NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2021 Future

Option Style European

Option Contract Code MAE

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Future

Contract Code for Underlying 

Futures MAE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2022 Future

Option Style European

Option Contract Code MAF

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Future

Contract Code for Underlying 

Futures MAF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2023 Future

Option Style European

Option Contract Code MAG

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Future

Contract Code for Underlying 

Futures MAG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2024 Future

Option Style European

Option Contract Code MAH

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2024 

Future

Contract Code for Underlying 

Futures MAH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2025 Future

Option Style European

Option Contract Code MAI

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2025 

Future

Contract Code for Underlying 

Futures MAI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2026 Future

Option Style European

Option Contract Code MAJ

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2026 

Future

Contract Code for Underlying 

Futures MAJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2027 Future

Option Style European

Option Contract Code MAK

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2027 

Future

Contract Code for Underlying 

Futures MAK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2028 Future

Option Style European

Option Contract Code MAL

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2028 

Future

Contract Code for Underlying 

Futures MAL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2029 Future

Option Style European

Option Contract Code MAM

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2029 

Future

Contract Code for Underlying 

Futures MAM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Compliance Renewable Energy Certificate Class 1 

Vintage 2030 Future

Option Style European

Option Contract Code MAN

Underlying Futures Contract Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2030 

Future

Contract Code for Underlying 

Futures MAN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2021 Bankable Future

Option Style European

Option Contract Code MBE

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 Bankable 

Future

Contract Code for Underlying 

Futures MBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2022 Bankable Future

Option Style European

Option Contract Code MBF

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 Bankable 

Future

Contract Code for Underlying 

Futures MBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2023 Bankable Future

Option Style European

Option Contract Code MBG

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 Bankable 

Future

Contract Code for Underlying 

Futures MBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2024 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2024 Bankable Future

Option Style European

Option Contract Code MBH

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2024 Bankable 

Future

Contract Code for Underlying 

Futures MBH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2025 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2025 Bankable Future

Option Style European

Option Contract Code MBI

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2025 Bankable 

Future

Contract Code for Underlying 

Futures MBI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2021 Future

Option Style European

Option Contract Code MCE

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2021 Future

Contract Code for Underlying 

Futures MCE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2022 Future

Option Style European

Option Contract Code MCF

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2022 Future

Contract Code for Underlying 

Futures MCF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2023 Future

Option Style European

Option Contract Code MCG

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2023 Future

Contract Code for Underlying 

Futures MCG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2024 Future

Option Style European

Option Contract Code MCH

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2024 Future

Contract Code for Underlying 

Futures MCH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2025 Future

Option Style European

Option Contract Code MCI

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2025 Future

Contract Code for Underlying 

Futures MCI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2026 Future

Option Style European

Option Contract Code MCJ

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2026 Future

Contract Code for Underlying 

Futures MCJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2027 Future

Option Style European

Option Contract Code MCK

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2027 Future

Contract Code for Underlying 

Futures MCK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2028 Future

Option Style European

Option Contract Code MCL

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2028 Future

Contract Code for Underlying 

Futures MCL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2029 Future

Option Style European

Option Contract Code MCM

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2029 Future

Contract Code for Underlying 

Futures MCM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Carve Out II 

Vintage 2030 Future

Option Style European

Option Contract Code MCN

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2030 Future

Contract Code for Underlying 

Futures MCN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below theat-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2021 Future

Option Style European

Option Contract Code MDE

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 Future

Contract Code for Underlying 

Futures MDE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2022 Future

Option Style European

Option Contract Code MDF

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 Future

Contract Code for Underlying 

Futures MDF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2023 Future

Option Style European

Option Contract Code MDG

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 Future

Contract Code for Underlying 

Futures MDG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2024 Future

Option Style European

Option Contract Code MDH

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2024 Future

Contract Code for Underlying 

Futures MDH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2025 Future

Option Style European

Option Contract Code MDI

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2025 Future

Contract Code for Underlying 

Futures MDI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2026 Future

Option Style European

Option Contract Code MDJ

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2026 Future

Contract Code for Underlying 

Futures MDJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2027 Future

Option Style European

Option Contract Code MDK

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2027 Future

Contract Code for Underlying 

Futures MDK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2028 Future

Option Style European

Option Contract Code MDL

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2028 Future

Contract Code for Underlying 

Futures MDL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2029 Future

Option Style European

Option Contract Code MDM

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2029 Future

Contract Code for Underlying 

Futures MDM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 

2030 Future

Option Style European

Option Contract Code MDN

Underlying Futures Contract Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2030 Future

Contract Code for Underlying 

Futures MDN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2021 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2021 Future

Option Style European

Option Contract Code MRE

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2021 Future

Contract Code for Underlying 

Futures MRE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2022 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2022 Future

Option Style European

Option Contract Code MRF

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2022 Future

Contract Code for Underlying 

Futures MRF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2023 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2023 Future

Option Style European

Option Contract Code MRG

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2023 Future

Contract Code for Underlying 

Futures MRG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2024 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2024 Future

Option Style European

Option Contract Code MRH

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2024 Future

Contract Code for Underlying 

Futures MRH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2025 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2025 Future

Option Style European

Option Contract Code MRI

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2025 Future

Contract Code for Underlying 

Futures MRI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2026 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2026 Future

Option Style European

Option Contract Code MRJ

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2026 Future

Contract Code for Underlying 

Futures MRJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Maryland Solar Renewable Energy Certificate Vintage 2027 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Maryland Solar Renewable Energy Certificate Vintage 2027 Future

Option Style European

Option Contract Code MRK

Underlying Futures Contract Maryland Solar Renewable Energy Certificate Vintage 2027 Future

Contract Code for Underlying 

Futures MRK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Vintage 2021 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Vintage 2021 

Future

Option Style European

Option Contract Code MSE

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Vintage 2021 Future

Contract Code for Underlying 

Futures MSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Vintage 2022 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Vintage 2022 

Future

Option Style European

Option Contract Code MSF

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Vintage 2022 Future

Contract Code for Underlying 

Futures MSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Vintage 2023 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Vintage 2023 

Future

Option Style European

Option Contract Code MSG

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Vintage 2023 Future

Contract Code for Underlying 

Futures MSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Massachusetts Solar Renewable Energy Certificate Vintage 2024 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Massachusetts Solar Renewable Energy Certificate Vintage 2024 

