The proxies will be available at the first of the month prior to the applicable FTR auction month.

The proxies will be available on the 22nd of the month preceding the operating month to which the proxies apply.

ISO New England does not segregate financial assurance by any specific market. However, posted financial assurance (cash or letter of credit) is allocated first to the Market Credit Test, then to the FTR Credit Test, and lastly to the Transmission Credit Test. The allocation occurs for up to three rounds provided excess financial assurance remains after each of the first two rounds. The first round of allocation brings each credit test to 99.99%, the second round brings each credit test to 89.99%, and the last round brings each credit test to at least 79.99%. If excess financial assurance remains after the third round, the excess financial assurance is allocated to the Market Credit Test, thereby bringing that test below 79.99%.