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ISO New England Monthly Off Peak LMP Swap Future Contract Specs

Product Symbol CME Globex: AKI
CME ClearPort: KI
Open Outcry: KI
Venue CME Globex, CME ClearPort and Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit 2.5 Megawatts hours (MWh)
Price Quotation The contract quantity is based on 2.5 Megawatts (MW) multiplied by total off-peak hours in the contract month. The contract quantity is expressed in Megawatt Hours (MWH).

Each futures contract shall be valued at the contract quantity multiplied by the settlement price
Minimum Fluctuation $0.05
Floating Price The Floating Price will be determined for each contract month. The Floating Price will be equal to the arithmetic average of the hourly day-ahead Locational Marginal Prices (LMP) for ISO New England (ISO-NE) Internal Hub, ISO-NE Location I.D. 4000, published by ISO-NE for all off-peak hours in the contract month. For settlement of this contract, the prices provided by ISO-NE will be considered final on the payment day stated in Rule 756A.09. and will not be subject to any further adjustment.
Termination of Trading CME Globex: Trading on CME Globex shall cease on the last business day of the month prior to the contract month.
CME ClearPort and Open Ouctry: Trading shall cease on the last business day of the contract month.
Listed Contracts CME Globex: 36 consecutive months
CME ClearPort and Open Ouctry: The current year plus the next five calendar years. A new calendar year will be added following the termination of trading in the December contract of the current year
Settlement Type Financial
Final Settlement Delivery under the contract shall be by cash settlement. Final settlement, following termination of trading for a contract month, will be based on the Floating Price. The final settlement price will be the Floating Price calculated for each contract month.
Off Peak Hours & Off Peak Days Off-Peak shall mean Monday through Friday Hour Ending (HE) 0100-0700 and 2400 Eastern Prevailing Time (EPT) Saturday-Sunday HE 0100-2400 EPT including North American Electric Reliability Council holidays and excluding any hour lost or gained by transition into or out of Daylight Saving Time.
Position Limits NYMEX Position Limits
Rulebook Chapter 756A
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.