Future

Option Style European

Option Contract Code MSH

Underlying Futures Contract Massachusetts Solar Renewable Energy Certificate Vintage 2024 Future

Contract Code for Underlying 

Futures MSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Jul, Aug, Oct, Nov of the vintage year. Jan, Feb, Apr, May of the year following the 

vintage year. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2017 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2017 Future

Option Style European

Option Contract Code NAA

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2017 Future

Contract Code for Underlying 

Futures NAA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2018 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2018 Future

Option Style European

Option Contract Code NAB

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2018 Future

Contract Code for Underlying 

Futures NAB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2019 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2019 Future

Option Style European

Option Contract Code NAC

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2019 Future

Contract Code for Underlying 

Futures NAC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2020 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2020 Future

Option Style European

Option Contract Code NAD

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2020 Future

Contract Code for Underlying 

Futures NAD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2021 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2021 Future

Option Style European

Option Contract Code NAE

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2021 Future

Contract Code for Underlying 

Futures NAE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2022 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2022 Future

Option Style European

Option Contract Code NAF

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2022 Future

Contract Code for Underlying 

Futures NAF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for 2022 and the following two years. Annual December 

contracts for up to an additional 7 years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium

The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2023 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2023 Future

Option Style European

Option Contract Code NAG

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2023 Future

Contract Code for Underlying 

Futures NAG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations beginning with December of 2023 and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2024 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2024 Future

Option Style European

Option Contract Code NAH

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2024 Future

Contract Code for Underlying 

Futures NAH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations beginning with December of 2024 and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Vintage 2025 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Vintage 2025 Future

Option Style European

Option Contract Code NAI

Underlying Futures Contract Verified Emission Reduction - Nature-Based Vintage 2025 Future

Contract Code for Underlying 

Futures NAI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations beginning with December of 2025 and the following two years. 

Annual December contracts for up to an additional 7 years. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - Nature-Based Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - Nature-Based Future

Option Style European

Option Contract Code NAT

Underlying Futures Contract Verified Emission Reduction - Nature-Based Future

Contract Code for Underlying 

Futures NAT

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for the current year and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2021 Bankable Future

Option Style European

Option Contract Code NBE

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 Bankable 

Future

Contract Code for Underlying 

Futures NBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2022 Bankable Future

Option Style European

Option Contract Code NBF

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 Bankable 

Future

Contract Code for Underlying 

Futures NBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2023 Bankable Future

Option Style European

Option Contract Code NBG

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 Bankable 

Future

Contract Code for Underlying 

Futures NBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2024 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2024 Bankable Future

Option Style European

Option Contract Code NBH

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2024 Bankable 

Future

Contract Code for Underlying 

Futures NBH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2025 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2025 Bankable Future

Option Style European

Option Contract Code NBI

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2025 Bankable 

Future

Contract Code for Underlying 

Futures NBI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2023 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2023 Future

Option Style European

Option Contract Code NEG

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2023 Future

Contract Code for Underlying 

Futures NEG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2024 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2024 Future

Option Style European

Option Contract Code NEH

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2024 Future

Contract Code for Underlying 

Futures NEH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2025 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2025 Future

Option Style European

Option Contract Code NEI

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2025 Future

Contract Code for Underlying 

Futures NEI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2026 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2026 Future

Option Style European

Option Contract Code NEJ

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2026 Future

Contract Code for Underlying 

Futures NEJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2027 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2027 Future

Option Style European

Option Contract Code NEK

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2027 Future

Contract Code for Underlying 

Futures NEK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2028 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2028 Future

Option Style European

Option Contract Code NEL

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2028 Future

Contract Code for Underlying 

Futures NEL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2029 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2029 Future

Option Style European

Option Contract Code NEM

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2029 Future

Contract Code for Underlying 

Futures NEM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 

2 Vintage 2030 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey-Pennsylvania Dual Qualified Renewable Energy 

Certificates Class 2 Vintage 2030 Future

Option Style European

Option Contract Code NEN

Underlying Futures Contract New Jersey-Pennsylvania Dual Qualified Renewable Energy Certificates Class 2 

Vintage 2030 Future

Contract Code for Underlying 

Futures NEN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August in the year prior to the corresponding 

vintage year through September of the corresponding vintage year. The Exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2021 Future

Option Style European

Option Contract Code NJE

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 Future

Contract Code for Underlying 

Futures NJE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2022 Future

Option Style European

Option Contract Code NJF

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 Future

Contract Code for Underlying 

Futures NJF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2023 Future

Option Style European

Option Contract Code NJG

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 Future

Contract Code for Underlying 

Futures NJG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2024 Future

Option Style European

Option Contract Code NJH

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2024 Future

Contract Code for Underlying 

Futures NJH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2025 Future

Option Style European

Option Contract Code NJI

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2025 Future

Contract Code for Underlying 

Futures NJI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2026 Future

Option Style European

Option Contract Code NJJ

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2026 Future

Contract Code for Underlying 

Futures NJJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2027 Future

Option Style European

Option Contract Code NJK

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2027 Future

Contract Code for Underlying 

Futures NJK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2028 Future

Option Style European

Option Contract Code NJL

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2028 Future

Contract Code for Underlying 

Futures NJL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2029 Future

Option Style European

Option Contract Code NJM

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2029 Future

Contract Code for Underlying 

Futures NJM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 1 

Vintage 2030 Future

Option Style European

Option Contract Code NJN

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2030 Future

Contract Code for Underlying 

Futures NJN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2021 Future

Option Style European

Option Contract Code NPE

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2021 Future

Contract Code for Underlying 

Futures NPE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2022 Future

Option Style European

Option Contract Code NPF

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2022 Future

Contract Code for Underlying 

Futures NPF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2023 Future

Option Style European

Option Contract Code NPG

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2023 Future

Contract Code for Underlying 

Futures NPG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2024 Future

Option Style European

Option Contract Code NPH

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2024 Future

Contract Code for Underlying 

Futures NPH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2025 Future

Option Style European

Option Contract Code NPI

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2025 Future

Contract Code for Underlying 

Futures NPI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2026 Future

Option Style European

Option Contract Code NPJ

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2026 Future

Contract Code for Underlying 

Futures NPJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2027 Future

Option Style European

Option Contract Code NPK

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2027 Future

Contract Code for Underlying 

Futures NPK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2028 Future

Option Style European

Option Contract Code NPL

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2028 Future

Contract Code for Underlying 

Futures NPL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2029 Future

Option Style European

Option Contract Code NPM

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2029 Future

Contract Code for Underlying 

Futures NPM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the NEPOOL Dual Qualified Renewable Energy Certificate Class 1 

