OPIS Contracts on Nodal Exchange

Learn about the expanding environmental contract offering on Nodal Exchange.

Nodal Exchange launches OPIS carbon RINs and low carbon fuel contracts

Nodal Exchange, in collaboration with IncubEx, lists financially-settled futures and options products referencing OPIS daily price assessments for key carbon, RIN and low carbon fuel markets. OPIS, a Dow Jones Company, publishes daily price reports, supporting the development of global commodity markets.

OPIS products available on Nodal Exchange include:

  • California Low Carbon Fuel Standard (LCFS) Credit (OPIS) Futures & Options
  • Washington Carbon Allowance vs California Carbon Allowance (OPIS) Spread Futures
  • D4, D6 and D4/D6 Spread Futures & Options
  • Canada Clean Fuel Regulations OPIS Futures & Options
Carbon, RIN and Low Carbon Fuel Contract Specifications

Contract Overviews

 *Click on contract name for full info 

WCA vs. CCA (OPIS) SPREAD FUTURES

As Washington’s Cap-and-Invest program approaches linkage with California and Quebec, businesses are preparing for the new market while maintaining compliance in their respective jurisdiction.

Nodal Exchange offer a financially-settled WCA vs. CCA contract, with final settlement based on the month average of OPIS price assessments. This allows traders to express a view on the spread with a single contract and no physical delivery association.

Trading in the financially-settled spread contract results in open interest and provides benefits versus physically-delivered contracts.

  • Avoids potential liquidity concerns 
  • Mitigates leg risk and liquidity risk 

This WCA vs. CCA contract is only available on Nodal Exchange. 

ITEM WCA vs. CCA SPREAD
CONTRACT CODE CAWA (Nodal)
SETTLEMENT TYPE FINANCIAL
CONTRACT SIZE 1,000 ALLOWANCES
MINIMUMS BLOCK PRECISION: $0.001 / SCREEN: $0.01 / MINIMUM BLOCK SIZE: 10 LOTS
LISTING MONTHLY STARTING WITH SEPTEMBER 2026 THROUGH DECEMBER 2027 – ADDITIONAL MONTHS AVAILABLE UPON REQUEST.
LAST TRADING DAY TWO BUSINESS DAYS PRIOR TO LAST BUSINESS DAY IN THE CONTRACT MONTH
OPIS REFERENCE OPIS CURRENT YEAR WCA, OPIS CURRENT YEAR CCA
FINAL SETTLEMENT [WCA MONTH AVERAGE] – [CCA MONTH AVERAGE] WHERE EACH IS THE AVERAGE OF THE OPIS DAILY PRICE ASSESSMENTS FOR EACH BUSINESS DAY IN THE CONTRACT MONTH

 

California LCFS (OPIS) FUTURES & OPTIONS

Nodal Exchange offers financially-settled California LCFS Credit futures and options, with final settlement based on the month average of OPIS price assessments. This contract allows traders to manage LCFS exposure without the requirements of physical delivery.

This OPIS-assessed contract will complement Nodal’s existing physical LCFS contract, which hosts approximately 99% of the physically-delivered open interest market share. Managing LCFS risk on Nodal Exchange comes with the benefit of Nodal Clear’s award-winning portfolio margining system, effectively managing capital requirements across related positions.

ITEM California LCFS
CONTRACT CODE LCFS (Nodal)
SETTLEMENT TYPE (FUTURES) FINANCIAL
CONTRACT SIZE 100 CREDITS
MINIMUMS BLOCK PRECISION: $0.01 / SCREEN: $0.01 / MINIMUM BLOCK SIZE: 10 LOTS
LISTING MONTHLY STARTING WITH SEPTEMBER 2026 THROUGH DECEMBER 2029 – ADDITIONAL MONTHS AVAILABLE UPON REQUEST.
LAST TRADING DAY LAST BUSINESS DAY IN THE CONTRACT MONTH
OPIS REFERENCE OPIS CALIFORNIA LCFS CREDIT
FINAL SETTLEMENT [CA LCFS CREDIT MONTH AVERAGE] WHERE EACH IS THE AVERAGE OF THE OPIS DAILY PRICE ASSESSMENTS FOR EACH BUSINESS DAY IN THE CONTRACT MONTH
OPTIONS FUTURES-STYLE MARGINED OPTIONS, EXPIRING ON 15 BUSINESS DAY OF THE CONTRACT MONTH INTO THE UNDERLYING FUTURES

RINs

Nodal Exchange offer a financially-settled D4, D6 and D4/D6 spread contracts, with final settlement based on OPIS price assessments. The spread contract allows traders to express a view with a single contract and no physical delivery association.

With seamless trading between physically-delivered RINs and OPIS cash-settled contracts, Nodal provides a flexible and capital efficient market using portfolio margining through Nodal Clear.

Products can also be cleared alongside Nodal power and gas markets. 

