NODAL EXCHANGE CONTRACT SPECIFICATION

Oregon Clean Fuels Program Futures

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Clean Fuels Program (“CFP”) Credits issued 

by the Oregon Department of Environmental Quality.

Contract Code OCA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 CFP Credits

Currency US Dollars

Minimum Tick $0.25$0.01 per CFP Credit

Settlement Price Precision $0.25$0.01 per CFP Credit

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contract sets for the current and coming calendar year, plus December 

contracts for up to 10 consecutive years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Deliverable Product

CFP Credits eligible for delivery are those specified under Oregon SB 324 and Oregon 

Administrative Rules Chapter 340 Division 253 (the CFP rule) equal to the contract 

size delivered through the CFP Reporting Tool.

Registry CFP Reporting Tool

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

California Low Carbon Fuel Standard Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Low Carbon Fuel Standard (“LCFS”) Credits 

issued by the California Air Resources Board

Contract Code RFC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 LCFS Credits

Currency US Dollars

Minimum Tick $0.25$0.01 per LCFS Credit

Settlement Price Precision $0.25$0.01 per LCFS Credit

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for the current and coming calendar year plus the end month of 

each quarter for the next ten years. The exchange may list any other calendar month 

contract set off the standard listing cycle.

Deliverable Product

LCFS Credits eligible for delivery are those specified under Title 17, California Code of 

Regulations, sections 95480-95503 (the LCFS rule) equal to the contract size 

delivered through the LCFS Reporting Tool and Credit Bank & Transfer System (LRTCBTS) operated by the California Air Resources Board.

Registry LCFS Reporting Tool and Credit Bank & Transfer System (LRT-CBTS) operated by the 

California Air Resources Board

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

extrapolation to traded contracts, as appropriate

Final Settlement Price

The Daily Settlement Price on the Last Trading Day, which shall be not more than the 

maximum price imposed by the California Air Resources Board for the physical 

transfer of LCFS credits, which the California Air Resources Board will adjust annually 

for the rate of inflation.

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

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

C-Limits_and_Levels.PDF
NODAL EXCHANGE CONTRACT SPECIFICATION

Washington Clean Fuels Program Futures

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Clean Fuels Program (“CFP”) Credits issued 

by the Washington Department of Ecology.

Contract Code WFS

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 CFP Credits

Currency US Dollars

Minimum Tick $0.25$0.01 per CFP Credit

Settlement Price Precision $0.25$0.01 per CFP Credit

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contract sets for the current and coming calendar year, plus December 

contracts for up to 10 consecutive years. The exchange may list any other calendar 

month contract set off the standard listing cycle.

Deliverable Product CFP Credits eligible for delivery are those specified under Washington Administrative 

Code Title 173 Chapter 173-424 and delivered through the WFRS-CBTS.

Registry WFRS-CBTS

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery 

and Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

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

C-Limits_and_Levels.PDF