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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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

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/NLV

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

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

contract and contract size on the exercise day.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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