Nodal Clear Taps Veteran Insiders to Helm Next Phase of Growth

WASHINGTON, DC – March 31, 2026 – Nodal Clear, a key derivatives clearing house for North American energy and financial markets, today announced a significant executive leadership transition designed to steer its next chapter of expansion. Effective May 1, 2026, company veterans Demetri Karousos will step into the role of Chief Executive Officer and Huan Zhang will assume the position of President.

The move marks a calculated succession, with Paul Cusenza, who has led the clearing organization since its inception, transitioning to Chairman of the Board. Cusenza will maintain his executive leadership roles as Chairman and CEO of the affiliated Nodal Exchange. This strategic realignment places two of the company’s foundational architects at the helm, signaling a dual commitment to both proven stability and forward-looking innovation.

A Strategic Handover for Continuity

The leadership change is being positioned as a seamless handover rather than a dramatic shift in direction. By elevating long-serving executives, Nodal Clear reinforces the core principles that have underpinned its growth, particularly its robust risk management framework. Cusenza’s continued presence as Chairman of Nodal Clear and head of Nodal Exchange ensures that the founder's vision and strategic oversight will remain integral to the organization’s trajectory.

“We are delighted to have Demetri and Huan taking the positions of CEO and President of Nodal Clear,” stated Paul Cusenza. “They have been fundamental to our success since the beginning, and I am confident that their leadership and extensive experience will continue to ensure Nodal Clear’s position as an innovative and leading North American clearing house.”

This approach is characteristic of critical financial market infrastructures, where leadership continuity and deep institutional knowledge are prized for ensuring market stability. Karousos will build on a foundation he helped create, a point he acknowledged in his statement. “I am honored to lead Nodal Clear at such a dynamic time in the derivatives industry,” said Karousos. “I look forward to building on the incredible foundation Paul has established.”

Deep Expertise in Risk and Innovation

The backgrounds of both Karousos and Zhang underscore a deliberate focus on reinforcing Nodal Clear’s core strength: sophisticated risk management. Demetri Karousos, who joined Nodal Exchange in 2008, has been a pivotal figure in the company’s evolution. He was instrumental in developing Nodal’s proprietary risk methodology and managed the complex transition of clearing services from LCH.Clearnet Ltd. to the newly established Nodal Clear in 2015. In his most recent role as President of Nodal Clear, he has already been overseeing technology, operations, risk, and clearing services, making his step up to CEO a natural progression. He will also retain his titles of President and Chief Operating Officer of Nodal Exchange.

Huan Zhang, the new President, will continue to serve as Chief Risk Officer, a role he has held since March 2022. His tenure with Nodal dates back to 2009, where he was a key contributor to the strategy, analysis, and development that led to Nodal Clear’s launch. His expertise is further distinguished by a two-year period abroad managing clearing operations at the Dalian Commodity Exchange and leading product and operations at the Guangzhou Futures Exchange in China, providing him with a unique global perspective on clearing house management. “I believe Nodal Clear is in a very strong position as a clearing house, and I look forward to working with Demetri and my Nodal Clear colleagues to provide exceptional risk management services to the North American derivatives markets,” Zhang commented.

Navigating a Dynamic Market Landscape

The leadership transition comes as Nodal Clear solidifies its position as a significant force in specialized derivatives markets. The company provides central counterparty clearing for Nodal Exchange, which holds a dominant market share in North American power futures, with 56% of open interest as of early 2026, representing over $188 billion in notional value. The exchange has posted record trading volumes in recent years, demonstrating sustained momentum.

Furthermore, Nodal Clear has embraced innovation by extending its services to the burgeoning digital asset space. It provides clearing for Coinbase Derivatives Exchange, notably supporting 24x7 trading for certain cryptocurrency futures contracts—a significant operational feat in the traditionally siloed world of cleared derivatives. This expansion has attracted new clearing members like Ripple and partnerships with financial giants such as BNY Mellon and StoneX, broadening market access to these novel products.

This blend of established market leadership and pioneering new ventures requires a leadership team that is intimately familiar with both complex risk frameworks and the technological demands of modern markets. The promotions of Karousos and Zhang appear tailored to meet this dual mandate, ensuring the company’s core risk functions remain ironclad while it continues to explore new frontiers.

Positioned for Future Opportunities

As a Derivatives Clearing Organization (DCO) regulated by the CFTC, Nodal Clear operates under enhanced regulatory requirements, reflecting its systemic importance. The new leadership team’s deep experience aligns with the increasing industry-wide focus on capital efficiency, operational resilience, and adaptation to technological advancements like distributed ledger technology (DLT).

The derivatives industry is grappling with calls for greater efficiency in collateral management and post-trade processing, areas where new technologies promise significant disruption. With Karousos’s oversight of technology and Zhang’s strategic risk background, Nodal Clear is well-positioned to evaluate and potentially integrate these innovations while maintaining the high standards of safety and soundness expected of a leading clearing house. The appointments signal that Nodal Clear intends not only to maintain its current market standing but to actively shape the future of clearing in an increasingly complex and digitized financial world.