Page 1 of 3

21-015.27

May 26, 2021

VIA CFTC PORTAL

Commodity Futures Trading Commission

Attention: Chris Kirkpatrick, Secretary

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: CFTC Regulation 40.2(a) Certification: Notification of Product Offered for 

Trading on Nodal Exchange, LLC – Cross State Air Pollution Rule NOX Ozone Season 

Group2 V23 Option

Dear Mr. Kirkpatrick:

Nodal Exchange, LLC (“Nodal Exchange” or “Exchange”) is notifying the Commodity Futures 

Trading Commission (“CFTC” or “Commission”) that pursuant to Commission Regulation 

40.2(a), the Exchange is self-certifying the listing of 23 new environmental futures and 23

new environmental options contracts for trading on Nodal Exchange beginning on or after

June 1, 2021. The contract specifications describing these new Exchange futures and options 

contracts are attached to this letter as Exhibit A, to be added to the Nodal Exchange Rulebook 

Appendix A – Contract Specifications. The deliverable supply analysis has been segregated 

as Exhibit B, for which confidential treatment is requested. The reporting levels, 

accountability levels, and position limits for these contracts is attached to this letter as 

Exhibit C, which will be added to the Nodal Exchange Rulebook Appendix C - Reporting 

Levels, Accountability Levels and Position Limits.

Exchange management has assessed the Exchange’s contracts’ compliance with applicable 

provisions of the Commodity Exchange Act (“Act”), including the Commissions Regulations 

thereunder and the Core Principles. Regulatory compliance of Nodal Exchange’s futures and 

options contracts is mostly addressed in the Nodal Exchange Rulebook, concisely explained 

as follows:

Core Principle 2 - Compliance with the Rules: Trading in the Exchange’s contracts will be 

subject to the Nodal Exchange Rulebook in Section IV, describing trading procedures, and 

Section VI, which establishes trading codes of conduct, sound trading practices, and 

identifies prohibited trading behavior and abuses. In addition, trading behavior and activity 

will be subject to extensive monitoring and surveillance by the Exchange’s Division of Market 

Administration and Surveillance. The Exchange’s Compliance Department has the authority 
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21-015.27

to address disciplinary matters through investigation and enforcement procedures in 

accordance with Section VII of the Exchange Rulebook.

Core Principle 3 - Contracts not Readily Susceptible to Manipulation: A description of the 

underlying cash markets and deliverable supply analysis for the Exchange’s new contracts is 

provided in attached Exhibit B, which demonstrates compliance that the Exchange’s new 

contracts are not readily susceptible to manipulation.

Core Principle 4 - Prevention of Market Disruption: Trading in the Exchange’s contracts will 

be subject to the Nodal Exchange Rulebook Section VI, which prohibits disruptive trading 

behavior and manipulation, subject to monitoring and surveillance by the Exchange’s 

Division of Market Administration and Surveillance.

Core Principle 5 - Position Limitations or Accountability: The spot-month speculative 

position limits for the Exchange’s contracts are set at less than 25% of the deliverable supply 

in the respective underlying market. In addition, the Exchange monitors and enforces

position accountability rules for individual single-month and all-months combined, which 

are also within 25% of deliverable supply. The new contract reporting levels, accountability 

levels and position limits are provided in attached Exhibit C, to be added to the Nodal 

Exchange Rulebook Appendix C – Reporting Levels, Position Accountability Levels and 

Position Limits.

Core Principle 7 - Availability of General Information: The Exchange will post general 

information, including the contract specifications for the new contracts, Exchange fees, and 

the Nodal Exchange Rulebook, on the Exchange’s website: www.nodalexchange.com.

Core Principle 8 - Daily publication of Trading Information: The Exchange will publish daily 

information on settlement prices, volume, open interest and opening and closing ranges for 

the Exchange’s actively traded contracts on its website.

Core Principle 9 - Execution of Transactions: The Exchange’s new contracts will be available 

on the Exchange’s electronic trading screen that is a central limit order book (“CLOB”). The 

CLOB provides the market with the ability to execute the Exchange’s contracts from the 

interaction of multiple bids and multiple offers within a predetermined, nondiscretionary 

automated trade matching and execution algorithm. 

