NODAL EXCHANGE CONTRACT SPECIFICATION

Henry Hub Penultimate Monthly Natural Gas Option 10,000

ITEM SPECIFICATION

Contract Description An option of the Henry Hub Penultimate Monthly Natural Gas Contract 10,000

Option Style European

Option Contract Code NHP

Underlying Futures Contract Henry Hub Penultimate Monthly Natural Gas Contract 10,000

Block Name Henry Hub Pen 10K Option

Screen Name Henry Hub Pen 10K Option

Contract Code for Underlying 

Futures NHP

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

Contract Size per Lot One lot of the underlying futures contract

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

Strike Price

$0.05 increment strike prices. 50 strikes above and below the at-the-money Strike 

Price per contract. The at-the-money strike price is the closest interval nearest to the 

previous business day’s settlement price of the underlying contract. User-defined 

strike prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per MMBtu

Settlement Price Precision $0.0001 per MMBtu

Last Trading Day Trading shall cease at 2:30 pm EPT on the fourth CME Business Day prior to the first 

calendar day of the contract month.

Contract Series Up to 84 months

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

Daily Settlement Price

The Daily Settlement Prices are equivalent to the 2:30 PM EPT daily settlement 

prices for the corresponding NYMEX Natural Gas European Options Contract (LN). In 

case NYMEX daily settlement prices are not available, the settlement prices are 

determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Exercise

Exercise of “in-the-money” options is automatic on the Last Trading Day. Clearing 

members that are long options have until 4:30 pm on the Last Trading Day to 

indicate whether they will exercise expiring “out-of-the-money” options, or allow the 

“in-the-money” options to expire without exercise based on the settlement price of 

the underlying futures on that day. When exercised against, option sellers will be 

selected on a pro-rata basis, at the Exchange’s discretion.

Settlement Method Exercise into underlying futures contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

Henry Hub Penultimate Monthly Natural Gas Option 2,500

ITEM SPECIFICATION

Contract Description An option of the Henry Hub Penultimate Monthly Natural Gas Contract 2,500

Option Style European

Option Contract Code PHH

Underlying Futures Contract Henry Hub Penultimate Monthly Natural Gas Contract 2,500

Block Name Henry Hub Pen 2500 Option

Screen Name Henry Hub Pen 2.5K Option

Contract Code for Underlying 

Futures PHH

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

Contract Size per Lot One lot of the underlying futures contract

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

Strike Price

$0.25 increment strike prices. 10 strikes above and below the at-the-money Strike 

Price per contract. The at-the-money strike price is the closest interval nearest to the 

previous business day’s settlement price of the underlying contract. User-defined 

strike prices are allowed in $0.001 increments

Currency US Dollars

Minimum Tick $0.0001 per MMBtu

Settlement Price Precision $0.0001 per MMBtu

Last Trading Day Trading shall cease at 2:30 pm EPT on the fourth CME Business Day prior to the first 

calendar day of the contract month.

Contract Series Up to 84 months

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

Daily Settlement Price

The Daily Settlement Prices are equivalent to the 2:30 PM EPT daily settlement 

prices for the corresponding NYMEX Natural Gas European Options Contract (LN). In 

case NYMEX daily settlement prices are not available, the settlement prices are 

determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Exercise

Exercise of “in-the-money” options is automatic on the Last Trading Day. Clearing 

members that are long options have until 4:30 pm on the Last Trading Day to 

indicate whether they will exercise expiring “out-of-the-money” options, or allow the 

“in-the-money” options to expire without exercise based on the settlement price of 

the underlying futures on that day. When exercised against, option sellers will be 

selected on a pro-rata basis, at the Exchange’s discretion.

Settlement Method Exercise into underlying futures contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

Washington Carbon Allowance Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An option of the Washington Carbon Allowance Vintage 2023 Future

Option Style European

Option Contract Code WBG

Underlying Futures Contract Washington Carbon Allowance Vintage 2023 Future

Contract Code for Underlying 

Futures WBG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to 

the previous day’s Settlement Price of the Underlying Contract. Strike Price 

boundaries are adjusted according to futures price movements. User-defined Strike 

Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per Washington Carbon Allowance

Settlement Price Precision $0.001 per Washington Carbon Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

The initial listing shall include quarterly contracts starting with December 2023 

expiry through 2025. The exchange may list any other calendar month contract off 

the standard listing cycle beginning with March of 2023 for up to 10 years.

