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Tuesday, March 17, 2020

Futures Trader Alert #2020 - 17
Notice of Updated Natural Gas Matching Session Schedule


  • Industry Announcement

Markets Impacted:

Contact Information:

Due to the ongoing extreme market volatility, NFX and Nodal Exchange are delaying the previously scheduled March 19th natural gas matching session to April 9th.  The updated daily schedule for the Natural Gas Matching Session is listed below in detail:

Monday, March 30th – Tuesday, March 31st

  • FCMs submit participating customer and house Henry Hub Natural Gas positions to Nodal/NFX – PLEASE SUBMIT ALL NFX NATURAL GAS POSITIONS AS SOON AS POSSIBLE

Wednesday, April 1st

  • Deadline for FCMs to submit all remaining customer and house Henry Hub Natural Gas positions to Nodal/NFX for the April 9th matching session.
  • At the close of business on Tuesday, March 31st, NFX will suspend all the Henry Hub Natural Gas futures and options on futures contracts to prevent any further trading. However, NFX will continue to settle all the Natural Gas futures and options on futures contracts daily until the contracts are eventually delisted once the open interest has been migrated.  

Thursday, April 2nd

  • Nodal will review all submitted positions and create closing block trades to all matched NFX Natural Gas positions and equal but opposite opening Nodal trades and positions.

Friday, April 3rd

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

Tuesday, April 7th

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

Wednesday, April 8th

  • NFX will send out a market notification that all Natural Gas futures and options block trades displayed on its market on April 9th are solely Natural Gas matching session transactions.

Thursday, April 9th

  • At the beginning of the April 9th session (shortly after 7PM ET on April 8th) 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 on April 9th, Nodal will enter opening transactions - each with an offsetting Nodal Natural Gas 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 April 8th 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 April 9th settlement prices.

Friday, April 10th

  • 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 Natural Gas positions. Customers should contact their FCMs to determine when any excess collateral may be available for withdrawal.
  • NFX will prepare to delist the contracts that do NOT have open interest.  All contracts with remaining open interest will remain active until they expire or the positions are migrated to an alternative exchange.

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

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