NODAL EXCHANGE CONTRACT SPECIFICATIONS

Nodal Exchange 

Environmental Contract Specifications 

(Tranche 1)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

1

California Carbon Allowance Specific Vintage 2017 Future

ITEM SPECIFICATION

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 Code WSA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

2

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 7,500 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 7,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

3

California Carbon Allowance Specific Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2017 Future.

Option Style European

Underlying Contract WSA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 7,500 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 7,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

4

California Carbon Allowance Specific Vintage 2018 Future

ITEM SPECIFICATION

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 Code WSB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

5

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

6

California Carbon Allowance Specific Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2018 Future.

Option Style European

Underlying Contract WSB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

7

California Carbon Allowance Specific Vintage 2019 Future

ITEM SPECIFICATION

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 Code WSC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

8

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

9

California Carbon Allowance Specific Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2019 Future.

Option Style European

Underlying Contract WSC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

10

California Carbon Allowance Specific Vintage 2020 Future

ITEM SPECIFICATION

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 Code WSD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

11

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

12

California Carbon Allowance Specific Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2020 Future.

Option Style European

Underlying Contract WSD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

13

California Carbon Allowance Specific Vintage 2021 Future

ITEM SPECIFICATION

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 Code WSE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

14

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

15

California Carbon Allowance Specific Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Specific 

Vintage 2021 Future.

Option Style European

Underlying Contract WSE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,500 lots, Single Month Accountability Level: 4,500 lots, All Month 

Accountability Level: 4,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

16

California Carbon Allowance Vintage 2017 Future

ITEM SPECIFICATION

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 Code WCA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 CITSS at 

contract expiry, allowances of any prior vintage year or allowances of the earliest 

vintage year available in the CITSS shall be delivered. If the CITSS is not operational 

and capable of transferring allowances at the expiration of contracts in 2018 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 2018 the ARP shall be $14.53 per 

allowance. For expiries beyond 2018, 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATIONS

17

ITEM SPECIFICATION

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

18

California Carbon Allowance Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Vintage 

2017 Future.

Option Style European

Underlying Contract WCA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

19

California Carbon Allowance Vintage 2018 Future

ITEM SPECIFICATION

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 Code WCB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 CITSS at 

contract expiry, allowances of any prior vintage year or allowances of the earliest 

vintage year available in the CITSS shall be delivered. If the CITSS is not operational 

and capable of transferring allowances at the expiration of contracts in 2018 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 2018 the ARP shall be $14.53 per 

allowance. For expiries beyond 2018, 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 Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate
NODAL EXCHANGE CONTRACT SPECIFICATIONS

20

ITEM SPECIFICATION

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

21

California Carbon Allowance Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Vintage 

2018 Future.

Option Style European

Underlying Contract WCB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

22

California Carbon Allowance Vintage 2019 Future

ITEM SPECIFICATION

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 Code WCC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 CITSS at 

contract expiry, allowances of any prior vintage year or allowances of the earliest 

vintage year available in the CITSS shall be delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

23

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

24

California Carbon Allowance Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Vintage 

2019 Future.

Option Style European

Underlying Contract WCC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

25

California Carbon Allowance Vintage 2020 Future

ITEM SPECIFICATION

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 Code WCD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 CITSS at 

contract expiry, allowances of any prior vintage year or allowances of the earliest 

vintage year available in the CITSS shall be delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

26

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

27

California Carbon Allowance Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Vintage 

2020 Future.

Option Style European

Underlying Contract WCD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

28

California Carbon Allowance Vintage 2021 Future

ITEM SPECIFICATION

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 Code WCE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 1,000 California Carbon Allowances

Currency US Dollars

Minimum Tick $0.01 per California Carbon Allowance

Settlement Price Precision $0.01 per California Carbon Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

The deliverable instruments are California Carbon Allowances equal to the contract 

size delivered through the California Compliance Instrument Tracking System Services 

(CITSS). 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 CITSS at 

contract expiry, allowances of any prior vintage year or allowances of the earliest 

vintage year available in the CITSS shall be delivered.

Registry Compliance Instrument Tracking System Services (CITSS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

29

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

30

California Carbon Allowance Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the California Carbon Allowance Vintage 

2021 Future.

Option Style European

Underlying Contract WCE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per California Carbon Allowance

Settlement Price Precision $0.001 per California Carbon Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for current year, plus an additional 3 years. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 30,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

31

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Future

ITEM SPECIFICATION

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 Code RCA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

32

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

33

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable

Energy Certificate Class 1 Vintage 2017 Future.

Option Style European

Underlying Contract RCA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

34

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Future

ITEM SPECIFICATION

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 Code RCB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

35

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

36

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2018 Future.

Option Style European

Underlying Contract RCB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

37

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Future

ITEM SPECIFICATION

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 Code RCC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

38

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

39

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2019 Future.

Option Style European

Underlying Contract RCC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

40

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Future

ITEM SPECIFICATION

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 Code RCD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

41

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

42

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2020 Future.

Option Style European

Underlying Contract RCD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

43

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Future

ITEM SPECIFICATION

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 Code RCE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

44

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

45

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2021 Future.

Option Style European

Underlying Contract RCE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

46

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Future

ITEM SPECIFICATION

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 Code RCF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

47

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

48

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2022 Future.

Option Style European

Underlying Contract RCF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

49

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Future

ITEM SPECIFICATION

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 Code RCG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Connecticut Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

50

ITEM SPECIFICATION

Position Limit Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

51

Connecticut Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Connecticut Compliance Renewable 

Energy Certificate Class 1 Vintage 2023 Future.

Option Style European

Underlying Contract RCG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 17,500 lots, Single Month Accountability Level: 17,500 lots, All Month 

Accountability Level: 17,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

52

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

2017 Future

ITEM SPECIFICATION

Contract Description

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

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

Trading Program Allowance”).

Contract Code NZA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

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

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR 

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

contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

53

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

54

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

2017 Option

ITEM SPECIFICATION

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

Ozone Season Group 2 Allowance Vintage 2017 Future.

Option Style European

Underlying Contract NZA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

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

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

allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.001 per U.S. EPA Group 2 NOx Ozone Season Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

55

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

2018 Future

ITEM SPECIFICATION

Contract Description

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

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

Trading Program Allowance”).

