Notice to Members
Notice No. 172 04/04/2003
Reminder of the Launch Dates for Monthly, Weekly, and Daily PJM Electricity Futures Contracts and Notice of Amendments to Certain Contract Terms
The launch schedule for these contracts is: The monthly contract scheduled to be introduced on April 11; the weekly contract to be introduced the afternoon of May 22 for the trade date of May 23; and the daily contracts to be introduced the afternoon of May 29 for the trade date of May 30. The following changes apply to the New York Mercantile Exchange, Inc.’s three financially settled Pennsylvania/New Jersey/ Maryland (PJM) electricity futures contracts: The monthly contract will list contracts through August 2004 instead of December 2003. The minimum price fluctuation has been increased from $0.01 to $0.05. While the daily unit size for each contract remains at 40 megawatt hours (MWH), the contract unit for the monthly and weekly futures contracts has been redefined to mean the daily unit size times the number of peak days remaining in the contract period. This eliminates the minimum transaction size requirement. The price limits that trigger a temporary halt in trading have been expanded from $10 per MWH to $30 per MWH and the time of the temporary halt has been reduced from 15 minutes to 5 minutes.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com