55 East 52nd Street

New York, New York 10055

BY ELECTRONIC TRANSMISSION

Submission No. 22-234

November 29, 2022

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Amendments to Last Trading Day for Certain Physical Environmental Futures and 

Related Amendments

Submission Pursuant to Section 5c(c)(1) of the Act and Regulation 40.6(a)

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended, and Commission 

Regulation 40.6(a), ICE Futures U.S., Inc. (“Exchange”) self-certifies amendments to Subchapter D to 

Chapter 18 of the Exchange Rulebook. Specifically, the amendments clarify the Last Trading Day in the 

terms and conditions of certain Physical Environmental futures contracts. The amendments make clear 

that the last weekday of December is not an Exchange business day for purposes of the delivery of the 

underlying instruments of futures contracts for December contract months. The amendments are consistent 

with longstanding Exchange practice with respect to Physical Environmental contracts and with Chapter 

1 of the Exchange Rulebook, which defines a “Business Day” as “any day on which a Commodity Contract 

with the same underlying commodity as such Exchange Futures Contract or Exchange Option is available 

for trading on the electronic trading platform, unless otherwise determined and announced by the 

Exchange.” The Exchange has previously issued Exchange Notices informing market participants that the 

last weekday of December is not a business day for purposes of delivery of the instruments underlying the 

applicable Physical Environmental futures contracts.

1

Additional non-substantive amendments remove previously delisted vintages and futures contracts 

from the Subchapter D to Chapter 18 of the Exchange Rulebook and correct typographical errors within 

such subchapter. The amendments to the terms and conditions of the applicable Physical Environmental 

futures contracts and the amendments removing delisted contracts and vintages from the Exchange 

1 https://www.ice.com/publicdocs/futures_us/exchange_notices/ICE_Futures_US_Nov21Dec21Reminder_20211007.pdf; 

https://www.ice.com/publicdocs/futures_us/exchange_notices/ICE_Futures_US_Dec22Expiry_20221128.pdf
Rulebook are provided in Exhibit A. All other aspects of the applicable products’ terms and conditions

remain unchanged.

Certifications

The rule amendments to the futures contracts’ terms and conditions and Exchange rulebook will 

become effective on December 14, 2022, or such other date as the Exchange shall determine which shall 

be no sooner than the first business day following the tenth business day following submission to the 

Commission. The Exchange has reviewed the designated contract market core principles ("Core 

Principles") as set forth in the Act and has determined that the amendments comply with the following 

relevant Core Principles: 

COMPLIANCE WITH RULES

The terms and conditions of the applicable Physical Environmental futures contracts are set forth 

in Subchapter D of Chapter 18 of the Exchange Rulebook, and will be enforced by the Exchange. 

In addition, trading of the contracts continues to be subject to all relevant Exchange rules which 

are enforced by the Market Regulation Department. 

AVAILABILITY OF GENERAL INFORMATION

The amended terms and conditions of the applicable Physical Environmental futures contracts will 

be available on the Exchange’s website for public view.

CONTRACTS NOT READILY SUBJECT TO MANIPULATION

The applicable Physical Environmental futures contracts are not readily subject to manipulation as 

they are based on established and liquid underlying cash markets. In addition, trading of the 

contracts continues to be monitored by the Market Regulation Department. 

FINANCIAL INTEGRITY OF CONTRACTS

The applicable Physical Environmental futures contracts will continue to be cleared by ICE Clear 

Europe, a registered derivatives clearing organization subject to Commission regulation, and 

carried by registered futures commission merchants qualified to handle customer business. 

The Exchange is not aware of any opposing views and certifies that the amendments to the terms 

and conditions to the applicable Physical Environmental products, comply with the requirements of the 

Act and the rules and regulations promulgated thereunder. 

The Exchange further certifies that, concurrent with this filing, a copy of this submission was 

posted on the Exchange’s website, which may be accessed at (https://www.theice.com/futuresus/regulation). If you have any questions or need further information, please contact me at 312-836-6745

or at patrick.swartzer@ice.com.
Sincerely,

Patrick Swartzer

Director

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
Exhibit A

(In the text of the amendments below, additions are shown underscored 

and deletions are lined through.)

Subchapter 18D – Physical Environmental

Futures Contracts

Rule Subject

18.D.001 California Carbon Allowance Future

18.D.002 Carbon Financial Instrument, United States, Future

18.D.003 Reserved

18.D.004 Reserved

18.D.005 Reserved 

18.D.006 Cross State Air Pollution TR NOx Ozone Season Allowance Future

18.D.007 Reserved

18.D.008 Reserved 

18.D.009 Reserved

18.D.010 Reserved 

18.D.011 Regional Greenhouse Gas Initiative Future

18.D.012 Sulfur Financial Instrument Future

18.D.013 CAIR Annual NOx Future

18.D.014 CAIR Ozone Season NOx Future

18.D.015 New Jersey Solar Renewable Energy Certificate Future

18.D.016 Reserved

18.D.017 Massachusetts Compliance Renewable Energy Certificates Class 1 Vintage Future

18.D.018 New Jersey Compliance Renewable Energy Certificates Class 1 Vintage Future

18.D.019 Connecticut Compliance Renewable Energy Certificates Class 1 Vintage Future

18.D.020 PJM Tri-Qualified Renewable Energy Certificate Class 1 Future

18.D.021 Massachusetts Solar Renewable Energy Certificate Future

18.D.022 California Carbon Allowance Future - Vintage 2019 and After
18.D.023 Massachusetts Solar Renewable Energy Certificate Carve Out II Future

18.D.024 California Carbon Allowance Specific Vintage Specific Future 

18.D.025 Pennsylvania Solar Alternative Energy Certificate Vintage Future 

18.D.026 Maryland Solar Renewable Energy Certificate Vintage Future 

18.D.027 Ontario Carbon Allowance Vintage Future

18.D.028 Reserved

18.D.029 Maryland Compliance Renewable Energy Certificate Tier 1 Vintage Future

18.D.030 NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage Future

18.D.031 Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage Future

18.D.032 Massachusetts Solar Renewal Renewable Energy Certificate Carve Out I Future

18.D.033 Massachusetts Solar Renewal Renewable Energy Certificate Carve Out II Future

18.D.034 New Jersey Compliance Renewable Energy Certificate Class I Future

18.D.035 Maryland Compliance Renewable Energy Credit Tier I Future

18.D.036 Pennsylvania Compliance Alternative Energy Credit Tier I Future

18.D.037 Maryland Solar rRenewable Energy Credit Future

18.D.038 Pennsylvania Solar Alternative Energy Credit Future

18.D.039 Connecticut Compliance Renewable Energy Certificate Class I Future

18.D.040 Massachusetts Compliance Renewable Energy Certificate Class I Future

18.D.041 NEPOOL Dual Qualified Compliance Renewable Energy Certificate Class I Future

18.D.042 New Jersey Solar Renewable Energy Certificate Prior Year Future

18.D.043 New Jersey Solar Renewable Energy Certificate Future

18.D.044 PJM Tri Qualified Renewable Energy Certificate Class I Prior Year Future

18.D.045 PJM Tri Qualified Renewable Energy Certificate Class I Future

18.D.046 California Low Carbon Fuel Standard Credit (OPIS) Future

18.D.047 PJM Tri-Qualified Renewable Energy Certificate Class 1I 2 Year Prior Future

18.D.048 California Carbon Allowance Current Auction Clearing Price

18.D.049 California Carbon Allowance Advance Auction Clearing Price

18.D.050 Regional Greenhouse Initiative Allowance Auction Clearing Price
18.D.051 California Carbon Offset Future

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future

18.D.054 New Jersey Compliance Renewable Energy Certificate Class 1I Prior Year Future

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier 1I Prior Year Future

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future

18.D.057 Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Back Half Specific Future

18.D.058 Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Front Half Specific Future

18.D.059 M-RETS Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Back Half 

Specific Future

18.D.060 M-RETS Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Front Half 

Specific Future

18.D.061 NAR Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Back Half 

Specific Future

18.D.062 NAR Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Front Half

Specific Future

18.D.063 Texas Compliance Solar Renewable Energy Certificate from CRS ListedTM Facilities Back Half Specific 

Future

18.D.064 Texas Compliance Solar Renewable Energy Certificate from CRS ListedTM Facilities Front Half Specific 

Future

18.D.065 Pennsylvania Compliance Alternative Energy Credit Tier II Future

18.D.066 New Jersey Compliance Renewable Energy Certificate Class II Future
18.D.001 California Carbon Allowance Future

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the 

California Air Resources Board or a linked program (“California Carbon Allowance”) representing one metric ton of CO2

equivalent under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated 

regulations, rules and amendments, all together known as the "California Cap and Trade Program". 