Vintage 2030 Future

Option Style European

Option Contract Code NPN

Underlying Futures Contract NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2030 Future

Contract Code for Underlying 

Futures NPN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2019 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2019 Future

Option Style European

Option Contract Code NSC

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2019 Future

Contract Code for Underlying 

Futures NSC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Aug 21. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2020 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2020 Future

Option Style European

Option Contract Code NSD

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2020 Future

Contract Code for Underlying 

Futures NSD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2021 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2021 Future

Option Style European

Option Contract Code NSE

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2021 Future

Contract Code for Underlying 

Futures NSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2022 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2022 Future

Option Style European

Option Contract Code NSF

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2022 Future

Contract Code for Underlying 

Futures NSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2023 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2023 Future

Option Style European

Option Contract Code NSG

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2023 Future

Contract Code for Underlying 

Futures NSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2024 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2024 Future

Option Style European

Option Contract Code NSH

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2024 Future

Contract Code for Underlying 

Futures NSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2025 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2025 Future

Option Style European

Option Contract Code NSI

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2025 Future

Contract Code for Underlying 

Futures NSI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2026 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2026 Future

Option Style European

Option Contract Code NSJ

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2026 Future

Contract Code for Underlying 

Futures NSJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2027 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2027 Future

Option Style European

Option Contract Code NSK

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2027 Future

Contract Code for Underlying 

Futures NSK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2028 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2028 Future

Option Style European

Option Contract Code NSL

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2028 Future

Contract Code for Underlying 

Futures NSL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $1.00 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2029 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2029 Future

Option Style European

Option Contract Code NSM

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2029 Future

Contract Code for Underlying 

Futures NSM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $1.00 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Solar Renewable Energy Certificate Vintage 2030 Option (Futures 

Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Solar Renewable Energy Certificate Vintage 2030 Future

Option Style European

Option Contract Code NSN

Underlying Futures Contract New Jersey Solar Renewable Energy Certificate Vintage 2030 Future

Contract Code for Underlying 

Futures NSN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $1.00 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 

2021 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance 

Vintage 2021 Future

Option Style European

Option Contract Code NZE

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2021 

Future

Contract Code for Underlying 

Futures NZE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 

2022 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance 

Vintage 2022 Future

Option Style European

Option Contract Code NZF

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2022 

Future

Contract Code for Underlying 

Futures NZF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 

2023 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance 

Vintage 2023 Future

Option Style European

Option Contract Code NZG

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2023 

Future

Contract Code for Underlying 

Futures NZG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 

2024 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance 

Vintage 2024 Future

Option Style European

Option Contract Code NZH

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2024 

Future

Contract Code for Underlying 

Futures NZH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 

2021 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance 

Vintage 2021 Future

Option Style European

Option Contract Code OAE

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2021 

Future

Contract Code for Underlying 

Futures OAE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 

2022 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance 

Vintage 2022 Future

Option Style European

Option Contract Code OAF

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2022 

Future

Contract Code for Underlying 

Futures OAF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 

2023 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance 

Vintage 2023 Future

Option Style European

Option Contract Code OAG

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2023 

Future

Contract Code for Underlying 

Futures OAG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 

2024 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance 

Vintage 2024 Future

Option Style European

Option Contract Code OAH

Underlying Futures Contract Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2024 

Future

Contract Code for Underlying 

Futures OAH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following 

the Vintage year. The exchange may list any other calendar month contract set off 

the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Oregon Clean Fuels Program Options (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Oregon Clean Fuels Program Futures

Option Style European

Option Contract Code OCA

Underlying Futures Contract Oregon Clean Fuels Program Futures

Contract Code for Underlying 

Futures OCA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per Clean Fuels Program Credit

Settlement Price Precision $0.001 per Clean Fuels Program Credit

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contract sets for the current and coming calendar year, plus December 

contracts for up to 5 consecutive years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2021 Future

Option Style European

Option Contract Code PAE

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 Future

Contract Code for Underlying 

Futures PAE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2022 Future

Option Style European

Option Contract Code PAF

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 Future

Contract Code for Underlying 

Futures PAF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2023 Future

Option Style European

Option Contract Code PAG

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 Future

Contract Code for Underlying 

Futures PAG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2024 Future

Option Style European

Option Contract Code PAH

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2024 Future

Contract Code for Underlying 

Futures PAH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2025 Future

Option Style European

Option Contract Code PAI

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2025 Future

Contract Code for Underlying 

Futures PAI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2026 Future

Option Style European

Option Contract Code PAJ

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2026 Future

Contract Code for Underlying 

Futures PAJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2027 Future

Option Style European

Option Contract Code PAK

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2027 Future

Contract Code for Underlying 

Futures PAK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2028 Future

Option Style European

Option Contract Code PAL

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2028 Future

Contract Code for Underlying 

Futures PAL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2029 Future

Option Style European

Option Contract Code PAM

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2029 Future

Contract Code for Underlying 

Futures PAM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2030 Future

Option Style European

Option Contract Code PAN

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2030 Future

Contract Code for Underlying 

Futures PAN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2021 Bankable Future

Option Style European

Option Contract Code PBE

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 Bankable 

Future

Contract Code for Underlying 

Futures PBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2022 Bankable Future

Option Style European

Option Contract Code PBF

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 Bankable 

Future

Contract Code for Underlying 

Futures PBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2023 Bankable Future

Option Style European

Option Contract Code PBG

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 Bankable 

Future

Contract Code for Underlying 

Futures PBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2024 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2024 Bankable Future

Option Style European

Option Contract Code PBH

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2024 Bankable 

Future

Contract Code for Underlying 

Futures PBH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2025 

Bankable Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Compliance Alternative Energy Certificate Tier 1 

Vintage 2025 Bankable Future

Option Style European

Option Contract Code PBI

Underlying Futures Contract Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2025 Bankable 

Future

Contract Code for Underlying 

Futures PBI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2021 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2021 

Future

Option Style European

Option Contract Code PCE

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2021 Future

Contract Code for Underlying 

Futures PCE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2022 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2022 

