Page 1 of 1

EXHIBIT 1

Environmental Futures and Options - Broker Incentive Program

Program Purpose

The purpose of the Program is to incentivize Authorized Brokers to increase their volume of 

negotiated block trades executed pursuant to the rules of the Exchange and submitted for 

clearing by Nodal Clear, LLC. The additional liquidity benefits all participants in the market.

Product Scope

All environmental futures and options contracts offered by Nodal Exchange.

Eligible Participants

REDACTED

Program Incentives

REDACTED

Program Term and Payments

November 16, 2018 – December 31, 2023June 30, 2024. Program will operate on a quarterly 

basis and Nodal Exchange will make payment within 30 days after the end of the quarter. 

Obligations

In accordance with Exchange Rules, Authorized Brokers must be in good standing with the 

Exchange. Disruptive trade practices are prohibited and compliance with Exchange Rules will 

be enforced.

Monitoring and Termination of Status

Nodal Exchange shall monitor trading activity and identify unusual trading performance. The 

Exchange shall have the right to summarily remove any Authorized Broker from the Program 

that is deemed to be violating Exchange Rules and may refer such broker for further 

disciplinary action by the Exchange. 

Exhibit B - REDACTED PROGRAMS
Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 1

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
18-023 Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 2

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 3

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
CONFIDENTIAL TREATMENT REQUESTED Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 4

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
CONFIDENTIAL TREATMENT REQUESTED Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 5

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
Page 1 of 1

EXHIBIT 1

Nodal Exchange Environmental Incentive Program 6

Program Purpose 

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is November 16, 2018. End date is December 31, 20232024, unless extended by 

the Exchange. 

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS
EXHIBIT 1

Nodal Exchange Environmental Incentive Program 9

Program Purpose

The purpose of the Program is to encourage Program participants to increase Exchange 

volume enhancing market liquidity. More liquidity benefits all participants in the market.

Product Scope – Eligible Contracts

All environmental contracts offered by the Exchange are Eligible Contracts under the 

Program.

Eligible Participants

REDACTED

Program Term

Start date is January 1, 2023. End date is December 31, 2023June 30, 2024, unless extended 

by the Exchange.

Incentives

REDACTED

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain 

the right to revoke Designated Program Participant status if it determines that a 

Designated Program Participant no longer meets the eligibility requirements of the 

Program.

Exhibit B - REDACTED PROGRAMS