Contract Code NZB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR Group 2 NOx Ozone Season Allowances

Currency US Dollars

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

Settlement Price Precision $0.01 per U.S. EPA Group 2 NOx Ozone Season Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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

NOx Ozone Season Trading Program Allowances as promulgated under the CSAPR 

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

contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

56

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

57

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

2018 Option

ITEM SPECIFICATION

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

Ozone Season Group 2 Allowance Vintage 2018 Future.

Option Style European

Underlying Contract NZB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

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

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

allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA Group 2 NOx Ozone Season Allowance

Settlement Price Precision $0.001 per U.S. EPA Group 2 NOx Ozone Season Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

58

Cross State Air Pollution Rule TR NOx Annual Allowance Vintage 2017 Future

ITEM SPECIFICATION

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

Program Allowances (“U.S. EPA CSAPR TR NOx Annual Allowances”).

Contract Code NOA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR NOx Annual Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR NOx Annual Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR NOx Annual Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR NOx 

Annual Allowances as promulgated under CSAPR having a vintage corresponding to 

the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 6,000 lots, Single Month Accountability Level: 6,000 lots, All Month 

Accountability Level: 6,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

59

Cross State Air Pollution Rule TR NOx Annual Allowance Vintage 2017 Option

ITEM SPECIFICATION

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

Annual Allowance Vintage 2017 Future.

Option Style European

Underlying Contract NOA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR NOx Annual Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR NOx Annual Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 6,000 lots, Single Month Accountability Level: 6,000 lots, All Month 

Accountability Level: 6,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

60

Cross State Air Pollution Rule TR NOx Annual Allowance Vintage 2018 Future

ITEM SPECIFICATION

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

Program Allowances (“U.S. EPA CSAPR TR NOx Annual Allowances”).

Contract Code NOB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR NOx Annual Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR NOx Annual Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR NOx Annual Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR NOx 

Annual Allowances as promulgated under CSAPR having a vintage corresponding to 

the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 6,000 lots, Single Month Accountability Level: 6,000 lots, All Month 

Accountability Level: 6,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

61

Cross State Air Pollution Rule TR NOx Annual Allowance Vintage 2018 Option

ITEM SPECIFICATION

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

Annual Allowance Vintage 2018 Future.

Option Style European

Underlying Contract NOB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR NOx Annual Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR NOx Annual Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 6,000 lots, Single Month Accountability Level: 6,000 lots, All Month 

Accountability Level: 6,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

62

Cross State Air Pollution Rule TR SO2 Group 1 Allowance Vintage 2017 Future

ITEM SPECIFICATION

Contract Description Physically delivered EPA Cross State Air Pollution (“CSAPR”) TR SO2 Group 1 Trading 

Program Allowances (“U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance”).

Contract Code S1A

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR SO2 

Group 1 Trading Program Allowances as promulgated under CSAPR having a vintage 

corresponding to the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

63

Cross State Air Pollution Rule TR SO2 Group 1 Allowance Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule TR SO2 

Group 1 Allowance Vintage 2017 Future.

Option Style European

Underlying Contract S1A

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

64

Cross State Air Pollution Rule TR SO2 Group 1 Allowance Vintage 2018 Future

ITEM SPECIFICATION

Contract Description Physically delivered EPA Cross State Air Pollution (“CSAPR”) TR SO2 Group 1 Trading 

Program Allowances (“U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance”).

Contract Code S1B

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR SO2 

Group 1 Trading Program Allowances as promulgated under CSAPR having a vintage 

corresponding to the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

65

Cross State Air Pollution Rule TR SO2 Group 1 Allowance Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule TR SO2 

Group 1 Allowance Vintage 2018 Future.

Option Style European

Underlying Contract S1B

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

66

Cross State Air Pollution Rule TR SO2 Group 2 Allowance Vintage 2017 Future

ITEM SPECIFICATION

Contract Description Physically delivered EPA Cross State Air Pollution (“CSAPR”) TR SO2 Group 2 Trading 

Program Allowances (“U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance”).

Contract Code S2A

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR SO2 

Group 2 Trading Program Allowances as promulgated under CSAPR having a vintage 

corresponding to the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 5,000 lots, Single Month Accountability Level: 5,000 lots, All Month

Accountability Level: 5,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

67

Cross State Air Pollution Rule TR SO2 Group 2 Allowance Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule TR SO2 

Group 2 Allowance Vintage 2017 Future.

Option Style European

Underlying Contract S2A

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Dec. 18. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 5,000 lots, Single Month Accountability Level: 5,000 lots, All Month 

Accountability Level: 5,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

68

Cross State Air Pollution Rule TR SO2 Group 2 Allowance Vintage 2018 Future

ITEM SPECIFICATION

Contract Description Physically delivered EPA Cross State Air Pollution (“CSAPR”) TR SO2 Group 2 Trading 

Program Allowances (“U.S. EPA CSAPR TR SO2 Group 1 Trading Program Allowance”).

Contract Code S2B

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 25 U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowances

Currency US Dollars

Minimum Tick $0.01 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Settlement Price Precision $0.01 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Allowances acceptable for delivery are those designated as U.S. EPA CSAPR TR SO2 

Group 2 Trading Program Allowances as promulgated under CSAPR having a vintage 

corresponding to the specified vintage of the expiring contract.

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

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 5,000 lots, Single Month Accountability Level: 5,000 lots, All Month 

Accountability Level: 5,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

69

Cross State Air Pollution Rule TR SO2 Group 2 Allowance Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Cross State Air Pollution Rule TR SO2 

Group 2 Allowance Vintage 2018 Future.

Option Style European

Underlying Contract S2B

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

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

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

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

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Settlement Price Precision $0.001 per U.S. EPA CSAPR TR SO2 Group 2 Trading Program Allowance

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series December of the vintage year, plus one additional December. The exchange may list 

any other calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 5,000 lots, Single Month Accountability Level: 5,000 lots, All Month 

Accountability Level: 5,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

70

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2017 Future

ITEM SPECIFICATION

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 Code MDA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Feb. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

71

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2017 Future.

Option Style European

Underlying Contract MDA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Feb. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

72

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2018 Future

ITEM SPECIFICATION

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 Code MDB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

73

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

74

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2018 Future.

