EEX Group Acquiring Commodities Business of Nasdaq Futures
November 12 2019 - 9:55AM
Dow Jones News
By Michael Dabaie
Energy and commodity market platforms company EEX Group said it
agreed to acquire Nasdaq Futures Inc.'s futures and options
exchange business.
EEX Group, part of Deutsche Boerse Group, will acquire the core
assets of Nasdaq Inc.'s (NDAQ) Nasdaq Futures, or NFX, including
the portfolio of open interest in NFX contracts.
EX Group trading venues include European Energy Exchange, EPEX
SPOT, Powernext, EEX Asia and Nodal Exchange.
The transaction involves the transfer of existing open positions
in U.S. power, U.S. natural gas, crude oil, ferrous metals and dry
bulk freight futures and options contracts to EEX's clearing
houses, Nodal Clear and European Commodity Clearing.
"Nasdaq entered the U.S. futures marketplace in response to
clients who wanted to develop new ways to innovate around energy
and freight trading. After evaluating the steady progress we made
to expand our client base and grow open interest, the next step
forward is for EEX and Nodal to continue this mission," said Kevin
Kennedy, senior vice president of North American market services at
Nasdaq
Nodal and Nodal Clear plan to complete the integration of U.S.
power contracts by December 2019. EEX and ECC aim to complete the
transfer of all open positions in dry bulk freight by February
2020. U.S. natural gas, crude oil and ferrous metals contracts will
transfer to Nodal in spring 2020, EEX said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
November 12, 2019 09:40 ET (14:40 GMT)
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