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Description

A daily Option on the corresponding Contract Period of the ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future.

Market Specifications

Trading Screen Product Name

Peak Daily Futures

Trading Screen Hub Name

Nepool MH DA (Daily 16 MWh)

Contract Symbol

NEZ

Settlement Method

Exercise into Underlying Futures Contract

Contract Size

16 MWh

Currency

USD

Minimum Price Fluctuation

The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle

Up to 365 consecutive daily Contract Periods, or as otherwise determined by the Exchange, excluding Saturday, Sundays and NERC Holidays

Last Trading Day

At the end of the Trading Session on the last Business Day prior to the Contract Period

Option Style

European

Exercise Procedure

Automatic only

Manual exercise or abandon is not permitted

Exercise Day: The third Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions

Options which are "in the money", with respect to Reference Price A, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A

ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD

a) Ref Price A - Description

"ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. Dollars, published by the ISO New England at http://www.iso-ne.com/markets, under the headings "Hourly Data: Selectable Hourly LMP Data: 4000_:_.H.INTERNAL_HUB: Start Date/End Date: LMP prices for Day-ahead and Real-time: Day Ahead LMP" or any successor headings, that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date

Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price

Average of LMPs for all hours ending 0800-2300 EPT

d) Ref Price A - Pricing calendar

ISO New England

e) Ref Price A - Delivery Date

Contract Period

Strike Price Listing

A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments.

MIC Code

IFED

Clearing Venues

ICEU

Related Products

• ISO New England Massachusetts Hub Day-Ahead Peak Fixed Price Future
• ISO New England Massachusetts Hub Day-Ahead Off-Peak Fixed Price Future
• Option on ISO New England Massachusetts Hub Day-Ahead Peak Daily Fixed Price Future
• ISO New England Massachusetts Hub Day-Ahead Off-Peak Daily Fixed Price Future
• ISO New England Massachusetts Hub Day-Ahead Peak Daily Fixed Price Future
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Trading Hours

Codes