Option Style European

Underlying Contract MDB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

75

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2019 

Bankable Future

ITEM SPECIFICATION

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 Code MBC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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 or any 

prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

76

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

77

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2019 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2019 Bankable Future.

Option Style European

Underlying Contract MBC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

78

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2019 Future

ITEM SPECIFICATION

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 Code MDC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

79

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

80

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2019 Future.

Option Style European

Underlying Contract MDC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

81

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2020 

Bankable Future

ITEM SPECIFICATION

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 Code MBD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off

the standard listing cycle for up to 10 years.

Deliverable Product

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 or any 

prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

82

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

83

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2020 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2020 Bankable Future.

Option Style European

Underlying Contract MBD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

84

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2020 Future

ITEM SPECIFICATION

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 Code MDD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

85

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

86

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2020 Future.

Option Style European

Underlying Contract MDD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

87

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 

Bankable Future

ITEM SPECIFICATION

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 Code MBE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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 or any 

prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

88

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

89

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2021 Bankable Future.

Option Style European

Underlying Contract MBE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

90

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 Future

ITEM SPECIFICATION

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 Code MDE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

91

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

92

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2021 Future.

Option Style European

Underlying Contract MDE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

93

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 

Bankable Future

ITEM SPECIFICATION

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 Code MBF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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 or any 

prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

94

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

95

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2022 Bankable Future.

Option Style European

Underlying Contract MBF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

96

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 Future

ITEM SPECIFICATION

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 Code MDF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

97

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

98

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2022 Future.

Option Style European

Underlying Contract MDF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

99

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 

Bankable Future

ITEM SPECIFICATION

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 Code MBG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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 or any 

prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

100

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

101

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2023 Bankable Future.

Option Style European

Underlying Contract MBG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for February of the year following the vintage year, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

102

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 Future

ITEM SPECIFICATION

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 Code MDG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

103

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

104

Maryland Compliance Renewable Energy Certificate Tier 1 Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Compliance Renewable 

Energy Certificate Tier 1 Vintage 2023 Future.

Option Style European

Underlying Contract MDG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

February of the year following the vintage year, plus one additional February. The 

exchange may list any other calendar month contract set off the standard listing cycle 

for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

105

Maryland Solar Renewable Energy Certificate Vintage 2017 Future

ITEM SPECIFICATION

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 Code MRA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Feb. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

106

Maryland Solar Renewable Energy Certificate Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2017 Future.

Option Style European

Underlying Contract MRA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for Feb. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

107

Maryland Solar Renewable Energy Certificate Vintage 2018 Future

ITEM SPECIFICATION

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 Code MRB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Feb 19, Feb 20. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

108

Maryland Solar Renewable Energy Certificate Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2018 Future.

Option Style European

Underlying Contract MRB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Feb 19, Feb 20. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

109

Maryland Solar Renewable Energy Certificate Vintage 2019 Future

ITEM SPECIFICATION

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 Code MRC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

110

Maryland Solar Renewable Energy Certificate Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2019 Future.

Option Style European

Underlying Contract MRC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

111

Maryland Solar Renewable Energy Certificate Vintage 2020 Future

ITEM SPECIFICATION

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 Code MRD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

112

Maryland Solar Renewable Energy Certificate Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2020 Future.

Option Style European

Underlying Contract MRD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

113

Maryland Solar Renewable Energy Certificate Vintage 2021 Future

ITEM SPECIFICATION

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 Code MRE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment)

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

114

Maryland Solar Renewable Energy Certificate Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2021 Future.

Option Style European

Underlying Contract MRE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

115

Maryland Solar Renewable Energy Certificate Vintage 2022 Future

ITEM SPECIFICATION

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 Code MRF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

116

Maryland Solar Renewable Energy Certificate Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2022 Future.

Option Style European

Underlying Contract MRF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

117

Maryland Solar Renewable Energy Certificate Vintage 2023 Future

ITEM SPECIFICATION

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 Code MRG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Maryland SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

118

Maryland Solar Renewable Energy Certificate Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Maryland Solar Renewable Energy 

Certificate Vintage 2023 Future.

Option Style European

Underlying Contract MRG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly from June of the vintage year through the following February, plus one 

additional February. The exchange may list any other calendar month contract set off 

the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 12,000 lots, Single Month Accountability Level: 12,000 lots, All Month 

Accountability Level: 12,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

119

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Future

ITEM SPECIFICATION

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 Code MAA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

120

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

121

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2017 Future.

Option Style European

Underlying Contract MAA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

122

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Future

ITEM SPECIFICATION

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 Code MAB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

123

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

124

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2018 Future.

Option Style European

Underlying Contract MAB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

125

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Future

ITEM SPECIFICATION

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 Code MAC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

126

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

127

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2019 Future.

Option Style European

Underlying Contract MAC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

128

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Future

ITEM SPECIFICATION

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 Code MAD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

129

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

130

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2020 Future.

Option Style European

Underlying Contract MAD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

131

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Future

ITEM SPECIFICATION

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 Code MAE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

132

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

133

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2021 Future.

Option Style European

Underlying Contract MAE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

134

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Future

ITEM SPECIFICATION

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 Code MAF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

135

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

136

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2022 Future.

Option Style European

Underlying Contract MAF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

137

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Future

ITEM SPECIFICATION

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 Code MAG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Massachusetts Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

138

ITEM SPECIFICATION

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

139

Massachusetts Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Compliance Renewable 

Energy Certificate Class 1 Vintage 2023 Future.

Option Style European

Underlying Contract MAG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

140

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2017 

Future

ITEM SPECIFICATION

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 Code MCA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for Nov 18, May 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

141

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

142

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2017 Future.

Option Style European

Underlying Contract MCA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

143

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2018 

Future

ITEM SPECIFICATION

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 Code MCB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

First Trading Day TBD

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contract for Nov 18, Jan 19, Feb 19, Apr 19, May 19, Jul 19, Aug 19, Oct 19, 

Nov 19, May 20. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

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

extrapolation to traded contracts, as appropriate

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

144

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots 

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

145

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2018 Future.

Option Style European

Underlying Contract MCB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contract for Jan 19, Feb 19, Apr 19, May 19, Jul 19, Aug 19, Oct 19, Nov 19,

May 20.

