Nodal Exchange launches the first financially settled California Carbon Allowance Futures in collaboration with IncubEx

WASHINGTON, DC & CHICAGO – March 30, 2026

Nodal Exchange, in collaboration with IncubEx, announced today the launch of the first financially settled California Carbon Allowance futures and options contracts on March 30, 2026.

The first of their kind, financially settled California Carbon Allowance (CCA) futures and corresponding options on futures expands the growing suite of carbon products available on Nodal Exchange, including physically delivered CCA futures and options, Auction Clearing Price (ACP) and California Carbon Offsets (CCOs) contracts.

These new contracts expand access to the robust California carbon market without the operational requirements of the physical market. Final settlement prices use the average of the daily settlement price for the final five trading days.

The new CCA contracts extend the comprehensive set of California carbon products offered on Nodal which now include:

• Financial California Carbon Allowance Futures & Options
• California Carbon Allowances Futures and Options (Physically settled)
• California Carbon Offsets (CCO-0, CCO-0 with Direct Environmental Benefits and CCO-8 Futures)
• California Carbon Allowance Current and Advance Auction Clearing Price (ACP Futures)

“With physically delivered CCA futures and options liquidity firmly established over nearly 15 years, financially settled CCA contracts mark the next step in the evolution of carbon markets,” said Dan Scarbrough, Chief Executive Officer, IncubEx. “Similar to widely traded financial futures across the energy space, these contracts expand the hedging and investment tools available to a growing universe of participants in the CCA market.”

The new contracts now bring the number of compliance carbon and emissions contracts listed on Nodal Exchange to 19 futures and options offered on the California, Regional Greenhouse Gas Initiative, Washington, Alberta and the EPA NOx emissions markets.

“Nodal and IncubEx continue to expand the product set to meet customer needs,” said Paul Cusenza, Chairman and CEO, Nodal Exchange. “We are proud to once again be first to market and continue to find ways to improve access, liquidity and risk management.”

Nodal Exchange lists the broadest suite of environmental futures and options products on any exchange.