Core Principle 10 - Trade Information: The CLOB will maintain all information with respect 

to each order and each consummated trade, as well as all other information relating to the 

trade environment that determines the matching and clearing of trades. As such, any order 

submitted to the CLOB can be tracked from the time it is entered into the system until the 

time that it is matched, canceled or otherwise removed.

Core Principle 11 - Financial Integrity of Transactions: The Exchange has entered into a 

clearing arrangement with Nodal Clear, a derivatives clearing organization subject to Part 
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21-015.27

39 of the Commission Regulations. The new contracts executed on the CLOB or as a block 

trade will be subject to the Exchange Rulebook provisions for submission to Nodal Clear for 

clearing as described in Section V. 

Core Principle 12 - Protection of Markets and Market Participants: Section VI of the Nodal 

Exchange Rulebook protects the market and market participants from abusive, disruptive, 

fraudulent, noncompetitive and unfair conduct and trade practices. The new contracts are 

subject to these rules that apply to all transactions in the Exchange’s contracts.

Core Principle 13 - Disciplinary Procedures: Section VII of the Nodal Exchange Rulebook

describes the disciplinary procedures of the Exchange that authorize the Exchange to 

discipline, suspend, or expel anyone on the Exchange that violates these rules. 

Core Principle 14 - Dispute Resolution: Section VIII of the Nodal Exchange Rulebook

establishes rules concerning alternative dispute resolution, which provide for the resolution 

of disputes between or among Exchange users through the NFA arbitration program. Under 

Section VIII, arbitration is available for all disputes, controversies or claims among all 

Exchange users relating to Exchange activities. 

Pursuant to Section 5c(c) of the Act and the Commission’s Regulation 40.2(a), the Exchange 

certifies that the Exchange’s new futures and options contracts to be listed comply with the 

Act and the Commission’s Regulations thereunder.

Nodal Exchange certifies that this submission has been concurrently posted on the Nodal 

Exchange website at www.nodalexchange.com.

If you have any question or need additional information regarding the above, please 

contact the undersigned at 703-962-9853 or markotic@nodalexchange.com or Anita 

Herrera, Chief Regulatory Officer & General Counsel at 703-962-9835 or 

Herrera@nodalexchange.com.

Sincerely,

/s/ Max Markotic

Director of Compliance

Attachments:

Exhibit A: June 1, 2021 Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment 

Requested)

Exhibit C: June 1, 2021 Addition to Nodal Exchange Appendix C - Reporting Levels, 

Accountability Levels and Position Limit
Exhibit A: June 1, 2021 Addition to Nodal Exchange Appendix A - Contract Specifications

Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2020 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 2 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 2 NOx Ozone Season

Trading Program Allowance”).

Contract Code NZD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 2

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR

Update having a vintage corresponding to the specified vintage of the expiring

contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2021 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 2 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 2 NOx Ozone Season

Trading Program Allowance”).

Contract Code NZE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 2

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR

Update having a vintage corresponding to the specified vintage of the expiring

contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2022 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 2 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 2 NOx Ozone Season

Trading Program Allowance”).

Contract Code NZF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 2

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR

Update having a vintage corresponding to the specified vintage of the expiring

contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2023 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 2 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 2 NOx Ozone Season

Trading Program Allowance”).

Contract Code NZG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 2

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR

Update having a vintage corresponding to the specified vintage of the expiring

contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 2 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 2 NOx Ozone Season

Trading Program Allowance”).

Contract Code NZH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 2

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR

Update having a vintage corresponding to the specified vintage of the expiring

contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2021 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 3 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 3 NOx Ozone Season

Trading Program Allowance”).

Contract Code OAE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 3 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 3 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 3 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 3

NOx Ozone Season Trading Program Allowances as promulgated under the Revised

Cross-State Air Pollution Rule Update having a vintage corresponding to the specified

vintage of the expiring contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 5354 lots, Single Month Accountability Level: 5354 lots, All Month

Accountability Level: 5354 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2022 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 3 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 3 NOx Ozone Season

Trading Program Allowance”).

Contract Code OAF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 3 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 3 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 3 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 3

NOx Ozone Season Trading Program Allowances as promulgated under the Revised

Cross-State Air Pollution Rule Update having a vintage corresponding to the specified

vintage of the expiring contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 5185 lots, Single Month Accountability Level: 5185 lots, All Month

Accountability Level: 5185 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2023 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 3 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 3 NOx Ozone Season

Trading Program Allowance”).