Contract Symbol: Vintage 2013: CAL, Vintage 2014: CAM, Vintage 2015: CAN, Vintage 2016: CAO, Vintage 2017: 

CAP; Vintage 2018: CAW 

Settlement Method: Physical delivery

Contract Size: 1,000 California Carbon Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per California Carbon Allowance; 

minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 

1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for 

the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable instruments are California Carbon Allowances equal to the contract size 

delivered through the California MTS.

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton

of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified vintage-year. 

If the specified vintage year allowances do not exist in the California MTS at contract expiry, allowances of any prior vintage 

year or allowances of the earliest vintage year available in the California MTS shall be delivered. 

If the California MTS is not operational and capable of transferring allowances at the expiration of contracts in 2012, all open 

positions in the expiring contract will roll forward one (1) calendar year based on a value determined by multiplying the final 

settlement price of the expired contract times the sum of one (1) plus the interest rate on 12-month U.S. Treasury notes that is 

prevailing at the time of contract expiration. 

If the California MTS is not operational and capable of transferring allowances at the expiration of contracts in 2013 and 

later, all open positions in the expiring contract will settle at the Auction Reserve Price (ARP) as defined in the California 

Cap and Trade Program. Where the ARP is not defined within the California Cap and Trade Program, for 2013 the ARP shall 

be $10 per allowance. For expiries beyond 2013, the ARP will increase by 5% per year plus the rate of inflation as measured 
by the Consumer Price Index for All Urban Consumers published by the U.S. Bureau of Labor Statistics.

Registry: California MTS 
18.D.002 Carbon Financial Instrument, United States, Future

Contract Description: Physically delivered contract on a mandatory U.S. greenhouse gas limitation and trading program.

Contract Symbol: CFS 

Settlement Method: Physical delivery

Contract Size: 1,000 metric tons 

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per metric ton; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: In order to make or take delivery of Carbon Financial Instrument (“CFI”) futures contracts, 

Clearing Members must have appropriate registry accounts established prior to the expiration of any CFI futures contract.

1. If a mandatory greenhouse gas ("GHG") limitation and trading program has been enacted into applicable law in the U.S., 

deliverable instruments are allowances usable for compliance obligations pursuant to the U.S. government mandated GHG 

limitation and trading program as follows: 

a. Allowances from the registry or appointed program administrator of the U.S. government-appointed program 

administrator (for example, the U.S. EPA) equal to 1,000 metric tons CO2 equivalent. For CFI contracts that expire in years 

prior to the first compliance year of the U.S. mandatory GHG limitation and trading program, the deliverable vintage 

allowances are those usable for compliance in the first compliance year under the U.S. mandatory program.

For CFI contracts that expire during the first compliance year or during years subsequent to the first compliance year of the

U.S. mandatory GHG limitation and trading program, vintages allowed for delivery are all vintage instruments usable for 

compliance in the year of contract expiration.

Or

b. Allowances from any other U.S. government-approved registry, which may include but may not be limited to Carbon 

Financial Instrument contracts from the Chicago Climate Exchange registry, or from any other U.S. government-approved 

registry, may be delivered against CFI contracts provided they are tendered in amounts that are recognized for compliance 

use under the U.S. government program as equivalent to 1,000 metric ton CO2 of compliance obligations under the U.S. 

government GHG limitation and trading program. Such tendered allowances must have the exact compliance status as U.S. 

government allowances. Additionally, tradable GHG instruments issued under a mandatory program that may be designated 

as an "allowance", but are issued on the basis of greenhouse gas mitigation realized by a facility or activity that is not itself 

covered or otherwise subject to emission limits under the U.S. government GHG limitation and trading program, shall be 

ineligible for delivery. 

2. If a registry of a U.S. government-appointed program administrator or any other U.S.-approved registry is not yet 

operational and capable of delivering U.S. compliant allowances at a CFI contract expiration, all open contract positions in 

the expiring futures contract of a relevant set will roll forward one (1) calendar year based on a value determined by 
multiplying the final Settlement Price of the expired contract multiplied by the sum of one (1) plus the interest rate on 12-

month U.S. Treasury notes that is prevailing at the time of contract expiration. 

3. For contracts of a particular set with an expiration prior to enactment of an applicable law that establishes a mandatory 

U.S. government GHG limitation and trading program, the allowances acceptable for delivery are, at the option of the seller, 

European Union Emission Allowances ("EUAs"), Regional Greenhouse Gas Emission Allowances ("RGGI allowances"), or 

allowances issued under any mandatory U.S. state or regional greenhouse gas limitation and trading system that has emission 

limits that apply to emissions occurring during the year of contract expiration. Additionally, tradable GHG instruments 

issued under a mandatory program that may be designated as an "allowance", but are issued on the basis of greenhouse gas 

mitigation realized by a facility or activity that is not itself covered or otherwise subject to emission limits under the U.S. 

government GHG limitation and trading program, shall be ineligible for delivery. All deliveries must occur in amounts equal 

to the contract size. EUAs, RGGI allowances or other eligible allowances that are acceptable for delivery are those having a 

vintage corresponding to the calendar year of the expired contract or a vintage year that is earlier than the calendar year of 

the expired contract. The EUA 2008 vintage is the earliest EUA vintage eligible for delivery.

The seller must forward the confirmation of the underlying CFI instrument transfer to the Clearing Organization in a means 

and manner prescribed by the Clearing Organization. 

Registry: Various, see “Deliverable Instrument” for applicable registry
18.D.003 Reserved

18.D.004 Reserved

18.D.005 Reserved

18.D.006 Cross State Air Pollution TR NOx Ozone Season Allowance Future

Contract Description: Physically delivered EPA Cross State Air Pollution (“CSAPR”) TR NOx Ozone Season Trading 

Program Allowances (“U.S. EPA CSAPR TR NOx Ozone Season Trading Program Allowance”).

Contract Symbol: NOK: Vintage 2012, NON: Vintage 2015, NOO: Vintage 2016

Settlement Method: Physical delivery

Contract Size: 5 U.S. EPA CSAPR TR NOx Ozone Season Trading Program Allowances (Vintage 2012)

25 U.S. EPA CSAPR TR NOx Ozone Season Trading Program Allowances (Vintage 2015 and after)

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per U.S. EPA CSAPR TR NOx 

Ozone Season Trading Program Allowance; minimum price fluctuation may vary by trade type. Please see Table in 

Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR NOx Ozone 

Season Trading Program Allowances as promulgated under CSAPR having a vintage corresponding to the specified vintage 

and allowances having a vintage of any year prior to the specified vintage-year.

If the specified vintage year allowances do not exist in the allowance tracking system at contract expiry, allowances of any 

prior vintage year or allowances of the earliest vintage year available in the allowance tracking system shall be delivered.

Applicable for contracts with a 2015 vintage designation, allowances deliverable are only those having a 2015 vintage.

Registry: CAMD ATS
18.D.007 Reserved

18.D.008 Reserved

18.D.009 Reserved

18.D.010 Reserved

18.D.011 Regional Greenhouse Gas Initiative Future

Contract Description: Monthly physically delivered contract on Regional Greenhouse Gas Initiative ("RGGI") CO2

allowances ("RGGI CO2 Allowances"). 

Contract Symbol: Vintage 2013: RGL, Vintage 2014: RGM, Vintage 2015: RGN, Vintage 2016: RGO, Vintage 

2017: RGP, Vintage 2018: RGQ, Vintage 2019: RGR, Vintage 2020: RGS, Vintage 2021: RGT, 

Vintage 2022: RGU, Vintage 2023 : RJ3

Settlement Method: Physical delivery

Contract Size: 1,000 RGGI CO2 Allowances 

Currency: USD 

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI CO2 Allowance; 

minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable instruments are RGGI CO2 Allowances equal to the contract size delivered 

through the RGGI CO2 Allowance Tracking System (“RGGI-COATS”). 

1. Contracts with a control period specific vintage: RGGI CO2 Allowances acceptable 

for delivery are those having a vintage usable for compliance in the control period 

associated with the calendar year of the contract expiration or RGGI CO2 Allowances having a 

vintage usable for compliance in any prior control period.

2. For vintages 2009, 2010, 2011, and 2012: RGGI CO2 Allowances acceptable for 

delivery are RGGI CO2 Allowances having a vintage corresponding to the specified vintageyear.

For Vintage 2013 and later vintages, RGGI C02 Allowances acceptable for delivery are RGGI C02 

Allowances having a vintage corresponding to the specified vintage-year and allowances having a vintage of 

any year prior to the specified vintage-year.

Registry: RGGI-COATS
MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.012 Sulfur Financial Instrument Future

Contract Description: Monthly physically delivered EPA SO2 Allowances under Title IV of the Clean Air Act (“U.S. EPA 

SO2 Emission Allowance”).

