Nodal Clear

What Nodal Clear does

Nodal Clear, LLC is a CFTC-registered Derivatives Clearing Organization (DCO) and the first firm to elect Subpart C status at registration, providing central counterparty clearing services through novation for Nodal Exchange and Coinbase Derivatives. Following its formation in November 2014 as a wholly owned subsidiary of Nodal Exchange, it registered with the CFTC in September 2015 and migrated 100% of legacy positions from LCH.Clearnet by October 2015; the CFTC later approved it to clear for additional DCMs in November 2020 and it gained ESMA third-country CCP recognition under EMIR in March 2017. Its core technology stack is a tailored portfolio margining methodology — an expected-shortfall model calibrated to a 99.5% confidence level using over 1,000 return observations including stress periods, antitheticals, and a liquidity risk component — combined with SWIFT-based automated margin messaging (two margin calls per day), a web-based GUI for real-time account data, and collateral management supporting cash, letters of credit, and U.S. Treasury Securities. The firm operates EnergyClear for financially settled power, natural gas, and environmental contracts, and 24x7 clearing for select crypto futures cleared on Coinbase Derivatives since May 2025.

Nodal Clear monetizes through transaction-based clearing fees charged to FCM clearing members and regulated under CFTC Regulation 40.6(a) self-certification. As of mid-2026, it serves 23 clearing members spanning major U.S. and global FCMs (J.P. Morgan, Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, ABN AMRO, BNP Paribas, StoneX, Wedbush, Ripple Prime, Nanhua USA) and operates with a $338.9M Guaranty Fund plus $20M Clearing House Contribution. Distribution is exclusively indirect via FCM clearing members, with a certified ISV ecosystem of 12+ vendors (including Nasdaq, ION, TS Imagine, OpenGamma) replicating its margin methodology on the member side.

The company is wholly owned through Nodal Exchange Holdings, LLC by European Energy Exchange AG (EEX), part of Deutsche Börse Group, with headquarters in Tysons Corner, Virginia and 51-100 employees. Underlying market momentum is driven by Nodal Exchange's dominance in North American power futures (1.517 billion MWh / $170B notional open interest at end of April 2026) and the expansion of crypto futures clearing via Coinbase Derivatives.

Name

Nodal Clear

Legal name

Nodal Clear, LLC

Website

https://nodalclear.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Nodal Clear is a CFTC-registered Derivatives Clearing Organization that provides central counterparty clearing for Nodal Exchange's North American power, gas, and environmental futures and Coinbase Derivatives' cryptocurrency futures, serving 23 institutional FCM clearing members. It is a wholly owned subsidiary within EEX/Deutsche Börse Group, headquartered in Tysons Corner, Virginia.

Ownership category

akta.pro rank

Product category

Derivatives Clearing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Clearing Houses / Central Counterparties (CCPs) (FSACAHAC)

akta.pro secondary industries

Cleared Derivatives & Margin (CCP, IM/VM) (FSACADAJ), Derivatives Clearing, Settlement & Collateral Management (Crypto) (FSADAGAI)

Keywords

• Derivatives clearing services
• Central counterparty clearing
• Portfolio margining
• Clearing house operations
• Risk management infrastructure

Headquarters

HQ city

Virginia Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Clearing Services Fees: Nodal Clear generates revenue through clearing transaction fees charged to clearing members for central counterparty clearing services provided to Nodal Exchange and Coinbase Derivatives. Fee schedules are published and subject to regulatory self-certification requirements under CFTC Regulation 40.6(a).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Nodal Clear is a CFTC-registered Derivatives Clearing Organization (DCO) that provides central counterparty clearing services for derivatives traded on Nodal Exchange (North American power, natural gas, and environmental futures) and Coinbase Derivatives (cryptocurrency futures). Through the novation process, it becomes the buyer to every seller and seller to every buyer, reducing credit risk exposure for institutional market participants.

Product overview

Nodal Clear is a Derivatives Clearing Organization (DCO) providing central counterparty clearing services through a unified platform for Nodal Exchange and Coinbase Derivatives. The clearing house operates through its core clearing services, where EnergyClear coordinates settlement of Nodal Exchange's financially settled energy contracts including power, natural gas, and environmental futures and options. Nodal Clear's clearing operations are supported by its proprietary portfolio margining methodology, collateral management systems, and a web-based banking interface. The clearing house connects to market participants through certified independent software vendors that replicate its margin methodology, approved financial institutions for payment flows, and SWIFT messaging for automated margin processing.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Reduces credit risk exposure for market participants through central counterparty novation
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered major and core.

• Nanhua USA LLCmajorChannel Partner/ Reseller/ Distributor · 10 June 2026Nanhua USA LLC is the first Chinese-funded non-bank Futures Commission Merchant (FCM) in the United States, headquartered in Chicago. Clearing member of CME Group, ICE U.S., MIAX Futures Exchange, and Cboe Clear U.S. Now providing client access to Nodal Exchange power, gas, and environmental markets as well as Coinbase Derivatives contracts. First and only Chinese futures firm able to both trade and clear Nodal Exchange products. Subsidiary of Nanhua Futures Co., Ltd.
• Ripple (via Ripple Prime)majorChannel Partner/ Reseller/ Distributor · 5 March 2026Ripple Prime (formerly Hidden Road Partners CIV US LLC) offers multi-asset, technology-led prime brokerage, clearing and financing services. Cleared over $3 trillion in 2025. Now provides Ripple Prime clients access to the full suite of Coinbase Derivatives contracts cleared by Nodal Clear. Ripple is a blockchain-based enterprise solutions provider founded in 2012.
• Nodal ExchangecoreStrategic or Co-development PartnerNodal Exchange is the primary affiliated derivatives exchange for which Nodal Clear provides central counterparty clearing services. Nodal Exchange is a leader in North American power futures with over 1,000 power contracts and environmental futures/options. Nodal Clear provides the EnergyClear service for Nodal Exchange's financially settled energy contracts. Ownership structure: Nodal Exchange Holdings, LLC owns Nodal Exchange, which in turn owns Nodal Clear.
• Coinbase Derivatives (LMX Labs)coreStrategic or Co-development PartnerCoinbase Derivatives (LMX Labs, LLC) is a Designated Contract Market (DCM) regulated by the CFTC. All contracts traded on Coinbase Derivatives clear through Nodal Clear. Coinbase Derivatives offers cryptocurrency futures including nano Bitcoin, nano Ethereum, Solana, and XRP futures, available 24/7 in a CFTC-regulated environment.
• European Energy Exchange AG (EEX)coreStrategic or Co-development PartnerEuropean Energy Exchange AG (EEX) is the leading energy exchange in Europe and the ultimate parent company. EEX develops, operates, and connects secure, liquid, and transparent markets for energy and related products including Power, Natural Gas, Emission Allowances, Freight and Agricultural Products. EEX wholly owns Nodal Exchange Holdings, LLC, which owns Nodal Clear. Part of EEX Group and Deutsche Börse Group.
• J.P. Morgan Securities LLCmajorChannel Partner/ Reseller/ DistributorMajor financial institution now offering clearing services to clients trading on Nodal Exchange through Nodal Clear. J.P. Morgan provides client access to Nodal Exchange power, gas, and environmental markets. Nodal Exchange holds majority of North American power futures open interest.
• StoneX Financial Inc.majorChannel Partner/ Reseller/ DistributorStoneX Group Inc. provides clients access to Coinbase Derivatives Exchange contracts cleared by Nodal Clear, including nano Bitcoin futures (BIT) and nano Ethereum futures (ET) contracts sized for retail traders.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Regional players

• JSCC (Japan Securities Clearing Corporation): JSCC is the Japanese central counterparty clearing equities, bonds, and derivatives; a comparable CCP in another major market that illustrates the global clearing-house benchmark relevant to Nodal Clear's post-EMIR European footprint.

Broad incumbents

• Eurex Clearing: Eurex Clearing is the European derivatives CCP within Deutsche Börse Group and Nodal Clear's sister CCP; both share EEX/Db Group infrastructure and are directly comparable as multi-asset central counterparties, with Eurex providing the European benchmark.
• LCH (LSEG): LCH, part of London Stock Exchange Group, is a global multi-asset CCP that previously cleared Nodal Exchange power contracts until 2015; this is the CCP from which Nodal Clear carved out its U.S. energy clearing franchise and remains a comparable multi-asset clearing operator.
• Nasdaq Clearing: Nasdaq Clearing operates U.S. and Nordic clearing houses and is both a competitor in derivatives clearing and a certified ISV replicating Nodal Clear's margin methodology, giving it dual comparability along distribution and risk-modeling dimensions.
• CME Group: CME Group operates the largest U.S. derivatives clearing house (CME Clearing) providing central counterparty services across interest rate, equity, FX, agricultural, and energy futures — the dominant incumbent benchmark against which Nodal Clear's specialized energy and crypto clearing are measured.
• ICE Clear Credit: ICE Clear Credit operates CDS clearing and shares ICE's U.S. clearing umbrella with ICE Clear U.S.; relevant peer for benchmarking CFTC-regulated multi-asset CCP economics and risk-management standards.
• ICE Clear U.S. Intercontinental Exchange's U.S. clearing house clears energy, credit, and equity derivatives for ICE Futures U.S., competing directly with Nodal Clear in North American power and credit derivatives clearing.
• The Options Clearing Corporation (OCC): OCC is the central counterparty for U.S. listed equity options and a comparable CFTC/SEC-regulated CCP; relevant peer given its role as primary U.S. derivatives clearing infrastructure and similar PFMI-aligned governance.

Direct peers

• Cboe Clear U.S. Cboe Clear U.S. (formerly BIDS Trading/Offset derivatives clearing) is a CFTC-registered U.S. derivatives CCP that Nanhua USA is also a member of; a direct peer competing for multi-asset DCO clearing volumes alongside Nodal Clear.
• MIAX Futures Exchange / LedgerX-style crypto CCPs: MIAX Futures and similar U.S. DCMs/CCPs (including historical crypto-derivative CCPs like LedgerX) compete with Coinbase Derivatives / Nodal Clear for crypto futures clearing volume and are the most direct comparables in regulated digital-asset derivatives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NodalClear
• LinkedInlinkedin.com/company/nodal-clear

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nodal Clear