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Nodal Exchange

Derivatives exchange for North American energy

Pricing Manager in Power Markets - Quantitative Risk & Strategic Analysis

Full-Time
$170k - $230k/yr+ Potential deferred compensation + Target bonuses
Senior
Bachelor's, Master's, MBA, PhD
Tysons, VA, USA
HybridThree days per week onsite in the Tysons Corner office.
Quantitative FinanceQuantitative Research

About the job

Requirements
  • A bachelor's degree or higher in quantitative finance, economics, statistics, applied mathematics, engineering, or a comparable area.
  • At least 6 years of experience working in quantitative analytical roles, ideally in financial services.
  • At least 3 years of experience in power markets, such as power spot market and financial transmission rights market analysis.
  • Experience running power flow models and conducting power grid analysis.
  • Proficiency in at least one scripting language, such as Python or R.
  • Strong knowledge of power markets, including financial transmission rights, power spot markets, and power derivatives markets.
  • Strong quantitative skills.
  • Strong problem-solving ability.
  • Strong communication skills.
  • Ability to work a hybrid schedule with three days per week onsite in the Tysons Corner office.
Responsibilities
  • Manage daily forward curve construction for a large set of power futures and options contracts and continuously improve the pricing process.
  • Enhance futures pricing methodology through fundamental analysis of the underlying power markets.
  • Analyze multi-million-row datasets, produce reports for senior management, and create tools to automate workflows.
  • Conduct research and synthesize internal data, model outputs, market and industry data, and research reports to monitor the competitive landscape and support development of new power derivatives contracts and services.
  • Develop and assess risk management approaches for customer portfolios, including pricing and risk management models for existing and new power derivative contracts.
  • Manage inquiries from internal sources, including senior management and the Board, and external sources, including customers and regulators, regarding exchange operations.
Desired Qualifications
  • Previous experience in financial risk management.

About the company

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Nodal Exchange

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Website

Nodal Exchange is a derivatives market for North American energy, offering futures and options on power, natural gas, and environmental products to help participants hedge price, credit, and liquidity risks. It operates through a centralized clearing house, Nodal Clear, which clears all trades and uses portfolio margining to improve capital efficiency. A key differentiator is the nodal (locational) futures that hedge at specific points on the electricity grid, along with ownership of its clearing house and a broad catalog of contracts. The company aims to provide reliable risk management and liquidity for energy markets by expanding access and product offerings to support effective hedging and price discovery.

Company Size

51-200

Company Stage

Early VC

Total Funding

$26.4M

Headquarters

Vienna, Virginia

Founded

2007

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Simplify's Take

What believers are saying

  • August 2026 power volume rose 8% month over month to 214.2 MWh.
  • Environmental open interest hit 454,313 lots in August 2026, up 12% year over year.
  • Global Capital named Nodal 2026 Americas Energy Derivatives Exchange of the Year.

What critics are saying

  • ICE listed Washington Carbon Allowance Vintage 2030 futures on April 7, 2026.
  • ICE's North American environmental markets traded 6.2 million contracts in 2025.
  • Liquidity migration to ICE shrinks Nodal's network moat within 12 months.

What makes Nodal Exchange unique

  • Nodal led U.S. power futures in August 2026 with 55% open interest.
  • Its 168 hourly power futures across ERCOT and PJM launched August 31, 2026.
  • OPIS-settled environmental contracts launched August 17, 2026, deepen Nodal's carbon data edge.

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Benefits

  • Hybrid Work Options
  • Flexible Work Hours
  • Phone/Internet Stipend
  • Wellness Program
  • Mental Health Support
  • 401(k) Retirement Plan
  • 401(k) Company Match
  • Conference Attendance Budget
  • Family Planning Benefits
  • Fertility Treatment Support
  • Remote Work Options

Growth & Insights and Company News

Headcount

6 month growth

17%

1 year growth

15%

2 year growth

15%
The Montreal Gazette
Sep 18th, 2026
Nodal Exchange named Americas Energy Derivatives Exchange of the Year by Global Capital.