Contract Code OAG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 3 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 3 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 3 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 3

NOx Ozone Season Trading Program Allowances as promulgated under the Revised

Cross-State Air Pollution Rule Update having a vintage corresponding to the specified

vintage of the expiring contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 5026 lots, Single Month Accountability Level: 5026 lots, All Month

Accountability Level: 5026 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2024 Future

ITEM SPECIFICATION

Contract Description

Physically delivered EPA Cross State Air Pollution Rule (“CSAPR”) Group 3 NOx Ozone

Season Trading Program Allowances (“U.S. EPA CSAPR Group 3 NOx Ozone Season

Trading Program Allowance”).

Contract Code OAH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 5 U.S. EPA CSAPR Group 3 NOx Ozone Season Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA Group 3 NOx Ozone Season Allowance

Settlement Price Precision $0.01 per U.S. EPA Group 3 NOx Ozone Season 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 starting with July 2021 through December of the year following

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

the standard listing cycle.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR Group 3

NOx Ozone Season Trading Program Allowances as promulgated under the Revised

Cross-State Air Pollution Rule Update having a vintage corresponding to the specified

vintage of the expiring contract.

Registry Clean Air Markets Division Allowance Management System (CAMD AMS)

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.
ITEM SPECIFICATION

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: 4849 lots, Single Month Accountability Level: 4849 lots, All Month

Accountability Level: 4849 lots

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2031 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying wind energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TBO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC

requirements specified in the Public Utility Commission of Texas Substantive Rule

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program,

having been generated from wind energy production technology. REC Offsets are not

deliverable. RECs delivered must be from facilities that have a Tracking Attestation

form on file with the Center for Resource Solutions (“CRS Listed”), in connection with

CRS’s administration of its Green-e® certification programs. The Tracking Attestation

form must cover the generation period of the RECs. Maintenance of an active

Tracking Attestation form does not guarantee that a facility meets the requirements

of any Green-e® renewable energy standards and does not mean that a facility’s

supply is Green-e® Certified. For more information about Tracking Attestation forms

and Green-e® certification, please visit the Green-e® website at www.green-e.org.

To confirm that a facility has an active Tracking Attestation form on file, please

contact the Center for Resource Solutions at verification@green-e.org. For contracts

which are designated as Back Half or BH, RECs acceptable for delivery are those that

were issued for generation occurring in the last six calendar months of the specified

vintage year.
ITEM SPECIFICATION

Registry ERCOT Renewables Registry

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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2032 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying wind energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TBP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC

requirements specified in the Public Utility Commission of Texas Substantive Rule

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program,

having been generated from wind energy production technology. REC Offsets are not

deliverable. RECs delivered must be from facilities that have a Tracking Attestation

form on file with the Center for Resource Solutions (“CRS Listed”), in connection with

CRS’s administration of its Green-e® certification programs. The Tracking Attestation

form must cover the generation period of the RECs. Maintenance of an active

Tracking Attestation form does not guarantee that a facility meets the requirements

of any Green-e® renewable energy standards and does not mean that a facility’s

supply is Green-e® Certified. For more information about Tracking Attestation forms

and Green-e® certification, please visit the Green-e® website at www.green-e.org.

To confirm that a facility has an active Tracking Attestation form on file, please

contact the Center for Resource Solutions at verification@green-e.org. For contracts

which are designated as Back Half or BH, RECs acceptable for delivery are those that

were issued for generation occurring in the last six calendar months of the specified

vintage year.
ITEM SPECIFICATION

Registry ERCOT Renewables Registry

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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2031 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying wind energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TFO

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC

requirements specified in the Public Utility Commission of Texas Substantive Rule

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program,

having been generated from wind energy production technology. REC Offsets are not

deliverable. RECs delivered must be from facilities that have a Tracking Attestation

form on file with the Center for Resource Solutions (“CRS Listed”), in connection with

CRS’s administration of its Green-e® certification programs. The Tracking Attestation

form must cover the generation period of the RECs. Maintenance of an active

Tracking Attestation form does not guarantee that a facility meets the requirements

of any Green-e® renewable energy standards and does not mean that a facility’s

supply is Green-e® Certified. For more information about Tracking Attestation forms

and Green-e® certification, please visit the Green-e® website at www.green-e.org.

