Page 1 of 3

23-017.03

June 28, 2023

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 – PJM PENN POWER Monthly Day Ahead 2x16 Power 

Contract

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 42 new power futures contracts for 

trading on Nodal Exchange beginning on or after June 30, 2023. The contract specifications 

describing these new Exchange futures 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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23-017.03

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 contracts was 

provided for the futures contracts, 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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23-017.03

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 Ken 

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

mccracken@nodalexchange.com.

Sincerely,

/s/ Max Markotic

Managing Director

Attachments:

Exhibit A: June 30, 2023 Addition to Nodal Exchange Appendix A - Contract 

Specifications

Confidential Exhibit B: Deliverable Supply Analysis (Confidential Treatment 

Requested)

Exhibit C: June 30, 2023 Addition to Nodal Exchange Appendix C - Reporting Levels, 

Accountability Levels and Position Limits
23-017.03

Exhibit A – Contract Specifications

(Rulebook Appendix A)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PEPCO DC Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, PJM PEPCO DC, Day Ahead

Contract Code UAB

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PEPCO MD Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, PJM PEPCO MD, Day Ahead

Contract Code UAC

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PENN POWER Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, PJM PENN POWER, Day Ahead

Contract Code UAD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO GENESE Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO GENESE, Day Ahead

Contract Code UAE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO CENTRL Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO CENTRL, Day Ahead

Contract Code UAF

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO NORTH Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO NORTH, Day Ahead

Contract Code UAG

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO MHK VL Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO MHK VL, Day Ahead

Contract Code UAH

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO CAPITL Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO CAPITL, Day Ahead

Contract Code UAI

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO MILLWD Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO MILLWD, Day Ahead

Contract Code UAJ

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO DUNWOD Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, NYISO DUNWOD, Day Ahead

Contract Code UAK

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.CONNECTICUT Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.CONNECTICUT, Day Ahead

Contract Code UAL

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.NEMASSBOST Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.NEMASSBOST, Day Ahead

Contract Code UAM

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.NEWHAMPSHIRE Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.NEWHAMPSHIRE, Day Ahead

Contract Code UAN

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.RHODEISLAND Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.RHODEISLAND, Day Ahead

Contract Code UAO

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.SEMASS Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.SEMASS, Day Ahead

Contract Code UAP

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.WCMASS Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.WCMASS, Day Ahead

Contract Code UAQ

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.MAINE Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.MAINE, Day Ahead

Contract Code UAR

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.VERMONT Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, ISONE .Z.VERMONT, Day Ahead

Contract Code UAS

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0800 – 2300, Sunday, Saturday, and all NERC holidays, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 2x16 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO ILLINOIS.HUB Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, MISO ILLINOIS.HUB, Day Ahead

Contract Code UAT

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0700 – 2200, EST, Sunday, Saturday, and all NERC holidays during 

Daylight Saving Time. No hours will be added or subtracted due to DST adjustments. 

For the rest of the year, the definition of 2x16 hours is Hour Ending (HE) 0800–2300 

EST, Saturday, Sunday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 2x16 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO MICHIGAN.HUB Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, MISO MICHIGAN.HUB, Day Ahead

Contract Code UAV

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0700 – 2200, EST, Sunday, Saturday, and all NERC holidays during 

Daylight Saving Time. No hours will be added or subtracted due to DST adjustments. 

For the rest of the year, the definition of 2x16 hours is Hour Ending (HE) 0800–2300 

EST, Saturday, Sunday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 2x16 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO MINN.HUB Monthly Day Ahead 2x16 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 2x16 Power, MISO MINN.HUB, Day Ahead

Contract Code UAW

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 2x16 hours within the month traded, so in a month with 

144 2x16 hours, the Lot Size equals 144 MWh. The definition of 2x16 hours is Hour 

Ending (HE) 0700 – 2200, EST, Sunday, Saturday, and all NERC holidays during 

Daylight Saving Time. No hours will be added or subtracted due to DST adjustments. 

