Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2026 

Future

ITEM SPECIFICATION

Contract Description

Physically delivered Massachusetts Solar Renewable Energy Certificates 

(“Massachusetts SREC”) where an SREC is an electronic certificate issued by NEPOOL 

GIS for qualifying generation.

Contract Code MCJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Date 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

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.

Deliverable Product

Massachusetts SRECs eligible for delivery are those representing solar renewable 

energy (defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the 

solar requirement of the Renewable Energy Portfolio Standard promulgated under 

Massachusetts General Law c.25A 11F and issued by NEPOOL GIS having a vintage 

year designation that corresponds to the specified vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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 Spot Month: 37,380 lots, Single Month Accountability Level: 37,380 lots, All Month 

Accountability Level: 37,380 lots

Margin Unit US Dollars
Maryland Solar Renewable Energy Certificate Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Maryland Solar Renewable Energy Credits (“Maryland SREC”) 

where a SREC is an electronic certificate issued by PJM GATS for qualifying 

generation.

Contract Code MRJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Date 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 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.

Deliverable Product

Maryland SRECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Solar Carve Out requirement of the Maryland 

Renewable Energy Portfolio Standard promulgated under 7-701 of the Public Utilities 

Article of the Annotated Code of Maryland and issued by PJM GATS having a 

Reporting Year designation that corresponds to the specified Energy Year of the 

expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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 Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
New Jersey Solar Renewable Energy Certificate Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered New Jersey Solar Renewable Energy Certificates (“New Jersey 

SREC”) where a SREC is an electronic certificate issued by the PJM Environmental 

Information System Generation Attribute Tracking System (“PJM GATS”) for 

qualifying generation.

Contract Code NSJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Date 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 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.

Deliverable Product

New Jersey SRECs eligible for delivery are those which are eligible to meet the SREC 

requirements specified in N.J.A.C. 14:8-2-3 under the New Jersey Renewable Energy 

Portfolio Standard promulgated under N.J.A.C. 14:8 verified and qualified by the NJ 

Board of Public Utilities having an Energy Year designation that corresponds to the 

specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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 Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
Pennsylvania Solar Alternative Energy Certificate Vintage 2026 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Pennsylvania Solar Alternative Energy Credit (“Pennsylvania 

Solar AEC”) where a Solar AEC is an electronic certificate issued by PJM GATS for 

qualifying generation.

Contract Code PSJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Date 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 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.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar 

photovoltaic sources eligible to meet the Tier 1 Alternative Energy Credit 

requirement of the Alternative Energy Portfolio Standard promulgated under 

Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM GATS having an 

Energy Year designation that corresponds to the specified Energy Year of the 

expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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 Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
California Carbon Allowance Specific Vintage 2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered greenhouse gas emissions allowances where each is an 

allowance issued by the California Air Resources Board or a linked program 

("California Carbon Allowance") representing one metric ton of CO2 equivalent 

under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" 

and its associated regulations, rules and amendments, all together known as the 

"California Cap and Trade Program".

Contract Code WSH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

Last Trading Date 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 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.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System 

Services (CITSS). California Carbon Allowances acceptable for delivery are those 

issued as a limited authorization to emit up to one metric ton of CO2 or CO2 

equivalent in the California Cap and Trade Program having a vintage corresponding 

to the specified vintage year only.

Registry Compliance Instrument Tracking System Services (CITSS)

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 Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots
ITEM SPECIFICATION

Margin Unit US Dollars
Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2026 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable 

Energy Certificate Carve Out II Vintage 2026 Future.

Option Style European

Underlying Contract 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.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Spot Month: 37,380 lots, Single Month Accountability Level: 37,380 lots, All Month 

Accountability Level: 37,380 lots Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
Maryland Solar Renewable Energy Certificate Vintage 2026 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2026 Future.

Option Style European

Underlying Contract 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.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
New Jersey Solar Renewable Energy Certificate Vintage 2026 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2026 Futures.

Option Style European

Underlying Contract 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.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
Pennsylvania Solar Alternative Energy Certificate Vintage 2026 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2026 Future.

Option Style European

Underlying Contract 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.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
California Carbon Allowance Specific Vintage 2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2024 Future.

Option Style European

Underlying Contract 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.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars