Overview

Nodal Exchange, launching in early 2009, will be the first independent electronic commodities exchange dedicated to offering locational (nodal) forward trading products and services to participants in the organized North American power markets.

Nodal Exchange will build on the success of the existing Regional Transmission

Organization (RTO/ISO) day-ahead markets through the development of cash-settled forward nodal/zonal auctions that will enable participants to effectively manage basis and credit risk. The Nodal Exchange platform will also accept for clearing bilateral OTC transactions submitted by participants and brokers.