Nodal Exchange, LLC

Nodal Exchange is a derivatives exchange that provides price, credit, and liquidity risk management solutions to participants in the North American commodities markets. Its mission is to be a trustworthy and effective commodities exchange, enabling better risk and reward management for the markets it serves. The company's headquarters are located in Tysons Corner, Virginia, United States.

Nodal Exchange offers futures and options contracts across North American power, environmental products, and natural gas markets. It provides a comprehensive suite of electric power locational (nodal) futures and options contracts, covering significant hubs, zones, and nodes in various electric markets including ISO-NE, NYISO, PJM, MISO, ERCOT, SPP, and CAISO. Additionally, Nodal Exchange lists over 120 futures and options products in more than 70 distinct environmental markets, such as carbon emissions allowances, renewable energy certificates, and renewable fuel credits, alongside Henry Hub natural gas contracts. All transactions on Nodal Exchange are cleared through its wholly-owned subsidiary, Nodal Clear, LLC, which utilizes a portfolio margining approach for risk management and capital efficiency.

Nodal Exchange has established itself as a significant player in the North American derivatives market, recognized as the Commodity Exchange of the Year by Energy Risk magazine in both 2023 and 2024. Paul Cusenza serves as the Chairman and CEO of Nodal Exchange. The company has demonstrated consistent growth, with recent announcements including the expansion of its headquarters in Fairfax County, Virginia, in February 2025, which is projected to create 33 new jobs. Nodal Exchange continues to innovate and expand its offerings, notably launching new environmental futures and options contracts in collaboration with IncubEx in June 2026, including CORSIA, California Carbon Offsets, and Massachusetts CPEC contracts. The exchange also announced the launch of Power Daily Futures Contracts in February 2026.