Reach
Access to the right short-term product often depends on broker relationships and bilateral onboarding, not on the quality of the desk.
Pre-release · European short-term power
Direct-access infrastructure for European short-term power.
A self-funded, financially-settled venue for European short-term power. We are building it so intraday and quant desks reach the products, collateral efficiency, and counterparties that today sit behind brokers and bilateral credit.
- Stage
- Built · pre-release
- Model
- Self-funded
- Focus
- Intraday & short-term power
- Settlement
- Financially settled
What we are building
A financially-settled venue for short-term power, built with the desks that will trade it.
Northern Exchange is a derivatives venue for European short-term power — cash-settled against published reference prices, with no physical delivery. The exchange core is built. We are now defining the first products alongside the desks that will use them, rather than shipping a generic contract list and hoping it fits.
The aim is narrow and deliberate: give intraday and short-term power desks direct access to the products, collateral efficiency, and counterparties that the current market reaches through brokers and bilateral credit. Precision over breadth.
Where access breaks
Short-term power still clears through brokers and bilateral credit.
Liquidity in short-term power is concentrated and reached through a chain of brokers and bilateral relationships. A smaller or quant-driven desk can see the trade — but not always reach the product, the collateral route, or the counterparty at an economic cost.
Collateral
Margin sits fragmented across separate bilateral lines, tying up capital that could be working against live positions.
Counterparty
Counterparty reach is gated by credit lines negotiated one relationship at a time, slowing every new book.
The platform
Collateral velocity and trader-defined products.
Northern Exchange is built around two ideas: capital that moves at the speed of the market, and products shaped by the people who trade them.
Direct access
Reach short-term power products directly on the venue, without assembling the route through a chain of intermediaries.
Collateral velocity
Collateral is posted once to the venue and frees as positions close, instead of sitting fragmented across separate bilateral lines.
Trader-defined products
The first products are specified with the desks that will trade them, financially settled against published European references.
Programmatic & agent-ready
An API-first venue, built for algorithmic execution today and for agent-driven strategies as they arrive.
Status
Built in stealth. Moving into product release.
After a year of self-funded development, the exchange core is built. The current work is product definition with traders and preparation for release. Nothing on this page describes a live, tradable market.
- Matching engineBuilt
- LedgerBuilt
- Risk choreographyBuilt
- Settlement flowBuilt
- Trader product definitionIn progress
- Market-data pathIn progress
- Product releaseIn progress
Work with us
We are talking to the first desks now.
If you run an intraday or short-term power book, help us define and pressure-test the first products. If you are a strategic counterparty or infrastructure partner, we would like to talk.