Effective Sunday, August 25, 2013, for trade date Monday, August 26, 2013,and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will amend the terms and conditions of seven (7) electricity futures and option contracts. Many of these changes are administrative in nature, as they update the contract titles and, in the case of the option contracts, the names of the underlying futures contracts. The contract rules are also being updated to reflect the current rulebook standards.
The MISO Indiana Hub Day-Ahead Off-Peak Calendar-Day 5 MW Futures (Code FAD) will now aggregate into the MISO Indiana Hub (formerly Cinergy Hub) Day-Ahead Off-Peak Calendar-Month 5 MW Futures (Code K2). The MISO Indiana Hub Real-Time Off-Peak Calendar-Day 5 MW Futures (Code FTD) will now aggregate in to the MISO Indiana Hub (formerly Cinergy Hub) Real-Time Off-Peak Calendar-Month 5 MW Futures (Code H4). In addition, the position limits will be revised for all Indiana Hub-based contracts. A separate Special Executive Report will be issues regarding the position limits and aggregation of contracts.
With regard to the PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Futures contract (Code R8) and the PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Futures contract (Code L6), administrative changes are being made to add “5 MW” to the title and to remove the variable quantity unit language from the rules.
The titles of the PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Option contract (Code PEP) and the PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Option contract (Code PSG) are also being amended to add “5 MW” futures and to conform the rules to the current rulebook style. No other changes are being made to the option contracts.
The PJM West Hub RT 50 MW Off-peak Option (Code N9P) is being amended to clearly indicate that a trader receives 10 underlying futures contracts per off-peak hour when the option is exercised. The option currently performs in this manner. In addition, the variable quantity unit language is being removed from the rules. Lastly, the position limit language is being replaced with standard language used by the Exchange.
All seven (7) contracts are listed for trading on CME Globex and the NYMEX trading floor, as well as for submission for clearing through CME ClearPort.
The trading hours for open outcry are Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. Chicago Time/CT). The hours for CME Globex and CME ClearPort are Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT).
The amendments to the product rule chapters are provided below.
Current Contract Name
|
Clearing Code
|
Rule Chapter
|
PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Futures
|
R8
|
168
|
PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Option
|
PEP
|
924
|
PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Futures
|
L6
|
172
|
PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Option
|
PSG
|
922
|
PJM West Hub RT 50 MW Off-Peak Option
|
N9P
|
1179
|
MISO Indiana Hub Day-Ahead Off-Peak Calendar-Day 5 MW Futures
|
FAD
|
1076
|
MISO Indiana Hub Real-Time Off-Peak Calendar-Day 5 MW Futures
|
FTD
|
1077
|
(underline indicates addition; strikethrough indicates deletion)
Chapter 168
PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures
168.02 FLOATING PRICE
The Floating Price for each contract month will be equal to the arithmetic average of the PJM PEPCO Zone Day-Ahead LMP for peak hours provided by PJM Interconnection, LLC (PJM) for the contract month. For settlement of this contract, the prices provided by PJM will be considered final on the payment date stated in Rule 168.10 and will not be subject to any further adjustment.
168.05. CONTRACT QUANTITY AND VALUE
The contract quantity shall be 80 Megawatt Hours (MWH) and is based on 5 megawatts for peak daily hours. Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of peak days in the month. Each futures contract shall be valued at the contract quantity multiplied by the settlement price.
Chapter 924
PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Option
924100. SCOPE OF CHAPTER
This chapter is limited in application to put and call options on PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (R8) contracts. In addition to the rules of this chapter, transactions in options on PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (R8) shall be subject to the general rules of the Exchange insofar as applicable.
924101. OPTION CHARACTERISTICS
The number of months open for trading at a given time shall be determined by the Exchange.
924101.A. Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
924101.B. Trading Unit
A PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW put or call option traded on the Exchange represents an option to assume a short or long position in the underlying PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (R8) contract at the strike price.
924101.C. Price Increments
Prices shall be quoted in dollars and cents per megawatt hour (MWh). The minimum price increment shall be $0.01 per MWh. The contract shall not be subject to price fluctuation limitations.
924101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
924101.E. Termination of Trading
The option contract shall expire on the second to last business day of the calendar month immediately preceding the contract month.
924101.F. Type Option
The option is an American-style option.
924102. EXERCISE PRICES
Trading shall be conducted for options with strike prices in increments as set forth below.
(A) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for the PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (R8) contract rounded off to the nearest fifty-cent increment, unless such settlement price is precisely midway between two fifty-cent increments in which case it shall be rounded off to the lower fifty-cent increment; (ii) the five strike prices which are five fifty-cent increments higher than the strike price described in section (i) of this Rule 924.05(A); and (iii) the five strike prices which are five fifty-cent increments lower than the strike price described in section (i) of this Rule 924.05(A).
