Flett Exchange publishes a daily settlement price for the Pennsylvania SREC market. It is the price which represents the market value of SRECs based on our competitive marketplace. Significance is placed on the average traded prices along with current bids and offers at the end of the trading day. This is the most accurate price of SRECs anywhere. All market activity is governed by our market rules and monitored by our compliance staff to ensure accuracy and fairness.
THE FOLLOWING FACTORS DETERMINE THE "SETTLEMENT PRICE" ON OUR MARKETS:
The weighted average price of all trades done on the Flett Exchange Trading Platform in the previous 24 hour trading session. The session is between 3pm on the preceding day and 2:59:59 pm on the day in which settlement is being determined. If there are no trades done during the session in question then the following will determine settlement: a.The settlement will be the same as the previous session IF the previous session settlement is greater than the bid or less than the offer posted during the last 5 minutes of the session. b.If there are no trades and the bid is greater than the previous session's settlement then the settlement will be the bid price. c.If there are no trades and the offer is less than the previous sessions settlement, then the settlement will be the offer price. Submissions of bids and offers to be considered for settlement: bids and offers will only be considered for settlement purposes if they are entered onto the Flett Exchange trading platform 5 minutes prior to the end of the trading session (prior to: 2:55pm). Unfilled bids and offers entered prior to the last 5 min of trading take precedence over the volume weighted average of the day. The settlement price will be the price of the unfilled bid if the volume weighted average is below the bid; the settlement price will be the price of the unfilled offer if the volume weighted average price is higher than the offer.
The end result of the previous "settlement procedure" is a result of proprietary information that is property of Flett Exchange, LLC. The end result is defined as the "Flett Exchange, LLC settlement price or index" This "Flett Exchange, LLC settlement price or index" is for numerous Flett Exchange markets. Under no circumstance is anyone or entity allowed to refer to the "Flett Exchange, LLC settlement price or Index" without permission of Flett Exchange, LLC.