Future

Option Style European

Option Contract Code PCF

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2022 Future

Contract Code for Underlying 

Futures PCF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2023 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2023 

Future

Option Style European

Option Contract Code PCG

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2023 Future

Contract Code for Underlying 

Futures PCG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2024 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2024 

Future

Option Style European

Option Contract Code PCH

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2024 Future

Contract Code for Underlying 

Futures PCH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2025 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2025 

Future

Option Style European

Option Contract Code PCI

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2025 Future

Contract Code for Underlying 

Futures PCI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2026 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2026 

Future

Option Style European

Option Contract Code PCJ

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2026 Future

Contract Code for Underlying 

Futures PCJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2027 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2027 

Future

Option Style European

Option Contract Code PCK

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2027 Future

Contract Code for Underlying 

Futures PCK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2028 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2028 

Future

Option Style European

Option Contract Code PCL

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2028 Future

Contract Code for Underlying 

Futures PCL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2029 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2029 

Future

Option Style European

Option Contract Code PCM

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2029 Future

Contract Code for Underlying 

Futures PCM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Alternative Energy Certificate Tier II Vintage 2030 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Alternative Energy Certificate Tier II Vintage 2030 

Future

Option Style European

Option Contract Code PCN

Underlying Futures Contract Pennsylvania Alternative Energy Certificate Tier II Vintage 2030 Future

Contract Code for Underlying 

Futures PCN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2021 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2021 Future

Option Style European

Option Contract Code PME

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2021 Future

Contract Code for Underlying 

Futures PME

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2022 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2022 Future

Option Style European

Option Contract Code PMF

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2022 Future

Contract Code for Underlying 

Futures PMF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2023 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2023 Future

Option Style European

Option Contract Code PMG

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2023 Future

Contract Code for Underlying 

Futures PMG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2024 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2024 Future

Option Style European

Option Contract Code PMH

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2024 Future

Contract Code for Underlying 

Futures PMH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2025 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2025 Future

Option Style European

Option Contract Code PMI

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2025 Future

Contract Code for Underlying 

Futures PMI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2026 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2026 Future

Option Style European

Option Contract Code PMJ

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2026 Future

Contract Code for Underlying 

Futures PMJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2027 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2027 Future

Option Style European

Option Contract Code PMK

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2027 Future

Contract Code for Underlying 

Futures PMK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2028 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2028 Future

Option Style European

Option Contract Code PML

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2028 Future

Contract Code for Underlying 

Futures PML

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2029 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2029 Future

Option Style European

Option Contract Code PMM

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2029 Future

Contract Code for Underlying 

Futures PMM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2030 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2030 Future

Option Style European

Option Contract Code PMN

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2030 Future

Contract Code for Underlying 

Futures PMN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2031 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2031 Future

Option Style European

Option Contract Code PMO

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2031 Future

Contract Code for Underlying 

Futures PMO

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2032 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2032 Future

Option Style European

Option Contract Code PMP

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2032 Future

Contract Code for Underlying 

Futures PMP

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2033 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2033 Future

Option Style European

Option Contract Code PMQ

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2033 Future

Contract Code for Underlying 

Futures PMQ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2034 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2034 Future

Option Style European

Option Contract Code PMR

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2034 Future

Contract Code for Underlying 

Futures PMR

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2035 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 

2035 Future

Option Style European

Option Contract Code PMS

Underlying Futures Contract PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2035 Future

Contract Code for Underlying 

Futures PMS

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2021 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2021 

Future

Option Style European

Option Contract Code PSE

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2021 Future

Contract Code for Underlying 

Futures PSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2022 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2022 

Future

Option Style European

Option Contract Code PSF

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2022 Future

Contract Code for Underlying 

Futures PSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2023 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2023 

Future

Option Style European

Option Contract Code PSG

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2023 Future

Contract Code for Underlying 

Futures PSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2024 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2024 

Future

Option Style European

Option Contract Code PSH

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2024 Future

Contract Code for Underlying 

Futures PSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2025 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2025 

Future

Option Style European

Option Contract Code PSI

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2025 Future

Contract Code for Underlying 

Futures PSI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2026 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2026 

Future

Option Style European

Option Contract Code PSJ

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2026 Future

Contract Code for Underlying 

Futures PSJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2027 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2027 

Future

Option Style European

Option Contract Code PSK

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2027 Future

Contract Code for Underlying 

Futures PSK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2028 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2028 

Future

Option Style European

Option Contract Code PSL

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2028 Future

Contract Code for Underlying 

Futures PSL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2029 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2029 

Future

Option Style European

Option Contract Code PSM

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2029 Future

Contract Code for Underlying 

Futures PSM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Pennsylvania Solar Alternative Energy Certificate Vintage 2030 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Pennsylvania Solar Alternative Energy Certificate Vintage 2030 

Future

Option Style European

Option Contract Code PSN

Underlying Futures Contract Pennsylvania Solar Alternative Energy Certificate Vintage 2030 Future

Contract Code for Underlying 

Futures PSN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2022 Future

Option Style European

Option Contract Code RCF

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2022 Future

Contract Code for Underlying 

Futures RCF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2023 Future

Option Style European

Option Contract Code RCG

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2023 Future

Contract Code for Underlying 

Futures RCG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2024 Future

Option Style European

Option Contract Code RCH

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2024 Future

Contract Code for Underlying 

Futures RCH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series One May contract of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2025 Future

Option Style European

Option Contract Code RCI

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2025 Future

Contract Code for Underlying 

Futures RCI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2026 Future

Option Style European

Option Contract Code RCJ

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2026 Future

Contract Code for Underlying 

Futures RCJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2027 Future

Option Style European

Option Contract Code RCK

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2027 Future

Contract Code for Underlying 

Futures RCK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2028 Future

Option Style European

Option Contract Code RCL

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2028 Future

Contract Code for Underlying 

Futures RCL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2029 Future

Option Style European

Option Contract Code RCM

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2029 Future

Contract Code for Underlying 

Futures RCM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Connecticut Compliance Renewable Energy Certificate Class 1 

Vintage 2030 Future

Option Style European

Option Contract Code RCN

Underlying Futures Contract Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2030 Future

Contract Code for Underlying 

Futures RCN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

July, August, October, November of the vintage year. January, February, April, May 

of the year following the vintage year. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Low Carbon Fuel Standard Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Low Carbon Fuel Standard Future

