Nasdaq Commodities will introduce a new trading system for its members where price quotes will be provided on request, the exchange said in a statement on Tuesday.
Called Request for Quote Trading System or RFQ, the system will go live from June 10, subject to successful testing and regulatory approval.
"The new RFQ Trading System will introduce a new way of conducting trading on a private and exclusive basis for Nasdaq Commodities Exchange Members," it said.
"?' quote or quotes are provided in response to a RFQ, submitted by one or more other Exchange Members. The quote(s) provided to the RFQ is executable exclusively by the requesting Exchange Member," the exchange said.
After receiving the quote or quotes it requested, a member can conclude the transaction by accepting or declining it.
Nasdaq Commodities' offerings include power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services.
(By Lefteris Karagiannopoulos, Editing by Terje Solsvik)