Nasdaq OMX is weighing an attack on competitors that dominate the trading of oil and gas futures, according to people familiar with the matter.

The company is consulting with energy traders and brokers about a new project that would allow clients to buy and sell crude oil, natural gas and US power futures, according to a document reviewed by The Wall Street Journal. Several large banks including JP Morgan Chase & Co. have already signed up to try out the initiative, according to people familiar with the matter.