ITEM RIN OPIS FINANCIAL FUTURES
CONTRACT CODE D4R, D6R, D4D6
SETTLEMENT TYPE FINANCIAL
CONTRACT SIZE 50,000 RINs
MINIMUMS BLOCK PRECISION: $0.0001 PER RIN; / SCREEN: $0.0001 PER RIN
LISTING MONTHLY STARTING WITH OCTOBER 2026 THROUGH NEXT 2 CALENDAR YEARS
LAST TRADING DAY LAST BUSINESS DAY IN THE EPIRY MONTH
OPIS REFERENCE OPIS CURRENT YEAR WCA, OPIS CURRENT YEAR CCA
FINAL SETTLEMENT AVERAGE OF THE OPIS DAILY PRICE ASSESSMENTS IN THE OPIS BIOFUELS DAILY REPORT FOR EACH BUSINESS DAY IN THE CONTRACT MONTH

Canada CFR

Nodal Exchange offer a financially-settled Canada Clean Fuel Regulations futures and options contracts, with final settlement based on OPIS price assessments. 

Nodal also offers physically-delivered CFR futures and options, with seamless trading between physically-delivered contracts and OPIS cash-settled contracts, Nodal provides a flexible and capital efficient market using portfolio margining through Nodal Clear.

ITEM Canada CRF OPIS Future 
CONTRACT CODE CFRF
SETTLEMENT TYPE FINANCIAL
CONTRACT SIZE 100 CANADIAN CREDITS
MINIMUMS BLOCK PRECISION: $0.01 / SCREEN: $0.01
LISTING MONTHLY STARTING WITH OCTOBER 2026 FOR CURRENT AND NEXT 3 CALENDAR YEARS
LAST TRADING DAY LAST BUSINESS DAY IN THE EXPIRY MONTH
OPIS REFERENCE OPIS CURRENT YEAR
FINAL SETTLEMENT THE AVERAGE OF THE OPIS DAILY PRICE ASSESSMENTS FOR EACH BUSINESS DAY IN THE CONTRACT MONTH

Fees

WCA vs. CCA Spread Futures
TYPE FEE (PER LOT)
Screen $4.50
Block $2.50
Settlement $2.50

 

 

CA LCFS (OPIS) Futures & Options
TYPE FEE (PER LOT)
Screen $2.50
Block $1.75
Settlement $2.50
Option Exercise $1.25

 

Carbon 

PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS		ONLY AVAILABLE ON NODAL EXCHANGE
Financial California Carbon Allowances2026 - 20302026-2030WCJF, WCKF, WCLF, WCMF, WCNF1,000 Allowances$0.05Futures
Options		Nodal Only
California Carbon Allowances2021-20302021-2030WCE, WCF, WCG, WCH, WCI, WCJ, WCK, WCL, WCM, WCN1,000 Allowances$0.05Futures
Options
California Carbon Allowances Vintage Specific2021-20302021-2030WSE, WSF, WSG, WSH, WSI, WSJ, WSK, WSL, WSM, WSN 1,000 Allowances$0.05Futures
Options
California Carbon Offset 0N/AWTB1,000 OffsetsFuture
California Carbon Offset 0 with Direct Environmental BenefitsN/AWTD1,000 OffsetsFutureNodal Only
California Carbon Offset 8 with Direct Environmental BenefitsN/AWT81,000 OffsetsFutureNodal Only
California Carbon Offset 8N/AWTA1,000 OffsetsFutureNodal Only
California Carbon Allowance Advance Auction Clearing Price (AACP)N/AACA1 Contract = 1,000 AllowancesFuture
California Carbon Allowance Current Auction Clearing Price (ACP)N/AACP1 Contract = 1,000 AllowancesFuture
Washington Carbon Allowance vs. California Carbon Allowance (OPIS) Spread Future N/ACAWA 1,000 AllowancesFutureNodal Only
PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
Regional Greenhouse Gas Initiative Allowances2021-20302021-2030RGE, RGF, RGG, RGH, RGI, RGJ, RGK, RGL, RGM, RGN1,000 Allowances$0.05Futures
Options
Regional Greenhouse Gas Initiative (RGGI) Allowance Auction Clearing Price (ACP)N/ARAC1 Contract = 1,000 AllowancesFutures
PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
Washington Carbon Allowance2023-20302023-2026WBG, WBH, WBI, WBJ, WBK, WBL, WBM, WBN1,000 Allowances$0.05Futures
Options
Washington Carbon Allowance Specific Vintage2023-2030SVG, SVH, SVI, SVJ, SVK, SVL, SVM, SVN1,000 AllowancesFutures
Washington Carbon Allowance Current Auction Clearing Price (ACP)N/AWCP1,000 AllowancesFutures
Washington Carbon Allowance Advance Auction Clearing Price (ACP)N/AWAA1,000 AllowancesFutures
Washington Carbon Allowance vs. California Carbon Allowance (OPIS) Spread FutureN/ACAWA1,000 AllowancesFutures

Key benefits of trading on Nodal Exchange

  • Effective hedging for North American carbon markets
  • Efficient delivery and settlement processes
  • Letters of credit available as collateral
  • Capital efficiencies through portfolio margining
  • Products are listed, traded and cleared along side other carbon, RECs, Renewable Fuels, Power and Natural Gas futures and options
  • All products cleared by Nodal Clear
  • Competitive transaction costs
  • No membership or data fees
  • Experienced team dedicated to product development and customer support

ADDITIONAL RESOURCES

Webpage

Press Release on OPIS Products on
Nodal Exchange

This page is for illustrative purposes only. For official contract and trading information, please visit Nodal Exchange