• Listing of Thirteen (13) New Electricity Futures Contracts

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6378
      • Notice Date
      • 04 October 2012
      • Effective Date
      • 14 October 2012
    • Please be advised that effective Sunday, October 14, 2012, for trade date Monday, October 15, 2012, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list thirteen (13) new electricity futures contracts for electronic trading on CME Globex, open outcry trading on the NYMEX trading floor, and for submission for clearing through CME ClearPort. The contracts are listed with, and subject to, the rules and regulations of NYMEX. NYMEX will allow the exchange for related position (EFRP) transactions to be submitted through CME ClearPort pursuant to the provisions of Exchange Rule 538.
      PRODUCT SPECIFICATIONS
      Title, Commodity Codes, and Rule Chapter

      Contract
      Contract (Clearing) Code
      Globex Code
      Rule Chapter
      PJM Western Hub Day-Ahead Peak Calendar-Day 2.5 MW Futures
      PWP
      WPL
      950
      PJM Western Hub Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      PWO
      PWL
      951
      PJM Western Hub Real-Time Off-Peak Calendar-Day 2.5 MW Futures
      WOR
      WOL
      952
      PJM AEP Dayton Hub Day-Ahead Peak Calendar-Day 2.5 MW Futures
      PAP
      PAL
      953
      PJM AEP Dayton Hub Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      PEO
      PEL
      954
      PJM AEP Dayton Hub Real-Time Off-Peak Calendar-Day 2.5 MW Futures
      AOR
      AOL
      955
      PJM Northern Illinois Hub Day-Ahead Peak Calendar-Day 2.5 MW Futures
      PNP
      PNL
      956
      PJM Northern Illinois Hub Day-Ahead Off-Peak Calendar-Day2.5 MW Futures
      PNO
      POL
      957
      PJM Northern Illinois Hub Real-Time Off-Peak Calendar-Day 2.5 MW Futures
      NOC
      NOI
      958
      NYISO Zone A Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      ZAO
      ZAL
      680
      NYISO Zone G Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      ZGO
      ZGL
      687
      NYISO Zone J Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      ZJO
      ZJL
      688
      ISO New England Mass Hub Day-Ahead Off-Peak Calendar-Day 2.5 MW Futures
      IDO
      IDL
      959

      Listing Schedule
      For the peak and off-peak contracts, the first listed contract day shall be October 15, 2012. The daily contracts will list current month plus the next month.
      Days and Hours
      "Peak Days" shall mean a Monday through Friday, excluding North American Electric Reliability Corporation holidays. “Peak Hours” shall mean Hour Ending 0800 through 2300 Eastern Prevailing Time (EPT).
      "Off-Peak Days & Hours" shall mean Monday through Friday Hour Ending (HE) 0100-0700 and 2400 Eastern Prevailing Time (EPT) Saturday-Sunday HE 0100-2400 EPT including North American Electric Reliability Corporation holidays.
      Contract Quantity
      Peak daily contract: The contract quantity shall be 80 MWh and is based on 5 Megawatts for peak daily hours. Transaction sizes for trading in any contract day shall be restricted to whole number multiples of the number of peak hours in the contract day. Each futures contract shall be valued at the contract quantity multiplied by the settlement price.
      Off-peak daily contract: The contract quantity shall be 5 MWh. Transaction sizes for trading in any contract day shall be restricted to whole number multiples of the number of off-peak hours in the contract day. Each futures contract shall be valued as the contract quantity multiplied by the settlement price.
      Prices and Fluctuations
      Prices shall be quoted in U.S. dollars and cents per MWh. The minimum price fluctuation shall be $0.05 per MWh.
      Termination of Trading
      Day-Ahead Peak/Off Peak daily contracts: Trading shall cease on the business day prior to the contract day.
       
      Real-Time Off-peak daily contracts: Trading shall cease on the business day that is the off-peak day. When the off-peak day is not a business day, trading shall cease on the previous business day.


       
      1.     NYMEX RATE: Peak Contracts

      Exchange Fees: On-Peak Contracts
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
      Pit
      N/A
      $0.20
      $0.20
      $0.20
      Globex
      N/A
      $0.20
      $0.20
      $0.20
      N/A
      ClearPort
      $0.20
      $0.20
      Other Processing Fees
       
      Member
      Non-Member
      Cash Settlement
      $0.20
      $0.20
       
      Futures from E/A
      N/A
      N/A
       
       
      House Acct
      Customer Acct
       
      Options E/A Notice
      N/A
      N/A
       
      Delivery Notice
      N/A
      N/A
       
      Additional Fees and Surcharges
       
       
      EFS Surcharge
      N/A
       
      Block Surcharge
      N/A
       
      Facilitation Desk Fee
      $0.02
       

      2.     NYMEX RATE: Off-Peak Contracts

      Exchange Fees: Off-Peak Contracts
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
      Pit
      N/A
      $0.0125
      $0.0125
      $0.0125
      Globex
      N/A
      $0.0125
      $0.0125
      $0.0125
      N/A
      ClearPort
      $0.0125
      $0.0125
      Other Processing Fees
       
      Member
      Non-Member
      Cash Settlement
      $0.0125
      $0.0125
       
      Futures from E/A
      N/A
      N/A
       
       
      House Acct
      Customer Acct
       
      Options E/A Notice
      N/A
      N/A
       
      Delivery Notice
      N/A
      N/A
       
      Additional Fees and Surcharges
       
       
      EFS Surcharge
      N/A
       
      Block Surcharge
      N/A
       
      Facilitation Desk Fee
      $0.001
       

      Please refer questions on this subject to:
      Research and Product Development
      Brad Leach                               Brad.Leach@cmegroup.com                              (212) 299-2609
      Products and Services
      Kristen Bauer                            Kristen.Bauer@cmegroup.com                           (713) 658-9294

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