time of day shape hedge marketplace
A regulated, screen based OTC market for standardised Time-of-Day electricity derivatives across the National Electricity Market.
Built in-house for on-screen order matching, run by electricity market specialists and open to wholesale participants.
Market structure
Price formation in the National Electricity Market is concentrated in distinct windows of the day, shaped by renewable generation profiles, storage dispatch and flexible demand. Risk is no longer evenly distributed across 24 hours.
Traditional flat and peak contracts aggregate this volatility and often fail to hedge when it actually occurs, particularly for storage and intermittent generation.
Standardised products
TOD Markets has standardised Time-of-Day swaps, caps and floors to reflect how risk forms in the NEM while preserving fungibility, liquidity and consistent pricing.
The result is risk aligned intraday hedging, fungible exposures across counterparties and tenors, liquidity concentrated in standard contracts and a forward curve formed from real market activity.
Neutral infrastructure
We hold an ASIC Tier 2 Australian Market Licence and are recognised by the AER as a market liquidity venue. We do not take positions or warehouse risk.
Every order and trade is matched on our own trading system under real time credit and counterparty controls, with published daily closing prices and full audit logging.
The trading day
Time-of-Day products segment the NEM trading day into standard periods that track where demand, renewable output and price risk concentrate. Each period trades as a fungible swap alongside the conventional flat day.
Technology
Our trading system was designed for one job: matching orders between approved counterparties, transparently and on screen.
About
TOD Markets was founded in 2023 by Deirdre Fitzpatrick and Jason Law, and is run by people who have spent their careers in the Australian electricity market. Our team brings decades of experience in wholesale electricity, gas and renewables, from spot trading at major retailers and energy derivatives at the ASX to institutional commodities trading, together with the engineering and compliance expertise to operate a regulated market. Our investors and advisors include a former CEO of ERM Power and seasoned leaders from Australian energy, resources, technology and finance.
TOD Markets holds an ASIC Tier 2 Australian Market Licence and is recognised by the Australian Energy Regulator as a market liquidity venue. We operate a digital OTC market for standardised Time-of-Day electricity derivatives across the National Electricity Market (NEM).
Our screen based trading system supports transparent intraday price discovery and disciplined risk management for a power system increasingly shaped by renewables, storage and flexible demand. Participation spans the wholesale market: major retailers, generators, storage operators, financial intermediaries and active trading counterparties across the NEM.
Our standardised Time-of-Day products are structured to reflect underlying demand and risk profiles, enhancing price comparability and supporting sustainable liquidity across counterparties.
TOD Markets operates as neutral infrastructure. We do not act as principal, do not warehouse risk and do not provide trading advice. Our role is to facilitate fair, orderly and transparent bilateral OTC trading between wholesale market participants.
News
The Australian Energy Regulator has approved TOD Markets as a Market Liquidity Obligation (MLO) venue under the Retailer Reliability Obligation framework, along with four TOD Markets electricity derivative products for MLO trading.
Large-scale Generation Certificates can now be traded through TOD Markets, extending the platform into environmental markets alongside electricity derivatives.
TOD Markets has commenced its Market Making Program, designed to increase the consistency of executable two-way pricing across electricity derivative products.
Join the wholesale participants already hedging intraday risk on TOD Markets, or talk to us about market data and integration.
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