Nodal Exchange announced that Paul Cusenza will retire as CEO of Nodal Exchange on March 15th, 2027, after over 19 years leading the company. Demetri Karousos, currently CEO of Nodal Clear and President & COO of Nodal Exchange will succeed Cusenza as CEO of Nodal Exchange on March 16th. Cusenza will remain Chair of the Boards of both Nodal Exchange and Nodal Clear.

Paul Cusenza states: “We are delighted to have Demetri step into the role of CEO of Nodal Exchange while continuing as CEO of Nodal Clear. Demetri has been fundamental to our success since the beginning, and I am confident that his leadership and extensive experience will continue to ensure Nodal Exchange’s position as an innovative, market-leading commodity exchange.”

Demetri Karousos comments: “I am honored to lead Nodal Exchange at such a dynamic time in the derivatives industry. I look forward to working with the Nodal team to drive innovation and to meet the rapidly evolving needs of the markets we serve. I look forward to building on the incredible foundation Paul has established.”

Nodal Exchange is enhancing its environmental suite with new products designed to address key market needs, regulatory shifts, and capital efficiency.

To address participant demand for streamlined trading without physical delivery obligations, Nodal introduced financially settled Renewable Identification Number (RIN) contracts settled against the OPIS index. Unlike physically settled contracts which require registry account waivers and physical delivery dispute resolution, the new financially settled structure removes physical risk entirely. This provides market participants with a direct, streamlined alternative to existing financially settled RIN products, unlocking access to the largest U.S. environmental market without physical operational friction.

As regulatory evolution and price volatility increase in Canada, Nodal has launched the market’s first derivative contracts for the Canadian Clean Fuel Regulations CFR. Designed to help clients navigate compliance requirements and manage risk, these contracts now provide crucial hedging tools as market adoption accelerates.

The Washington, D.C. Solar Renewable Energy Certificate (SREC) market has seen increased volatility, with prices adjusting from historic highs above $400–$450/MWh down toward the $355–$360/MWh range amid shifting supply dynamics and lower penalties for non-compliance. Nodal’s new DC Solar REC Options offer participants an effective way to hedge risk or gain market exposure without tying up significant capital, filling a key product gap where options contracts were previously unavailable.

Nodal Exchange, in collaboration with IncubEx, has built the broadest market for environmental products, with more than 125 futures and options.

Nodal Exchange announced growth in its power, environmental and natural gas markets in September 2026. Nodal power futures volume for September was 280.6 MWh, a 31% increase from the month prior. Q3 traded power futures volume totaled 693.3 MWh. Nodal is the #1 power futures exchange in the U.S. with 1.431 billion MWh of open interest and ~ 55% market share as of the end of September 2026.

Environmental futures and options on Nodal Exchange posted volume in September 2026 of 67,911 lots, up 15% from a year earlier. Open interest ended the month and quarter at 461,777 lots, up 12% from a year earlier.

Renewable energy certificate (REC) futures and options posted volume of 54,997 lots in September, up 60% from a year earlier and ended the month with open interest of 377,797 lots, up 29%. In Q3, REC volume of 107,684 lots rose 21% from a year earlier.