Euronext and Nord Pool, the European power exchange, launch a dedicated Nordic and Baltic power futures market.
This initiative is designed to answer the need expressed by the market participants to have a long‑standing, sustainable market infrastructure committed to developing well-functioning power futures trading in the Nordic and Baltic regions, with a strong commitment and Nordic foundation.
Euronext Nord Pool Power Futures offer trading of cash‑settled futures for all industry‑standard maturities on the Nordic System Price and Electricity Price Area Differential (EPAD) contracts across the Nordics and Baltics. The underlying Nordic System Price and the SDAC Nordic Bidding Zone/Area Prices (spot indices) are provided by Nord Pool.
The new Euronext Nord Pool Power Futures market is traded on Euronext’s Optiq® trading platform and cleared by Euronext Clearing.
Nasdaq-Euronext clearing agreement: power derivatives migration on 14 March 2026
Euronext has signed a binding agreement to acquire Nasdaq’s Nordic power futures business. As part of the agreement, open positions in Nasdaq’s Nordic power derivatives, currently held by Nasdaq Clearing, will - with the approval of the members - be transferred to Euronext Clearing.
The Nasdaq Nordic Power Futures business will become part of the Euronext Nord Pool Power Futures market.
The transfer of open positions is scheduled for 14 March 2026.
More about the acquisition and transfer of open interest:
Euronext to acquire Nasdaq’s Nordic power futures business to expand power derivatives trading
Euronext–Nasdaq Clearing Agreement: Power Derivatives Transfer Set for March 2026
Market launch
The Euronext Nord Pool Power Futures market was launched on 2 February 2026, enabling trading and clearing of a first subset of contracts ahead of the transfer of open positions on 14 March 2026.
Between 2 February and 14 March 2026, daily, weekly and month‑in‑delivery contracts expiring by 12 March 2026 are listed, tradeable and clearable on the Euronext Nord Pool Power Futures market.
From 16 March 2026, following the migration of open positions, all contracts, including Baltic EPAD contracts are made available for trading and clearing.
The opening of the market, with a limited scope, enables Trading and Clearing Members to execute and clear trades ahead of the Nasdaq migration, ensuring full operational readiness from 16 March 2026.
Go‑live waves
Trading and Clearing Members may join the market through five go‑live waves ahead of the migration:
Wave 1: 02 February 2026
Wave 2: 09 February 2026
Wave 3: 16 February 2026
Wave 4: 23 February 2026
Wave 5: 02 March 2026
Default fund contributions are called on the Friday preceding each wave.
Contact the sales team for further information
Derivatives sales team
Join Euronext Nord Pool Power Derivatives market
Are you interested in becoming a member on the Euronext Nord Pool Power Derivatives market?
Apply for membership, find clearing details and information for the technical set up.
*Member onboarding is taking place in scheduled waves leading up to the transfer of open positions on 14 March 2026.
Liquidity providers programme
Euronext Amsterdam will introduce Liquidity Provider Programmes (LPPs) for the Euronext Nord Pool Power Futures market, with programmes commencing following the transfer of open positions on 14 March 2026.
Learn more about the power derivatives liquidity providers programme
Our membership team is ready to welcome you.
To be included in the list of GCM, please contact:
DerivativesSales@nordpoolgroup.com
Access general, technical and functional documentation.
Including rule books, contract specifications and webinars
The leading European power market
Nord Pool is Europe's leading power market offering trading, clearing, settlement and associated services in both day-ahead and intraday markets across 16 European countries.