Option Style European

Option Contract Code RFC

Underlying Futures Contract California Low Carbon Fuel Standard Future

Contract Code for Underlying 

Futures RFC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per California Low Carbon Fuel Standard Credit

Settlement Price Precision $0.001 per California Low Carbon Fuel Standard Credit

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contract sets for the current and coming calendar year starting from 

March2020, plus December contracts for up to 5 consecutive years. The exchange 

may list any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2017 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2017 Future

Option Style European

Option Contract Code RGA

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2017 Future

Contract Code for Underlying 

Futures RGA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts between December 2018 and December 2019, plus two 

additional Decembers. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2018 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2018 Future

Option Style European

Option Contract Code RGB

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2018 Future

Contract Code for Underlying 

Futures RGB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts between December 2018 and December 2019, plus two 

additional Decembers. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2019 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2019 Future

Option Style European

Option Contract Code RGC

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2019 Future

Contract Code for Underlying 

Futures RGC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2020 Future

Option Style European

Option Contract Code RGD

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2020 Future

Contract Code for Underlying 

Futures RGD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2021 Future

Option Style European

Option Contract Code RGE

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2021 Future

Contract Code for Underlying 

Futures RGE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2022 Future

Option Style European

Option Contract Code RGF

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2022 Future

Contract Code for Underlying 

Futures RGF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2023 Future

Option Style European

Option Contract Code RGG

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2023 Future

Contract Code for Underlying 

Futures RGG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2024 Future

Option Style European

Option Contract Code RGH

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2024 Future

Contract Code for Underlying 

Futures RGH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2025 Future

Option Style European

Option Contract Code RGI

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2025 Future

Contract Code for Underlying 

Futures RGI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2026 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2026 Future

Option Style European

Option Contract Code RGJ

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2026 Future

Contract Code for Underlying 

Futures RGJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2027 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2027 Future

Option Style European

Option Contract Code RGK

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2027 Future

Contract Code for Underlying 

Futures RGK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2028 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2028 Future

Option Style European

Option Contract Code RGL

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2028 Future

Contract Code for Underlying 

Futures RGL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2029 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2029 Future

Option Style European

Option Contract Code RGM

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2029 Future

Contract Code for Underlying 

Futures RGM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Regional Greenhouse Gas Initiative Vintage 2030 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Regional Greenhouse Gas Initiative Vintage 2030 Future

Option Style European

Option Contract Code RGN

Underlying Futures Contract Regional Greenhouse Gas Initiative Vintage 2030 Future

Contract Code for Underlying 

Futures RGN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, 

plus an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2020 Future

Option Style European

Option Contract Code RMB

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2020 Future

Contract Code for Underlying 

Futures RMB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2021 Future

Option Style European

Option Contract Code RMC

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2021 Future

Contract Code for Underlying 

Futures RMC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2022 Future

Option Style European

Option Contract Code RMD

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2022 Future

Contract Code for Underlying 

Futures RMD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2023 Future

Option Style European

Option Contract Code RME

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2023 Future

Contract Code for Underlying 

Futures RME

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2024 Future

Option Style European

Option Contract Code RMF

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2024 Future

Contract Code for Underlying 

Futures RMF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D6 Renewable Identification Numbers Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D6 Renewable Identification Numbers Vintage 2025 Future

Option Style European

Option Contract Code RMG

Underlying Futures Contract D6 Renewable Identification Numbers Vintage 2025 Future

Contract Code for Underlying 

Futures RMG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2020 Future

Option Style European

Option Contract Code RNB

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2020 Future

Contract Code for Underlying 

Futures RNB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2021 Future

Option Style European

Option Contract Code RNC

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2021 Future

Contract Code for Underlying 

Futures RNC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2022 Future

Option Style European

Option Contract Code RND

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2022 Future

Contract Code for Underlying 

Futures RND

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2023 Future

Option Style European

Option Contract Code RNE

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2023 Future

Contract Code for Underlying 

Futures RNE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2024 Future

Option Style European

Option Contract Code RNF

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2024 Future

Contract Code for Underlying 

Futures RNF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D4 Renewable Identification Numbers Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D4 Renewable Identification Numbers Vintage 2025 Future

Option Style European

Option Contract Code RNG

Underlying Futures Contract D4 Renewable Identification Numbers Vintage 2025 Future

Contract Code for Underlying 

Futures RNG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2020 Future

Option Style European

Option Contract Code ROB

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2020 Future

Contract Code for Underlying 

Futures ROB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2021 Future

Option Style European

Option Contract Code ROC

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2021 Future

Contract Code for Underlying 

Futures ROC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2022 Future

Option Style European

Option Contract Code ROD

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2022 Future

Contract Code for Underlying 

Futures ROD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2023 Future

Option Style European

Option Contract Code ROE

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2023 Future

Contract Code for Underlying 

Futures ROE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2024 Future

Option Style European

Option Contract Code ROF

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2024 Future

Contract Code for Underlying 

Futures ROF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D5 Renewable Identification Numbers Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D5 Renewable Identification Numbers Vintage 2025 Future

Option Style European

Option Contract Code ROG

Underlying Futures Contract D5 Renewable Identification Numbers Vintage 2025 Future

Contract Code for Underlying 

Futures ROG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2020 Future

Option Style European

Option Contract Code RPB

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2020 Future

Contract Code for Underlying 

Futures RPB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2021 Future

Option Style European

Option Contract Code RPC

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2021 Future

Contract Code for Underlying 

Futures RPC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2022 Future

Option Style European

Option Contract Code RPD

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2022 Future

Contract Code for Underlying 

Futures RPD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2023 Future

Option Style European

Option Contract Code RPE

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2023 Future

Contract Code for Underlying 

Futures RPE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2024 Future

Option Style European

Option Contract Code RPF

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2024 Future

Contract Code for Underlying 

Futures RPF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

D3 Renewable Identification Numbers Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the D3 Renewable Identification Numbers Vintage 2025 Future

Option Style European

Option Contract Code RPG

Underlying Futures Contract D3 Renewable Identification Numbers Vintage 2025 Future

Contract Code for Underlying 

Futures RPG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per Renewable Identification Number

