The permits will be cost-free and made available to member firms, members, and non-members who are guaranteed by an Exchange clearing member, provided they meet certain yet-to-be-established volume requirements and are approved by a special committee on trading privileges.
Expenses by floor brokers that will be eligible for reimbursement, if incurred as part of their PJM futures operation, will include salary and benefits of floor personnel, telephone usage, and other related costs. Participants in this program will also be required to meet minimum volume performance and/or other requirements.
The Exchange announced late last year that it will introduce monthly, weekly, and daily electricity futures based on the Pennsylvania-New Jersey-Maryland western hub. The Exchange intends to announce a launch date shortly.
Exchange President J. Robert Collins, Jr., said, "This is yet another example of the Exchange's innovative approach to expanding its participant base and establishing liquidity in new markets. It provides an excellent opportunity to become involved in the early stages of a contract that we anticipate will be as successful as our other major energy markets."
For more information on these programs, call the Exchange membership department at +1 212 299 2430.
