Washington DC & New York, January 27, 2010
Nodal Exchange, the first exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the organized North American electric power markets, and Newedge Group, a leader in global brokerage, announced today that Newedge Group (UK Branch), with its membership in LCH.Clearnet, has become a General Clearing Member (GCM) for Nodal Exchange.
Nodal Exchange launched on April 8, 2009 with LCH.Clearnet as its central counterparty clearing house. Newedge Group becomes the seventh GCM to support trading on Nodal Exchange.
Robert Vujtech, Global Head of Energy for Newedge, said, “We are very client focused and keen to offer opportunities adding value to our clients. We have received significant interest in Nodal Exchange and are delighted that we are now able to add Nodal to the more than 85 futures, options and equities exchanges on which we offer clearing and execution services.”
Ann Sacra, President and Chief Operating Officer of Nodal Exchange, said, “We are very pleased to announce Newedge as a GCM on Nodal Exchange. Newedge has significant presence with power hedgers and financial entities who want to trade on Nodal Exchange. Trading is continuing to grow, and we are excited to be adding Newedge with their broad customer base to allow new companies the opportunity to participate on our exchange.”
About Nodal Exchange, LLC
Nodal Exchange is the first independent electronic commodities exchange dedicated to offering locational (nodal) forward trading products and services to participants in the organized North American electric power markets. Nodal Exchange builds on the success of the existing Regional Transmission Organization/Independent System Operator (RTO/ISO) day-ahead markets through the development of cash-settled forward nodal/zonal auctions that enables Nodal Exchange participants to effectively manage basis and credit risk. The Nodal Exchange platform also accepts for clearing bilateral over-the-counter (OTC) transactions submitted by participants and brokers. Nodal Exchange is an independent, privately held company. For more information, visit nodalexchange.com.
Newedge, a 50/50 joint venture between Société Générale and Calyon, is a major force in global multiasset brokerage business, with a world-leading position in the execution and clearing of listed derivative products. With a presence more than 20 locations in 17 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge’s 3,000+ employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets. For more information, visit www.newedge.com. (012710N04)
Contact Nodal Exchange, LLC:
Chief Executive Officer
Tel: +1 703 962 9812
Global Head of Press Relations
Tel: +33 155 07 2290
Tel: +44 207 676 8051