Recently, Nanhua USA LLC, a subsidiary under the overseas wholly-owned subsidiary of Nanhua Futures (603093.SH / 02691.HK), Triumph International, has officially been approved as a trading member of the North American Nodal Exchange. Combined with the previously acquired clearing membership for Nodal Clear, Nanhua Futures has now established a complete "trading + clearing" service loop on the Nodal Exchange, adding a crucial asset to its global expansion strategy.
As a core platform in the U.S. for power, natural gas, and environmental derivatives, Nodal Exchange, with its coverage of over 1,+ locational contracts and a 56% market share in U.S. power futures, allows traders to hedge against electricity price volatility in specific geographic areas—a level of precision unattainable with traditional regional power contracts. Furthermore, Nodal Exchange offers products related to natural gas, environmental attributes (like Renewable Energy Certificates - RECs), and carbon credits, all cleared by Nodal Clear for contracts listed on the exchange.
Leveraging both its Nodal Exchange trading qualification and Nodal Clear clearing qualification, Nanhua USA can provide investors with an end-to-end "trading + clearing" service package for participating in U.S. power and energy markets. Additionally, Nodal Clear is also the designated central counterparty clearinghouse for Coinbase Derivatives, for which Nanhua USA has already obtained trading eligibility. This enables Nanhua Futures to not only penetrate the North American traditional energy and environmental products markets but also to engage in innovative businesses like crypto asset derivatives and index products through its Coinbase Derivatives qualification, further enhancing its clearing services for innovative financial products such as digital asset derivatives.
Moreover, the "USDC as Futures Margin" initiative, jointly advanced by Coinbase Derivatives and Nodal Clear, is currently under review by the CFTC. If approved, Nanhua Futures will be able to offer clients near real-time margin top-up services, significantly improving capital efficiency.
As the core vehicle for Nanhua Futures' overseas operations, Triumph International has built a comprehensive licensing system comprising memberships at 19 major global exchanges and qualifications at 15 core clearinghouses. Anchored in four international financial centers—Hong Kong, London, Chicago, and Singapore—it provides uninterrupted 7x24 services across Asian, European, and North American time zones, forming a full-process闭环 capability spanning "trading - clearing - risk management." The breadth of its qualifications and the professional level of its services place it in the top tier among Chinese futures institutions.
In Asia, it serves as a key cross-border trading and clearing hub. Its core qualifications include trading memberships at HKFE/SEHK and direct clearing memberships at HKCC/HKSCC (covering Stock Connect programs), alongside trading and clearing memberships at SGX-DT/SGX-DC and ICE-SG, as well as status as an overseas intermediary for specific Chinese domestic futures products. This network facilitates cross-channel connectivity between mainland China, Hong Kong, and Southeast Asia, covering risk management needs for Hong Kong stocks, specific Chinese futures and options, global metals, Asian indices, currency futures, and tropical agricultural products.
In Europe, the strategy involves precise positioning in high-value segments. Core qualifications include trading and clearing memberships at the London Metal Exchange (LME) and ICE Europe. This enables deep integration with the global metal pricing system and European interest rate and energy derivatives markets, empowering cross-border risk management for industrial metals and energy.
In North America, it leads in providing comprehensive, cross-asset services. Its extensive qualifications encompass trading and active clearing memberships at CME Group exchanges (CME/NYMEX/COMEX/CBOT), trading and clearing memberships for Nodal Exchange/Nodal Clear and Coinbase Derivatives/Nodal Clear, alongside trading and clearing qualifications for IFUS, MIAX Futures, GME, and CFE. This allows for full-category coverage of traditional commodities, financial indices, U.S. green energy (power/carbon credits), and digital asset derivatives, making Nanhua the sole Chinese institution with such a complete "trading + clearing"闭环 service capability in this domain.
Nanhua Futures' international expansion is underpinned by robust financial performance. Data shows that from 2022 to 2024, the company's overseas business revenue achieved a compound annual growth rate of 68.26%, with subsidiary Triumph International reporting a net profit of RMB 417 million in 2024. As of the end of June 2025, client equity for its overseas brokerage business reached HKD 17.768 billion, and its asset management business scale reached HKD 3.376 billion, representing year-on-year growth of 32.25% and 30.10%, respectively.
After 19 years of dedicated focus on internationalization, Nanhua Futures has built a global service platform spanning Asia, Europe, and North America through its overseas subsidiary, Triumph International. The approval of the Nodal Exchange trading membership is both a significant move in line with the "Belt and Road" initiative and a milestone marking the enhanced service capabilities of Chinese futures institutions in the international derivatives market.
Looking ahead, Nanhua Futures will continue to leverage its global qualification advantages to provide more efficient and diverse cross-border trading and risk management solutions for clients both domestically and internationally.