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

settlement cycle following the Transaction

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM AEP-DAYTON HUB Monthly Day Ahead On-Peak Power 

Contract

Option Style European

Option Contract Code DLW

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures DLW

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Calendar Year Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve PJM AEP-DAYTON HUB 

Monthly Day Ahead On-Peak Power Contract

Option Style European

Option Contract Code LQR

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Day Ahead On-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LQR

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January – December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Monthly Day Ahead Off-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM AEP-DAYTON HUB Monthly Day Ahead Off-Peak Power 

Contract

Option Style European

Option Contract Code DLX

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Day Ahead Off-Peak Power Contract

Contract Code for Underlying 

Futures DLX

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Monthly Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM AEP-DAYTON HUB Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code FKA

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Real Time On-Peak Power Contract

Contract Code for Underlying 

Futures FKA

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Calendar Year Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve PJM AEP-DAYTON HUB 

Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code LQQ

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Real Time On-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LQQ

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January – December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM AEP-DAYTON HUB Monthly Real Time Off-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM AEP-DAYTON HUB Monthly Real Time Off-Peak Power Contract

Option Style European

Option Contract Code FKB

Underlying Futures Contract PJM AEP-DAYTON HUB Monthly Real Time Off-Peak Power Contract

Contract Code for Underlying 

Futures FKB

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM WESTERN HUB Monthly Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM WESTERN HUB Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code FKE

Underlying Futures Contract PJM WESTERN HUB Monthly Real Time On-Peak Power Contract

Contract Code for Underlying 

Futures FKE

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM WESTERN HUB Calendar Year Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve PJM WESTERN HUB 

Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code LMJ

Underlying Futures Contract PJM WESTERN HUB Monthly Real Time On-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LMJ

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January – December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM WESTERN HUB Monthly Real Time Off-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the PJM WESTERN HUB Monthly Real Time Off-Peak Power Contract

Option Style European

Option Contract Code FKF

Underlying Futures Contract PJM WESTERN HUB Monthly Real Time Off-Peak Power Contract

Contract Code for Underlying 

Futures FKF

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

PJM WESTERN HUB Calendar Year Real Time off-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve PJM WESTERN HUB 

Monthly Real Time Off-Peak Power Contract

Option Style European

Option Contract Code LMK

Underlying Futures Contract PJM WESTERN HUB Monthly Real Time Off-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LMK

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January – December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ERCOT HB NORTH Calendar Year Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve ERCOT HB_NORTH 

Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code LVU

Underlying Futures Contract ERCOT HB_NORTH Monthly Real Time On-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LVU

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day's Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January to December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ERCOT HB NORTH Calendar Year Real Time Off-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve ERCOT HB_NORTH 

Monthly Real Time Off-Peak Power Contract

Option Style European

Option Contract Code LVV

Underlying Futures Contract ERCOT HB_NORTH Monthly Real Time Off-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LVV

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day's Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January to December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ERCOT HB NORTH Calendar Year Real Time 7x8 Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve ERCOT HB_NORTH 

Monthly Real Time 7x8 Power Contract

Option Style European

Option Contract Code LVX

Underlying Futures Contract ERCOT HB_NORTH Monthly Real Time 7x8 Power Contract for January-December of 

the calendar year

Contract Code for Underlying 

Futures LVX

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day's Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January to December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ERCOT HB NORTH Calendar Year Real Time 2x16 Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve ERCOT HB_NORTH 

Monthly Real Time 2x16 Power Contract

Option Style European

Option Contract Code LVW

Underlying Futures Contract ERCOT HB_NORTH Monthly Real Time 2x16 Power Contract for January-December of 

the calendar year

Contract Code for Underlying 

Futures LVW

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day's Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January to December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

NYISO HUD VL Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the NYISO HUD VL Monthly Day Ahead On-Peak Power Contract

Option Style European

Option Contract Code CXO

Underlying Futures Contract NYISO HUD VL Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures CXO

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

NYISO WEST Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the NYISO WEST Monthly Day Ahead On-Peak Power Contract

Option Style European

Option Contract Code DEU

Underlying Futures Contract NYISO WEST Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures DEU

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ISONE .H.INTERNAL_HUB Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the ISONE .H.INTERNAL_HUB Monthly Day Ahead On-Peak Power 

Contract

Option Style European

Option Contract Code AAA

Underlying Futures Contract ISONE .H.INTERNAL_HUB Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures AAA

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

MISO INDIANA.HUB Monthly Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the MISO INDIANA.HUB Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code FJY

Underlying Futures Contract MISO INDIANA.HUB Monthly Real Time On-Peak Power Contract

