- With the support of 18 of the largest banks and brokerages in the United States, Nasdaq launched NFX in July of 2015 offering a wide range of energy futures products. NFX is quickly growing its global commodity footprint with the recent addition of steel, and freight indices with a number of other markets soon to be announced.
- Nasdaq’s world-leading market technology powers more than 100 of the world’s market exchanges, clearinghouses, central securities depositories and regulators with end-to- end, mission-critical technology solutions.
- Nasdaq is one of the strongest and most technologically advanced exchanges in the world. Nasdaq employs more than 4,000 people servicing businesses and investors from over 50 countries, in 26 cities, across six continents and is located in every capital market in the world. Nasdaq enjoyed a 2017 gross operating profit of $2.29 billion from $3.96 billion of total revenue.
- NFX clears its business through the Options Clearing Corp (OCC) the world’s largest equities derivatives clearing house. The OCC is 40% owned by Nasdaq.
NFX “US Shredded Steel Scrap Index Futures”
- Trade execution can be handled via voice brokers or directly through the NFX state-of-the-art electronic trading platform, 23 hours a day, five days a week.
- 63% of the steel made in the U.S. is produced by EAFs (electric-arc-furnaces), whose primary feedstock is steel scrap. Shredded steel scrap futures provide the same risk management tool for steel makers and steel consumers that have had been employed successfully for decades by the non-ferrous metal, agricultural and energy industries.
- Annual consumption of US obsolete grades of steel scrap in 2017 was approximately 62 million tonnes, with an additional 14 million tonnes exported into the 90 million tonne world export market. In addition, there’s another 200 mmtpy of steel products made outside of China whose prices are highly correlated to the price of U.S. shredded scrap.
- AMM U.S. Midwest shredded scrap steel prices are 99.7% correlated to AMM U.S. Midwest Heavy Melting Scrap, 96.3% correlated to the MB Shredded Steel Scrap CFR India Containers price, 96% correlated the AMM U.S. Midwest Busheling price and 90.8% correlated to the AMM U.S. Midwest Rebar price.
- NFX is the only marketplace exchange to offer U.S. Midwest shredded steel scrap futures contracts. Shredded steel scrap is the first of a number of important steel products to be listed on NFX. Shredded scrap steel futures prices are the most reliably indicative and robust of any steel product listed on a Western futures exchange. Shredded steel scrap is the first of a number of important steel products to be listed on NFX.