The European Energy Exchange (EEX) and Nasdaq said on Tuesday they have reached an agreement under which the U.S. exchange operator will transfer its European power trading and clearing business to EEX.
The deal will involve the transfer of existing open positions in Nasdaq's Nordic, French, and German power futures as well as European carbon emission allowance futures (EUAs) to EEX's clearing house European Commodity Clearing (ECC), EEX said, without disclosing any financial details of the deal.
EEX, a unit of Deutsche Boerse, said Sweden's Nasdaq Clearing AB will not be a part of the sale. The operator said it will update the Nordic power market structure, replacing Electricity Price Area Differential (EPAD) contracts with zonal futures contracts - a market model in many other European power derivatives markets.
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