Contract Symbol: Vintage 2009: SFH, Vintage 2010: SFI, Vintage 2011: SFJ, Vintage 2012: SFK, Vintage 2013: SFL, 

Vintage 2014: SFM, Vintage 2015: SFN 

Settlement Method: Physical delivery

Contract Size: 25 U.S. EPA SO2 Emission Allowances

Currency: USD 

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per U.S. EPA SO2 Emission 

Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: The U.S. EPA SO2 Emission Allowances acceptable for delivery are allowances having a vintage 

corresponding to the specified vintage and allowances having a vintage of any year prior to the specified vintage-year.

Registry: CAMD ATS
18.D.013 CAIR ANNUAL NOx Future

Contract Description: Physically delivered United States Environmental Protection Agency (“EPA”) Clean Air Interstate 

Rule (“CAIR”) NOx Annual Allowances (“U.S. EPA CAIR NOx Annual Allowances”). 

Contract Symbol: Vintage 2014: CQB

Settlement Method: Physical delivery

Contract Size: 5 U.S. EPA CAIR NOx Annual Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be ten cents ($0.10) per U.S. EPA CAIR NOx Annual 

Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Allowances acceptable for delivery are those designated as U.S. EPA CAIR NOx Annual 

Allowances as promulgated under CAIR having a vintage corresponding to the specified vintage and allowances having a 

vintage of any year prior to the specified vintage-year.

If the Registry is not operational and capable of transferring allowances at the expiration of any contract for reasons other 

than Force Majeure all open positions in the expiring contract will settle at $0.00.

Registry: CAMD ATS
18.D.014 CAIR OZONE SEASON NOx Future

Contract Description: Physically delivered United States Environmental Protection Agency (“EPA”) Clean Air Interstate 

Rule (“CAIR”) NOx Ozone Season Allowances (“U.S. EPA CAIR NOx Ozone Season Allowances”).”). 

Contract Symbol: Vintage 2014: CZP

Settlement Method: Physical delivery

Contract Size: 5 U.S. EPA CAIR NOx Ozone Season Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be ten cents ($0.10) per U.S. EPA CAIR NOx Ozone 

Season Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Allowances acceptable for delivery are those designated as U.S. EPA CAIR NOx Ozone Season 

Allowances as promulgated under CAIR having a vintage corresponding to the specified vintage and allowances having a 

vintage of any year prior to the specified vintage-year.

If the Registry is not operational and capable of transferring allowances at the expiration of any contract for reasons other

than Force Majeure all open positions in the expiring contract will settle at $0.00.

Registry: CAMD ATS
18.D.015 New Jersey Solar Renewable Energy Certificate Future

Contract Description: Physically delivered New Jersey Solar Renewable Energy Certificates (“New Jersey SREC”) where 

a SREC is an electronic certificate issued by the PJM Environmental Information System Generation Attribute Tracking 

System ("PJM GATS") for qualifying generation

Contract Symbol: Vintage 2013: NJE Vintage 2014: NJF Vintage 2015: NJG

Vintage 2016: NJH Vintage 2017: NJI Vintage 2018: NJJ 

Vintage 2019: NJK Vintage 2020: NJL Vintage 2021: NJ1 

Vintage 2022: NJ2 Vintage 2023: NJ3

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 New Jersey SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and 

December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

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

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

N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having an Energy Year designation that corresponds 

to the specified Energy Year of the expiring contract.

Registry: PJM GATS
18.D.016 Reserved

18.D.017 Massachusetts Compliance Renewable Energy Certificates Class 1 Vintage Future

Contract Description: Physically delivered Massachusetts Class 1 Renewable Energy Certificates (“Massachusetts Class 1 

REC”) where a REC is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: MB5: Vintage 2015, MB6: Vintage 2016, MB7: Vintage 2017, 

MB8: Vintage 2018, MB9: Vintage 2019, MB0: Vintage 2020, 

MB1: Vintage 2021, MB2: Vintage 2022, MB3: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Massachusetts Class 1 RECs 

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Massachusetts Class 1 RECs eligible for delivery are those representing Class 1 renewable 

energy (defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS having a 

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

Registry: NEPOOL GIS
18.D.018 New Jersey Compliance Renewable Energy Certificate Class 1 Vintage Future

Contract Description: Physically delivered New Jersey Class 1 Renewable Energy Certificates (“New Jersey Class 1 

REC”) where a REC is an electronic certificate issued by the PJM Environmental Information System Generation Attribute 

Tracking System ("PJM GATS") for qualifying generation.

Contract Symbol: NCR: Vintage 2015, NCS: Vintage 2016, NCT: Vintage 2017, 

NCU: Vintage 2018, NCV: Vintage 2019, NCW: Vintage 2020, 

NCX: Vintage 2021, NCY: Vintage 2022, NCZ: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 New Jersey Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and 

December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month 

Deliverable Instruments: New Jersey Class 1 RECs eligible for delivery are those which are eligible to meet the Class I 

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

Standard promulgated under N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage or 

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

Registry: PJM GATS
18.D.019 Connecticut Compliance Renewable Energy Certificates Class 1 Vintage Future

Contract Description: Physically delivered Connecticut Class 1 Renewable Energy Certificates (“Connecticut Class 1 

REC”) where a Connecticut Class 1 REC is an electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Symbol: CC5 Vintage 2015, CC6 Vintage 2016, CC7 Vintage 2017, CC8 Vintage 2018;

CC9: Vintage 2019, CR0: Vintage 2020, CR1: Vintage 2021, CR2: Vintage 2022, 

CR3: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Connecticut Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and 

December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Connecticut Class 1 RECs eligible for delivery are those representing Class 1 renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage or energy year designation that corresponds to the specified vintage of the expiring 

contract. 

Registry: NEPOOL GIS
18.D.020 PJM Tri-Qualified Renewable Energy Certificate Class 1 Future

Contract Description: Physically delivered Class 1 and Tier 1 Renewable Energy Certificates (“Class 1 RECs”) where a 

REC is an electronic certificate issued by the PJM Environmental Information System Generation Attribute Tracking System 

("PJM GATS") for generation simultaneously qualifying for the Pennsylvania, New Jersey and Maryland Class 1 portions of 

the Renewable Portfolio Standard programs.

Contract Symbol: Vintage 2015: TQA, Vintage 2016: TQB, Vintage 2017: TQC, Vintage 2018: TQD, Vintage 2019: TQE, 

Vintage 2020: TQF, Vintage 2021: TQG, TQH: Vintage 2022, TQI: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Qualifying Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and 

December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Class 1 RECs eligible for delivery are those which are eligible to meet the Class 1 requirements 

in each of the states of Pennsylvania, New Jersey and Maryland where; the Pennsylvania requirements are specified in 

Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; and the 

Maryland requirements are specified in Maryland Annotated Code, Public Utility Companies Article, § 7-701 – 7-713 and in 

the Code of Maryland Regulations as implemented through Title 20, Subtitle 61.

Class 1 RECs acceptable for delivery are those having a vintage year designation that corresponds to the specified vintage 

year of the expiring contract. Applicable to the Maryland vintage-year designation only and only for the expiry months of 

January through July, sellers have the option to deliver a vintage designation that corresponds to the specified vintage year of 

the expiring contract or one that is one year earlier. 

Registry: PJM GATS
18.D.021 Massachusetts Solar Renewable Energy Certificate Future

Contract Description: Physically delivered Massachusetts Solar Renewable Energy Certificates (“Massachusetts SREC”) 

where an SREC is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: Vintage 2015: MQ5, Vintage 2016: MQ6, Vintage 2017: MQ7, Vintage 2018: MQ8, Vintage 2019: 

MQ9, Vintage 2020: MQ0, Vintage 2021: MQ1, Vintage 2022: MQ2, Vintage 2023: MQ3

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 Qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, April, May, July, August, October and November 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Massachusetts SRECs eligible for delivery are those representing solar renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the RPS Solar Carve Out Program (SREC I) 

requirement of the Renewable Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and 

issued by NEPOOL GIS having an vintage year designation that corresponds to the specified vintage of the expiring contract. 

Registry: NEPOOL GIS
18.D.022 California Carbon Allowance Future - Vintage 2019 and After

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the 

California Air Resources Board or a linked program (“California Carbon Allowance”) representing one metric ton of CO2

equivalent under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated 

regulations, rules and amendments, all together known as the "California Cap and Trade Program". 