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

146

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2019 

Future

ITEM SPECIFICATION

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 Code MCC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

147

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

148

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2019 Future.

Option Style European

Underlying Contract MCC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

149

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2020 

Future

ITEM SPECIFICATION

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 Code MCD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

150

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

151

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2020 Future.

Option Style European

Underlying Contract MCD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

152

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2021 

Future

ITEM SPECIFICATION

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 Code MCE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

153

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

154

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2021 Future.

Option Style European

Underlying Contract MCE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

155

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2022 

Future

ITEM SPECIFICATION

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 Code MCF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

156

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

157

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2022 Future.

Option Style European

Underlying Contract MCF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

158

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2023 

Future

ITEM SPECIFICATION

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 Code MCG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

Deliverable Product

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 

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

159

ITEM SPECIFICATION

Position Limit Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

160

Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage 2023 Future.

Option Style European

Underlying Contract MCG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year through the following year, 

plus one additional May. The exchange may list any other calendar month contract set 

off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 4,000 lots, Single Month Accountability Level: 4,000 lots, All Month 

Accountability Level: 4,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

161

Massachusetts Solar Renewable Energy Certificate Vintage 2017 Future

ITEM SPECIFICATION

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 Code MSA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18, May 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

162

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

163

Massachusetts Solar Renewable Energy Certificate Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2017 Future.

Option Style European

Underlying Contract MSA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for May 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

164

Massachusetts Solar Renewable Energy Certificate Vintage 2018 Future

ITEM SPECIFICATION

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 Code MSB

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Nov 18, Jan 19, Feb 19, Apr 19, May 19, Jul 19, Aug 19, Oct 19, 

Nov 19, May 20. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

165

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

166

Massachusetts Solar Renewable Energy Certificate Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2018 Future.

Option Style European

Underlying Contract MSB

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan 19, Feb 19, Apr 19, May 19, Jul 19, Aug 19, Oct 19, Nov 19, 

May 20. The exchange may list any other calendar month contract set off the standard 

listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

167

Massachusetts Solar Renewable Energy Certificate Vintage 2019 Future

ITEM SPECIFICATION

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 Code MSC

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

168

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

169

Massachusetts Solar Renewable Energy Certificate Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2019 Future.

Option Style European

Underlying Contract MSC

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

170

Massachusetts Solar Renewable Energy Certificate Vintage 2020 Future

ITEM SPECIFICATION

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 Code MSD

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

171

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

172

Massachusetts Solar Renewable Energy Certificate Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2020 Future.

Option Style European

Underlying Contract MSD

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

173

Massachusetts Solar Renewable Energy Certificate Vintage 2021 Future

ITEM SPECIFICATION

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 Code MSE

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

174

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

175

Massachusetts Solar Renewable Energy Certificate Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2021 Future.

Option Style European

Underlying Contract MSE

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

176

Massachusetts Solar Renewable Energy Certificate Vintage 2022 Future

ITEM SPECIFICATION

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 Code MSF

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

177

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

178

Massachusetts Solar Renewable Energy Certificate Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2022 Future.

Option Style European

Underlying Contract MSF

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

179

Massachusetts Solar Renewable Energy Certificate Vintage 2023 Future

ITEM SPECIFICATION

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 Code MSG

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 Qualifying SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 a vintage year designation that corresponds to the specified 

vintage of the expiring contract.

Registry New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

180

ITEM SPECIFICATION

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

181

Massachusetts Solar Renewable Energy Certificate Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Vintage 2023 Future.

Option Style European

Underlying Contract MSG

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $5.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $5.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

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

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

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jan, Feb, Apr, May, Jul, Aug, Oct, Nov of the vintage year 

through the following year, plus one additional May. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

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

settlement cycle following the Transaction.

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

extrapolation to traded Option contracts, as appropriate

Exercise

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

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

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

182

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2017 

Future

ITEM SPECIFICATION

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 Code NPA

Settlement Method Physical Delivery

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

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

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

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contract for May. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

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

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

183

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

184

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2017 Future.

Option Style European

Underlying Contract NPA

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

Contract Size per Lot 1 lot of the Underlying Contract

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

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contract for May. 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

185

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2018 

Future

ITEM SPECIFICATION

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 Code NPB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

186

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

187

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2018 Future.

Option Style European

Underlying Contract NPB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

188

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2019 

Future

ITEM SPECIFICATION

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 Code NPC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

189

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

190

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2019 Future.

Option Style European

Underlying Contract NPC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

191

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2020 

Future

ITEM SPECIFICATION

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 Code NPD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

192

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

193

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2020 Future.

Option Style European

Underlying Contract NPD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

194

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2021 

Future

ITEM SPECIFICATION

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 Code NPE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

195

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

196

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2021 Future.

Option Style European

Underlying Contract NPE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

197

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2022 

Future

ITEM SPECIFICATION

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 Code NPF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

198

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

199

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2022 Future.

Option Style European

Underlying Contract NPF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month

Accountability Level: 15,000 lots. Weighted by Option delta and combined with

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

200

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2023 

Future

ITEM SPECIFICATION

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 Code NPG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Deliverable Product

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 New England Power Pool Generation Information System (NEPOOL GIS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

201

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

202

NEPOOL Dual Qualified Renewable Energy Certificate Class 1 Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the NEPOOL Dual Qualified Renewable 

Energy Certificate Class 1 Vintage 2023 Future.

Option Style European

Underlying Contract NPG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Two May contracts, beginning with the year following the vintage year. The exchange 

may list any other calendar month contract set off the standard listing cycle for up to 

10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 15,000 lots, Single Month Accountability Level: 15,000 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

203

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Future

ITEM SPECIFICATION

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 Code NJA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Jun 19, Jul 19, Aug 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

204

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

205

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2017 Future.

Option Style European

Underlying Contract NJA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Jun 19, Jul 19, Aug 19. The exchange may list any other calendar

month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

206

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Future

ITEM SPECIFICATION

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 Code NJB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun 19, Jul 19, Aug 19, Jun 20, Jul 20, Aug 20. The exchange may 

list any other calendar month contract set off the standard listing cycle for up to 10 

years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

207

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

208

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2018 Future.