Settlement Price Precision $0.0001 per Renewable Identification Number

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with March of the vintage year through March of the 

second year following the vintage year. The Exchange may list any other calendar 

month contract set off the standard-cycle listing schedule through the end of the 

compliance cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2023 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2023 Future

Option Style European

Option Contract Code SGG

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2023 Future

Contract Code for Underlying 

Futures SGG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2024 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2024 Future

Option Style European

Option Contract Code SGH

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2024 Future

Contract Code for Underlying 

Futures SGH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2025 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2025 Future

Option Style European

Option Contract Code SGI

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2025 Future

Contract Code for Underlying 

Futures SGI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2026 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2026 Future

Option Style European

Option Contract Code SGJ

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2026 Future

Contract Code for Underlying 

Futures SGJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2027 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2027 Future

Option Style European

Option Contract Code SGK

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2027 Future

Contract Code for Underlying 

Futures SGK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2028 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2028 Future

Option Style European

Option Contract Code SGL

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2028 Future

Contract Code for Underlying 

Futures SGL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2029 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2029 Future

Option Style European

Option Contract Code SGM

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2029 Future

Contract Code for Underlying 

Futures SGM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2030 

Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the New Jersey Compliance Renewable Energy Certificate Class 2 

Vintage 2030 Future

Option Style European

Option Contract Code SGN

Underlying Futures Contract New Jersey Compliance Renewable Energy Certificate Class 2 Vintage 2030 Future

Contract Code for Underlying 

Futures SGN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series Monthly contracts for Jun, Jul, and Aug of the vintage year. The exchange may list 

any other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2021 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2021 Back Half Future

Option Style European

Option Contract Code TBE

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2021 Back Half Future

Contract Code for Underlying 

Futures TBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2022 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2022 Back Half Future

Option Style European

Option Contract Code TBF

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2022 Back Half Future

Contract Code for Underlying 

Futures TBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2023 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2023 Back Half Future

Option Style European

Option Contract Code TBG

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2023 Back Half Future

Contract Code for Underlying 

Futures TBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2024 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2024 Back Half Future

Option Style European

Option Contract Code TBH

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2024 Back Half Future

Contract Code for Underlying 

Futures TBH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2025 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2025 Back Half Future

Option Style European

Option Contract Code TBI

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2025 Back Half Future

Contract Code for Underlying 

Futures TBI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2026 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2026 Back Half Future

Option Style European

Option Contract Code TBJ

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2026 Back Half Future

Contract Code for Underlying 

Futures TBJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2027 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2027 Back Half Future

Option Style European

Option Contract Code TBK

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2027 Back Half Future

Contract Code for Underlying 

Futures TBK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2028 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2028 Back Half Future

Option Style European

Option Contract Code TBL

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2028 Back Half Future

Contract Code for Underlying 

Futures TBL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2029 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2029 Back Half Future

Option Style European

Option Contract Code TBM

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2029 Back Half Future

Contract Code for Underlying 

Futures TBM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2030 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2030 Back Half Future

Option Style European

Option Contract Code TBN

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2030 Back Half Future

Contract Code for Underlying 

Futures TBN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2031 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2031 Back Half Future

Option Style European

Option Contract Code TBO

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2031 Back Half Future

Contract Code for Underlying 

Futures TBO

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2032 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2032 Back Half Future

Option Style European

Option Contract Code TBP

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2032 Back Half Future

Contract Code for Underlying 

Futures TBP

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2033 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2033 Back Half Future

Option Style European

Option Contract Code TBQ

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2033 Back Half Future

Contract Code for Underlying 

Futures TBQ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2021 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2021 Front Half Future

Option Style European

Option Contract Code TFE

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2021 Front Half Future

Contract Code for Underlying 

Futures TFE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2022 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2022 Front Half Future

Option Style European

Option Contract Code TFF

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2022 Front Half Future

Contract Code for Underlying 

Futures TFF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2023 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2023 Front Half Future

Option Style European

Option Contract Code TFG

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2023 Front Half Future

Contract Code for Underlying 

Futures TFG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2024 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2024 Front Half Future

Option Style European

Option Contract Code TFH

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2024 Front Half Future

Contract Code for Underlying 

Futures TFH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2025 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2025 Front Half Future

Option Style European

Option Contract Code TFI

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2025 Front Half Future

Contract Code for Underlying 

Futures TFI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2026 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2026 Front Half Future

Option Style European

Option Contract Code TFJ

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2026 Front Half Future

Contract Code for Underlying 

Futures TFJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2027 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2027 Front Half Future

Option Style European

Option Contract Code TFK

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2027 Front Half Future

Contract Code for Underlying 

Futures TFK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2028 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2028 Front Half Future

Option Style European

Option Contract Code TFL

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2028 Front Half Future

Contract Code for Underlying 

Futures TFL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2029 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2029 Front Half Future

Option Style European

Option Contract Code TFM

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2029 Front Half Future

Contract Code for Underlying 

Futures TFM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2030 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2030 Front Half Future

Option Style European

Option Contract Code TFN

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2030 Front Half Future

Contract Code for Underlying 

Futures TFN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2031 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2031 Front Half Future

Option Style European

Option Contract Code TFO

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2031 Front Half Future

Contract Code for Underlying 

Futures TFO

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2032 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2032 Front Half Future

Option Style European

Option Contract Code TFP

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2032 Front Half Future

Contract Code for Underlying 

Futures TFP

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2033 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate from CRS Listed 

Facilities Vintage 2033 Front Half Future

Option Style European

Option Contract Code TFQ

Underlying Futures Contract Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage 

2033 Front Half Future

Contract Code for Underlying 

Futures TFQ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day's Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2021 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2021 Front Half Future

Option Style European

Option Contract Code TSB

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2021 Front Half Future

Contract Code for Underlying 

Futures TSB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2022 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2022 Front Half Future

Option Style European

Option Contract Code TSC

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2022 Front Half Future

Contract Code for Underlying 

Futures TSC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2023 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2023 Front Half Future

Option Style European

Option Contract Code TSD

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2023 Front Half Future

Contract Code for Underlying 

Futures TSD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2024 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2024 Front Half Future

Option Style European

Option Contract Code TSE

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2024 Front Half Future

Contract Code for Underlying 

Futures TSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2025 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2025 Front Half Future

Option Style European

Option Contract Code TSF

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2025 Front Half Future

Contract Code for Underlying 

Futures TSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2026 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2026 Front Half Future

