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MISO Michigan Hub Peak Calendar-Month LMP Futures
| MISO Michigan Hub Peak Calendar-Month LMP Futures | |||||
|---|---|---|---|---|---|
| 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 | 40 Megawatt hours (MWh) (2.5 MW per peak hour) | ||||
| Price Quotation | The contract quantity is based on 2.5 megawatts per hour for each peak hour of the contract month. The daily total is 40 Megawatt Hours (MWH). One contract shall equal the daily total multiplied by the number of peak days 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 | A Daily Floating Price will be determined for each peak day of each contract month. Each Daily Floating Price will be equal to the arithmetic average of the Michigan Hub Real Time LMP for peak hours provided by Midwest Independent Transmission System Operator, Inc. (MISO), for the peak day. For settlement of this contract, the prices provided by MISO will be considered final on the payment day stated in Rule 776.10. and will not be subject to any further adjustment. | ||||
| 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. | ||||
| 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. | ||||
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