Option Style European

Underlying Contract NJB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun 19, Jul 19, Aug 19, Jun 20, Jul 20, Aug 20. The exchange may 

list any other calendar month contract set off the standard listing cycle for up to 10 

years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

209

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Bankable Future

ITEM SPECIFICATION

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 Code NBC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or 

any prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

210

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

211

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2019 Bankable Future.

Option Style European

Underlying Contract NBC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

212

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Future

ITEM SPECIFICATION

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 Code NJC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

213

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

214

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2019 Future.

Option Style European

Underlying Contract NJC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

215

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Bankable Future

ITEM SPECIFICATION

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 Code NBD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or 

any prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

216

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

217

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2020 Bankable Future.

Option Style European

Underlying Contract NBD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

218

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Future

ITEM SPECIFICATION

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 Code NJD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

219

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

220

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2020 Future.

Option Style European

Underlying Contract NJD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

221

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Bankable Future

ITEM SPECIFICATION

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 Code NBE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or 

any prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

222

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

223

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2021 Bankable Future.

Option Style European

Underlying Contract NBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

224

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Future

ITEM SPECIFICATION

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 Code NJE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

225

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

226

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2021 Future.

Option Style European

Underlying Contract NJE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

227

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Bankable Future

ITEM SPECIFICATION

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 Code NBF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or 

any prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

228

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

229

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2022 Bankable Future.

Option Style European

Underlying Contract NBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

230

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Future

ITEM SPECIFICATION

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 Code NJF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

231

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

232

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2022 Future.

Option Style European

Underlying Contract NJF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

233

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Bankable Future

ITEM SPECIFICATION

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 Code NBG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or 

any prior vintage year that is bankable and can be used for compliance in the specified 

vintage year without limitation at the time of physical delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

234

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

235

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2023 Bankable Future.

Option Style European

Underlying Contract NBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

236

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Future

ITEM SPECIFICATION

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 Code NJG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 New Jersey Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

237

ITEM SPECIFICATION

Position Limit Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

238

New Jersey Compliance Renewable Energy Certificate Class 1 Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Compliance Renewable 

Energy Certificate Class 1 Vintage 2023 Future.

Option Style European

Underlying Contract NJG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 47,500 lots, Single Month Accountability Level: 47,500 lots, All Month 

Accountability Level: 47,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

239

New Jersey Solar Renewable Energy Certificate Vintage 2017 Future

ITEM SPECIFICATION

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 Code NSA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Aug 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

240

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

241

New Jersey Solar Renewable Energy Certificate Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2017 Future.

Option Style European

Underlying Contract NSA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Aug 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

242

New Jersey Solar Renewable Energy Certificate Vintage 2018 Future

ITEM SPECIFICATION

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 Code NSB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Aug 20. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

243

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

244

New Jersey Solar Renewable Energy Certificate Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2018 Future.

Option Style European

Underlying Contract NSB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Aug 20. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

245

New Jersey Solar Renewable Energy Certificate Vintage 2019 Future

ITEM SPECIFICATION

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 Code NSC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Aug 21. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

246

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

247

New Jersey Solar Renewable Energy Certificate Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2019 Future.

Option Style European

Underlying Contract NSC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Aug 21. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

248

New Jersey Solar Renewable Energy Certificate Vintage 2020 Future

ITEM SPECIFICATION

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 Code NSD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

249

ITEM SPECIFICATION

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

250

New Jersey Solar Renewable Energy Certificate Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2020 Futures.

Option Style European

Underlying Contract NSD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

251

New Jersey Solar Renewable Energy Certificate Vintage 2021 Future

ITEM SPECIFICATION

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 Code NSE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

252

ITEM SPECIFICATION

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

253

New Jersey Solar Renewable Energy Certificate Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2021 Futures.

Option Style European

Underlying Contract NSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

254

New Jersey Solar Renewable Energy Certificate Vintage 2022 Future

ITEM SPECIFICATION

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 Code NSF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

255

ITEM SPECIFICATION

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

256

New Jersey Solar Renewable Energy Certificate Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2022 Futures.

Option Style European

Underlying Contract NSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

257

New Jersey Solar Renewable Energy Certificate Vintage 2023 Future

ITEM SPECIFICATION

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 Code NSG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other

calendar month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

258

ITEM SPECIFICATION

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

259

New Jersey Solar Renewable Energy Certificate Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2023 Futures.

Option Style European

Underlying Contract NSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

260

New Jersey Solar Renewable Energy Certificate Vintage 2024 Future

ITEM SPECIFICATION

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 Code NSH

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 New Jersey SRECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

261

ITEM SPECIFICATION

Position Limit Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

262

New Jersey Solar Renewable Energy Certificate Vintage 2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the New Jersey Solar Renewable Energy 

Certificate Vintage 2024 Futures.

Option Style European

Underlying Contract NSH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $1.00 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $1.00 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with September of the year prior to the vintage year, 

through August of two years after the Vintage year. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 4 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 45,000 lots, Single Month Accountability Level: 45,000 lots, All Month 

Accountability Level: 45,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

263

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2017 

Future

ITEM SPECIFICATION

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 Code PAA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

264

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

265

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2017 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2017 Future.

Option Style European

Underlying Contract PAA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

266

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2018 

Future

ITEM SPECIFICATION

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 Code PAB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019 and 2020. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

267

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

268

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2018 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2018 Future.

Option Style European

Underlying Contract PAB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019 and 2020. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

269

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2019 

Bankable Future

ITEM SPECIFICATION

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 Code PBC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or any prior vintage year that is bankable and can be used for 

compliance in the specified vintage year without limitation at the time of physical 

delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

270

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

271

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2019 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2019 Bankable Future.

Option Style European

Underlying Contract PBC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

272

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2019 

Future

ITEM SPECIFICATION

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 Code PAC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

273

ITEM SPECIFICATION

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

274

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2019 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2019 Future.

Option Style European

Underlying Contract PAC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

275

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2020 

Bankable Future

ITEM SPECIFICATION

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 Code PBD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or any prior vintage year that is bankable and can be used for 

compliance in the specified vintage year without limitation at the time of physical 

delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

276

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

277

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2020 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2020 Bankable Future.

Option Style European

Underlying Contract PBD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

278

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2020 

Future

ITEM SPECIFICATION

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 Code PAD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

279

ITEM SPECIFICATION

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

280

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2020 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2020 Future.

