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PJM West Hub 50 MW Same Day Option Contract Specs

Options
Underlying Futures Ten (10) PJM Western Hub Real-Time Peak Calendar-Day 5 MW Futures (JD) contracts, using synthetic product codes M01-M31
Product Symbol J01-J31
Venue CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
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 A PJM West Hub RT Same Day Put Option contract traded on the Exchange represents the cash difference between the exercise price and the settlement price of the underlying PJM Peak Calendar-Day LMP Swap Futures contract multiplied by 800 MWh, or zero, whichever is greater. A PJM West Hub RT Same Day Call Option contract traded on the Exchange represents the cash difference between the settlement price of the underlying PJM Peak Calendar-Day LMP Swap Futures contract and the exercise price multiplied by 800 MWh, or zero, whichever is greater.
Price Quotation U.S. dollars and cents per MWh.
Option Style European
Minimum Fluctuation $0.01 per MWh
Expiration of Trading he contract date will coincide with the contract ticker symbol (J01-J31). For Example, J25 will indicate a contract of the 25th calendar day of a month. Trading shall cease on the referenced contract date.
Listed Contracts CME Globex: 1 day
CME ClearPort and Open Outcry: 1 day
Strike Prices Twenty strike prices in increments of $0.50 per megawatt hour above and below the at-the-money strike price, and the next 10 strike prices in increments of $1.00 above the highest and below the lowest existing strike prices for a total of at least 61 strike prices. The at-the-money strike price is nearest to the previous day's close of the underlying futures contract. Strike price boundaries are adjusted according to the futures price movements.
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 1069
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.

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