Nodal Exchange named Americas Energy Derivatives Exchange of the Year by Global Capital. WASHINGTON - Nodal Exchange has been named 2026 Americas Energy Derivatives Exchange of the Year by Global Capital. "Nodal Exchange is honored to receive the Americas Energy Derivatives Exchange of the Year award from Global Capital," said Paul Cusenza, Chairman and CEO of Nodal Exchange. The Global Capital Derivatives Awards recognize leading banks, brokers, service... September 18, 2026 at 9:31 a.m. WASHINGTON - Nodal Exchange has been named 2026 Americas Energy Derivatives Exchange of the Year by Global Capital. "Nodal Exchange is honored to receive the Americas Energy Derivatives Exchange of the Year award from Global Capital," said Paul Cusenza, Chairman and CEO of Nodal Exchange. The Global Capital Derivatives Awards recognize leading banks, brokers, service providers, law firms, and exchanges for their contributions to the derivatives market. Global Capital presented the Americas Energy Derivatives Exchange of the Year award at a ceremony in New York City yesterday. Nodal Exchange is a leader in innovation, having introduced the largest set of electric power and environmental futures and options contracts in the world. Nodal is the #1 power futures exchange in the U.S. with 1.451 billion MWh of open interest and 55% market share as of the end of August 2026. "Nodal Exchange is honored to receive the Americas Energy Derivatives Exchange of the Year award from Global Capital," said Paul Cusenza, Chairman and CEO of Nodal Exchange. "We are grateful for the support of our entire trading and clearing community without which this achievement would not have been possible, and we are pleased that Global Capital has recognized our collective success." ABOUT NODAL Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world's largest set of electric power locational (nodal) futures contracts and the world's largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC. nodalexchange.com

Nodal Exchange
Sep 18th, 2026
Nodal Exchange named Americas Energy Derivatives Exchange of the Year by Global Capital.

Nodal Exchange named Americas Energy Derivatives Exchange of the Year by Global Capital. Washington, DC, september 18, 2026. Nodal Exchange has been named 2026 Americas Energy Derivatives Exchange of the Year by Global Capital. The Global Capital Derivatives Awards recognize leading banks, brokers, service providers, law firms, and exchanges for their contributions to the derivatives market. Global Capital presented the Americas Energy Derivatives Exchange of the Year award at a ceremony in New York City yesterday. Nodal Exchange is a leader in innovation, having introduced the largest set of electric power and environmental futures and options contracts in the world. Nodal is the #1 power futures exchange in the U.S. with 1.451 billion MWh of open interest and 55% market share as of the end of August 2026. "Nodal Exchange is honored to receive the Americas Energy Derivatives Exchange of the Year award from Global Capital," said Paul Cusenza, Chairman and CEO of Nodal Exchange. "We are grateful for the support of our entire trading and clearing community without which this achievement would not have been possible, and we are pleased that Global Capital has recognized our collective success." PRESS CONTACT: ABOUT NODAL Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world's largest set of electric power locational (nodal) futures contracts and the world's largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC. nodalexchange.com 08-17-2026

The Montreal Gazette
Aug 17th, 2026
Nodal Exchange and OPIS partner to launch new environmental market contracts with cooperation from IncubEx.