Option Style European

Underlying Contract PAD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

281

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Bankable Future

ITEM SPECIFICATION

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 Code PBE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or any prior vintage year that is bankable and can be used for 

compliance in the specified vintage year without limitation at the time of physical 

delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

282

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

283

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2021 Bankable Future.

Option Style European

Underlying Contract PBE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

284

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Future

ITEM SPECIFICATION

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 Code PAE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

285

ITEM SPECIFICATION

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

286

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2021 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2021 Future.

Option Style European

Underlying Contract PAE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

287

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Bankable Future

ITEM SPECIFICATION

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 Code PBF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 or any prior vintage year that is bankable and can be used for 

compliance in the specified vintage year without limitation at the time of physical

delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

288

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

289

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2022 Bankable Future.

Option Style European

Underlying Contract PBF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

290

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Future

ITEM SPECIFICATION

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 Code PAF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

291

ITEM SPECIFICATION

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

292

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2022 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2022 Future.

Option Style European

Underlying Contract PAF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

293

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Bankable Future

ITEM SPECIFICATION

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 Code PBG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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 contractor any prior vintage year that is bankable and can be used for 

compliance in the specified vintage year without limitation at the time of physical 

delivery.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

294

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

295

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Bankable Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2023 Bankable Future.

Option Style European

Underlying Contract PBG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

296

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Future

ITEM SPECIFICATION

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 Code PAG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 qualifying Tier 1 AECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)
NODAL EXCHANGE CONTRACT SPECIFICATIONS

297

ITEM SPECIFICATION

Position Limit Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

298

Pennsylvania Compliance Alternative Energy Certificate Tier 1 Vintage 2023 

Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Compliance Alternative 

Energy Certificate Tier 1 Vintage 2023 Future.

Option Style European

Underlying Contract PAG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 22,500 lots, Single Month Accountability Level: 22,500 lots, All Month 

Accountability Level: 22,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

299

Pennsylvania Solar Alternative Energy Certificate Vintage 2017 Future

ITEM SPECIFICATION

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 Code PSA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

300

Pennsylvania Solar Alternative Energy Certificate Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2017 Future.

Option Style European

Underlying Contract PSA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019. The exchange may list any other 

calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

301

Pennsylvania Solar Alternative Energy Certificate Vintage 2018 Future

ITEM SPECIFICATION

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 Code PSB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019 and 2020. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

302

Pennsylvania Solar Alternative Energy Certificate Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy

Certificate Vintage 2018 Future.

Option Style European

Underlying Contract PSB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Jun, Jul, and Aug of 2019 and 2020. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

303

Pennsylvania Solar Alternative Energy Certificate Vintage 2019 Future

ITEM SPECIFICATION

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 Code PSC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

304

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

305

Pennsylvania Solar Alternative Energy Certificate Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2019 Future.

Option Style European

Underlying Contract PSC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

306

Pennsylvania Solar Alternative Energy Certificate Vintage 2020 Future

ITEM SPECIFICATION

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 Code PSD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

307

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

308

Pennsylvania Solar Alternative Energy Certificate Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2020 Future.

Option Style European

Underlying Contract PSD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

309

Pennsylvania Solar Alternative Energy Certificate Vintage 2021 Future

ITEM SPECIFICATION

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 Code PSE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

310

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

311

Pennsylvania Solar Alternative Energy Certificate Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2021 Future.

Option Style European

Underlying Contract PSE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

312

Pennsylvania Solar Alternative Energy Certificate Vintage 2022 Future

ITEM SPECIFICATION

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 Code PSF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

313

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

314

Pennsylvania Solar Alternative Energy Certificate Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2022 Future.

Option Style European

Underlying Contract PSF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

315

Pennsylvania Solar Alternative Energy Certificate Vintage 2023 Future

ITEM SPECIFICATION

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 Code PSG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 10 MWh representing 10 qualifying SAECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Deliverable Product

Pennsylvania Solar AECs eligible for delivery are those representing solar photovoltaic 

sources eligible to meet the Tier 1 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 an Energy Year designation that 

corresponds to the specified Energy Year of the expiring contract.

Registry PJM-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

316

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

317

Pennsylvania Solar Alternative Energy Certificate Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Pennsylvania Solar Alternative Energy 

Certificate Vintage 2023 Future.

Option Style European

Underlying Contract PSG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.25 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.25 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts for Jun, Jul, and Aug of the vintage year, plus two additional years. 

The exchange may list any other calendar month contract set off the standard listing 

cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 10,000 lots, Single Month Accountability Level: 10,000 lots, All Month 

Accountability Level: 10,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

318

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2017 Future

ITEM SPECIFICATION

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 Code PMA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Sep 19. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

319

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

320

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2017 Future.

Option Style European

Underlying Contract PMA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Sep 19. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

321

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2018 Future

ITEM SPECIFICATION

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 Code PMB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Sep 20. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

322

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

323

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2018 Future.

Option Style European

Underlying Contract PMB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Sep 20. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

324

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2019 Future

ITEM SPECIFICATION

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 Code PMC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly contracts for Nov 18-Sep 21. The exchange may list any other calendar 

month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.
NODAL EXCHANGE CONTRACT SPECIFICATIONS

325

ITEM SPECIFICATION

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

326

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2019 Future.

Option Style European

Underlying Contract PMC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly contracts for Dec 18-Sep 21. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

327

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2020 Future

ITEM SPECIFICATION

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 Code PMD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

328

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

329

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2020 Future.

Option Style European

Underlying Contract PMD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

330

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2021 Future

ITEM SPECIFICATION

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 Code PME

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

331

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

332

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2021 Future.

Option Style European

Underlying Contract PME

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

333

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2022 Future

ITEM SPECIFICATION

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 Code PMF

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

334

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

335

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2022 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2022 Future.

Option Style European

Underlying Contract PMF

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

336

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2023 Future

ITEM SPECIFICATION

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 Code PMG

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

337

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

338

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2023 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2023 Future.

