ICE EMISSIONS AUCTIONS
Phase III of the European Union Emissions Trading Scheme (ETS) commenced in 2013 and will operate until 2020.
During this period approximately half of Phase III EU Allowances (EUAs) will be sold through regular auctions on exchanges such as ICE Futures Europe, in accordance with Commission Regulation (EU) No. 1031/2010 (the "Auctioning Regulation").
EU Aviation Allowances (EUAAs), which were introduced in January 2012 are expected to be auctioned in a similar way for Phase III. However following an announcement by the European Commission in 2012, ICE Futures Europe postponed the EUAA Auctions. For more information please refer to Circular 12/162.
Since November 2012, ICE Futures Europe has been conducting Phase III EUA auctions on behalf of the U.K. Government's Department of Energy and Climate Change ("DECC").
The total volume of EUAs to be auctioned by DECC on the ICE auction platform in 2014 is 66,220,000. The ICE U.K. EUA auction contract is a two day spot contract.
During the emissions auctions, bids are submitted on WebICE, ICE's front-end trading platform. WebICE is widely recognised for its state-of-the-art trading infrastructure which delivers flexibility, connectivity and reliability to participants across the globe.
ACCESSING AUCTIONS ON ICE FUTURES EUROPE
In order to access auctions on ICE Futures Europe, all participants must satisfy the eligibility and admission criteria set out in Articles 18 and 19 of the Auctioning Regulation and have the necessary regulatory permissions or exemptions.
All participants must have an arrangement in place with an ICE Clear Europe Clearing Member or an Exchange Member acting as an Auction-only Access Provider. For a list of Auction-only Access Providers, please contact ICE Futures Europe.
The practical arrangements vary according to whether you are an Exchange Member, an existing non-Exchange member participating in ICE Emissions markets or a new participant. Details of these arrangements can be found in the ICE Contract Rules and Procedures and are summarised in the Guidelines.
The 2014 U.K. Phase III auctions of European Union Allowances (EUAs) take place every other Wednesday from January 15, 2014 to December 3, 2014, between 08.00am and 10.00am U.K. Time (9.00am and 11.00am Central European Time).
See below for the full auction schedule.
Please visit the ICE Report Centre for auction results.