Calendar One Time Option on PJM Western Hub Real-Time Off-Peak Calendar Year One Time Fixed Price Future6590543

Description

An Option on a basket of yearly Contract Periods, January-December, of the Underlying Futures 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
Off-Peak Futures (50 MW)
Trading Screen Hub Name
PJM WH RT Off-Peak Cal 1x
Commodity Code
PWC
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
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 Method
Automatic Only
Exercise Procedure
Manual exercise or abandon is not permitted
Exercise Day
The Last Trading Day
Automatic Exercise Provisions
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, summing 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 be a number equal to the total number of hours in the Specified Price for each Pricing Date 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-OFFPEAK MONTHLY-ICE
a) Ref Price A - Description
"ELECTRICITY-PJM-WESTERN HUB-REAL TIME-OFFPEAK 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 Off-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
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 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 OPMini
Physical
PWC
Logical
OPJ
GMI(FC)
R&N A.C.N.