Option Style European

Option Contract Code TSG

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2026 Front Half Future

Contract Code for Underlying 

Futures TSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2027 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2027 Front Half Future

Option Style European

Option Contract Code TSH

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2027 Front Half Future

Contract Code for Underlying 

Futures TSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2028 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2028 Front Half Future

Option Style European

Option Contract Code TSI

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2028 Front Half Future

Contract Code for Underlying 

Futures TSI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2029 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2029 Front Half Future

Option Style European

Option Contract Code TSJ

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2029 Front Half Future

Contract Code for Underlying 

Futures TSJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2030 Front Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2030 Front Half Future

Option Style European

Option Contract Code TSK

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2030 Front Half Future

Contract Code for Underlying 

Futures TSK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through 

December of the year following the vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2021 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS

Listed Facilities Vintage 2021 Back Half Future

Option Style European

Option Contract Code TTB

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2021 Back Half Future

Contract Code for Underlying 

Futures TTB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2022 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2022 Back Half Future

Option Style European

Option Contract Code TTC

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2022 Back Half Future

Contract Code for Underlying 

Futures TTC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2023 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2023 Back Half Future

Option Style European

Option Contract Code TTD

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2023 Back Half Future

Contract Code for Underlying 

Futures TTD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2024 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2024 Back Half Future

Option Style European

Option Contract Code TTE

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2024 Back Half Future

Contract Code for Underlying 

Futures TTE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2025 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2025 Back Half Future

Option Style European

Option Contract Code TTF

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2025 Back Half Future

Contract Code for Underlying 

Futures TTF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2026 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2026 Back Half Future

Option Style European

Option Contract Code TTG

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2026 Back Half Future

Contract Code for Underlying 

Futures TTG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2027 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS

Listed Facilities Vintage 2027 Back Half Future

Option Style European

Option Contract Code TTH

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2027 Back Half Future

Contract Code for Underlying 

Futures TTH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2028 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2028 Back Half Future

Option Style European

Option Contract Code TTI

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2028 Back Half Future

Contract Code for Underlying 

Futures TTI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2029 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2029 Back Half Future

Option Style European

Option Contract Code TTJ

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2029 Back Half Future

Contract Code for Underlying 

Futures TTJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Solar Renewable Energy Certificate from CRS Listed 

Facilities - Vintage 2030 Back Half Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Solar Renewable Energy Certificate from CRS 

Listed Facilities Vintage 2030 Back Half Future

Option Style European

Option Contract Code TTK

Underlying Futures Contract Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities 

Vintage 2030 Back Half Future

Contract Code for Underlying 

Futures TTK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day"s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year 

through December of the year following the vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2021 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2021 Future

Option Style European

Option Contract Code TXE

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2021 Future

Contract Code for Underlying 

Futures TXE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2022 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2022 Future

Option Style European

Option Contract Code TXF

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2022 Future

Contract Code for Underlying 

Futures TXF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2023 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2023 Future

Option Style European

Option Contract Code TXG

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2023 Future

Contract Code for Underlying 

Futures TXG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2024 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2024 Future

Option Style European

Option Contract Code TXH

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2024 Future

Contract Code for Underlying 

Futures TXH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2025 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2025 Future

Option Style European

Option Contract Code TXI

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2025 Future

Contract Code for Underlying 

Futures TXI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2026 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2026 Future

Option Style European

Option Contract Code TXJ

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2026 Future

Contract Code for Underlying 

Futures TXJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2027 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2027 Future

Option Style European

Option Contract Code TXK

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2027 Future

Contract Code for Underlying 

Futures TXK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2028 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2028 Future

Option Style European

Option Contract Code TXL

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2028 Future

Contract Code for Underlying 

Futures TXL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2029 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2029 Future

Option Style European

Option Contract Code TXM

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2029 Future

Contract Code for Underlying 

Futures TXM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Texas Compliance Renewable Energy Certificate Specific Vintage 2030 Option 

(Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Texas Compliance Renewable Energy Certificate Specific Vintage 

2030 Future

Option Style European

Option Contract Code TXN

Underlying Futures Contract Texas Compliance Renewable Energy Certificate Specific Vintage 2030 Future

Contract Code for Underlying 

Futures TXN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly for the current year (beginning with June of the corresponding vintage 

year), plus 1 additional December. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Verified Emission Reduction - CORSIA-Eligible Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the Verified Emission Reduction - CORSIA-Eligible Future

Option Style European

Option Contract Code VER

Underlying Futures Contract Verified Emission Reduction - CORSIA-Eligible Future

Contract Code for Underlying 

Futures VER

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MT

Settlement Price Precision $0.001 per MT

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly expirations for the current year and the following two years. Annual 

December contracts for up to an additional 7 years. The exchange may list any other 

calendar month contract set off the standard listing cycle.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Washington Carbon Allowance Vintage 2024 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Washington Carbon Allowance Vintage 2024 Future

Option Style European

Option Contract Code WBH

Underlying Futures Contract Washington Carbon Allowance Vintage 2024 Future

Contract Code for Underlying 

Futures WBH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per Washington Carbon Allowance

Settlement Price Precision $0.001 per Washington Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

The initial listing shall include quarterly contracts starting with December 2023 

expiry through 2025. The exchange may list any other calendar month contract off 

the standard listing cycle beginning with March of 2023 for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Washington Carbon Allowance Vintage 2025 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Washington Carbon Allowance Vintage 2025 Future

Option Style European

Option Contract Code WBI

Underlying Futures Contract Washington Carbon Allowance Vintage 2025 Future

Contract Code for Underlying 

Futures WBI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per Washington Carbon Allowance

Settlement Price Precision $0.001 per Washington Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

The initial listing shall include quarterly contracts starting with December 2023 

expiry through 2025. The exchange may list any other calendar month contract off 

the standard listing cycle beginning with March of 2023 for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

Washington Carbon Allowance Vintage 2026 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the Washington Carbon Allowance Vintage 2026 Future

Option Style European

Option Contract Code WBJ

Underlying Futures Contract Washington Carbon Allowance Vintage 2026 Future

Contract Code for Underlying 

Futures WBJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per Washington Carbon Allowance

Settlement Price Precision $0.001 per Washington Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

The initial listing shall include quarterly contracts starting with December 2023 

expiry through 2025. The exchange may list any other calendar month contract off 

the standard listing cycle beginning with March of 2023 for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_ 

