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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Nasdaq sells European power business to EEX.

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The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., Decem... The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon
The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., Decem... The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon

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The European Energy Exchange (EEX) (T3PA.DE) and Nasdaq (NDAQ.O) announced on Tuesday that Nasdaq will move its European power trading and clearing business to EEX.

EEX said it would transfer open positions in Nasdaq’s Nordic, French, and German power futures and European carbon emission allowance futures (EUAs) to ECC but did not provide financial specifics.
Deutsche Boerse (DB1Gn.DE) subsidiary EEX stated Nasdaq Clearing AB would not be sold. The operator will upgrade the Nordic power market structure by replacing Electricity Price Area Differential (EPAD) contracts with zonal futures contracts, a methodology used in many European power derivatives markets.

Nordic EPAD futures contracts cover the zone-system pricing gap.

Fifteen bidding zones in the Nordic power market determine individual prices and a benchmark system price.

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