UNITED STATES OF AMERICA 

Before the 

COMMODITY FUTURES TRADING COMMISSION 

_______________________________________ 

In the Matter of the Application of 

Nodal Clear, LLC 

For Registration as a Derivatives Clearing Organization 

_______________________________________ 

AMENDED ORDER OF REGISTRATION 

On September 24, 2015, the Commodity Futures Trading Commission (the 

“Commission”), issued an order (the “Original Order”) pursuant to Section 5b of the Commodity 

Exchange Act (the “Act”), 7 U.S.C. § 7a-1, granting Nodal Clear, LLC (“Nodal Clear”) 

registration as a derivatives clearing organization (“DCO”) for the clearing of financially settled 

futures and options on futures. On June 15, 2017, the Commission amended the Original Order 

(the “Amended Order”) to permit Nodal Clear to clear physically settled futures and options on 

futures. 

On August 11, 2020, Nodal Clear requested that the Commission further amend the 

Amended Order to remove a provision requiring Nodal Clear to limit its activity as a registered 

DCO to clearing contracts executed on or through its affiliated designated contract market, Nodal 

Exchange, LLC. The Commission has reviewed the request, along with supporting information, 

and finds that the requested amendment is consistent with the requirements of the Act and 

applicable Commission regulations thereunder. 
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In light of the foregoing, IT IS ORDERED, pursuant to Section 5b of the Act, 

7 U.S.C. § 7a-1, that the Amended Order is superseded and Nodal Clear is granted registration as 

a DCO, subject to the terms and conditions specified herein: 

(1) Cleared Products. Nodal Clear is permitted to clear, in its capacity as a DCO, 

futures and options on futures. 

(2) Compliance with the Act and Commission Regulations. Nodal Clear shall 

comply, and shall demonstrate compliance as requested by the Commission, with applicable 

provisions of the Act, including the Core Principles, and Commission regulations, as may be 

amended or adopted from time to time. Nodal Clear shall fulfill each of the representations it has 

made to the Commission relating to compliance with the Core Principles and Commission 

regulations. 

(3) Self-Regulatory Function. Nodal Clear shall ensure the performance of all selfregulatory functions required of it as a registered DCO under the Act and Commission 

regulations, including, without limitation: monitoring and enforcing clearing member 

compliance with Nodal Clear admission and continuing eligibility standards; and enforcing 

clearing member compliance with the terms of all Nodal Clear rules, regulations, and procedures. 

(4) New Regulations. Should the Commission promulgate a regulation addressing or 

otherwise affecting any aspect of this Amended Order, then such regulation will apply and 

supersede the applicable terms in this Order. 

(5) Reservation of Rights. This Amended Order is based upon the representations 

made and supporting material provided to the Commission by Nodal Clear. In the event of any 

changes to or omissions in the material facts or circumstances pursuant to which this Amended 

Order is issued, or for any reason in its own discretion, the Commission may condition, modify,