Newedge Group, with its membership in LCH.Clearnet, has become a general clearing member for Nodal Exchange, the first exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the North American electric power markets.
Nodal Exchange launched on 8 April 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, says: “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, adds: "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.”
