classes including power, natural gas, and environmental markets to inform trading decisions, monitor trends, and build historical models. Available in CSV, FIX API, and HTTP API formats.
- Power Daily Futures Contracts Daily futures contracts allowing participants to manage positions inside the current month. First daily futures contracts offered by Nodal Exchange, available for both block and electronic trading.
- Financially Settled California Carbon Allowance (CCA) Futures and Options First financially settled CCA futures and options contracts enabling market participants to access the California carbon market without operational requirements of physical delivery. Settlement based on average of daily settlement prices over final five trading days.
- Nodal BlockTrade Platform for block trading administration, part of the Nodal Platform ecosystem for clearing and trading firm administration.
Companies that use Nodal Exchange
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles4 records
Nodal Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Nodal Exchange partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered strategic, core and minor.
- Nanhua USA LLCstrategicNanhua USA became a clearing member of Nodal Clear, becoming the first and only Chinese futures firm authorized to both trade and clear products on Nodal Exchange. Nanhua USA is an indirect wholly-owned subsidiary of Nanhua Futures Co. Ltd. (Hengdian Group's financial futures arm) headquartered in Chicago. The firm also became a Coinbase FCM participant enabling access to crypto derivatives alongside Nodal Exchange products.
- IncubExcoreNodal Exchange works in collaboration with IncubEx to develop and launch environmental futures and options products. IncubEx is an incubator for exchange traded products founded in 2016 with offices in Chicago and London, led by former Climate Exchange executives. The partnership has launched California Carbon Allowance futures and options (both physical and financial settlement), RGGI contracts, and other environmental products. Nodal and IncubEx offer over 120 environmental futures and options products.
- Tullett PrebonminorTullett Prebon brokered the first trade in financially settled California Carbon Allowance futures on Nodal Exchange, involving DRW and Gator Trading Partners.
- EEX GroupcoreNodal Exchange is part of EEX Group, a group of companies serving international commodity markets. As part of EEX Group, Nodal Exchange benefits from global commodity market infrastructure and relationships.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Nodal Exchange competitors and assessment
Company assessmentBroad incumbents
- Nasdaq, Inc. Nasdaq previously operated NFX (Nasdaq Futures), whose power and natural gas open interest Nodal acquired in 2020. While no longer a direct competitor in listed energy futures, Nasdaq remains a broader capital markets incumbent and historically a peer in US-listed derivatives infrastructure.
- LCH (LSEG): LCH is a major global clearing house (part of London Stock Exchange Group) that provided clearing services for Nodal Exchange's early cash-settled financial nodal power contracts. Comparable clearing infrastructure operator with multi-asset class capabilities and a competitor/partner relationship with Nodal Clear.
- Cboe Global Markets: Cboe operates Cboe Futures Exchange and Cboe Clear U.S., offering VIX futures and other derivatives with a clearing operation. Listed in the Nanhua USA partnership as a clearing member relationship, Cboe is a broader derivatives marketplace incumbent with overlapping clearing services.
Emerging players
- IncubEx: IncubEx is an exchange-traded product incubator founded by former Climate Exchange executives that co-develops environmental futures and options with Nodal Exchange. Nodal/IncubEx partnership has launched California Carbon Allowance, RGGI, and other environmental products, making IncubEx a complementary emerging player in environmental derivatives.
- Coinbase Derivatives: Coinbase Derivatives (formerly FairX) is a CFTC-regulated crypto derivatives exchange. Mentioned in Nodal's partnership context via Nanhua USA's Coinbase FCM participation, it represents an emerging player in regulated US derivatives, with potentially overlapping institutional client bases despite different asset class focus.
Direct peers
- CME Group: CME Group is the largest US-listed derivatives exchange operator, offering competing energy products including Henry Hub natural gas futures (NYMEX) and various power and environmental contracts. CME directly competes with Nodal Exchange in energy and commodity derivatives, with substantially larger scale and broader product coverage.
- Intercontinental Exchange (ICE): ICE operates ICE Futures Europe and ICE Endex, offering global energy, emissions, and natural gas derivatives. ICE is a primary direct competitor to Nodal in North American natural gas and power futures, with comparable clearing services (ICE Clear U.S.) and overlapping environmental product offerings.
- MIAX Futures Exchange (formerly Dorman Trading): MIAX Futures is a smaller US-regulated derivatives exchange offering energy and metals futures with its own clearing (MIAX Clear). Direct competitor in the US energy futures market with similar DCM/DCO regulatory structure, though smaller scale and more limited product suite than Nodal.
- EEX (European Energy Exchange): EEX is Nodal Exchange's sister company within EEX Group (Deutsche Börse subsidiary), operating European power, natural gas, emissions, and agricultural derivatives. Highly comparable business model, product structure, and regulatory approach, with potential product cross-pollination opportunities across Atlantic markets.
Others
- Trayport: Trayport is a wholesale energy trading platform connecting brokers, traders, and exchanges globally. While not a direct competitor, it serves as enabling trading infrastructure in adjacent energy markets, and is part of the broader ecosystem in which Nodal Exchange's contracts are accessed by institutional participants.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Nodal Exchange social profiles
Digital presenceNodal Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nodal Exchange leadership team
Management profileNumber of profiles
Profiles2 records
Nodal Exchange subsidiaries and ownership
Company hierarchySubsidiaries1 record
Nodal Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nodal Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nodal Exchange
What does Nodal Exchange do?
Nodal Exchange operates an electronic derivatives exchange providing futures and options contracts on North American power, natural gas, and environmental commodities. It offers over 1,000 locational (nodal) power contracts across ISO-NE, NYISO, PJM, MISO, ERCOT, SPP, CAISO, and Mid-C markets, 120+ environmental futures and options products across 70+ environmental markets, and Henry Hub natural gas monthly and penultimate futures. All transactions are cleared through its wholly-owned subsidiary Nodal Clear using a portfolio margining approach.
Is Nodal Exchange a public or private company?
Nodal Exchange is a private company. It is classified as corporate owned and is currently operating.
When was Nodal Exchange founded?
Nodal Exchange was founded in 2009. It employs 11 to 50 people.
Where is Nodal Exchange based?
Nodal Exchange is headquartered in Vienna, United States, in the North America region.
How does Nodal Exchange make money?
One revenue line is on record: exchange Trading and Clearing Fees.
Who are Nodal Exchange's main competitors?
Broad incumbents on record are Nasdaq, Inc., LCH (LSEG) and Cboe Global Markets. Emerging players are IncubEx and Coinbase Derivatives. Direct peers are CME Group, Intercontinental Exchange (ICE), MIAX Futures Exchange (formerly Dorman Trading) and EEX (European Energy Exchange). Trayport is listed as an others.
Does Nodal Exchange have an API?
No public API is recorded for Nodal Exchange.
What industry is Nodal Exchange in?
Nodal Exchange's product category is Derivatives Exchange. Its primary akta.pro industry code is FSAFAMAC, Energy Commodities Exchanges (Crude Oil, Refined Products, Natural Gas, Power), with a secondary code of FSAFAMAG, Commodity Derivatives Exchanges (Futures & Options on Commodities). Its NAICS code is 523210 and its SIC code is 6200.