To confirm that a facility has an active Tracking Attestation form on file, please

contact the Center for Resource Solutions at verification@green-e.org. For contracts

which are designated as Front Half or FH, RECs acceptable for delivery are those that

were issued for generation occurring in the last six calendar months of the specified

vintage year.
ITEM SPECIFICATION

Registry ERCOT Renewables Registry

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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2032 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying wind energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TFP

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC

requirements specified in the Public Utility Commission of Texas Substantive Rule

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program,

having been generated from wind energy production technology. REC Offsets are not

deliverable. RECs delivered must be from facilities that have a Tracking Attestation

form on file with the Center for Resource Solutions (“CRS Listed”), in connection with

CRS’s administration of its Green-e® certification programs. The Tracking Attestation

form must cover the generation period of the RECs. Maintenance of an active

Tracking Attestation form does not guarantee that a facility meets the requirements

of any Green-e® renewable energy standards and does not mean that a facility’s

supply is Green-e® Certified. For more information about Tracking Attestation forms

and Green-e® certification, please visit the Green-e® website at www.green-e.org.

To confirm that a facility has an active Tracking Attestation form on file, please

contact the Center for Resource Solutions at verification@green-e.org. For contracts

which are designated as Front Half or FH, RECs acceptable for delivery are those that

were issued for generation occurring in the last six calendar months of the specified

vintage year.
ITEM SPECIFICATION

Registry ERCOT Renewables Registry

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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2026 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TSG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the first six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2027 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TSH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the first six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2028 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TSI

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the first six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2029 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TSJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the first six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2030 Front Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TSK

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the first six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2026 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TTG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the last six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2027 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TTH

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the last six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2028 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TTI

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the last six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2029 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TTJ

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the last six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2030 Back Half Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by

the ERCOT Renewables Registry for qualifying solar energy production from facilities

which are listed with the Center for Resource Solutions (CRS) as an element of CRS’

administration of its Green-e® certification program.

Contract Code TTK

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 MWh representing 1,000 Texas RECs and 1,000 Compliance Premiums

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 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 December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.
ITEM SPECIFICATION

Deliverable Product

The deliverable product for each single contract is 1,000 eligible RECs and, if required

by the Green-e® certification program, 1,000 eligible Compliance Premiums (CPs).

Texas RECs and CPs eligible for delivery are those which meet the REC requirements

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25,

Subchapter H, Division 1 under the renewable energy trading program, having been

generated from solar energy production technology.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form

on file with the Center for Resource Solutions (“CRS Listed”), in connection with CRS’s

administration of its Green-e® certification programs. The Tracking Attestation form

must cover the generation period of the RECs and CPs. RECs and, if required, the

matching CPs must be from the same facility and satisfy the same Green-e® Energy

vintage requirement. Maintenance of an active Tracking Attestation form does not

guarantee that a facility meets the requirements of any Green-e® renewable energy

standards and does not mean that a facility’s supply is Green-e® Certified. For more

information about Tracking Attestation forms and Green-e® certification, please visit

the Green-e® website at www.green-e.org. To confirm that a facility has an active

Tracking Attestation form on file, please contact the Center for Resource Solutions at

verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs and CPs acceptable for

delivery are those that were issued for generation occurring in the last six calendar

months of the specified vintage year.

Registry ERCOT Renewables Registry

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

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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 2 Allowance Vintage 2020 Future

Option Style European

Underlying Contract NZD

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2020

Future

Code For Underlying

Contract(s) NZD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 2 Allowance Vintage 2021 Future

Option Style European

Underlying Contract NZE

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2021

Future

Code For Underlying

Contract(s) NZE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 2 Allowance Vintage 2022 Future

Option Style European

Underlying Contract NZF

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2022

Future

Code For Underlying

Contract(s) NZF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 2 Allowance Vintage 2023 Future

Option Style European

Underlying Contract NZG

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2023

Future

Code For Underlying

Contract(s) NZG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage

2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 2 Allowance Vintage 2024 Future