For the rest of the year, the definition of 2x16 hours is Hour Ending (HE) 0800–2300 

EST, Saturday, Sunday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 2x16 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PEPCO DC Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, PJM PEPCO DC, Day Ahead

Contract Code UAX

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PEPCO MD Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, PJM PEPCO MD, Day Ahead

Contract Code UAY

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

PJM PENN POWER Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, PJM PENN POWER, Day Ahead

Contract Code UAZ

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 49 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These prices can be found at the following link 

or at successor location https://dataminer2.pjm.com/feed/da_hrl_lmps

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO GENESE Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO GENESE, Day Ahead

Contract Code UBA

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO CENTRL Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO CENTRL, Day Ahead

Contract Code UBC

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO NORTH Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO NORTH, Day Ahead

Contract Code UBD

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO MHK VL Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO MHK VL, Day Ahead

Contract Code UBE

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO CAPITL Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO CAPITL, Day Ahead

Contract Code UBF

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO MILLWD Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO MILLWD, Day Ahead

Contract Code UBG

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

NYISO DUNWOD Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, NYISO DUNWOD, Day Ahead

Contract Code UBH

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The fourth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LBMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. 

http://mis.nyiso.com/public/csv/damlbmp/<yyyymmdd>damlbmp_zone.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.CONNECTICUT Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.CONNECTICUT, Day Ahead

Contract Code UBI

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.NEMASSBOST Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.NEMASSBOST, Day Ahead

Contract Code UBJ

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.NEWHAMPSHIRE Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.NEWHAMPSHIRE, Day Ahead

Contract Code UBK

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.RHODEISLAND Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.RHODEISLAND, Day Ahead

Contract Code UBL

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.SEMASS Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.SEMASS, Day Ahead

Contract Code UBM

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.WCMASS Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.WCMASS, Day Ahead

Contract Code UBN

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.MAINE Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.MAINE, Day Ahead

Contract Code UBO

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

ISONE .Z.VERMONT Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, ISONE .Z.VERMONT, Day Ahead

Contract Code UBP

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0700 and HE 2400, Sunday through Saturday, EPT.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day The first business day after the last trading day of the current expiring contract

Last Trading Day The third business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly LMP for all 7x8 hours. These price files can be found at the following 

link or at successor location. http://www.iso-ne.com/histRpts/dalmp/WW_DALMP_ISO_<yyyymmdd>.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO ILLINOIS.HUB Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, MISO ILLINOIS.HUB, Day Ahead

Contract Code UBQ

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0600 and 2300-2400, EST, Sunday through Saturday, and all NERC 

Holidays during Daylight Saving Time. No hours will be added or subtracted due to 

DST adjustments. For the rest of the year, 7x8 hours include 0100– 0700 and 2400, 

EST, Sunday through Saturday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 7x8 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO MICHIGAN.HUB Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, MISO MICHIGAN.HUB, Day Ahead

Contract Code UBR

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0600 and 2300-2400, EST, Sunday through Saturday, and all NERC 

Holidays during Daylight Saving Time. No hours will be added or subtracted due to 

DST adjustments. For the rest of the year, 7x8 hours include 0100– 0700 and 2400, 

EST, Sunday through Saturday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 7x8 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23-017.03

MISO MINN.HUB Monthly Day Ahead 7x8 Power Contract

ITEM SPECIFICATION

Contract Description Monthly Cash Settled Financial 7x8 Power, MISO MINN.HUB, Day Ahead

Contract Code UBS

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

Unit of Trading 1 lot, based on 1 MW for each hour of the contract

Lot Size

Variable, expressed in megawatt hour (MWh). The Lot Size will equal 1 MW 

multiplied by the number of 7x8 hours within the month traded, so in a month with 

248 7x8 hours, the Lot Size equals 248 MWh. The definition of 7x8 hours is Hour 

Ending (HE) 0100 – 0600 and 2300-2400, EST, Sunday through Saturday, and all NERC 

Holidays during Daylight Saving Time. No hours will be added or subtracted due to 

DST adjustments. For the rest of the year, 7x8 hours include 0100– 0700 and 2400, 

EST, Sunday through Saturday and all NERC Holidays.

Currency US Dollars

Min Price Fluctuation $0.0001 per MWh

Minimum Tick $0.0001 per MWh

First Trading Day One additional year of expiries will be available each January on the first business 

day after the last trading day of the expiring December contract.

