Preparing for a new scheduling product, the Markets and Reliability Committee last week approved collateral rules for export transactions.

The changes to Attachment Q of the Open Access Transmission Tariff will apply to Coordinated Transaction Schedules, which are designed to reduce uneconomic power flows between PJM and NYISO.

Under CTS, traders would be able to submit “price differential” bids that would clear when the price difference between New York and PJM exceed a threshold set by the bidder. CTS were conditionally approved by FERC on Feb. 20 and will not be available to traders until at least November.