Asset Class Navigation

PJM 50 MW Calendar-Month LMP Option Contract Specs

Options
Underlying Futures PJM Peak Calendar-Month LMP Futures (JM)
Product Symbol PML
Venue CME Globex, CME ClearPort, 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 Twenty (20) PJM Peak Calendar-Month LMP Futures contracts.
Price Quotation U.S. dollars and cents per megawatt hour.
Option Style American
Minimum Fluctuation $0.01 per megawatt hour
Expiration of Trading Trading ends two business days prior to the underlying futures month.
Listed Contracts CME Globex: 18 months
CME ClearPort and Open Outcry: Every month for 6 consecutive years
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 Physical - Exercise into Futures
Position Limits NYMEX Position Limits
Rulebook Chapter 312
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.