Last Trading Day The sixth business day following the last calendar day of the month

Contract Series 69 months

Fixed Price The traded price or the previous day's settlement price

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 final settlement price will be determined by the Exchange at approximately 3 pm 

EPT on the Last Trading Day. The final settlement price is the average of the Day 

Ahead hourly Ex Post LMP for all 7x8 hours. These price files can be found at the 

following link or at successor location. 

https://www.misoenergy.org/Library/Repository/Market 

Reports/<yyyymmdd>_da_expost_lmp.csv

Final Settlement (Payment) 

Date The first business day following the Last Trading Day

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

C-Limits_and_Levels.PDF

Margin Unit US Dollars
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)

Single Month 

Accountability Level

(lots)

All Month 

Accountability Level

(lots)

Aggregation

Group*

CFTC Referenced 

Contract

UAB PJM.PEPCO DC_month_2x16_dap 25 1020 1020 12240 188 0

UAC PJM.PEPCO MD_month_2x16_dap 25 1903 1903 22836 188 0

UAD PJM.PENN POWER_month_2x16_dap 25 573 573 6876 42 0

UAE NYISO.GENESE_month_2x16_dap 25 1210 1210 14520 99 0

UAF NYISO.CENTRL_month_2x16_dap 25 3626 3626 43512 54 0

UAG NYISO.NORTH_month_2x16_dap 25 1087 1087 13044 172 0

UAH NYISO.MHK VL_month_2x16_dap 25 930 930 11160 152 0

UAI NYISO.CAPITL_month_2x16_dap 25 1634 1634 19608 50 0

UAJ NYISO.MILLWD_month_2x16_dap 25 1360 1360 16320 158 0

UAK NYISO.DUNWOD_month_2x16_dap 25 726 726 8712 89 0

UAL ISONE..Z.CONNECTICUT_month_2x16_dap 25 5151 5151 61812 3 0

UAM ISONE..Z.NEMASSBOST_month_2x16_dap 25 2911 2911 34932 7 0

UAN ISONE..Z.NEWHAMPSHIRE_month_2x16_dap 25 2229 2229 26748 9 0

UAO ISONE..Z.RHODEISLAND_month_2x16_dap 25 1070 1070 12840 11 0

UAP ISONE..Z.SEMASS_month_2x16_dap 25 1735 1735 20820 13 0

UAQ ISONE..Z.WCMASS_month_2x16_dap 25 1984 1984 23808 17 0

UAR ISONE..Z.MAINE_month_2x16_dap 25 1440 1440 17280 5 0

UAS ISONE..Z.VERMONT_month_2x16_dap 25 600 600 7200 15 0

UAT MISO.ILLINOIS.HUB_month_2x16_dap 25 8733 8733 104796 115 0

UAV MISO.MICHIGAN.HUB_month_2x16_dap 25 18409 18409 220908 156 0

UAW MISO.MINN.HUB_month_2x16_dap 25 11380 11380 136560 160 0

UAX PJM.PEPCO DC_month_7x8_dap 25 855 855 10260 188 0

UAY PJM.PEPCO MD_month_7x8_dap 25 1596 1596 19152 188 0

UAZ PJM.PENN POWER_month_7x8_dap 25 478 478 5736 42 0

UBA NYISO.GENESE_month_7x8_dap 25 1016 1016 12192 99 0

UBC NYISO.CENTRL_month_7x8_dap 25 3132 3132 37584 54 0

UBD NYISO.NORTH_month_7x8_dap 25 1036 1036 12432 172 0

UBE NYISO.MHK VL_month_7x8_dap 25 796 796 9552 152 0

UBF NYISO.CAPITL_month_7x8_dap 25 1416 1416 16992 50 0

UBG NYISO.MILLWD_month_7x8_dap 25 1123 1123 13476 158 0

UBH NYISO.DUNWOD_month_7x8_dap 25 596 596 7152 89 0

UBI ISONE..Z.CONNECTICUT_month_7x8_dap 25 4206 4206 50472 3 0

UBJ ISONE..Z.NEMASSBOST_month_7x8_dap 25 2406 2406 28872 7 0

UBK ISONE..Z.NEWHAMPSHIRE_month_7x8_dap 25 1797 1797 21564 9 0

UBL ISONE..Z.RHODEISLAND_month_7x8_dap 25 875 875 10500 11 0

UBM ISONE..Z.SEMASS_month_7x8_dap 25 1437 1437 17244 13 0

UBN ISONE..Z.WCMASS_month_7x8_dap 25 1651 1651 19812 17 0

UBO ISONE..Z.MAINE_month_7x8_dap 25 1204 1204 14448 5 0

UBP ISONE..Z.VERMONT_month_7x8_dap 25 539 539 6468 15 0

UBQ MISO.ILLINOIS.HUB_month_7x8_dap 25 7546 7546 90552 115 0

UBR MISO.MICHIGAN.HUB_month_7x8_dap 25 15908 15908 190896 156 0

UBS MISO.MINN.HUB_month_7x8_dap 25 9834 9834 118008 160 0