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the Expiry period as provided in Rule 4.10 (“Expiry Settlement”) 

and the appropriate Contract Class. 

(d) Nodal Contracts based on trucking freight futures will settle against 

the simple average of the corresponding DAT Freight Rate Index for 

the duration of the Expiry period as provided in Rule 4.10 (“Expiry 

Settlement”). 

(e) Natural gas Expiries will settle against the last Settlement Price for 

the Expiry as determined by either an index or exchange listed 

contract as specified in the Contract Specification for the Nodal 

Contract. 

(f) Nodal Contracts based on environmental products will Physically 

Settle against the underlying Deliverable Product as specified in the 

Contract Specifications. 

(g) Options will settle physically against the underlying futures contract 

as specified in the Contract Specifications. 

(h) For Nodal Contracts on power, in the event the Exchange determines 

that an ISO will no longer price a Node that is a component of the 

Contract Node, the Exchange may eliminate the Node from the 

Contract Node. In the event the Exchange determines that an ISO will 

no longer price a Node that is the whole of the Contract Node, the 

Exchange will substitute a successor Contract Node that, in the 

Exchange’s judgment, is reasonably comparable to the Contract 

Node no longer being priced, or if no open interest exists, the 

Exchange will discontinue the Nodal Contract. 

4.2.2 Trading Status 

(a) Expiries may have four trading statuses in the market as defined 

below: Active, RestrictedPre-Settlement, Suspended, and Closed. 

(b) Active. All Expiries will have a status of Active upon being entered 

into the market for trading. Active Expiries are available for 

unrestricted trading as Block Trades and on the Trading Platform if 

offered. 

(c) RestrictedPre-Settlement. In the case where all initial Settlement 

Price data is available, the Expiry is set to Restricted Pre-Settlement 

status at the end of the day. The Restricted Pre-Settlement status 

allows the Exchange to capture additional ISO revisions to the 

components of Locational Marginal Price up to the Last Trading 

DayFinal Settlement Date as defined by the Contract Specifications. 

For example, a monthly Off-Peak day-ahead power Expiry would 

become Restricted at the end of the second to last day of the month 

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(c) for the Expiry in question. During the Restricted period, an Expiry can 

only be traded as a Block Trade within a narrowly defined band as 

determined by the Exchange (e.g., plus or minus one percent of the 

announced initial Settlement Price). Restricted Expiries cannot be traded 

on the Nodal Block or Trading Platform after the Last Trading Date as 

described in the Contract Specifications. 

(d) Suspended. Expiries may be suspended at any time, in order to 

prevent further trading. This may occur on a power Nodal Contract 

in response to the decision of an ISO to stop providing pricing of the 

relevant Contract Nodes; or for a Nodal Contract based on trucking 

freight futures after the last Business Day of the Contract Term; or 

for a Nodal Contract based on environmental products if the 

Deliverable Product is no longer available as determined by the 

Exchange. A Suspended status may also be used to end trading 

within the Last Trading Day of an expiring natural gas Expiry once 

trading has ceased and pricing is known on the Final Settlement 

Price, as detailed in the Contract Specification. 

(e) Closed. Upon determination of the Final Settlement Price, the 

Expiry is Closed, all trading has ended and the Final Settlement 

Price is fixed. 

4.3 Use of User IDs 

4.3.1 Each Participant must request one or more ITMs as needed to 

accommodate the nature and volume of the Participant’s business. 

4.3.2 Each Participant must have at least one Authorized User and each 

Authorized User must have at least one unique, Exchange assigned, 

registered User ID. 

4.3.3 Each Order entered will contain a previously assigned User ID or such 

user credentials that enables the Exchange to identify the Authorized User 

that entered the Order. 

4.3.4 No Person may use a User ID to place any Order except as permitted by 

these Rules, nor may any Person knowingly permit or assist the 

unauthorized use of a User ID. Each Participant and Authorized User shall 

ensure that no User ID is used by any Person not authorized by these Rules. 

Each Participant that is not an individual must have in place policies and 

procedures acceptable to the Exchange to ensure the proper use and 

protection of User IDs. 

4.3.5 Each Participant shall ensure the accuracy of the registration information 

of its Authorized Users at all times. 

4.3.6 Each Participant shall be solely responsible for controlling and monitoring 

the use of all User IDs issued to it and its Authorized Users.