Nodal Exchange and OPIS partner to launch new environmental market contracts with cooperation from IncubEx. New financially settled contracts based on OPIS daily price assessments expand access to hedging solutions across North American carbon and renewable fuel markets. NEW YORK & WASHINGTON - Nodal Exchange and OPIS, a Dow Jones company, today announced the launch of new financially settled futures and options contracts based on OPIS daily price assessments, developed... August 17, 2026 at 9:09 a.m. New financially settled contracts based on OPIS daily price assessments expand access to hedging solutions across North American carbon and renewable fuel markets. NEW YORK & WASHINGTON - Nodal Exchange and OPIS, a Dow Jones company, today announced the launch of new financially settled futures and options contracts based on OPIS daily price assessments, developed in cooperation with IncubEx. "We are proud to work with IncubEx and OPIS to create contracts that meet the evolving needs of our market participants," said Paul Cusenza, Chairman & CEO of Nodal Exchange. The new products strengthen the connection between OPIS market intelligence and Nodal Exchange's listed environmental market suite, providing commercial and financial market participants - including energy companies, commodity trading firms, banks, hedge funds and asset managers - with capital-efficient tools to manage risk in North American carbon and renewable fuel markets. The new product offering includes: * WCA vs. CCA (OPIS) Spread Future: This agile tool is designed to enable traders to capture cross-market opportunities and hedging exposure across key North American carbon markets. * California Low Carbon Fuel Standard Credit (OPIS) Future: The first financially settled renewable fuel contract made available on Nodal Exchange. * California Low Carbon Fuel Standard Credit (OPIS) Option (Futures Style Margining) This launch represents a significant industry milestone, as it marks the first time a futures exchange has partnered with a Price Reporting Agency (PRA) to list a PRA-settled financial contract for North American carbon markets. By combining OPIS price assessments with Nodal Exchange's listed derivatives platform, these contracts offer participants a distinct competitive advantage in managing market exposure, providing price risk management, greater flexibility - including portfolio margining and futures-style margining on options - and contract design optimized for spread trading. "The new contracts complement and expand the existing environmental product suite on Nodal," said Paul Cusenza, Chairman & CEO of Nodal Exchange. "We are proud to work with IncubEx and OPIS to create contracts that meet the evolving needs of our market participants." "Transparency is the cornerstone of efficient environmental markets. By pairing OPIS's rigorous, independent price assessments with Nodal's contract settlement, we are providing participants with the reliable data and execution they need to hedge their exposure effectively," said Sarah Cottle, EVP & GM of Dow Jones Energy. "This partnership with Nodal Exchange delivers the precision and risk-management efficiency that our customers require to navigate the volatility and evolving landscape of North American carbon and renewable fuel markets." "We're excited to work with OPIS and Nodal to expand the breadth of environmental futures contracts, as these products are increasingly requested by the core traders and brokers in environmental markets," said Dan Scarbrough, IncubEx CEO. "The product expansion and growth in liquidity of financially settled environmental futures contracts referenced to trusted price reporting agencies such as OPIS demonstrate the evolution of environmental commodities as an asset consistent with energy and broader commodity markets." Nodal Exchange offers a broad suite of environmental contracts, with more than 125 futures and options. ABOUT NODAL Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world's largest set of electric power locational (nodal) futures contracts and the world's largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas contracts. All Nodal Exchange contracts are cleared by Nodal Clear, a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC. For more information, please visit www.nodalexchange.com. ABOUT OPIS OPIS, a Dow Jones company, provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and its brands, McCloskey, PetroChem Wire, Axxis and Chemical Market Analytics, enable customers to buy and sell energy commodities with confidence across the globe via easy access to transparent data, expert-level customer support, educational events and energy data solutions. Full details about OPIS pricing methodologies are available at opisnet.com/about/methodology. ABOUT INCUBEX IncubEx is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development firm. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX), Nodal Exchange and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies. The IncubEx team is led by former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners. The company was founded in 2016 and currently has offices in Chicago and London. See more at www.theincubex.com. PRESS CONTACTS:

The Montreal Gazette
Jun 16th, 2026
Nodal Exchange and IncubEx expand environmental product suite with CORSIA, California and Massachusetts contracts.

Nodal Exchange and IncubEx expand environmental product suite with CORSIA, California and Massachusetts contracts. WASHINGTON & CHICAGO - Nodal Exchange, in collaboration with IncubEx, announced today the successful launch of several new environmental futures and options, including: CORSIA, California Carbon Offsets and Massachusetts CPEC contracts. "Nodal and IncubEx continue to look for ways to meet customer needs and this latest set of products illustrates that," said Paul Cusenza, CEO...

Carbon Market Pulse Limited
Mar 30th, 2026
Nodal launches cash-settled California carbon contracts in push to broaden market access.

Nodal launches cash-settled California carbon contracts in push to broaden market access. Published 18:34 on March 30, 2026 / Last updated at 18:34 on March 30, 2026 / Americas (Compliance Markets & Taxes, US & Canada) Carbon Pulse Premium Nodal Exchange has launched the first financially-settled futures and options contracts tied to California Carbon Allowances (CCAs), marking a further expansion of derivatives offerings in North America's largest compliance carbon market.