Option Style European

Underlying Contract PMG

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

339

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2024 Future

ITEM SPECIFICATION

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 Code PMH

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Qualifying Class 1 RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Deliverable Product

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-EIS Generation Attribute Tracking System (PJM GATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day
NODAL EXCHANGE CONTRACT SPECIFICATIONS

340

ITEM SPECIFICATION

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

341

PJM Tri-Qualified Renewable Energy Certificates Class 1 Vintage 2024 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the PJM Tri-Qualified Renewable Energy 

Certificate Class 1 Vintage 2024 Future.

Option Style European

Underlying Contract PMH

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts beginning with August of the year prior to the vintage year, 

through September of two years after the Vintage year. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 10 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 42,500 lots, Single Month Accountability Level: 42,500 lots, All Month 

Accountability Level: 42,500 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

342

Regional Greenhouse Gas Initiative Vintage 2017 Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Regional Greenhouse Gas Initiative (RGGI) 

CO2 allowances (“RGGI CO2 allowances”)

Contract Code RGA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 RGGI CO2 Allowances

Currency US Dollars

Minimum Tick $0.01 per RGGI CO2 Allowance

Settlement Price Precision $0.01 per RGGI CO2 Allowance

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts between November 2018 and December 2019, plus two additional 

Decembers. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 5 years.

Deliverable Product

RGGI CO2 allowances equal to the contract size delivered through the RGGI CO2 

Allowance Tracking System (“RGGI-COATS”). Allowances acceptable for delivery are 

RGGI CO2 allowances of the specified vintage year or RGGI CO2 allowances of any 

year prior to the specified vintage year.

Registry RGGI CO2 Allowance Tracking System (RGGI-COATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

343

Regional Greenhouse Gas Initiative Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

(RGGI) Vintage 2017 Future.

Option Style European

Underlying Contract RGA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

previous day’s Settlement Price of the Underlying Contract. Strike Price boundaries 

are adjusted according to futures price movements. User-defined Strike Prices are 

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts between December 2018 and December 2019, plus two additional 

Decembers. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

344

Regional Greenhouse Gas Initiative Vintage 2018 Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Regional Greenhouse Gas Initiative (RGGI) 

CO2 allowances (“RGGI CO2 allowances”)

Contract Code RGB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 RGGI CO2 Allowances

Currency US Dollars

Minimum Tick $0.01 per RGGI CO2 Allowance

Settlement Price Precision $0.01 per RGGI CO2 Allowance

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts between November 2018 and December 2019, plus two additional 

Decembers. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 5 years.

Deliverable Product

RGGI CO2 allowances equal to the contract size delivered through the RGGI CO2 

Allowance Tracking System (“RGGI-COATS”). Allowances acceptable for delivery are 

RGGI CO2 allowances of the specified vintage year or RGGI CO2 allowances of any 

year prior to the specified vintage year.

Registry RGGI CO2 Allowance Tracking System (RGGI-COATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

345

Regional Greenhouse Gas Initiative Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

(RGGI) Vintage 2018 Future.

Option Style European

Underlying Contract RGB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

previous day’s Settlement Price of the Underlying Contract. Strike Price boundaries 

are adjusted according to futures price movements. User-defined Strike Prices are 

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts between December 2018 and December 2019, plus two additional 

Decembers. The exchange may list any other calendar month contract set off the 

standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

346

Regional Greenhouse Gas Initiative Vintage 2019 Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Regional Greenhouse Gas Initiative (RGGI) 

CO2 allowances (“RGGI CO2 allowances”)

Contract Code RGC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 RGGI CO2 Allowances

Currency US Dollars

Minimum Tick $0.01 per RGGI CO2 Allowance

Settlement Price Precision $0.01 per RGGI CO2 Allowance

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Deliverable Product

RGGI CO2 allowances equal to the contract size delivered through the RGGI CO2 

Allowance Tracking System (“RGGI-COATS”). Allowances acceptable for delivery are 

RGGI CO2 allowances of the specified vintage year or RGGI CO2 allowances of any 

year prior to the specified vintage year.

Registry RGGI CO2 Allowance Tracking System (RGGI-COATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

347

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

348

Regional Greenhouse Gas Initiative Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

(RGGI) Vintage 2019 Future.

Option Style European

Underlying Contract RGC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

previous day’s Settlement Price of the Underlying Contract. Strike Price boundaries 

are adjusted according to futures price movements. User-defined Strike Prices are 

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

349

Regional Greenhouse Gas Initiative Vintage 2020 Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Regional Greenhouse Gas Initiative (RGGI) 

CO2 allowances (“RGGI CO2 allowances”)

Contract Code RGD

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 RGGI CO2 Allowances

Currency US Dollars

Minimum Tick $0.01 per RGGI CO2 Allowance

Settlement Price Precision $0.01 per RGGI CO2 Allowance

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Deliverable Product

RGGI CO2 allowances equal to the contract size delivered through the RGGI CO2 

Allowance Tracking System (“RGGI-COATS”). Allowances acceptable for delivery are 

RGGI CO2 allowances of the specified vintage year or RGGI CO2 allowances of any 

year prior to the specified vintage year.

Registry RGGI CO2 Allowance Tracking System (RGGI-COATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

350

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

351

Regional Greenhouse Gas Initiative Vintage 2020 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

(RGGI) Vintage 2020 Future.

Option Style European

Underlying Contract RGD

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

previous day’s Settlement Price of the Underlying Contract. Strike Price boundaries 

are adjusted according to futures price movements. User-defined Strike Prices are 

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

352

Regional Greenhouse Gas Initiative Vintage 2021 Future

ITEM SPECIFICATION

Contract Description Physically delivered futures contract on Regional Greenhouse Gas Initiative (RGGI) 

CO2 allowances (“RGGI CO2 allowances”)

Contract Code RGE

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 1,000 RGGI CO2 Allowances

Currency US Dollars

Minimum Tick $0.01 per RGGI CO2 Allowance

Settlement Price Precision $0.01 per RGGI CO2 Allowance

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Deliverable Product

RGGI CO2 allowances equal to the contract size delivered through the RGGI CO2 

Allowance Tracking System (“RGGI-COATS”). Allowances acceptable for delivery are 

RGGI CO2 allowances of the specified vintage year or RGGI CO2 allowances of any 

year prior to the specified vintage year.

Registry RGGI CO2 Allowance Tracking System (RGGI-COATS)

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

353

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

354

Regional Greenhouse Gas Initiative Vintage 2021 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

(RGGI) Vintage 2021 Future.

