Option on PJM Western Hub Real-Time Peak (800 MWh) Fixed Price Future6590525

Description

A monthly Option on the corresponding Contract Period of the PJM Western Hub Real-Time Peak Fixed Price Future.

Market Specifications

Trading Screen Product Name
Peak Futures
Trading Screen Hub Name
PJM WH RT (800 MWh)
Commodity Code
PJM
Settlement Method
Exercise into Underlying Futures Contract
Contract Size
800 MWh
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 50 consecutive monthly Contract Periods
Last Trading Day
At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract Period
Option Style
American
Exercise Method
Manual; Automatic on Last Trading Day
Exercise Procedure
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with Clearing Organization Rules.
Exercise Day
Manual on any Business Day, Automatic on Last Trading Day
Automatic Exercise Provisions
Options which are "in the money", with respect to Reference Price A, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire 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 Swap 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
Two Business Days prior to the first calendar day of the Contract Period
c) Ref Price A - Specified Price
Settlement Price
d) Ref Price A - Pricing calendar
ICE
e) Ref Price A - Delivery Date
Contract Period
Strike Price Listing Provisions
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
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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
Singapore8:50 AM - 7:00 AM*
08:50 - 07:00
8:40 AM
08:40

*Next Day

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

Codes

Clearing Admin Name
Pwr East Term
Physical
PJM
Logical
PJM
GMI(FC)
PJ
R&N A.C.N.
O934