Contract Symbol: CAX: Vintage 2019, CAY Vintage 2020, CAZ: Vintage 2021, CB0: Vintage 2022, CBl : Vintage 2023, 

CB4 : Vintage 2024, CB5: Vintage 2025; CB6: Vintage 2026

Settlement Method: Physical delivery

Contract Size: 1,000 California Carbon Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per Allowance; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable instruments are California Carbon Allowances equal to the contract size 

delivered through the California MTS.

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton 

of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified vintage 

year and allowances having a vintage of any year prior to the specified vintage-year.

If the specified vintage year allowances do not exist in the California MTS at contract expiry, allowances of any prior vintage 

year or allowances of the earliest vintage year available in the California MTS shall be delivered. 

Registry: California MTS

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.023 Massachusetts Solar Renewable Energy Certificate Carve Out II Future

Contract Description: Physically delivered Massachusetts Solar Renewable Energy Certificates (“Massachusetts SREC II”) 

where a SREC is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: Vintage 2016: MA6, Vintage 2017: MA7, Vintage 2018: MA8, Vintage 2019: MA9, Vintage 2020: 

MA0, Vintage 2021: MA1, Vintage 2022: MA2, Vintage 2023: MA3

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, April, May, July, August, October and November 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Massachusetts SRECs eligible for delivery are those representing solar renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the RPS Solar Carve Out II Program (SREC II) 

requirement of the Renewable Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and 

issued by NEPOOL GIS having an vintage year designation that corresponds to the specified vintage of the expiring contract.

Registry: NEPOOL GIS
18.D.024 California Carbon Allowance Specific Vintage Specific Future

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the 

California Air Resources Board or a linked program (“California Carbon Allowance”) representing one metric ton of CO2 

equivalent under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated 

regulations, rules and amendments, all together known as the "California Cap and Trade Program".

Contract Symbol: CA8: CCAS Vintage 2018, CA9: CCAS Vintage 2019, CC0: CCAS Vintage 2020, CCI : Vintage 2021, 

CC2 : Vintage 2022, CC3 : Vintage 2023, CC4 : Vintage 2024, CCT : Vintage 2025; CCU: Vintage 2026

Settlement Method: Physical delivery

Contract Size: 1,000 California Carbon Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per California Carbon Allowance; 

minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable instruments are California Carbon Allowances equal to the contract size 

delivered through the California MTS. 

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton 

of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified vintage 

year only.

Registry: California MTS

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.025 Pennsylvania Solar Alternative Energy Certificate Vintage Future

Contract Description: Physically delivered Pennsylvania Solar Alternative Energy Credit (“Pennsylvania Solar AEC”) 

where a Solar AEC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: PA6 Vintage 2016, PA7 Vintage 2017, PA8 Vintage 2018, PA9 Vintage 2019

PAO Vintage 2020, PA1 Vintage 2021, PA2 Vintage 2022, PA3 Vintage 2023

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 qualifying SAECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic (“PV”) 

sources eligible to meet the solar PV Tier 1 Alternative Energy Credit requirement of the Alternative Energy Portfolio 

Standard promulgated under Pennsylvania 2004 Act 213 P.L. 1672 No. 213, as amended, and issued by PJM GATS having 

an Energy Year designation that corresponds to the specified Energy Year of the expiring contract.

Registry: PJM GATS
18.D.026 Maryland Solar Renewable Energy Certificate Vintage Future

Contract Description: Physically delivered Maryland Solar Renewable Energy Credits (“Maryland SREC”) where a SREC 

is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: MD6 Vintage 2016, MD7 Vintage 2017, MD8 Vintage 2018, MD9 Vintage 2019 MD0 Vintage 2020, 

MD1 Vintage 2021, MD2 Vintage 2022, MD3 Vintage 2023

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Maryland SRECs eligible for delivery are those representing solar photovoltaic sources eligible 

to meet the Solar Carve Out requirement of the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of 

the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a Reporting Year 

designation that corresponds to the specified Energy Year of the expiring contract. 

Registry: PJM GATS
18.D.027 Ontario Carbon Allowance Vintage Future

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the 

Province of Ontario or a linked program (“Ontario Carbon Allowance”) representing one metric ton of CO2 equivalent under 

the Ontario Climate Change Mitigation and Low-carbon Economy Act and its associated regulations, rules and amendments, 

all together known as the "Ontario Cap and Trade Program".

Contract Symbol: OC7 Vintage 2017, OC8 Vintage 2018, OC9 Vintage 2019, OC0 Vintage 2020, OC1 Vintage 2021

Settlement Method: Physical delivery

Contract Size: 1,000 Ontario Carbon Allowances

Currency: CAD

Minimum Price Fluctuation: The price quotation convention shall be One CAD cent ($0.01) per Ontario Carbon 

Allowances; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: The deliverable instruments are Ontario Carbon Allowances equal to the contract size delivered 

through the Compliance Instrument Tracking System Service (CITSS). Ontario Carbon Allowances acceptable for delivery 

are those having a vintage corresponding to the specified vintage year. Ontario Carbon Allowances acceptable must be able 

to be delivered into CITSS accounts registered in Ontario. 

Registry: CITSS
18.D.028 Reserved

18.D.0029 Maryland Compliance Renewable Energy Certificate Tier 1 Vintage Future

Contract Description: Physically delivered Maryland Tier 1 Renewable Energy Certificate (“Maryland Tier I REC”) where 

a REC is an electronic certificate issued by PJM GATS for qualifying generation. 

Contract Symbol: MC6: Vintage 2016, MC7: Vintage 2017, MC8: Vintage 2018, 

MC9: Vintage 2019, MC0: Vintage 2020, MC1: Vintage 2021, 

MC2: Vintage 2022, MC3: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 qualifying Tier 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. 

Deliverable Instruments: Maryland Tier 1 RECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement (as defined in the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 

of the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage or energy year 

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

Registry: PJM GATS
18.D.030 NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage Future

Contract Description: Physically delivered Class 1 Renewable Energy Certificates (“Class 1 RECs”) where a REC is an 

electronic certificate issued by the NEPOOL GIS system for generation simultaneously qualifying for the Massachusetts 

Class 1 and Connecticut Class 1 portions of the Renewable Portfolio Standard programs.

Contract Symbol: NE6: Vintage 2016, NE7: Vintage 2017, NE8: Vintage 2018, 

NE9: Vintage 2019, NE0: Vintage 2020, NE1: Vintage 2021, 

NE2: Vintage 2022, NE3: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 qualifying Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: RECs eligible for delivery are those that simultaneously qualify in Massachusetts and 

Connecticut as specified.

Massachusetts Class 1 RECs eligible for delivery are those representing Class 1 renewable energy (defined in 

Massachusetts General Law c.25A, 11F(c)) eligible to meet the Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS having a 

vintage or energy year designation that corresponds to the specified vintage of the expiring contract 

Connecticut Class 1 RECs eligible for delivery are those representing Class 1 renewable energy (defined in General 

Statutes of Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I requirement of the Renewable Energy 

Portfolio Standard promulgated under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and issued by 

NEPOOL GIS having a vintage or energy year designation that corresponds to the specified vintage of the expiring 

contract.

Registry: NEPOOL GIS
18.D.031 Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage Future

Contract Description: Physically delivered Pennsylvania Tier 1 Alternative Energy Certificates (“Pennsylvania Tier I 

AEC”) where an AEC is an electronic certificate issued by PJM GATS for qualifying generation. 

Contract Symbol: PC6: Vintage 2016, PC7: Vintage 2017, PC8: Vintage 2018, 

PC9: Vintage 2019, PC0: Vintage 2020, PC1: Vintage 2021, 

PC2: Vintage 2022, PC3: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 qualifying Tier 1 AECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: Pennsylvania Tier 1 AECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement in the state of Pennsylvania. The requirements are specified in Pennsylvania Statues Title 73 

Chapter 18F and issued by PJM GATs having a vintage or energy year designation that corresponds to the specified vintage 

of the expiring contract.

Registry: PJM GATS
18.D.032 Massachusetts Solar Renewable Energy Certificate Carve Out I Future 

Contract Description: Physically delivered Massachusetts Solar Renewable Energy Certificates (“Massachusetts SREC I”) 

where a Massachusetts SREC I is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: MSF

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 Qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Massachusetts SRECs eligible for delivery are those representing solar renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the Solar Carve Out Program (SREC I) requirement 

of the Renewable Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage year designation that corresponds to the specified vintage of the expiring contract.

Registry: NEPOOL GIS
18.D.033 Massachusetts Solar Renewable Energy Certificate Carve Out II Future 

Contract Description: Physically delivered Massachusetts Solar Renewable Energy Certificates (“Massachusetts SREC II”) 

where a Massachusetts SREC II is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: MS2

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 Qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Massachusetts SRECs eligible for delivery are those representing solar renewable energy 

(defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the Solar Carve Out Program (SREC II) requirement 

of the Renewable Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by 

NEPOOL GIS having a vintage year designation that corresponds to the specified vintage of the expiring contract.

