ICE Massachusetts Compliance Renewable Energy Certificate Class I

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Physically delivered Massachusetts Class I Renewable Energy Certificates (“Massachusetts Class I REC”) where a Massachusetts Class I REC is an electronic certificate issued by NEPOOL GIS for qualifying generation.

Massachusetts Compliance Renewable Energy Certificate Class I Futures
Trading Screen Product Name REC-MA Futures
Trading Screen Hub Name REC-MA CI
Contract Symbol MCL
Settlement Method Physical delivery
Contract Size 100 MWh representing 100 Class I RECs
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 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

Last Trading Day Three Business Days prior to the last Business Day of the delivery month.
Deliverable Instruments Massachusetts Class I RECs eligible for delivery are those representing Class I renewable energy (defined in Massachusetts General Law c.25A, 11F(c)) eligible to meet the Class I requirement of the Renewable Energy Portfolio Standard promulgated under Massachusetts General Law c.25A 11F and issued by NEPOOL GIS having a vintage year designation that corresponds to the specified vintage of the expiring contract..
Registry NEPOOL GIS
MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 8:50 AM - 7:00 AM

08:50 - 07:00

8:40 AM

08:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes Clearing Admin Name REC-MA C1
Physical MCL
Logical MCL
GMI (FC) JP
ION A.C.N. None
Massachusetts Compliance Renewable Energy Certificate Class I Options
Trading Screen Product Name REC-MA Futures
Trading Screen Hub Name REC-MA CI
Contract Symbol MCL
Settlement Method Exercise into Underlying Futures Contract
Contract Size 1 Massachusetts Compliance Renewable Energy Certificate Class I Future contract
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.
Strike Price Intervals A minimum of ten Strike Prices in increments of $0.25 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 $0.25 increments.
Listing Cycle 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing schedule through the last expiring contract set.

Last Trading Day At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month.
Option Style European
Exercise Automatic

Exercise Time 5:30 pm EPT on the Last Trading Day

Registry NEPOOL GIS
MIC Code IFED
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 AM

07:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 PM

12:40

SINGAPORE 8:50 AM - 7:00 AM*

08:50 - 07:00

8:40 PM

20:40

Codes Clearing Admin Name REC-MA C1
Physical MCL
Logical MCL
GMI (FC) JP
ION A.C.N. None

Notes[edit]

References[edit]

Resources[edit]

ICE Massachusetts Compliance Renewable Energy Certificate Class I Product Spec

ICE Option on Massachusetts Compliance Renewable Energy Certificate Class I Product Spec