no 40/25 Migration of Nasdaq Open Interest to Euronext Clearing

Dear Market Participants, 
 
Nasdaq, Euronext and Nord Pool are pleased to share an update regarding the migration of open interest on Nasdaq’s Nordic Power Futures market to Euronext Clearing, following the announcement made on 28 January 2025. 

We can confirm that the transfer of open interest is planned to take place over the weekend of Saturday 14 March 2026.
This will be preceded by the technical launch of the market, with the date to be communicated at a later stage. 

Client readiness 

Nasdaq, Euronext and Nord Pool are working closely with their clients and respective ISVs to ensure all parties receive the necessary support to be fully prepared. To support their planning and for more detailed technical information, Trading and Clearing clients are invited to refer to the following onboarding documentation:  

• Euronext Clearing Onboarding Journey Euronext Clearing - Power Derivatives | Connect 
• Euronext Trading Onboarding Journey Euronext Markets - Power Derivatives | Connect

Euronext reminds clients that the External User Acceptance (EUA) environment has been available to support testing of the new Euronext Nord Pool Power Futures Market since 17 March 2025. We thank those Trading Members, Clearing Members and ISVs that have already executed their membership package and started testing, and invite all those remaining to now do this to secure their legal, technical and functional readiness.  

Client migration rehearsals 

The successful completion of at least one migration rehearsal is mandatory for all Clearing Members with open interest to be migrated, and this should be done in close collaboration with their respective Trading Members. This is a necessary step to test the migration of positions in the same way as during the migration weekend itself, demonstrating the robustness of procedures and controls. To participate in a meaningful way, clients must be fully setup in the Production environment before the window for migration rehearsals commences. 

Migration rehearsals are scheduled for Saturday 29 November 2025 and Saturday 24 January 2026. 

Key migration milestones 

Please see the table below, detailing the main milestones of the migration:  

Nasdaq service withdrawal  

Nasdaq will wind down its commodities trading (Nasdaq Oslo ASA) and commodities clearing services (Nasdaq Clearing AB) after the migration to Euronext. This means that any commodities contracts not migrated to Euronext Clearing will be closed down in accordance with Nasdaq Clearing’s Service Withdrawal Rules 12 months after Nasdaq issues the Service Withdrawal Notice.
The Service Withdrawal Notice will be issued once the transaction between Nasdaq and Euronext has closed, which is currently expected to happen by the end of June 2025. Further information in relation to the wind down and service withdrawal will be shared in the coming months. Please reach out to your Nasdaq contacts if you have any questions. 

Joint Nasdaq and Euronext webinar 

Nasdaq and Euronext will host a joint webinar where we will present more details around the migration. This is planned to take place on 11 June 2025, and clients can expect to receive an invitation to register for this event shortly.  

Please note that the migration of open interest from Nasdaq to Euronext Clearing and the wind down plans of Nasdaq’s commodities business are both subject to the closing of the transaction between Euronext and Nasdaq. Euronext Clearing’s remaining applicable regulatory approval is expected by the end of June 2025.   

Thank you for your ongoing support as we continue to work towards a long-standing and liquid power futures market for the Nordic and Baltic region.  

Should you have any questions, please feel free to contact your Nasdaq, Euronext or Nord Pool representatives. 

For further information, please contact: 

Nasdaq Commodities Sales Team salescommodities@nasdaq.com  
Nasdaq Market Place Services, +47 6752 8037 desken@nasdaq.com 
Stig Andre Kolstad, Office of Nasdaq Legal Counsel stigandre.kolstad@nasdaq.com  
Media contact: Hampus Stenberg, Nasdaq Corporate Communications hampus.stenberg@nasdaq.com 

Euronext Contact details - For Clearing Members 
Euronext Clearing Client Services, +39 06 32 395 230 ccp-clientservices@euronext.com    
Euronext Clearing Sales ccp-sales@euronext.com  

About Nasdaq 

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