Registry: NEPOOL GIS
18.D.034 New Jersey Compliance Renewable Energy Certificate Class I Future

Contract Description: Physically delivered New Jersey Class I Renewable Energy Certificates (“New Jersey Class I REC”) 

where a New Jersey Class I REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System ("PJM GATS") for qualifying generation.

Contract Symbol: NJN

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Class I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2.The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December.

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: New Jersey Class I RECs eligible for delivery are those which are eligible to meet the Class I 

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

Standard promulgated under N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage year 

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

Registry: PJM GATS
18.D.035 Maryland Compliance Renewable Energy Credit Tier 1 Future

Contract Description: Physically delivered Maryland Tier 1 Renewable Energy Credit (“Maryland Tier 1 REC”) where a 

Maryland Tier 1 REC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: MDE

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Tier 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Maryland Tier 1 RECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement (as defined in the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of 

the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage year designation 

that corresponds to the specified vintage of the expiring contract.

Registry: PJM GATS
18.D.036 Pennsylvania Compliance Alternative Energy Credit Tier I Future

Contract Description: Physically delivered Pennsylvania Tier I Alternative Energy Credit (“Pennsylvania Tier I REC”) 

where a Pennsylvania Tier I REC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: PAR

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Tier I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Pennsylvania Tier I RECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement in the state of Pennsylvania. The requirements are specified in Pennsylvania Statues Title 73 

Chapter 18F and issued by PJM GATS having a vintage year designation that corresponds to the specified vintage of the 

expiring contract.

Registry: PJM GATS
18.D.037 Maryland Solar Renewable Energy Credit Future

Contract Description: Physically delivered Maryland Solar Renewable Energy Credit (“Maryland SREC”) where a 

Maryland SREC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: MDX

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Maryland SRECs eligible for delivery are those representing solar photovoltaic sources eligible 

to meet the Solar Carve Out requirement of the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of 

the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage year designation 

that corresponds to the specified vintage of the expiring contract. 

Registry: PJM GATS
18.D.038 Pennsylvania Solar Alternative Energy Credit Future

Contract Description: Physically delivered Pennsylvania Solar Alternative Energy Credit (“Pennsylvania SREC”) where a 

Pennsylvania SREC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: PAX

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Pennsylvania SREC eligible for delivery are those representing solar photovoltaic (“PV”) sources 

eligible to meet the solar PV Tier I Alternative Energy Credit requirement of the Alternative Energy Portfolio Standard 

promulgated under Pennsylvania 2004 Act 213 P.L. 1672 No. 213, as amended, and issued by PJM GATS having a vintage 

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

Registry: PJM GATS
18.D.039 Connecticut Compliance Renewable Energy Certificate Class I Future 

Contract Description: Physically delivered Connecticut Class I Renewable Energy Certificates (“Connecticut Class I 

REC”) where a Connecticut Class I REC is an electronic certificate issued by the NEPOOL GIS for qualifying generation.

Contract Symbol: CTT

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Class I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Connecticut Class I RECs eligible for delivery are those representing Class I renewable energy 

(defined in General Statutes of Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I requirement of the 

Renewable Energy Portfolio Standard promulgated under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and 

issued by NEPOOL GIS having a vintage year designation that corresponds to the specified vintage of the expiring contract.

Registry: NEPOOL GIS
18.D.040 Massachusetts Compliance Renewable Energy Certificate Class I Future

Contract Description: Physically delivered Massachusetts Class I Renewable Energy Certificates (“Massachusetts Class I 

REC”) where a Massachusetts Class I REC is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Contract Symbol: MCL

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Class I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Massachusetts Class 1 RECs eligible for delivery are those representing Class 1 renewable 

energy (defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the Class I requirement of the Renewable 

Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS having a 

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

Registry: NEPOOL GIS
18.D.041 NEPOOL Dual Qualified Compliance Renewable Energy Certificate Class I Future

Contract Description: Physically delivered Class I Renewable Energy Certificates (“NEPOOL Class I REC”) where a 

NEPOOL Class I REC is an electronic certificate issued by the NEPOOL GIS system for generation simultaneously 

qualifying for the Massachusetts Class I and Connecticut Class I portions of the Renewable Portfolio Standard programs.

Contract Symbol: NER

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Class I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: RECs eligible for delivery are those that simultaneously qualify in Massachusetts and 

Connecticut as specified. 

Massachusetts Class I RECs eligible for delivery are those representing Class I renewable energy (defined in Massachusetts 

General Law c.25A, 11F(c)) eligible to meet the Class I requirement of the Renewable Energy Portfolio Standard 

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

that corresponds to the specified vintage of the expiring contract.

Connecticut Class I RECs eligible for delivery are those representing Class I renewable energy (defined in General Statutes 

of Connecticut, Title 16, c. 277, §16-1(26)) eligible to meet Class I requirement of the Renewable Energy Portfolio Standard 

promulgated under General Statutes of Connecticut (Title 16, c. 283, §16-245a) and issued by NEPOOL GIS having a 

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

Registry: NEPOOL GIS
18.D.042 New Jersey Solar Renewable Energy Certificate Prior Year Future 

Contract Description: Physically delivered New Jersey Solar Renewable Energy Certificates (“New Jersey SREC”) where 

a New Jersey SREC is an electronic certificate issued by the PJM Environmental Information System Generation Attribute 

Tracking System ("PJM GATS") for qualifying generation. 

Contract Symbol: NPR

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

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

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

N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage year designation that corresponds to 

the specified vintage of the expiring contract.

Registry: PJM GATS
18.D.043 New Jersey Solar Renewable Energy Certificate Future 

Contract Description: Physically delivered New Jersey Solar Renewable Energy Certificates (“New Jersey SREC”) where 

a SREC is an electronic certificate issued by the PJM Environmental Information System Generation Attribute Tracking 

System ("PJM GATS") for qualifying generation. 

Contract Symbol: NPS

Settlement Method: Physical Delivery

Contract Size: 10 MWh representing 10 New Jersey SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

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

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

N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage year designation that corresponds to 

the specified vintage of the expiring contract.

Registry: PJM GATS
18.D.044 PJM Tri Qualified Renewable Energy Certificate Class I Prior Year Future

Contract Description: Physically delivered Class I Renewable Energy Certificates, Tier 1 Renewable Energy Credits and 

Tier I Alternative Energy Credits (“Class I REC”) where a Class I REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System ("PJM GATS") for generation simultaneously 

qualifying for the respective portions of the Pennsylvania, New Jersey and Maryland renewable portfolio standard 

programs.

Contract Symbol: PPY

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Qualifying Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Class I RECs eligible for delivery are those which are eligible to meet the Class I or Tier 1/I 

requirements in each of the states of Pennsylvania, New Jersey and Maryland where; the Pennsylvania requirements are 

specified in Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; and 

the Maryland requirements are specified in Maryland Annotated Code, Public Utility Companies Article, § 7-701 – 7-713 

and in the Code of Maryland Regulations as implemented through Title 20, Subtitle 61.

Class 1 RECs acceptable for delivery are those having a vintage year designation that corresponds to the specified vintage 

year of the expiring contract. Applicable to the Maryland vintage-year designation only and only for the expiry months of 

January through July, sellers have the option to deliver a vintage designation that corresponds to the specified vintage year of 

the expiring contract or one that is one year earlier.

Registry: PJM GATS
18.D.045 PJM Tri Qualified Renewable Energy Certificate Class I Future 

Contract Description: Physically delivered Class I Renewable Energy Certificates, Tier 1 Renewable Energy Credits and 

Tier I Alternative Energy Credits (“Class I REC”) where a Class I REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System ("PJM GATS") for generation simultaneously 

qualifying for the respective portions of the Pennsylvania, New Jersey and Maryland renewable portfolio standard 

programs.

Contract Symbol: PPR

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Qualifying Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Class I RECs eligible for delivery are those which are eligible to meet the Class I or Tier 1/I 

requirements in each of the states of Pennsylvania, New Jersey and Maryland where; the Pennsylvania requirements are 

specified in Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; and 

the Maryland requirements are specified in Maryland Annotated Code, Public Utility Companies Article, § 7-701 – 7-713 

and in the Code of Maryland Regulations as implemented through Title 20, Subtitle 61.

Class 1 RECs acceptable for delivery are those having a vintage year designation that corresponds to the specified vintage 

year of the expiring contract. Applicable to the Maryland vintage-year designation only and only for the expiry months of 

January through July, sellers have the option to deliver a vintage designation that corresponds to the specified vintage year of 

the expiring contract or one that is one year earlier.

