Issued redline of amendments to define outstanding exposure to capture cash flows.
Rulebook Amendments
Defined outstanding exposure to capture cash flows currently part of settlement process (i.e., option premiums, Physically settled Exchange Contract delivery value).
Also, cash flows associated with perpetual-style futures (i.e., cash adjustments).
Updated Nodal Rule 3.22 and Nodal Rule 3.23 to describe a settlement process where outstanding exposure is being collected/paid each settlement cycle.
Revised and added definitions associated with the Rule Amendments, provided for various other clarifications, typographical corrections, and conforming changes.
Effectiveness
Rule Amendments shall become effective Jul. 16, 2025.
