The underlying contract is the December ERU Future of the relevant year. For example, the underlying contract for the March 10 option is the December 10 Future.
|Expiration Date||Three Exchange Trading Days before the expiry of the corresponding March, June, September or December contract month of the ERU Futures Contract.|
|Contract Series||Up to 12 contract months are listed on a quarterly expiry (March, June, September and December), with 3 new contract months listed on expiry of the December contract. Additional December contracts are listed through 2015.|
|Strike Price Increments||A range of one-hundred strike prices are automatically listed for each contract month covering the price range from €1.00 - €50.00. The Exchange may add one or more strike prices nearest to the last price listed as necessary. Strike price intervals are €0.01.|
|Contract Security||ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.|
|Trading Hours||Open 07:00, Close 17:00 (London local time).
Open 08:00, Close 18:00 (Central European Time)
|Units of Trading||One ERU Options Contract.|
|Contract Size||One lot of 1,000 Emission Reduction Units (ERU)|
|Minimum Trading Size||1 lot|
|Quotation||The contract price is in Euros and Euro cents per metric tonne.|
|Minimum Price Flux||0.01 Euro cent per metric tonne.|
|Tick Value||10 Euros.|
|Maximum Price Flux||There are no limits.|
|Position Limits||Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.|
|Initial Margin||Calculated on all open contracts, Initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.|
|Daily Margin||All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.|
|Trading Mechanism||Contracts are traded on the ICE Platform.|
|Option Premium||Premiums are paid at the time of the transaction.|
|Exercise||ERU Options Contract will be exercised into ERU Futures Contracts and are of European-style exercise, such that at expiry automatic exercise will occur of options which are one or more ticks in the money. (At-the-money and out of the-money options will lapse).|
|Exercise Deadline||18:00 UK Time|
|Settlement||The EDSP will be the Settlement Price on the day the contract expires. The Settlement Price is the weighted average price of trades during a 10 minute period from 16:50 London Time.|
NOTE: DST in the US will be different than BST time. See Circular 14011 for temporary trading hours changes.
Clearing Admin NameERU