Registry: PJM Gats
18.D.046 California Low Carbon Fuel Standard Credit (OPIS) Future

Contract Description: A monthly cash settled futures contract based on the OPIS daily assessment price for Physically 

Delivered California Low Carbon Fuel Standard (LCFS) Credits 

Contract Symbol: LFS

Settlement Method: Cash

Contract Size: 100 LCFS Credits (where 1 LCFS Credit is 1 MT)

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be Twenty-Five cent ($0.25) per LCFS Credit; minimum 

price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Last Business Day of the contract month.

Final Settlement Price: In respect of final settlement, the Floating Price will be a price in USD and cents per LCFS Credit 

based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline Component 

Spot Market Prices" report under the heading "California Low Carbon Fuel Standard" subheading "Carb Credit” for each 

Business Day (as specified below) in the determination period.

Final Payment Dates: Two Clearing House Business Days following the Last Trading Day

Business Day: Publication days for OPIS Carb Credit

MIC Code: IFED

Clearing Venue: ICEU
18.D.047 PJM Tri Qualified Renewable Energy Certificate Class I 2 Year Prior Future 

Contract Description: Physically delivered Class I Renewable Energy Certificates, Tier 1 Renewable Energy Credits and 

Tier I Alternative Energy Credits (“Class I REC”) where a Class I REC is an electronic certificate issued by the PJM 

Environmental Information System Generation Attribute Tracking System ("PJM GATS") for generation simultaneously 

qualifying for the respective portions of the Pennsylvania, New Jersey and Maryland renewable portfolio standard programs.

Contract Symbol: TQ2

Settlement Method: Physical Delivery

Contract Size: 100 MWh representing 100 Qualifying Class I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines 

for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Class I RECs eligible for delivery are those which are eligible to meet the Class I or Tier 1/I 

requirements in each of the states of Pennsylvania, New Jersey and Maryland where; the Pennsylvania requirements are 

specified in Pennsylvania Statutes Title 73 Chapter 18F; the New Jersey requirements are specified in N.J.A.C. 14:8-2-3; and 

the Maryland requirements are specified in Maryland Annotated Code, Public Utility Companies Article, § 7-701 – 7-713 

and in the Code of Maryland Regulations as implemented through Title 20, Subtitle 61.

Class 1 RECs acceptable for delivery are those having a vintage year designation that corresponds to the specified vintage 

year of the expiring contract. Applicable to the Maryland vintage-year designation only and only for the expiry months of 

January through July, sellers have the option to deliver a vintage designation that corresponds to the specified vintage year of 

the expiring contract or one that is one year earlier.

Registry: PJM GATS

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.048 California Carbon Allowance Current Auction Clearing Price

Contract Description: The California Carbon Allowance Current Auction Clearing Price contract is a cleared market for 

California Carbon Allowance (CCA) futures contracts at a premium or discount to the Current Auction Settlement Price as 

published by the California Air Resources Board.

Contract Symbol: ACP 

Settlement Method: 1 ACP contract expires into an eligible California Carbon Allowances futures contract

Contract Size: 1 California Carbon Allowances futures contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per California Carbon Allowance; 

Price may be positive or negative; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this

Chapter 18.

Listing Cycle: The Exchange may list contracts for trade on the standard listing cycle of February, May, August and 

November out two years. The Exchange may list any other calendar month contract sets off the standard-cycle listing 

schedule. 

Last Trading Day: Trading shall cease at 3:00 p.m. (EPT) on the day on which the Joint Auction Summary Results Report 

(“Report”) for the specified auction is scheduled to be released. Trading may be extended until 3:00 p.m. of the day that is

the Last Trading Day for the eligible CCA futures contract (defined below) if the release of the Report is delayed for any 

reason. In the event that no Report is released due to cancellation of the auction, or release of the Report is delayed beyond 

the extension of trading permitted by the preceding sentence of this paragraph, the Last Trading Day will be determined by 

the Exchange as follows: (a) if notice of the auction cancellation or delay is issued by the California Air Resources Board on 

or prior to the 15th day of a calendar month, then trading shall cease at 3:00 p.m. (EPT) on the last Business Day of such 

month and (b) if such notice is given by the California Air Resources Board after the 15th calendar day of a month, then 

trading shall cease at 3:00 p.m. (EPT) on the tenth (10th) Business Day of the next calendar month. 

Deliverable Instruments: All parties with open positions at expiry will establish equivalent long or short futures positions in 

the eligible CCA futures contract on the Final Settlement Day. The eligible CCA futures contract is the futures contract with 

a vintage equal to the current calendar year and an expiry month following the month the auction is held. 

Open positions in the eligible CCA futures contract shall be priced at the respective Current Auction Settlement Price as 

published by the California Air Resources Board in the Report. In the event that an auction is cancelled, or the release of the 

Report is delayed beyond the extension of trading permitted by this Rule, or no Current Auction Settlement Price is published 

in the Report, an alternative settlement price that is equal to the higher of the applicable Auction Reserve Price published by 

the California Air Resources Board, and the settlement price of the eligible CCA futures contract on the Final Settlement 

Day, shall be determined by the Exchange. 

Final Settlement Day: Final Settlement Day is the day which is the Last Trading Day. 

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.049 California Carbon Allowance Advance Auction Clearing Price

Contract Description: The California Carbon Allowance Advance Auction Clearing Price contract is a cleared market for 

California Carbon Allowance (CCA) futures contracts at a premium or discount to the Advance Auction Settlement Price as 

published by the California Air Resources Board.

Contract Symbol: ACA 

Settlement Method: 1 ACA contract expires into an eligible California Carbon Allowances futures contract

Contract Size: 1 California Carbon Allowances futures contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per California Carbon Allowance; 

Price may be positive or negative; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this

Chapter 18.

Listing Cycle: The Exchange may list contracts for trade on the standard listing cycle of February, May, August and 

November out two years. The Exchange may list any other calendar month contract sets off the standard-cycle listing 

schedule.

Last Trading Day: Trading shall cease at 3:00 p.m. (EPT) on the day on which the Joint Auction Summary Results Report 

(“Report”) for the specified auction is scheduled to be released. Trading may be extended until 3:00 p.m. of the day that is

the Last Trading Day for the eligible CCA futures contract (defined below) if the release of the Report is delayed for any 

reason. In the event that no Report is released due to cancellation of the auction, or release of the Report is delayed beyond 

the extension of trading permitted by the preceding sentence of this paragraph, the Last Trading Day will be determined by 

the Exchange as follows: (a) if notice of the auction cancellation or delay is issued by the California Air Resources Board on 

or prior to the 15th day of a calendar month, then trading shall cease at 3:00 p.m. (EPT) on the last Business Day of such 

month and (b) if such notice is given by the California Air Resources Board after the 15th calendar day of a month, then 

trading shall cease at 3:00 p.m. (EPT) on the tenth (10th) Business Day of the next calendar month. 

Deliverable Instruments: All parties with open positions at expiry will establish equivalent long or short futures positions in 

the eligible CCA futures contract on the Final Settlement Day. The eligible CCA futures contract is the futures contract with 

a vintage three years advanced from the current calendar year and an expiry month following the month the auction is held. 

Open positions in the eligible CCA futures contract shall be priced at the respective Current Auction Settlement Price as 

published by the California Air Resources Board in the Report. In the event that an auction is cancelled, or the release of the 

Report is delayed beyond the extension of trading permitted by this Rule, or no Current Auction Settlement Price is published 

in the Report, an alternative settlement price that is equal to the higher of the applicable Auction Reserve Price published by 

the California Air Resources Board, and the settlement price of the eligible CCA futures contract on the Final Settlement 

Day, shall be determined by the Exchange. 

Final Settlement Day: Final Settlement Day will be the day which is the Last Trading Day.

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.050 Regional Greenhouse Gas Initiative Allowance Auction Clearing Price

Contract Description: The Regional Greenhouse Gas Initiative (RGGI) Allowance Auction Clearing Price contract is a 

cleared market for RGGI futures contracts at a premium or discount to the Clearing Price as published in the RGGI Inc. 

Market Monitor Report of the respective RGGI Auction.

Contract Symbol: RCP 

Settlement Method: 1 RCP contract expires into an eligible Regional Greenhouse Gas Initiative futures contract

Contract Size: 1 Regional Greenhouse Gas Initiative futures contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI CO2 Allowance; Price 

may be positive or negative; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this 

Chapter 18.

Listing Cycle: The Exchange may list contracts for trade on the standard listing cycle of March, June, September and 

December out two years. The Exchange may list any other calendar month contract sets off the standard-cycle listing 

schedule.

