Nodal Clear was named Clearing House of the Year at the FOW International Awards 2023 in London during an evening ceremony following the publication’s Trading London conference on November 29th. The FOW International Awards recognize innovation and achievement for firms in the derivatives industry.

Nodal Clear is a clearing house providing central counterparty services for Nodal Exchange and Coinbase Derivatives Exchange. Nodal Clear has innovated in the clearing space introducing its award-winning expected shortfall methodology for initial margin calculations. Owing to the efficiency and effectiveness of its risk methodology, Nodal Exchange has become the leading power futures exchange in North America.

Nodal Exchange announced new trading records in power and environmental futures. In power, Nodal achieved a year-to-date record with January to November 2023 traded power futures volume of 2.574 billion MWh, up 15% from the same period in 2022. In November, Nodal Exchange traded volume was 219.2 million MWh, up 11% from November 2022. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with 1.283 billion MWh at the end of November. The open interest represents over $116.5 billion of notional value (both sides).

In Nodal’s natural gas markets, futures trading reached 79.5 million MMBtu in November 2023, which is up 4X year-over-year.

Nodal also achieved record open interest and volume in the environmental markets in November. Open interest ended the month at a record 290,733 lots, up 32% from a year earlier. Volume hit a monthly record of 47,007 lots, up 74% from a year earlier. Volume through the first 11 months of 2023 was 317,758 lots, up 28%.