Contract Code for Underlying 

Futures FJY

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

NYISO WEST Calendar Year Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve NYISO WEST Monthly 

Day Ahead On-Peak Power Contract

Option Style European

Option Contract Code LMI

Underlying Futures Contract NYISO WEST Monthly Day Ahead On-Peak Power Contract for January-December of 

the calendar year

Contract Code for Underlying 

Futures LMI

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January – December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

CAISO TH_SP15_GEN-APND Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the CAISO TH_SP15_GEN-APND Monthly Day Ahead On-Peak Power 

Contract

Option Style European

Option Contract Code FQW

Underlying Futures Contract CAISO TH_SP15_GEN-APND Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures FQW

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The fifth business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ERCOT HB_NORTH Monthly Real Time On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the ERCOT HB_NORTH Monthly Real Time On-Peak Power Contract

Option Style European

Option Contract Code FOK

Underlying Futures Contract ERCOT HB_NORTH Monthly Real Time On-Peak Power Contract

Contract Code for Underlying 

Futures FOK

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The second business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

ISONE .H.INTERNAL HUB Calendar Year Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description A calendar year option on the corresponding period of twelve ISONE 

.H.INTERNAL_HUB Monthly Day Ahead On-Peak Power Contract

Option Style European

Option Contract Code LVN

Underlying Futures Contract ISONE .H.INTERNAL_HUB Monthly Day Ahead On-Peak Power Contract for JanuaryDecember of the calendar year

Contract Code for Underlying 

Futures LVN

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

Contract Size per Lot One lot of each of the Underlying Contracts

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day's Settlement Price of the Underlying 

Contract. User-defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring calendar year Option is no longer traded. The 

launch day is up to 4 years before the Option period.

Last Trading Day The second Friday prior to the first calendar day of the Option period. Trading closes 

at 4:15 pm EPT.

Contract Series Up to 4 consecutive January - December yearly Option contract periods

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Exercise

Exercise of Options is automatic. Manual exercise or abandon is not permitted. 

At exercise, options that are “in the money”, with respect to the weighted average of 

the settlement prices of the underlying monthly futures on the exercise day, will 

exercise automatically into twelve underlying future contracts, one for each contract 

month in the contract period, with a contract price equal to the Strike Price. If the 

option is “out of money”, then it expires automatically. 

Exercise Day is the Last Trading Day.

Settlement Method Exercise into Underlying Contracts

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATION

NWPP MID-COLUMBIA Monthly Day Ahead On-Peak Power Option

ITEM SPECIFICATION

Contract Description An option of the NWPP MID-COLUMBIA Monthly Day Ahead On-Peak Power 

Contract

Option Style European

Option Contract Code LMQ

Underlying Futures Contract NWPP MID-COLUMBIA Monthly Day Ahead On-Peak Power Contract

Contract Code for Underlying 

Futures LMQ

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

Contract Size per Lot One lot of the Underlying Contract

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

Strike Price

$0.50 increments; 20 Strike Prices up and 20 Strike Prices down from the at-themoney Strike Price per Option contract. The at-the-money Strike Price is the closest 

interval nearest to the previous business day’s Settlement Price of the Underlying 

Contract. User- defined Strike Prices are permitted in $0.05 increments.

Currency US Dollars

Minimum Tick $0.0001 per MWh

Settlement Price Precision $0.0001 per MWh

First Trading Day The date when the current expiring monthly Option contract is no longer traded. The 

First Trading Day is up to 60 months before the contract period.

Last Trading Day The fifth business day prior to the first calendar day of the Option contract month

Contract Series Up to 60 months

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

settlement cycle following the Transaction.

Premium/NLV

The premium on the option is paid/received on the next settlement cycle following 

the trade. Net Liquidating Value (NLV) will be re-calculated based on the relevant 

settlement prices during each settlement cycle. For buyers of options, the NLV credit 

will be used to offset their Initial Margin (IM) requirement; for sellers of options, the 

NLV debit must be covered in the same manner as the IM requirement. NLV will go 

to zero at final settlement and VM will be collected/paid on any resulting futures 

positions

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

Exchange is notified by 4:30 pm on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options. When exercised against, Option sellers will be selected on a pro-rata 

basis or at the Exchange’s discretion.

Settlement Method Exercise into Underlying Contract
NODAL EXCHANGE CONTRACT SPECIFICATION

ITEM SPECIFICATION

Position Limit

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

combined with Underlying Contracts position. Underlying contracts’ position limits 

can be found at 

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars