Nodal Exchange is the first independent electronic commodities exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the organized North American power markets. Nodal Exchange builds on the success of the existing Regional Transmission Organization (RTO/ISO) Day Ahead and Real Time markets by allowing its Participants to trade cash-settled, fully standardized futures contracts in a cleared market, enabling market Participants to effectively manage basis and credit risk. Nodal Exchange's auction and bilateral trade platforms, with LCH.Clearnet clearing, provide enhanced basis and credit risk management and generate the forward price transparency and transaction liquidity needed in