On 28 January 2025, Nasdaq and Euronext announced an agreement to transfer open interest in relevant Commodities products (referred to as "migrating products") to Euronext and its clearing house, Cassa Di Compensazione E Garanzia S.P.A (“Euronext Clearing”).
On June 23rd 2025, Nasdaq successfully reached closing of the transaction with Euronext for the transfer of Nordic Power Futures business. We are now focused on the upcoming migration of open interest from Nasdaq to Euronext in accordance with the migration plan previously communicated in an Exchange and Clearing Information notice. The migration is set for the weekend over 14 March 2026.
Both Euronext and Nasdaq are committed to working closely to ensure a smooth migration of Nasdaq’s Nordic power futures on 14 March 2026. Until the migration is completed, Nasdaq will continue to operate its Nordic power futures business as usual.
Euronext, Nord Pool and Nasdaq held a joint webinar dedicated to the migration of Nasdaq’s Nordic Power Business to Euronext on Wednesday 11 June 2025. This webinar mainly focused on the client readiness steps in advance of the migration of open interest on Nasdaq's Nordic Power Futures market to Euronext Clearing.
A recording of the webinar can be found here: https://euronext.wistia.com/medias/24j681ek6w
A link to the migration guidelines can be found here.
A link to the migration Go-Live guidelines can be found here.
Documentation in general: Euronext Clearing - Power Derivatives | Connect
We have also prepared a "member information package" with valuable information:
Migration Rehearsal January 28-30 - Nasdaq Member information package
The migration will involve existing open positions in Nasdaq's Nordic futures, including EPADs, as listed in the table below:
| Market | Instrument type | Instrument ID |
| Electricity Nordic EUR | Electricity Nordic ARFuture | ENARF |
| Electricity Nordic EUR | Electricity Nordic Future | ENFU |
| Electricity Nordic EUR | Electricity Nordic EPAD ARFuture | ENCDA |
| Electricity Nordic EUR | Electricity Nordic EPAD Future | ENOCFU |
Nasdaq Clearing AB and Nasdaq Oslo ASA have initiated formal service withdrawal processes for all commodities products and services, effective 27 June 2025. This coordinated withdrawal follows the sale of Nordic power futures business to Euronext Clearing.
The Service Withdrawal Date is set to 30 June 2026 for both clearing and exchange services.
Both notices detail the migration opportunities for eligible Nordic Power Futures and EPAD products, and mandatory close-out procedures for remaining positions on the Service Withdrawal Date.
For questions, please contact: servicewithdrawal@nasdaq.com
The products in scope for the migration to Euronext include Nordic Power Futures and EPAD Futures.
29 November 2025: Migration rehearsal (Window 1)
24 January 2026: Migration rehearsal (Window 2)
14 February 2026: Contingency date for the migration rehearsal
14 March 2026: Migration of open interest
18 April 2026: Contingency date for the migration
The market response to the Euronext migration has been very positive. The initial phase requiring Data Consent Letters has achieved strong acceptance, with the vast majority of members expressing intention to migrate to Euronext. This currently represents 98% of the Open Interest in Nordic Power Futures.
The formal Consent to Migration letters, which are required for final participation in the migration, will be distributed to members in the coming months.
No, this is a migration of Open Interest. Members must apply for membership at Euronext prior to the migration.
No, please see question no. 3. The membership(s) and systems are not transferred. Once a member at Euronext you will use their technical setup and systems.
Trading Workstation and Q-port can only be used while you remain a member at Nasdaq. Once you have fully migrated to Euronext, you will need to use Euronext's trading systems exclusively.
You can continue to use the Trading Workstation and Q-Port to manage residual positions until you complete your full transition to Euronext.
Based on the initial response Nasdaq expects nearly all Open Interest to be migrated to Euronext Clearing. However, a complete 100% migration cannot be guaranteed due to several factors:
While Nasdaq will make every effort to ensure the maximum OI is migrated to Euronext Clearing, a 100% guarantee cannot be provided. Based on initial member responses, we expect non-migrated positions to be minimal. However, some reduction in total OI migrated may occur due to the following reasons:
Nasdaq is committed to optimizing the migration process and working closely with market participants and Euronext to achieve a successful migration. If migrating members balance their decimal positions and non-migrating members close their open positions prior to the migration, then 100% of Nasdaq's OI in Nordic Power Futures and EPADs will be migrated to Euronext Clearing.
Nasdaq aims to have zero volume remaining at Nasdaq Clearing post-migration.
Our approach to balancing OI in the migratable products involves several key steps. First, non-migrating members are encouraged to close all positions prior to migration. Second, migrating members with decimal positions are advised to adjust to whole MW positions through trading. If residual positions remain, they will be balanced against the migrating OI to ensure Nasdaq delivers a flat book to Euronext Clearing.
Yes, there is a contingency plan in place for the migration timeline. We have designated the weekend of 18th April 2026 as the contingency migration date.
Nasdaq is actively working with our existing GCM network to ensure full coverage at Euronext Clearing. We strongly encourage all members to verify the status of their chosen GCM provider directly.
Excess collateral will be returned on Monday following the successful completion of the migration weekend. The return of collaterals will follow Nasdaq Clearing’s regular procedures.
Nasdaq Clearing will recalculate the size of the Commodities default fund and release any excess contributions according to the Clearing Rules. Full default fund release will take place after membership is terminated.
We have divided the Annual Fee billing schedule into quarterly installments, effective from 1 January 2026.
You must maintain your membership until after the migration is complete to ensure smooth transition of positions.
Service Withdrawal Notice will be provided to the market following deal closure with Euronext. Once the formal notice is issued, a 12-month notice period will run. Further information about the service withdrawal process will be provided in connection with the issuance of the Service Withdrawal Notice.
If you need assistance with decimal positions, our Commodities Market Place Services team can help connect you with counterparties having complementary exposures to facilitate efficient position closure. Please contact desken@nasdaq.com if you're interested in this support. For positions resulting from internal portfolio splits, it's possible to reallocate these positions back within your accounts. Our Clearing team will provide technical assistance with this process whenever feasible.
Yes, regulatory requirements mandate that all active members as per normal routine, including those with remaining positions after migration, must continue to complete compliance questionnaires until all positions are closed and membership is terminated.
The Nordic Power Futures and EPAD products at Euronext will be economically equivalent to their Nasdaq counterparts. However, you should conduct your own assessment to confirm regulatory treatment for your specific circumstances.
Yes, you should review your regulatory reporting obligations as the migration may impact reporting responsibilities. While the novation process maintains contract continuity, you may need to update counterparty information in your reporting systems to reflect the change from Nasdaq Clearing to Euronext Clearing.
