- 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