As a reminder the Final NFX to EEX Dry Bulk Freight Migration is scheduled to take place next week.

The daily schedule for the freight migration is listed below in detail:

        Monday, January 27^th – Day 1

• FCMs submit all customer and house Dry Bulk Freight positions to EEX.
• At the close of business on Monday, January 27th, NFX will suspend all the freight futures and options on futures contracts to prevent any further trading. However, NFX will continue to settle all the freight futures and options on futures contracts daily until the contracts are eventually delisted once all the open interest has been moved.

       Tuesday, January 28^th – Day 2

• Deadline for FCMs to submit all remaining customer and house Dry Bulk Freight positions to EEX for the final migration.

Wednesday, January 29th – Day 3

• NFX/EEX will review all submitted positions and create closing block trades to ALL remaining NFX freight positions and equal but opposite opening EEX trades and positions.
• NFX will send out a market notification that all freight block trades displayed on its market on January 30th are solely freight migration transactions.

      Thursday, January 30^th – Day 4

• At the beginning of the January 30^th session (after 7PM ET on January 29^th) NFX will enter transactions to close all existing Customer and FCM House positions. These trades will be executed as standard block trades.
• Shortly thereafter, EEX will enter opening transactions - each with an offsetting EEX freight customer – that will establish the same positions at EEX (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 January 29th NFX settlement price that was used for the NFX closing transactions. 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 EEX margin and settlement process based on January 30th prices from the Baltic Exchange.

     Friday, January 31^st - Day 5

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the accurate reporting of Customer Gross Margin (CGM) position quantities, any excess collateral held at OCC may be withdrawn via standard collateral processing for closed NFX freight positions.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

Please contact any of the team members below with questions:

NFX

Prez Koralewski

przemek.Koralewski@nasdaq.com

+44 7785 616496

Steve Sladoje

steve.sladoje@nasdaq.com

312-568-5903

Mark Horowitz

mark.horowitz@nasdaq.com

312-520-6212

EEX

Richard Health

richard.heath@eex.com   

+44 20 7862 7343

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