Option Style European

Underlying Contract NZH

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 2 Allowance Vintage 2024

Future

Code For Underlying

Contract(s) NZH

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 7170 lots, Single Month Accountability Level: 7170 lots, All Month

Accountability Level: 7170 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 3 Allowance Vintage 2021 Future

Option Style European

Underlying Contract OAE

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2021

Future

Code For Underlying

Contract(s) OAE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 5354 lots, Single Month Accountability Level: 5354 lots, All Month

Accountability Level: 5354 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 3 Allowance Vintage 2022 Future

Option Style European

Underlying Contract OAF

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2022

Future

Code For Underlying

Contract(s) OAF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 5185 lots, Single Month Accountability Level: 5185 lots, All Month

Accountability Level: 5185 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 3 Allowance Vintage 2023 Future

Option Style European

Underlying Contract OAG

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2023

Future

Code For Underlying

Contract(s) OAG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 5026 lots, Single Month Accountability Level: 5026 lots, All Month

Accountability Level: 5026 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage

2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule NOX

Ozone Season Group 3 Allowance Vintage 2024 Future

Option Style European

Underlying Contract OAH

Underlying Contract(s) Cross State Air Pollution Rule NOX Ozone Season Group 3 Allowance Vintage 2024

Future

Code For Underlying

Contract(s) OAH

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to

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

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

Prices are allowed in $0.25 increments

Currency US Dollars

Minimum Tick $0.001 per Allowance

Settlement Price Precision $0.001 per Allowance

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts starting with July 2021 through December of the year following

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

the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 4849 lots, Single Month Accountability Level: 4849 lots, All Month

Accountability Level: 4849 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2031 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy

Certificate from CRS Listed Facilities Vintage 2031 Back Half Future

Option Style European

Underlying Contract TBO

Underlying Contract(s) Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage

2031 Back Half Future

Code For Underlying

Contract(s) TBO

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2032 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy

Certificate from CRS Listed Facilities Vintage 2032 Back Half Future

Option Style European

Underlying Contract TBP

Underlying Contract(s) Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage

2032 Back Half Future

Code For Underlying

Contract(s) TBP

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2031 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy

Certificate from CRS Listed Facilities Vintage 2031 Front Half Future

Option Style European

Underlying Contract TFO

Underlying Contract(s) Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage

2031 Front Half Future

Code For Underlying

Contract(s) TFO

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
Texas Compliance Renewable Energy Certificate from CRS Listed Facilities

Vintage 2032 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy

Certificate from CRS Listed Facilities Vintage 2032 Front Half Future

Option Style European

Underlying Contract TFP

Underlying Contract(s) Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Vintage

2032 Front Half Future

Code For Underlying

Contract(s) TFP

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per REC

Settlement Price Precision $0.001 per REC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 11541 lots, Single Month Accountability Level: 11541 lots, All Month

Accountability Level: 11541 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2026 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2026 Front Half Future

Option Style European

Underlying Contract TSG

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2026 Front Half Future

Code For Underlying

Contract(s) TSG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2027 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2027 Front Half Future

Option Style European

Underlying Contract TSH

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2027 Front Half Future

Code For Underlying

Contract(s) TSH

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2028 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2028 Front Half Future

Option Style European

Underlying Contract TSI

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2028 Front Half Future

Code For Underlying

Contract(s) TSI

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2029 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2029 Front Half Future

Option Style European

Underlying Contract TSJ

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2029 Front Half Future

Code For Underlying

Contract(s) TSJ

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2030 Front Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2030 Front Half Future

Option Style European

Underlying Contract TSK

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2030 Front Half Future

Code For Underlying

Contract(s) TSK

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with June of the corresponding vintage year through

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

calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2026 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2026 Back Half Future

Option Style European

Underlying Contract TTG

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2026 Back Half Future

Code For Underlying

Contract(s) TTG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2027 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2027 Back Half Future

Option Style European

Underlying Contract TTH

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2027 Back Half Future

Code For Underlying

Contract(s) TTH

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2028 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2028 Back Half Future

Option Style European

Underlying Contract TTI

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2028 Back Half Future

Code For Underlying

Contract(s) TTI

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2029 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2029 Back Half Future

