Equities. We own 10 equities markets around the world. As the largest single liquidity pool for U.S. equities, our U.S. markets – The NASDAQ Stock Market, BX, PSX - offer 3 models. Our 7 European equities markets allow efficient cross-border trading, settlement and membership through one platform.
Options, Derivatives, Fixed Income. We operate two U.S. options markets that represent 25% of the total U.S. equity options trading. PHLX offers a traditional floor with a pro-rata electronic allocation model and the NASDAQ Options Market allocates orders on a first-come, first-serve basis for high-frequency traders. One of the Top 5 European bond markets, the entire European fixed income market sets prices with our full pricing transparency. Trading nearly 600,000 contracts per day, we are the third largest European derivatives exchange.
Commodities. In Europe, we were the first exchange in the world to list carbon allowances (EUA) and carbon credits (CER) and now are one of Europe’s largest markets for carbon trading. Our Nordic power market is a global benchmark with more than double the trading volumes than the #2 European power exchange. We created a new UK power market in co-operation with market participants called N2EX. In the U.S., we offer clearing solutions to the most important grids: ERCOT in TX; PJM in PA, NJ, MD; and CAISO in CA.
Clearing. In the U.S., we offer central counterparty clearing of OTC Interest Rate Derivatives through a tried and tested futures solution, clearing as a swap or a future. Our European clearing has 91 members and complies with international “best practice” recommendations. Our Derivatives Market allows clearing for a variety of OTC-traded derivatives differing on terms or conditions from exchange- and clearing-listed instruments. We are the only clearinghouse to offer Nordic Fixed Income instruments clearing.