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2017 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2017 Future

Option Style European

Option Contract Code WCA

Underlying Futures Contract California Carbon Allowance Vintage 2017 Future

Contract Code for Underlying 

Futures WCA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2018 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2018 Future

Option Style European

Option Contract Code WCB

Underlying Futures Contract California Carbon Allowance Vintage 2018 Future

Contract Code for Underlying 

Futures WCB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2019 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2019 Future

Option Style European

Option Contract Code WCC

Underlying Futures Contract California Carbon Allowance Vintage 2019 Future

Contract Code for Underlying 

Futures WCC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2020 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2020 Future

Option Style European

Option Contract Code WCD

Underlying Futures Contract California Carbon Allowance Vintage 2020 Future

Contract Code for Underlying 

Futures WCD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2021 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2021 Future

Option Style European

Option Contract Code WCE

Underlying Futures Contract California Carbon Allowance Vintage 2021 Future

Contract Code for Underlying 

Futures WCE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2022 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2022 Future

Option Style European

Option Contract Code WCF

Underlying Futures Contract California Carbon Allowance Vintage 2022 Future

Contract Code for Underlying 

Futures WCF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year (starting from March 2019), plus an additional 3 

years. The exchange may list any other calendar month contract set off the standard 

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2023 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2023 Future

Option Style European

Option Contract Code WCG

Underlying Futures Contract California Carbon Allowance Vintage 2023 Future

Contract Code for Underlying 

Futures WCG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2024 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2024 Future

Option Style European

Option Contract Code WCH

Underlying Futures Contract California Carbon Allowance Vintage 2024 Future

Contract Code for Underlying 

Futures WCH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2025 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2025 Future

Option Style European

Option Contract Code WCI

Underlying Futures Contract California Carbon Allowance Vintage 2025 Future

Contract Code for Underlying 

Futures WCI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2026 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2026 Future

Option Style European

Option Contract Code WCJ

Underlying Futures Contract California Carbon Allowance Vintage 2026 Future

Contract Code for Underlying 

Futures WCJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2027 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2027 Future

Option Style European

Option Contract Code WCK

Underlying Futures Contract California Carbon Allowance Vintage 2027 Future

Contract Code for Underlying 

Futures WCK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2028 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2028 Future

Option Style European

Option Contract Code WCL

Underlying Futures Contract California Carbon Allowance Vintage 2028 Future

Contract Code for Underlying 

Futures WCL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2029 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2029 Future

Option Style European

Option Contract Code WCM

Underlying Futures Contract California Carbon Allowance Vintage 2029 Future

Contract Code for Underlying 

Futures WCM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Vintage 2030 Option (Futures Style Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Vintage 2030 Future

Option Style European

Option Contract Code WCN

Underlying Futures Contract California Carbon Allowance Vintage 2030 Future

Contract Code for Underlying 

Futures WCN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2019 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2019 Future

Option Style European

Option Contract Code WSC

Underlying Futures Contract California Carbon Allowance Specific Vintage 2019 Future

Contract Code for Underlying 

Futures WSC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2020 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2020 Future

Option Style European

Option Contract Code WSD

Underlying Futures Contract California Carbon Allowance Specific Vintage 2020 Future

Contract Code for Underlying 

Futures WSD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2021 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2021 Future

Option Style European

Option Contract Code WSE

Underlying Futures Contract California Carbon Allowance Specific Vintage 2021 Future

Contract Code for Underlying 

Futures WSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2022 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2022 Future

Option Style European

Option Contract Code WSF

Underlying Futures Contract California Carbon Allowance Specific Vintage 2022 Future

Contract Code for Underlying 

Futures WSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for current year (starting from March 2019), plus an additional 3 

years. The exchange may list any other calendar month contract set off the standard 

listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2023 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2023 Future

Option Style European

Option Contract Code WSG

Underlying Futures Contract California Carbon Allowance Specific Vintage 2023 Future

Contract Code for Underlying 

Futures WSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for the current year beginning with March of 2020, plus an 

additional 3 years. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2024 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2024 Future

Option Style European

Option Contract Code WSH

Underlying Futures Contract California Carbon Allowance Specific Vintage 2024 Future

Contract Code for Underlying 

Futures WSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for the current year beginning with April of 2021, plus an 

additional 3 years. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2025 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2025 Future

Option Style European

Option Contract Code WSI

Underlying Futures Contract California Carbon Allowance Specific Vintage 2025 Future

Contract Code for Underlying 

Futures WSI

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2022. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2026 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2026 Future

Option Style European

Option Contract Code WSJ

Underlying Futures Contract California Carbon Allowance Specific Vintage 2026 Future

Contract Code for Underlying 

Futures WSJ

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2023. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2027 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2027 Future

Option Style European

Option Contract Code WSK

Underlying Futures Contract California Carbon Allowance Specific Vintage 2027 Future

Contract Code for Underlying 

Futures WSK

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2024. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2028 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2028 Future

Option Style European

Option Contract Code WSL

Underlying Futures Contract California Carbon Allowance Specific Vintage 2028 Future

Contract Code for Underlying 

Futures WSL

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2025. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2029 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2029 Future

Option Style European

Option Contract Code WSM

Underlying Futures Contract California Carbon Allowance Specific Vintage 2029 Future

Contract Code for Underlying 

Futures WSM

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2026. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle 

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit
NODAL EXCHANGE CONTRACT SPECIFICATION

California Carbon Allowance Specific Vintage 2030 Option (Futures Style 

Margining)

ITEM SPECIFICATION

Contract Description An option of the California Carbon Allowance Specific Vintage 2030 Future

Option Style European

Option Contract Code WSN

Underlying Futures Contract California Carbon Allowance Specific Vintage 2030 Future

Contract Code for Underlying 

Futures WSN

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business 

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts for the current year, plus an additional 3 years, beginning with 

March of 2027. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction

Premium/NLV

The premium of a futures-style option is paid/received on the next margin cycle

following the option exercise based on the last settlement price of the option 

contract and contract size on the exercise day.

Daily Settlement Price Determined by the Exchange based on Exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

Same with underlying contracts. Option positions are weighted by Option delta and 

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

https://www.nodalexchange.com/files/autogenerated/Nodal_Rulebook_Appendix_

C-Limits_and_Levels.PDF

Margin Unit Margin Unit