Will the USD Settlement Price for the Current Auction of the November 18, 2026 CARB Joint Auction #49 settle at or above the official November 18, 2026 ICE settlement price for the November 2026 California Carbon Allowance Vintage 2026 Future?
If the official CARB Current Auction USD Settlement Price for CARB Joint Auction #49 is greater than or equal to the official ICE settlement for November 2026 California Carbon Allowance Vintage 2026 Future on November 18, 2026, the market resolves to Yes. Secondary rules: CARB Leg: Use the uniform-price allowance price, expressed in USD/tCO2e, resulting from the sale of allowances in the Current Auction component. This figure strictly excludes the Advance Auction Settlement Price, any Allowance Price Containment Reserve sale price, and any secondary-market pricing. If the Current Auction is undersubscribed and clears at the Auction Reserve Price, that reserve price serves as the Settlement Price. ICE Leg: Use the official ICE settlement for the November 2026 California Carbon Allowance Vintage 2026 Future for trade date November 18, 2026; if none is published for that trade date, use the most recent prior official ICE settlement. Resolution: Compare both values exactly as published, to the cent, without rounding. The market resolves Yes if the CARB Current Auction Settlement Price is greater than or equal to the ICE settlement price, and No if it is strictly less. In the event that Joint Auction #49 is canceled, postponed, or CARB fails to publish the Summary Results Report by January 1, 2027 at 2:59 AM EST, the market resolves to No.