(B) Thereafter, on any business day prior to the expiration of the option, new consecutive strike prices for both puts and calls will be added, such that at all times there will be at least five fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (A) of this Rule 924.05.
(C) Notwithstanding the provisions of subsections (A) and (B) of this Rule, if the Exchange determines that trading in the option contract will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of the contract in which no new strike prices may be introduced.
924103. DISCLAIMER
NEITHER NEW YORK MERCANTILE EXCHANGE, INC. (“NYMEX”) ITS AFFILIATES NOR PJM INTERCONNECTION LLC (“PJM”) GUARANTEES THE ACCURACY NOR COMPLETENESS OF THE PRICE ASSESSMENT OR ANY OF THE DATA INCLUDED THEREIN.
NYMEX, ITS AFFILIATES OR PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM USE OF THE PRICE ASSESSMENT, TRADING AND/OR CLEARING BASED ON THE PRICE ASSESSMENT, OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE TRADING AND/OR CLEARING OF THE CONTRACT, OR, FOR ANY OTHER USE. NYMEX, ITS AFFILIATES AND PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE PRICE ASSESSMENT OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL NYMEX, ITS AFFILIATES OR PJM HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
924.01 EXPIRATION
The option contract shall expire on the second to last business day of the calendar month immediately preceding the contract month.
924.02 TYPE OF OPTION
A Put or Call Option traded on the Exchange represents an option to assume a short or long position in the underlying PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Futures (R8) traded on the Exchange.
924.03 TRADING MONTHS
Trading shall be conducted in the months determined by the Exchange.
924.04 HOURS OF TRADING
The option contract is available for open outcry trading on the Exchange trading floor between 9:00 a.m. and 2:30 p.m. (New York Prevailing time) Monday through Friday, except on Exchange Holidays.
The option contract is available for clearing through CME ClearPort® from 6:00 p.m. Sundays through 5:15 p.m. Fridays (New York Prevailing time), with a 45-minute break each day between 5:15 p.m. and 6:00 p.m., except on Exchange Holidays.
924.05 STRIKE PRICES
Trading shall be conducted for options with strike prices in increments as set forth below.
(A) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for the PJM PEPCO Zone Peak Calendar-Month Day-Ahead LMP Futures (R8) contract rounded off to the nearest fifty-cent increment, unless such settlement price is precisely midway between two fifty-cent increments in which case it shall be rounded off to the lower fifty-cent increment; (ii) the five strike prices which are five fifty-cent increments higher than the strike price described in section (i) of this Rule 924.05(A); and (iii) the five strike prices which are five fifty-cent increments lower than the strike price described in section (i) of this Rule 924.05(A).
(B) Thereafter, on any business day prior to the expiration of the option, new consecutive strike prices for both puts and calls will be added, such that at all times there will be at least five fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (A) of this Rule 924.05.
(C) Notwithstanding the provisions of subsections (A) and (B) of this Rule, if the Exchange determines that trading in the option contract will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of the contract in which no new strike prices may be introduced.
924.06 PRICES
Prices shall be quoted in dollars and cents per megawatt hour (MWh). The minimum price increment shall be $0.01 per MWh.
924.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS
The contract shall not be subject to price fluctuation limitations.
Chapter 172
PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures
172.02 FLOATING PRICE
The Floating Price for each contract month will be equal to the arithmetic average of the PJM PSEG Zone Day-Ahead LMP for peak hours provided by PJM Interconnection, LLC (PJM) for the contract month. For settlement of this contract, the prices provided by PJM will be considered final on the payment date stated in Rule 172.10 and will not be subject to any further adjustment..
172.05. CONTRACT QUANTITY AND VALUE
The contract quantity shall be 80 Megawatt Hours (MWH) and is based on 5 megawatts for peak daily hours. Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of peak days in the month. Each futures contract shall be valued at the contract quantity multiplied by the settlement price.
Chapter 922
PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Option
922100. SCOPE OF CHAPTER
This chapter is limited in application to put and call options on PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (L6) contracts. In addition to the rules of this chapter, transactions in options on PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (L6) shall be subject to the general rules of the Exchange insofar as applicable.
922101. OPTION CHARACTERISTICS
The number of months open for trading at a given time shall be determined by the Exchange.
922101.A. Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
922101.B. Trading Unit
A PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW put or call option traded on the Exchange represents an option to assume a short or long position in the underlying PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (L6) contract at the strike price.