Last Trading Day: Trading shall cease at 10:00 a.m. (EPT) on the day on which the Market Monitor Report for the specified 

auction is scheduled to be released. In the event that no Market Monitor Report is scheduled to be released, the Last Trading

Day will be determined by the Exchange in accordance with its Rules.

Deliverable Instruments: All parties with open positions at expiry will establish equivalent long or short futures positions in 

the eligible RGGI futures contract on the Final Settlement Day. The eligible RGGI futures contract is the futures contract 

with a vintage equal to the current calendar year and an expiry month of the month the auction is held. 

Open positions in the eligible RGGI futures contract shall be priced at the respective Auction Clearing Price as published by

RGGI Inc. in the Market Monitor Report. In the instance that an auction is cancelled or no Auction Clearing Price is 

published, an alternative settlement shall be determined by the Exchange.

Final Settlement: Final Settlement Day will be equal to the Last Trading Day.

MIC CODE: IFED

CLEARING VENUE: ICEU
18.D.051 California Carbon Offset Future

Contract Description: Physically delivered California Air Resources Board greenhouse gas emissions offset credits where 

each is an certificate issued by the California Air Resources Board or a linked program (“California Carbon Offset”) 

representing one metric ton equivalent of greenhouse gas (GHG) emission reduction or removals enhancements achieved 

under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated regulations, rules 

and amendments, all together known as the "California Cap and Trade Program".

Contract Symbol: CCO

Settlement Method: Physical Delivery

Contract Size: 1,000 California Carbon Offsets

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per Offset; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable instruments are California Carbon Offsets equal to the contract size delivered 

through the California MTS. Also eligible for delivery are California Carbon Allowances equal to the contract size delivered 

through the California MTS. 

California Carbon Offsets acceptable for delivery are those issued by the California Air Resources Board representing one 

metric ton equivalent of greenhouse gas emission reduction or removals enhancement achieved under California Assembly 

Bill 32 "California Global Warming Solutions Act of 2006" and its associated regulations, rules and amendments, all together 

known as the "California Cap and Trade Program". Any individual offset or series of offsets acceptable for delivery are those

that are beyond the risk of invalidation, specifically where the Last Delivery Date of the futures contract is greater than the 

Invalidation Timeframe added to the Start of Invalidation Period (i.e.: Last Delivery Date > Invalidation Timeframe + Start of 

Invalidation Timeframe) as stated on the California Air Resource Board’s website at the time of delivery.

Any available vintage of offset meeting these criteria is deliverable.

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton 

of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified calendar 

year in which the CCO contract expires and allowances having a vintage of any year prior to the specified calendar year in 

which the CCO contract expires.

MIC Code: IFED

Clearing Venue: ICEU

Registry California: MTS
18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future

Contract Description: Physically delivered Maryland Tier 1 Renewable Energy Credit (“Maryland Tier 1 REC”) where a 

Maryland Tier 1 REC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: MPY

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Tier 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Maryland Tier 1 RECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement (as defined in the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of 

the Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage year designation 

that corresponds to the specified vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future

Contract Description: Physically delivered Maryland Solar Renewable Energy Credit (“Maryland SREC”) where a 

Maryland SREC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: MSP

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Maryland SRECs eligible for delivery are those representing solar photovoltaic sources eligible to 

meet the Solar Carve Out requirement of the Maryland Renewable Energy Portfolio Standard promulgated under 7-701 of the 

Public Utilities Article of the Annotated Code of Maryland and issued by PJM GATS having a vintage year designation that 

corresponds to the specified vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future

Contract Description: Physically delivered New Jersey Class I Renewable Energy Certificates (“New Jersey Class I REC”) 

where a New Jersey Class I REC is an electronic certificate issued by the PJM Environmental Information System 

Generation Attribute Tracking System ("PJM GATS") for qualifying generation.

Contract Symbol: NJP

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Class 1 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: New Jersey Class I RECs eligible for delivery are those which are eligible to meet the Class I 

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

Standard promulgated under N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage year 

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

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future

Contract Description: Physically delivered Pennsylvania Tier I Alternative Energy Credit (“Pennsylvania Tier I REC”) 

where a Pennsylvania Tier I REC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: PAY

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Tier I RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Pennsylvania Tier I RECs eligible for delivery are those which are eligible to meet the Tier 1 

renewable energy requirement in the state of Pennsylvania. The requirements are specified in Pennsylvania Statues Title 73 

Chapter 18F and issued by PJM GATS having a vintage year designation that corresponds to the specified vintage of the 

expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future

Contract Description: Physically delivered Pennsylvania Solar Alternative Energy Credit (“Pennsylvania SREC”) where a 

Pennsylvania SREC is an electronic certificate issued by PJM GATS for qualifying generation.

Contract Symbol: PSP

Settlement Method: Physical delivery

Contract Size: 10MWh representing 10 qualifying SRECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Pennsylvania SREC eligible for delivery are those representing solar photovoltaic sources eligible 

to meet the Tier I Alternative Energy Credit requirement of the Alternative Energy Portfolio Standard promulgated under 

Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM GATS having a vintage year designation that corresponds 

to the specified vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
18.D.057 Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Back Half Specific Future

Description: Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by the ERCOT 

Renewables Registry for qualifying wind energy production from facilities which are listed with the Center for Resource 

Solutions (CRS) as an element of CRS’ administration of its Green-e® certification program.

Contract Symbol: TBH

Settlement Method: Physical delivery

Contract Size: 1,000 MWh representing 1,000 Texas RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Texas RECs eligible for delivery are those which are eligible to meet the REC requirements 

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25, Subchapter H, Division 1 under the 

renewable energy trading program, having been generated from wind energy production technology and having a Back Half 

year designation that corresponds to the specified vintage year of the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”), in connection with CRS’s administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking Attestation form does not guarantee that a 

facility meets the requirements of any Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. The Green-e® name and symbol are a registered trademark owned and administered by Center for 

Resource Solutions (CRS). For more information about Tracking Attestation forms and Green-e® certification, please visit 

the Green-e® website at www.green-e.org. To confirm that a facility has an active Tracking Attestation form on file, please 

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

For contracts which are designated as Back Half or BH, RECs acceptable for delivery are those that were issued for 

generation occurring in the last six calendar months of the specified vintage year.

Registry: ERCOT Renewables Registry

MIC Code: IFED

Clearing Venue: ICEU
18.D.058 Texas Compliance Renewable Energy Certificate from CRS Listed Facilities Front Half Specific Future

Description: Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by the ERCOT 

Renewables Registry for qualifying wind energy production from facilities which are listed with the Center for Resource 

Solutions (CRS) as an element of CRS’ administration of its Green-e® certification program.

Contract Symbol: TFH

Settlement Method: Physical delivery

Contract Size: 1,000 MWh representing 1,000 Texas RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. 

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Texas RECs eligible for delivery are those which are eligible to meet the REC requirements 

specified in the Public Utility Commission of Texas Substantive Rule Chapter 25, Subchapter H, Division 1 under the 

renewable energy trading program, having been generated from wind energy production technology and having a Front Half 

year designation that corresponds to the specified vintage year of the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”), in connection with CRS’s administration of its Green-e® certification programs. The Tracking Attestation form 

must cover the generation period of the RECs. Maintenance of an active Tracking Attestation form does not guarantee that a 

facility meets the requirements of any Green-e® renewable energy standards and does not mean that a facility’s supply is 

Green-e® Certified. The Green-e® name and symbol are a registered trademark owned and administered by Center for 

Resource Solutions (CRS). For more information about Tracking Attestation forms and Green-e® certification, please visit 

the Green-e® website at www.green-e.org. To confirm that a facility has an active Tracking Attestation form on file, please 

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

For contracts which are designated as Front Half or FH, RECs acceptable for delivery are those that were issued for 

generation occurring in the first six calendar months of the specified vintage year.

Registry: ERCOT Renewables Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.059 M-RETS Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Back Half 

Specific Future

Description: Physically delivered Renewable Energy Certificates (REC) issued by the Midwest Renewable Energy Tracking 

System (M-RETS®) for qualifying wind energy production from facilities which are listed with the Center for Resource 

Solutions (CRS).

Contract Symbol: NGI

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 M-RETS RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: M-RETS RECs eligible for delivery are those which have been issued by the M-RETS Registry 

for qualifying wind energy production and having a Back Half year designation that corresponds to the specified vintage year 

of the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”). The Tracking Attestation form must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any CRS’s Green-e® certification standards and 

does not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® name and symbol trademarks 

owned and licensed by Center for Resource Solutions (CRS). For more information about Tracking Attestation forms and 

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

Tracking Attestation form on file, please contact the Center for Resource Solutions at verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs acceptable for delivery are those that were issued for 

generation occurring in the last six calendar months of the specified vintage year.

