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MISO Michigan Hub Real-Time Peak Calendar-Month 5 MW Futures Contract Specs

Product Symbol CME Globex: AHM
CME ClearPort: HM
Open Outcry: HM
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 80 Megawatt hours (MWh) (5 MW per peak daily hour)
Price Quotation Each futures contract shall be valued as the contract quantity multiplied by the settlement price.
Minimum Fluctuation $0.05
Floating Price The Floating Price for each contract month will be equal to the arithmetic average of the Michigan Hub Real Time LMP provided by Midcontinent Independent System Operator, Inc. (MISO), for all peak hours in the contract month. For settlement of this contract, the prices provided by MISO will be considered final on the Payment Date and will not be subject to any further adjustment.
Termination of Trading CME Globex: Trading on CME Globex shall cease at 23:59 local time of the independent system operator/regional transmission organization on the last calendar day of the month preceding the contract month. If that time is not within CME Globex regular trading hours, trading on CME Globex shall cease at the normal termination time (i.e., 16:15 CT) on the nearest business day on or before the last calendar day of the month preceding the contract month.
CME ClearPort and Open Outcry: Trading shall cease on the last business day of the contract month.
Listed Contracts CME Globex: 36 consecutive months
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.
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.
Peak Days "Peak day" shall mean a Monday through Friday, excluding North American Electric Reliability Corporation holidays.
Peak Hours Peak hours are the 16 hour period beginning with the hour ending 0800 and end with the hour ending 2300 Eastern Prevailing Time (EPT).
Position Limits NYMEX Position Limits
Rulebook Chapter 776
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.