922101.C. Price Increments
Prices shall be quoted in dollars and cents per megawatt hour (MWh). The minimum price increment shall be $0.01 per MWh. The contract shall not be subject to price fluctuation limitations.
922101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
922101.E. Termination of Trading
The option contract shall expire on the second to last business day of the calendar month immediately preceding the contract month.
922101.F. Type Option
The option is an American-style option.
922102. EXERCISE PRICES
Trading shall be conducted for options with strike prices in increments as set forth below.
(A) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for the underlying PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP 5 MW Futures (L6) contract rounded off to the nearest fifty-cent increment, unless such settlement price is precisely midway between two fifty-cent increments in which case it shall be rounded off to the lower fifty-cent increment; (ii) the five strike prices which are five fifty-cent increments higher than the strike price described in section (i) of this Rule 922.05(A); and (iii) the five strike prices which are five fifty-cent increments lower than the strike price described in section (i) of this Rule 922.05(A).
(B) Thereafter, on any business day prior to the expiration of the option, new consecutive strike prices for both puts and calls will be added, such that at all times there will be at least five fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (A) of this Rule 922.05.
(C) Notwithstanding the provisions of subsections (A) and (B) of this Rule, if the Exchange determines that trading in the option contract will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of the option contract in which no new strike prices may be introduced.
922103. DISCLAIMER
NEITHER NEW YORK MERCANTILE EXCHANGE, INC. (“NYMEX”) ITS AFFILIATES NOR PJM INTERCONNECTION LLC (“PJM”) GUARANTEES THE ACCURACY NOR
COMPLETENESS OF THE PRICE ASSESSMENT OR ANY OF THE DATA INCLUDED
THEREIN.
NYMEX, ITS AFFILIATES OR PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM USE OF THE PRICE ASSESSMENT, TRADING AND/OR CLEARING BASED ON THE PRICE ASSESSMENT, OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE TRADING AND/OR CLEARING OF THE CONTRACT, OR, FOR ANY OTHER USE. NYMEX, ITS AFFILIATES AND PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE PRICE ASSESSMENT OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL NYMEX, ITS AFFILIATES OR PJM HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
922.01 EXPIRATION
The option contract shall expire on the second to last business day of the calendar month immediately preceding the contract month.
922.02 TYPE OF OPTION
A Put or Call Option traded on the Exchange represents an option to assume a short or long position in the underlying PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Futures (L6) traded on the Exchange.
922.03 TRADING MONTHS
Trading shall be conducted in the months determined by the Exchange.
922.04 HOURS OF TRADING
The option contract is available for open outcry trading on the Exchange trading floor between 9:00 a.m. and 2:30 p.m. (New York Prevailing time) Monday through Friday, except on Exchange Holidays.
The option contract is available for clearing through CME ClearPort® from 6:00 p.m. Sundays through 5:15 p.m. Fridays (New York Prevailing time), with a 45-minute break each day between 5:15 p.m. and 6:00 p.m., except on Exchange Holidays.
922.05 STRIKE PRICES
Trading shall be conducted for options with strike prices in increments as set forth below.
(A) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for the underlying PJM PSEG Zone Peak Calendar-Month Day-Ahead LMP Futures (L6) contract rounded off to the nearest fifty-cent increment, unless such settlement price is precisely midway between two fifty-cent increments in which case it shall be rounded off to the lower fifty-cent increment; (ii) the five strike prices which are five fifty-cent increments higher than the strike price described in section (i) of this Rule 922.05(A); and (iii) the five strike prices which are five fifty-cent increments lower than the strike price described in section (i) of this Rule 922.05(A).
(B) Thereafter, on any business day prior to the expiration of the option, new consecutive strike prices for both puts and calls will be added, such that at all times there will be at least five fifty-cent increment strike prices above and below the at-the-money strike price available for trading in all option contract months. The at-the-money strike price will be determined in accordance with the procedures set forth in Subsection (A) of this Rule 922.05.
(C) Notwithstanding the provisions of subsections (A) and (B) of this Rule, if the Exchange determines that trading in the option contract will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period preceding the expiration of the option contract in which no new strike prices may be introduced.
922.06 PRICES
Prices shall be quoted in dollars and cents per megawatt hour (MWh). The minimum price increment shall be $0.01 per MWh.
922.07 ABSENCE OF PRICE FLUCTUATION LIMITATIONS
The option contract shall not be subject to price fluctuation limitations.
Chapter 1179
PJM West Hub RT Real-Time 50 MW Off-Peak Option
1179100. SCOPE OF CHAPTER
This chapter is limited in application to put and call options on PJM Western Hub Real-Time Off-Peak Calendar-Month Real-Time LMP Swap 5 MW futures Futures contract. In addition to the rules of this chapter, transactions in options on PJM Western Hub Real-Time Off-Peak Calendar-Month Real-Time LMP Swap 5 MW futures Futures shall be subject to the general rules of the Exchange insofar as applicable.