Option Style European

Underlying Contract TTJ

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2029 Back Half Future

Code For Underlying

Contract(s) TTJ

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Texas Compliance Solar Renewable Energy Certificate from CRS Listed

Facilities - Vintage 2030 Back Half Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Solar Renewable

Energy Certificate from CRS Listed Facilities - Vintage 2030 Back Half Future

Option Style European

Underlying Contract TTK

Underlying Contract(s) Texas Compliance Solar Renewable Energy Certificate from CRS Listed Facilities -

Vintage 2030 Back Half Future

Code For Underlying

Contract(s) TTK

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

Prices are allowed in $0.01 increments

Currency US Dollars

Minimum Tick $0.001 per SREC

Settlement Price Precision $0.001 per SREC

Last Trading Day

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

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

Day following the 15th calendar day of the delivery month

Contract Series

Monthly contracts beginning with December of the corresponding vintage year

through December of the year following the vintage year. The exchange may list any

other calendar month contract set off the standard listing cycle.

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

settlement cycle following the Transaction

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

extrapolation to traded Option contracts, as appropriate
ITEM SPECIFICATION

Exercise

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

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to 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: 1076 lots, Single Month Accountability Level: 1076 lots, All Month

Accountability Level: 1076 lots Weighted by Option delta and combined with

Underlying Contract position.

Margin Unit US Dollars
Exhibit C: June 1, 2021 Addition to Nodal Exchange Appendix C - Reporting Levels, Accountability Levels and Position Limits

Nodal Exchange, LLC Rulebook Appendix C: Reporting Levels, Accountability Levels and Position Limits**

Physical

Commodity

Code

Contract Name

Reporting

Level

Spot Month

Position Limit

(lots)

Spot Month

Accountability

Level (lots)

Single Month

Accountability

Level (lots)

All Month

Accountability

Level (lots)

Aggregation

Group*

NZD CSAPR NOX Ozone Szn Grp2 V20 Future 25 7170 7170 7170

NZE CSAPR NOX Ozone Szn Grp2 V21 Future 25 7170 7170 7170

NZF CSAPR NOX Ozone Szn Grp2 V22 Future 25 7170 7170 7170

NZG CSAPR NOX Ozone Szn Grp2 V23 Future 25 7170 7170 7170

NZH CSAPR NOX Ozone Szn Grp2 V24 Future 25 7170 7170 7170

OAE CSAPR NOX Ozone Szn Grp3 V21 Future 25 5354 5354 5354

OAF CSAPR NOX Ozone Szn Grp3 V22 Future 25 5185 5185 5185

OAG CSAPR NOX Ozone Szn Grp3 V23 Future 25 5026 5026 5026

OAH CSAPR NOX Ozone Szn Grp3 V24 Future 25 4849 4849 4849

TBO TX REC CRS V31 Back Half Future 25 11541 11541 11541

TBP TX REC CRS V32 Back Half Future 25 11541 11541 11541

TFO TX REC CRS V31 Front Half Future 25 11541 11541 11541

TFP TX REC CRS V32 Front Half Future 25 11541 11541 11541

TSG TX Solar REC CRS V26 Front Half Future 25 1076 1076 1076

TSH TX Solar REC CRS V27 Front Half Future 25 1076 1076 1076

 TSI TX Solar REC CRS V28 Front Half Future 25 1076 1076 1076

TSJ TX Solar REC CRS V29 Front Half Future 25 1076 1076 1076

TSK TX Solar REC CRS V30 Front Half Future 25 1076 1076 1076

TTG TX Solar REC CRS V26 Back Half Future 25 1076 1076 1076

TTH TX Solar REC CRS V27 Back Half Future 25 1076 1076 1076

 TTI TX Solar REC CRS V28 Back Half Future 25 1076 1076 1076

TTJ TX Solar REC CRS V29 Back Half Future 25 1076 1076 1076

TTK TX Solar REC CRS V30 Back Half Future 25 1076 1076 1076

* In addition to the individual position limit of each contract, Nodal Exchange has a separate algorithm to check the combined position

limit of contracts within the same aggregation group.

** For Options expiring during, or at the close of, the Underlying Contract's delivery period, the combined Underlying Contract and

futures-equivalent Options position will be subject to the position limit established for the Underlying Contract.

*** Reporting Level for Option is 25.