Derivatives exchange company to create 37 jobs in Fairfax

Tysons-based derivatives exchange company Nodal Exchange will invest $300,000 to expand its Fairfax County headquarters, creating 37 jobs, Gov. Glenn Youngkin announced Thursday.

The company will increase capacity at its headquarters, located at 1921 Gallows Road in Tysons.

“Nodal Exchange offers the largest suite of power and environmental contracts in the world, and we are proud that this Virginia-grown business manages risk in such a critical market, resulting in impressive growth at its headquarters in Fairfax County,” Youngkin said in a statement.

Founded in 2007, Nodal Exchange is part of EEX Group, a group serving international commodity markets. Nodal Exchange offers more than 1,000 power contracts. The company also offers natural gas and environmental contracts, and its wholly-owned subsidiary, Nodal Clear, is registered with the Commodity Futures Trading Commission as a derivatives clearing organization.

“Nodal Exchange was founded in Fairfax County, Virginia, which we believe is an ideal location for attracting and retaining an outstanding professional team necessary for operating a derivatives exchange and clearing house. … It is a wonderful location with a highly educated and diverse workforce,” Nodal Exchange and Nodal Clear Chairman and CEO Paul Cusenza said in a statement.

The Virginia Economic Development Partnership worked with the Fairfax County Economic Development Authority to secure the project for Virginia. The VEDP will support Nodal Exchange through the Virginia Jobs Investment Program, which provides consultative services and funding to support employee recruitment and training to companies creating jobs.