1179101. OPTION CHARACTERISTICS
The number of months open for trading at a given time shall be determined by the Exchange.
1179101.A. Trading Schedule
The hours of trading for this contract shall be determined by the Exchange.
1179101.B. Trading Unit
A PJM West Hub RT Real-Time 50 MW Off-Peak Call Option traded on the Exchange represents an option to assume ten long positions per off-peak hour in the underlying PJM Western Hub Real-Time Off-Peak Calendar-Month Real-Time LMP Swap 5 MW futures Futures contracts. A PJM West Hub RT Real-Time 50 MW Off-Peak Put Option traded on the Exchange represents an option to assume ten short positions per off-peak hour in the
underlying PJM Western Hub Real-Time Off-Peak Calendar-Month Real-Time LMP Swap 5 MW futures Futures contracts. Transaction sizes for trading in any delivery month shall be restricted to whole number multiples of the number of off-peak hours in the month.
1179101.C. Price Increments
Prices shall be quoted in dollars and cents per megawatt hour (MWh) and prices shall be in multiples of $0.01 per MWh. The minimum price increment will be $0.01.
1179101.D. Position Limits and Position Accountability
For purposes of calculating compliance with position limits, each contract will be aggregated with positions held in PJM Off-Peak Calendar-Month LMP Swap futures. Each position in the contract will be calculated as a single position in the PJM Off-Peak Calendar-Month LMP Swap futures contract.
In accordance with Rule 559, no person shall own or control positions in excess of 600 PJM Off-Peak Calendar-Month LMP Swap futures-equivalent contracts net long or net short in the spot month.
In accordance with Rule 560:
1. the all-months accountability level shall be 4,500 PJM Off-Peak Calendar-Month LMP Swap futures-equivalent contracts net long or net short in all months combined;
2. the any-one month accountability level shall be 3,000 PJM Off-Peak Calendar-Month LMP Swap futures-equivalent contracts net long or net short in any single contract month excluding the spot month.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
1179101.E. Termination of Trading
The option contract shall expire at the close of trading two business days prior to the contract month.
1179101.F. Type Option
The option is an American-style option which can be exercised on any business day prior to and until expiration day.
1179102. EXERCISE PRICES
(A) On the first business day of trading in an option contract month, trading shall be at the following strike prices: (i) the previous day's settlement price for PJM Western Hub Real-Time Off-Peak Calendar-Month Real-Time LMP Swap 5 MW futures Futures contracts in the corresponding delivery month rounded off to the nearest fifty cent increment strike price unless such settlement price is precisely midway between two fifty cent increment strike prices in which case it shall be rounded off to the lower fifty cent increment strike price and (ii) the strike price which is one fifty cent increment higher than the strike price described in subsection (A)(i) of this rule and (iii) the strike price which is one fifty cent increment lower than the strike price described in subsection (A)(i) of this rule.
(B) Thereafter, on any business day prior to the expiration of the option, new consecutive fifty cent increment strike prices for both puts and calls will be added such that at all times there will be at least one fifty cent increment strike prices above and below the at-the-money strike price available for trading in all options contract months.
(C) Notwithstanding the provisions of subsections (A) and (B) of this rule, if the Exchange determines that trading in PJM West Hub RT Real-Time 50 MW Off-Peak Option will be facilitated thereby, the Exchange may, by resolution, change the increments between strike prices, the number of strike prices which shall be traded on the first day in any new option contract month, the number of new strike prices which will be introduced on each business day or the period
preceding the expiration of a PJM West Hub RT Real-Time 50 MW Off-Peak Option in which no new strike prices may be introduced.
1179103. DISCLAIMER
NEITHER NEW YORK MERCANTILE EXCHANGE, INC. (“NYMEX”) ITS AFFILIATES NOR PJM INTERCONNECTION LLC (“PJM”) GUARANTEES THE ACCURACY NOR COMPLETENESS OF THE PRICE ASSESSMENT OR ANY OF THE DATA INCLUDED THEREIN.
NYMEX, ITS AFFILIATES OR PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM USE OF THE PRICE ASSESSMENT, TRADING AND/OR CLEARING BASED ON THE PRICE ASSESSMENT, OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE TRADING AND/OR CLEARING OF THE CONTRACT, OR, FOR ANY OTHER USE. NYMEX, ITS AFFILIATES AND PJM MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE PRICE ASSESSMENT OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO
EVENT SHALL NYMEX, ITS AFFILIATES OR PJM HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
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