| MISO Michigan Hub Off-Peak Calendar-Month LMP Futures | |||||
|---|---|---|---|---|---|
| Product Symbol | CME Globex: AHJ CME ClearPort: HJ Open Outcry: HJ |
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| 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 per hour for each off-peak hour of the contract month. One contract shall equal 2.5 megawatts per hour multiplied by the number of off-peak hours in the contract month. Each futures contract shall be valued as 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 Michigan Hub Real Time LMP for off-peak hours provided by Midwest Independent Transmission System Operator, Inc. (MISO), for all off-peak hours in the contract month. | ||||
| Termination of Trading | Trading shall cease on the last business day of the contract month. | ||||
| Listed Contracts | CME Clearport and Open Outcry: | 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. | |||
| CME Globex: | 1 consecutive month | ||||
| 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 Corporation holidays and excluding any hour lost or gained by transition into or out of Daylight Saving Time. | ||||
| Position Limits | NYMEX Position Limits | ||||
| Rulebook Chapter | 776A | ||||
| Exchange Rule | These contracts are listed with, and subject to, the rules and regulations of NYMEX. | ||||