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Nasdaq Futures Freight Migration

Growth and Diversification in the Freight Market

At Nasdaq, we remain committed to cultivating and expanding the Freight market and boosting market liquidity globally. As a result, our Freight product suite will migrate to our U.S.-based futures exchange, Nasdaq Futures (NFX) in 2018.

NFX is a global futures exchange that supports trading 23 hours per business day and the trading of multiple asset classes including energy, commodities and ferrous products. NFX also provide opportunities for collateral optimization via its clearinghouse, The Option Clearing Corporation (“OCC”).

We realize that migrations are a big commitment for your organization and we thank you and your team for your efforts. Your support during this effort is part of our commitment to reimagining the future of Nasdaq Futures and helping our clients build tomorrow’s markets. This page will be updated regularly with relevant information surrounding the migration efforts. Please do not hesitate to reach out to the NFX Transition Team directly or send an e-mail to NFXFreight@nasdaq.com with any questions.

Migration Calendar

Check the calendar below for key Nasdaq Futures Freight migration dates:
Milestone
July 11, 2018
  • Daily settlement prices are determined that will be used for both the Nasdaq Commodities close out transactions and the NFX opening transactions.
  • After the close of business on July 11 Nasdaq Commodities will suspend all freight contracts preventing any further freight transactions.
July 12, 2018
  • Nasdaq Commodities will enter closing transactions for all freight positions based on the July 11 settlement prices.
  • NFX will enter opening, block trades that will produce equivalent freight positions on NFX.
  • Neither Nasdaq Commodities nor NFX will be accepting regular freight trades on July 12.
July 13, 2018
  • NFX will be open to accept new freight transactions
  • Nasdaq Commodities will release collateral to the relevant GCMs at 14:00 CET (8AM ET)
  • Each relevant OCC Clearing Member FCM will make all necessary variation settlement, initial margin and premium payments to OCC via its normal settlement process

Key Updates

Customer Accounts on NFX

The NFX Transition Team is working closely with Clearing Members of Nasdaq Commodities to ensure a seamless transition. We recommend that you communicate with your clearing firms about setting up NFX accounts to ensure readiness for future launches.

ALL ACCOUNTS MUST BE ONBOARDED BY JUNE 22ND.

SPAN File For All Freight Contracts now available

Please reach out to NFXFreight@nasdaq.com to request the sample SPAN file

Freight Fee Schedule

All tanker customers will be enrolled in the New Customer Program to take advantage of a lower rate. The New Customer Program will run through the end of January 2019.
Tanker Fees OCC Fee NFX Fee Total Fee
Tanker Dirty, Tanksr Clean, LPG $0.05 $2.95 $3.00
All Wet Freight Contracts - New Customer Rate $0.05 $1.95 $2.00

Dry Fees** OCC Fee NFX Fee*** Total Fee
C3AQ(C3), C4AQ(C4), C5AQ(C5), C7AQ(C7), P1AQ (P1A), P2AQ(P2A), P3AQ(P3A)* $0.05 $2.95 $3.00
Futures & Options: HS6Q(HS6C), PM4Q(PM4TC), SM6Q(SM6TC), S10Q(SM10TC), CS4Q(CS4TC), CS5Q(CS5TC)* $0.05 $3.95 $4.00

*Nasdaq Commodities symbol in parentheses

**Subject to regulatory Filing

***$1.95 for Former Nasdaq Commodities Direct Clearing Members

Dry Freight Volume Threshold Rebate for volume above threshold
0-1000 0%
1001-2000 20%
2000+ 40%

Dry Freight Multi Leg Rebate  
50% of Total Fee Minimum volume of 30 contracts per month

Fuel Oil will NOT migrate to NFX

As previously communicated, the current Nasdaq Commodities’ Fuel Oil Futures contracts will NOT be part of the migration to NFX. This is due to licensing constraints with the index provider. The fuel oil contract offering will be discontinued when all open interest has settled by the end of 2019. There will be no available contracts past 2019.

Inquiries regarding the Fuel Oil should be sent to freight@nasdaq.com.

NFX Freight Approved Brokers

NFX Approved Brokers (ORBs) MPID (Market Participant Identifier)
Clarkson Platou Futures Limited CPFL
Freight Investor Services Limited FIS
GFI Brokers Limited GFI1
Marex Spectron International Limited MARX
SSY Futures Ltd SSY
Arrow Futures (UK) Limited ARROW
ICAP Energy Limited ICAP1
Oil Brokerage OBL
BRS Futures Ltd BRS
A number of brokers are in process of getting approval to serve NFX clients. List will be updated weekly.

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