The NFX to Nodal Clear US Power Futures and Options on Futures Migration (Power Migration) is schedule for Thursday, February 6^th.

The daily schedule for the Power Migration is listed below in detail:

Monday, January 27^th – Tuesday, January 28^th

• FCMs submit all customer and house US power positions to Nodal/NFX – PLEASE SUBMIT ALL NFX POWER POSITIONS AS SOON AS POSSIBLE
•  NFX/Nodal will make the necessary position adjustments for the PJM West Hub February options expiring on January 30^th.

Wednesday, January 29^th

• Deadline for FCMs to submit all remaining customer and house US power positions to Nodal/NFX for the final migration.
• At the close of business on Wednesday, January 29th, NFX will suspend all the power futures and options on futures contracts to prevent any further trading. However, NFX will continue to settle all the power futures and options on futures contracts daily until the contracts are eventually delisted following the final migration.  

Thursday, January 30^th

• Nodal will review all submitted positions and create closing block trades to ALL remaining NFX power positions and equal but opposite opening Nodal trades and positions.
  

Friday, January 31^st

• Nodal will send a file to each customer and house account representative which will include all the NFX closing and Nodal opening positions for review.
  

Tuesday, February 4^th

• Noon ET deadline for each participating entity to confirm the NFX closing and Nodal opening position files that will be used for the final migration.

Wednesday, February 5^th

• NFX will send out a market notification that all power block trades displayed on its market on February 6th are solely power migration transactions.

Thursday, February 6^th

• At the beginning of February 6^th session (after 7PM ET on February 5^th) NFX will enter transactions to close all existing customer and house positions. These trades will be executed as standard block trades.
• Starting at roughly 6AM ET, Nodal will enter opening transactions - each with an offsetting Nodal power customer – that will establish the same positions at Nodal (while these positions will be equivalent, they will be considered new, opening trades and positions).
• All of the futures block trades, at both exchanges, will be entered using the February 5^th NFX settlement prices. All of the options on futures block trades will be entered at a price of $0.01/ contract.
• The NFX block trades will be executed as standard block trades and will flow through the standard NFX trade flow including the NFX market data feed. The block trades will settle through the standard Nodal margin and settlement process based on Nodal’s February 6^th settlement prices.

Friday, February 7^th

• Subject to the successful reduction of position quantities through the OCC PCS process and the accurate reporting of Customer Gross Margin (CGM) position quantities, any excess collateral held at OCC may be withdrawn via standard collateral processing for closed NFX power positions. Customers should contact their FCMs to determine when any excess collateral maybe available for withdrawal.                           

For additional information, please contact NFX Market Operations or call 215.496.5409.