Nasdaq has reported that its US-based Nasdaq Futures (NFX) has officially launched as of today, according to a Nasdaq statement.
NFX has been in the headlines recently after it approved a total of sixteen new Futures Commission Merchants (FCMs) last week. Moreover, NFX assimilated Stellar Trading System’s trading utility back in June ahead of its launch.
The newly launched platform will initially be offering a cascade of new products, including futures and options on oil, natural gas, and US power benchmarks. As per the new launch, the NFX will implement a fee holiday for the first nine months of trading with the exchange – all tradable products under the NFX will also be cleared through the Options Clearing Corporation (OCC).
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The NFX is a contract market powered by Genium INET technology – the market will feature a fully transparent central limit order book, real-time trade reporting functionality, and pre-trade risk management capabilities.
Moreover, the NFX’s new energy product suite will serve as an enhancement of Nasdaq’s current commodities business, which utilizes trading and clearing solutions for such assets as power, natural gas, carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates, and clearing services.
According to Hans-Ole Jochumsen, President, Nasdaq, in a recent statement on the launch, “NFX was born out of strong customer demand and a confidence in Nasdaq’s ability to deliver an innovative technology solution. We truly believe that competition drives innovation, and that the energy futures market is ready for our more transparent pricing model.”
“We want to meet demand where the competition is lacking and deliver more value to customers at a significantly lower cost. Competition in the futures market is long overdue, and NFX’s innovative clearing solution will allow us to pass operating efficiencies to our customers,” added Magnus Haglind, Vice President and Head of U.S. Commodities, Nasdaq, in an accompanying statement.