• Listing of PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip

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      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-6948R
      • Notice Date
      • 13 December 2013
      • Effective Date
      • 12 January 2014
    • This SER supersedes SER #6948 dated December 10, 2013
       
      Effective Sunday, January 12, 2014, for trade date Monday, January 13, 2014, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list the PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip for trading on CME Globex and the NYMEX trading floor, and for submission for clearing through CME ClearPort. 
       
      Also concurrent with the launch of this contract and pending all relevant CFTC regulatory review periods, the Exchange will permit block trading pursuant to Rule 526 (Block Trades) in this contract at a block trade minimum threshold of one (1) contract.
       
      SPECIFICATION SUMMARY:
       

      Contract Name
      Code
      Rule Chapter
      Listing Schedule
      First Listed Day
      PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip
      6OO
      758
      CME Globex, CME ClearPort, and Open Outcry: Three January through December contract periods beginning with the January 2015 option.
      January 13, 2014

       
      Contract Size: 50 MW
      Underlying Futures: PJM Western Hub Real-Time Off-Peak Calendar-Month 5 MW Futures (Code N9)
      Option Style: European
      Minimum Price Fluctuation: The minimum fluctuation shall be $0.01 per MWh.
      Value Per Tick: Variable as it depends on the number of off-peak hours in the calendar year. 
      Last Trading Day: The option contract shall expire at the close of trading on the second to last Friday of the month prior to the delivery month of the first underlying month of the PJM Western Hub Real-Time Off-Peak Calendar-Month MW Futures contract (Code N9) in the strip.
       
      Trading Hours:
      Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. Central Time/CT)
      .
      CME Globex and CME ClearPort: 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).
       
       
       
       
       
      Trading and Clearing Fees for the PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip
       

      Exchange Fees
       
      Member Day
      Member
      Cross Division
      Non-Member
      IIP
      Pit
      $507.50
      $507.50
      $543.75
      $580.00
      Globex
      $507.50
      $507.50
      $543.75
      $580.00
      $543.75
      ClearPort
      $507.50
      $580.00
      Other Processing Fees
       
      Member
      Non-Member
       
       
      Options E/A Notice
      $152.25
      $174.00
       

       

      Additional Fees and Surcharges
       
      Facilitation Desk Fee
      $29.00
       

       
       
      The fees above account for the fact that one PJM Western Hub Real-Time Off-Peak Calendar-Month 50 MW Option on Calendar Futures Strip accounts for the entire calendar year. Exchange fees are charged at the time of the trade. Additional fees are charged for exercise and assignment as well as for use of the Facilitation Desk.
       
      Please refer questions on this subject to:
       
       
      Research and Product Development
      Greg Price                                Gregory.Price@cmegroup.com                          (212) 299-2625
       
      Products and Services
      Kristen Bauer                            Kristen.Bauer@cmegroup.com                           (713) 658-9294