EEX Group Acquires Commodities Business of Nasdaq Futures, Inc. (NFX)
November 12 2019 - 9:00AM
Business Wire
EEX Group and U.S. based Nasdaq Futures, Inc. (NFX) have
successfully reached an agreement to sell NFX’s futures and options
exchange business to EEX Group. EEX Group will acquire the core
assets of NFX, including the portfolio of open interest in NFX
contracts. 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
Group’s clearing houses Nodal Clear and European Commodity Clearing
(ECC).
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The agreement signifies another major development for EEX
Group’s global business as it continues to expand its presence in
the U.S. energy markets and seaborne commodities sector.
Speaking on the announcement, Peter Reitz, EEX CEO comments:
“This is a landmark deal for EEX Group as we continue to follow our
global expansion strategy and one which will bring significant
benefits for our client base worldwide by creating an even larger
liquidity network and offering higher capital efficiencies.”
Kevin Kennedy, Senior Vice President of North American Market
Services at Nasdaq adds: “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.”
The parties will now begin the necessary technical preparations
to facilitate the open interest transfer to ensure that position
holders experience a seamless transition. Both EEX Group and NFX
are committed to ensuring that all NFX clients continue to receive
excellent customer service during and following the transfer
period.
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.
“Nodal continues to grow its power futures market, and we
expanded into natural gas in September,” comments Paul Cusenza,
Chairman and CEO of Nodal Exchange and Nodal Clear. “We are
extremely pleased to be able to build upon the business NFX
successfully created, to further expand our products and services
in power and gas and to introduce oil and ferrous metals contracts
thereby further broadening the commodity markets we serve.”
Dr Tobias Paulun, EEX Chief Strategy Officer continues: “Since
launching our Global Commodities business in 2016, we have
continued to develop and expand our offering, thereby demonstrating
our commitment in the seaborne commodities market. We have also
seen a series of strategic developments across the business with
the LCH freight novation and more recently the launch of EEX Asia
being notable examples. Furthermore, ECC now serves as the clearing
house for both EEX and EEX Asia, thereby offering our customers the
choice of where they trade their freight products and manage their
open interest. This agreement is a watershed moment for our
business as we move forward, and further demonstrates our belief in
this market.”
As a Global Commodities Exchange, EEX Group’s established
presence in Europe, Asia and North America, ensures that it is
ideally placed to promote and grow liquidity in the commodities
sector worldwide with an established network of traders and brokers
as well as a technical and regulatory offering which enables market
participants across all time zones to access the benefits of the
group’s trading and clearing services easily and efficiently.
EEX Group provides market platforms for energy and
commodity products across the globe, providing access to a network
of more than 600 trading participants. The group offers trading in
energy, environmental products, freight, metal and agriculturals as
well as subsequent clearing and registry services. EEX Group
consists of the trading venues European Energy Exchange (EEX), EPEX
SPOT, Powernext, EEX Asia and Nodal Exchange as well as the
registry provider Grexel Systems and the clearing houses European
Commodity Clearing (ECC) and Nodal Clear. EEX is a member of
Deutsche B�rse Group. More information: www.eex-group.com.
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Cautionary Note Regarding Forward-Looking Statements
(Nasdaq)
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements with respect to the acquisition by EEX
Group of the core assets of Nasdaq Futures, Inc. and the benefits
of the transaction, and statements about Nasdaq Futures, Inc. and
its products and offerings. We caution that these statements are
not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Forward-looking statements involve a number of risks,
uncertainties or other factors beyond Nasdaq's control. These
factors include, but are not limited to factors detailed in
NASDAQ’s annual report on Form 10-K, and periodic reports filed
with the U.S. Securities and Exchange Commission. We undertake no
obligation to release any revisions to any forward-looking
statements.
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EEX Michael Mervyn-Jones T +44 207 862-7568 (London) |
+49 341 2156-216 (Leipzig) presse@eex.com
Nasdaq Joe Christinat T 646-441-5121 (desk) /
646-284-5920 (mobile) joseph.christinat@nasdaq.com
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