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ICE Futures U.S.

Option on PJM Western Hub Real-Time Peak Calendar Year One Time Mini Fixed Price Future

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Description

An Option on a basket of yearly Contract Periods, January-December, of the Underlying Future Contract. For purposes of this Exchange Option, the term “One Time Option” shall mean that the Option will exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference price, as defined in Reference Price A

Market Specifications

Trading Screen Product Name
Peak Futures
Trading Screen Hub Name
PJM WH RT Cal 1x Mini
Contract Symbol
PMM
Settlement Method
Exercise into Underlying Futures Contract
Contract Size
1 MW
Currency
USD
Minimum Price Fluctuation
The price quotation convention shall be one cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle
Up to 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the Exchange
Last Trading Day
At 2:30pm EPT on the second Friday prior to the first calendar day of the first Contract Period in the basket
Option Style
European
Exercise Procedure
Automatic on Last Trading Day; manual allowed on Last Trading Day

Clearing members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules

At Exercise Time, options which are “in the money”, with respect to the weighted average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by its Weighting Factor to determine the weighted prices, and then dividing that sum by the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires automatically

REFERENCE PRICE A
ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE
a) Ref Price A - Description
"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-PEAK MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM Western Hub Real-Time Peak Fixed Price Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE on that Pricing Date.
b) Ref Price A - Pricing Date
Second to Last Friday in December preceding the Contract Period
c) Ref Price A - Specified Price
Settlement Price
d) Ref Price A - Pricing calendar
ICE
e) Ref Price A - Delivery Date
Each Contract Period in the basket
Strike Price Intervals
A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-Defined Strike Prices are allowed in $0.05 increments.
MIC Code
IFED
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM*
00:50 - 23:00
12:40 AM
00:40
Singapore7:50 AM - 6:00 AM*
07:50 - 06:00
7:40 AM
07:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
O-Pwr East Mini
Physical
PMM
Logical
PJM
GMI (FC)
@D
ION A.C.N.
Symbol Code
PMM