Registry: Midwest Renewable Energy Tracking System Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.060 M-RETS Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Front Half 

Specific Future

Description: Physically delivered Renewable Energy Certificates (REC) issued by the Midwest Renewable Energy Tracking 

System (M-RETS®) for qualifying wind energy production from facilities which are listed with the Center for Resource 

Solutions (CRS).

Contract Symbol: NGH

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 M-RETS RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. 

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: M-RETS RECs eligible for delivery are those which have been issued by the M-RETS Registry 

for qualifying wind energy production and having a Front Half year designation that corresponds to the specified vintage year 

of the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”). The Tracking Attestation form must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any Green-e® certification standards and does 

not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® name and symbol are trademarks 

owned and licensed by Center for Resource Solutions (CRS). For more information about Tracking Attestation forms and 

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

Tracking Attestation form on file, please contact the Center for Resource Solutions at verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs acceptable for delivery are those that were issued for 

generation occurring in the first six calendar months of the specified vintage year.

Registry: Midwest Renewable Energy Tracking System Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.061 NAR Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Back Half 

Specific Future

Description: Physically delivered Renewable Energy Certificates (REC) issued by the NAR Registry for qualifying wind 

energy production from facilities which are listed with the Center for Resource Solutions (CRS).

Contract Symbol: NGP

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 NAR eligible RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: NAR RECs eligible for delivery are those which have been issued by the NAR Registry for 

qualifying wind energy production and having a Back Half year designation that corresponds to the specified vintage year of 

the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”). The Tracking Attestation form must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any Green-e® certification standards and does 

not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® name and symbol are trademarks 

owned and licensed by Center for Resource Solutions (CRS). For more information about Tracking Attestation forms and 

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

Tracking Attestation form on file, please contact the Center for Resource Solutions at verification@green-e.org.

For contracts which are designated as Back Half or BH, RECs acceptable for delivery are those that were issued for 

generation occurring in the last six calendar months of the specified vintage year.

Registry: North American Renewables Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.062 NAR Registered Renewable Energy Certificate from CRS ListedTM Wind Energy Facilities Front Half 

Specific Future

Description: Physically delivered Renewable Energy Certificates (REC) issued by the NAR Registry for qualifying wind 

energy production from facilities which are listed with the Center for Resource Solutions (CRS).

Contract Symbol: NGQ

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 NAR RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. 

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: NAR RECs eligible for delivery are those which have been issued by the NAR Registry for 

qualifying wind energy production and having a Front Half year designation that corresponds to the specified vintage year of 

the expiring contract. REC Offsets are not deliverable.

RECs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource Solutions 

(“CRS”). The Tracking Attestation form must cover the generation period of the RECs. Maintenance of an active Tracking 

Attestation form does not guarantee that a facility meets the requirements of any Green-e® certification standards and does 

not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® name and symbol are trademarks 

owned and licensed by Center for Resource Solutions (CRS). For more information about Tracking Attestation forms and 

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

Tracking Attestation form on file, please contact the Center for Resource Solutions at verification@green-e.org.

For contracts which are designated as Front Half or FH, RECs acceptable for delivery are those that were issued for 

generation occurring in the first six calendar months of the specified vintage year.

Registry: North American Renewables Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.063 Texas Compliance Solar Renewable Energy Certificate from CRS ListedTM Facilities Back Half Specific 

Future

Description: Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by the ERCOT 

Renewables Registry for qualifying solar energy production from facilities which are listed with the Center for Resource 

Solutions (CRS).

Contract Symbol: TXB

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 Texas RECs and 1000 Compliance Premiums.

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable product for each single contract is 1,000 eligible RECs and, if required by the 

Green-e® certification program, 1,000 eligible Compliance Premiums (CPs). Texas RECs and CPs eligible for delivery are 

those which are eligible to meet the REC requirements specified in the Public Utility Commission of Texas Substantive Rule 

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program, having been generated from solar energy 

production technology and having a Back Half year designation that corresponds to the specified vintage year of the expiring 

contract. REC Offsets are not deliverable.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource 

Solutions (“CRS”). The Tracking Attestation form must cover the generation period of the RECs and CPs. RECs and, if 

required, the matching CPs must be from the same facility and satisfy the same Green-e® Energy vintage requirement. 

Maintenance of an active Tracking Attestation form does not guarantee that a facility meets the requirements of any Greene® certification standards and does not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® 

name and symbol are trademarks owned and licensed by Center for Resource Solutions (CRS). For more information about 

Tracking Attestation forms and Green-e® certification, please visit the Green-e® website at www.green-e.org. To confirm 

that a facility has an active Tracking Attestation form on file, please contact the Center for Resource Solutions at 

verification@green-e.org.

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

delivery are those that were issued for generation occurring in the last six calendar months of the specified vintage year.

Registry: ERCOT Renewables Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.064 Texas Compliance Solar Renewable Energy Certificate from CRS ListedTM Facilities Front Half Specific 

Future

Description: Physically delivered Texas Compliance Renewable Energy Certificates (REC) issued by the ERCOT 

Renewables Registry for qualifying solar energy production from facilities which are listed with the Center for Resource 

Solutions (CRS).

Contract Symbol: TXF

Settlement Method: Physical delivery

Contract Size: 1000 MWh representing 1000 Texas RECs and 1000 Compliance Premiums.

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. 

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, 

November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: The deliverable product for each single contract is 1,000 eligible RECs and, if required by the 

Green-e® certification program, 1,000 eligible Compliance Premiums (CPs). Texas RECs eligible for delivery are those 

which are eligible to meet the REC requirements specified in the Public Utility Commission of Texas Substantive Rule 

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program, having been generated from solar energy 

production technology and having a Front Half year designation that corresponds to the specified vintage year of the expiring 

contract. REC Offsets are not deliverable.

RECs and CPs delivered must be from facilities that have a Tracking Attestation form on file with the Center for Resource 

Solutions (“CRS”). The Tracking Attestation form must cover the generation period of the RECs and CPs. RECs and, if 

required, the matching CPs must be from the same facility and satisfy the same Green-e® Energy vintage requirement. 

Maintenance of an active Tracking Attestation form does not guarantee that a facility meets the requirements of any Greene® certification standards and does not mean that a facility’s supply is Green-e® Certified. The CRS ListedTM and Green-e® 

name and symbol are trademarks owned and licensed by Center for Resource Solutions (CRS). For more information about 

Tracking Attestation forms and Green-e® certification, please visit the Green-e® website at www.green-e.org. To confirm 

that a facility has an active Tracking Attestation form on file, please contact the Center for Resource Solutions at 

verification@green-e.org.

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

delivery are those that were issued for generation occurring in the first six calendar months of the specified vintage year.

Registry: ERCOT Renewables Registry

MIC Code: IFED

Clearing Venues: ICEU
18.D.065 Pennsylvania Compliance Alternative Energy Credit Tier II Future

Description: Physically delivered Pennsylvania Tier II Alternative Energy Certificates

(“Pennsylvania Tier II REC”) where a Pennsylvania Tier II REC is an electronic certificate issued by PJM-GATS for 

qualifying generation.

Contract Symbol: PCT

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 qualifying Tier II RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September,

October, November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: Pennsylvania Tier II RECs eligible for delivery are those representing Tier II alternative energy 

sources (as defined in Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 1648.2) which are eligible to meet the Tier 

II alternative energy source requirement of the Pennsylvania Alternative Energy Portfolio Standards Act as specified in 

Pennsylvania Statutes Title 73 Chapter 18F and issued by PJM GATs having a vintage or energy year designation that 

corresponds to the specified vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venue: ICEU
18.D.066 New Jersey Compliance Renewable Energy Certificate Class II Future

Description: Physically delivered New Jersey Class II Renewable Energy Certificates (“New Jersey Class II REC”) where a 

New Jersey Class II REC is an electronic certificate issued by the PJM Environmental Information System Generation 

Attribute Tracking System (PJM GATS) for qualifying generation.

Contract Symbol: NJV

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 New Jersey Class 2 RECs

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it 

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, 

October, November and December

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month. The last weekday of 

December is not considered a Business Day, unless otherwise determined and announced by the Exchange.

Deliverable Instruments: New Jersey Class II RECs eligible for delivery are those which are eligible to meet the Class II 

Renewable Energy requirements specified in N.J.A.C. 14:8-2.6 under the New Jersey Renewable Energy Portfolio Standard 

promulgated under N.J.A.C. 14:8 verified and qualified by the NJ Board of Public Utilities having a vintage or energy year 

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

For deliveries of Class II RECs generated from a resource recovery facility located outside of the State of New Jersey, the 

seller must also deliver the Class II Renewable Energy Certification Form.

Registry: PJM GATS

MIC Code: IFED

Clearing Venue: ICEU

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