NACCO, operator of Silicon Exchange
Governance
Silicon Exchange is operated by NACCO — the North American Commodity Compute Organization — a neutral, self-governing operator, central counterparty, and self-regulatory body. NACCO is the ISO-for-compute entity: like PJM or ICE, it runs the market and clears the trades; it owns no silicon and favors no member. Sister operators run per sovereign zone under a shared global standards body.
Exchange
A neutral matching venue. Buyers bid, sellers offer, and the operator clears the auction to a transparent price. We match buyers and sellers — we never pool, own, or resell capacity.
Central counterparty
The CCP novates cleared trades for credit only, manages margin and a default fund, and guarantees settlement. Capability is always delivered from the specific seller's silicon.
Self-regulatory body
A stakeholder-governed rulebook with an independent board — the structure commodity and power markets have used for a century. Membership is voluntary; there is no mandate.
Sector committees
Stakeholders govern through five sector-balanced committees that advise and vote on rules — but no class controls the independent board. Rule changes flow: sector vote → board approval → regulatory filing.
Buyers & Load Committee
AI labs, enterprises, and inference providers — the demand side seeking price certainty and guaranteed delivery.
Suppliers & Sellers Committee
Clouds, neoclouds, data-center operators, and GPU owners — the supply side seeking offtake and utilization.
Infrastructure & Power Committee
Data-center landlords and power producers — the behind-the-meter power↔compute link.
Financial & Liquidity Committee
FCMs, market makers, speculators, and lenders — providing liquidity, taking price risk, financing capex.
Public Interest & Independent Committee
Academics, consumer/reliability advocates, and independent technologists — protecting neutrality and systemic reliability.
Sovereign zones
Clearing, the reference price, the regulator, settlement currency, and compliance are governed per sovereign zone; the standard — the SPH unit, the grades, the assay, and the registry protocol — is global and shared. The United States zone is live first, regulated under the CFTC DCM/DCO framework, settling in USD. Additional zones are additive: the market was built with the zone dimension present from day one.
| Zone | Regulator | Currency | Status |
|---|---|---|---|
| European Union (EU) | ESMA | EUR | Live |
| United States (US) | CFTC | USD | Live |