CME Group has launched the trading and clearing services for two new NYISO Zone F, peak and off-peak, electricity swap futures contracts. The group said that the trading will be available on the New York trading floor and clearing services will be available through CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes.
Trading and clearing are scheduled to begin on November 8 for trade date November 9. The firm has added that the futures contracts and commodity codes will be 4L for NYISO Zone F 5 MW Peak Calendar-Month Day-Ahead LBMP Swap Futures and 4M for NYISO Zone F 5 MW Off-Peak Calendar-Month Day-Ahead LBMP Swap Futures.
Moreover, these new futures contracts will be cash-settled. The first listed month for these contracts will be the December 2009 contract month. Monthly contracts will list current year plus the next five calendar years, consecutively. A new calendar year will be added following the termination of trading in the December contract of the current year.