Option Style European

Underlying Contract RGE

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. The at-the-money strike price is the closest interval nearest to the 

previous day’s Settlement Price of the Underlying Contract. Strike Price boundaries 

are adjusted according to futures price movements. User-defined Strike Prices are 

allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per RGGI CO2 Allowance

Settlement Price Precision $0.001 per RGGI CO2 Allowance

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series

Monthly contracts starting from March of the corresponding vintage year through 

December of the year following the vintage year, plus two additional Decembers. 

After the Vintage year, monthly contracts for the current and next calendar year, plus 

an additional two Decembers. The exchange may list any other calendar month 

contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 25,000 lots, Single Month Accountability Level: 25,000 lots, All Month 

Accountability Level: 40,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

355

Texas Compliance Renewable Energy Certificate Specific Vintage 2017 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) where a 

Texas REC is an electronic certificate issued by the ERCOT Renewables Registry for 

qualifying wind energy production.

Contract Code TXA

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Texas RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC 

requirements specified in the Public Utility Commission of Texas Substantive Rule 

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program, 

having been generated from wind energy production technology. Texas RECs 

acceptable for delivery are those having a vintage corresponding to the specified 

vintage year only.REC Offsets are not deliverable.

Registry ERCOT Renewables Registry

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

356

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

357

Texas Compliance Renewable Energy Certificate Specific Vintage 2017 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy 

Certificate Specific Vintage 2017 Future.

Option Style European

Underlying Contract TXA

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

358

Texas Compliance Renewable Energy Certificate Specific Vintage 2018 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) where a 

Texas REC is an electronic certificate issued by the ERCOT Renewables Registry for 

qualifying wind energy production.

Contract Code TXB

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Texas RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC 

requirements specified in the Public Utility Commission of Texas Substantive Rule 

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program, 

having been generated from wind energy production technology. Texas RECs 

acceptable for delivery are those having a vintage corresponding to the specified 

vintage year only.REC Offsets are not deliverable.

Registry ERCOT Renewables Registry

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the 

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

359

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

360

Texas Compliance Renewable Energy Certificate Specific Vintage 2018 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy 

Certificate Specific Vintage 2018 Future.

Option Style European

Underlying Contract TXB

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

361

Texas Compliance Renewable Energy Certificate Specific Vintage 2019 Future

ITEM SPECIFICATION

Contract Description

Physically delivered Texas Compliance Renewable Energy Certificates (REC) where a 

Texas REC is an electronic certificate issued by the ERCOT Renewables Registry for 

qualifying wind energy production.

Contract Code TXC

Settlement Method Physical Delivery

Hours of Trading As defined at http://www.nodalexchange.com

Unit of Trading 1 lot

Lot Size 100 MWh representing 100 Texas RECs

Currency US Dollars

Minimum Tick $0.01 per MWh

Settlement Price Precision $0.01 per MWh

Last Trading Day Three Business Days prior to the last Business Day of the delivery month

Delivery Day Three Business Days after the Last Trading Day (Last Business Day of the delivery 

month)

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Deliverable Product

Texas RECs eligible for delivery are those which are eligible to meet the REC 

requirements specified in the Public Utility Commission of Texas Substantive Rule 

Chapter 25, Subchapter H, Division 1 under the renewable energy trading program, 

having been generated from wind energy production technology. Texas RECs 

acceptable for delivery are those having a vintage corresponding to the specified 

vintage year only.REC Offsets are not deliverable.

Registry ERCOT Renewables Registry

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded contracts, as appropriate

Final Settlement Price The Daily Settlement Price on the Last Trading Day

Delivery

On the Last Trading Day, the Exchange will provide the Clearing House with 

information identifying the Participants with delivery obligations for the purpose of 

issuing Tender and invoice notices in accordance with Section IX (Physical Delivery and 

Settlement) of the Nodal Clear Rulebook.

Final Settlement (Payment) 

Date

Three or four Business Days after the Last Trading Day on the successful delivery of 

the underlying instruments (if the delivery confirmation is available by 11:30am on 

the third Business Day after the Last Trading Day, the payment will be made on the 

same day during the Midday Margin Cycle; if it is available after 11:30am, the

payment will be made on the next Margin Cycle which will be the next Business Day)

Position Limit Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots
NODAL EXCHANGE CONTRACT SPECIFICATIONS

362

ITEM SPECIFICATION

Margin Unit US Dollars
NODAL EXCHANGE CONTRACT SPECIFICATIONS

363

Texas Compliance Renewable Energy Certificate Specific Vintage 2019 Option

ITEM SPECIFICATION

Contract Description An Option on the corresponding month of the Texas Compliance Renewable Energy 

Certificate Specific Vintage 2019 Future.

Option Style European

Underlying Contract TXC

Hours of Trading As defined at http://www.nodalexchange.com

Contract Size per Lot 1 lot of the Underlying Contract

Unit of Trading 1 lot, as defined in Contract Size per lot

Strike Price

A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price 

movements. User-defined Strike Prices are allowed in $0.05 increments.

Currency US Dollars

Minimum Tick $0.001 per MWh

Settlement Price Precision $0.001 per MWh

Last Trading Day

At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day 

following the 15th calendar day of the delivery month.

Contract Series Monthly for the current year, plus 1 additional December. The exchange may list any 

other calendar month contract set off the standard listing cycle for up to 5 years.

Premium The premium on the Option is paid from the buyer to the seller on the next 

settlement cycle following the Transaction.

Daily Settlement Price Determined by the Exchange based on exchange activity, other market data, and 

extrapolation to traded Option contracts, as appropriate

Exercise

Exercise of In-the-Money Options is automatic on the Last Trading Day unless the 

Exchange is notified by 5:30 pm EPT on the Last Trading Day (1) to allow the In-theMoney Options to expire without exercise or (2) to exercise expiring Out-of-theMoney Options.

Settlement Method Exercise into Underlying Contracts

Position Limit

Spot Month: 5,000 lots, Single Month Accountability Level: 7,500 lots, All Month 

Accountability Level: 15,000 lots. Weighted by Option delta and combined with 

Underlying Contract position

Margin Unit US Dollars