- Trading Screen Product Name
- EUA Futures
- Trading Screen Hub Name
- EUA
- Contract Symbol
C
- Contract Series
Up to 7 December, up to 9 quarterly, 3 August and 2 monthly
contracts or as otherwise determined and announced by ICE Endex
from time to time. Contracts will not be listed beyond December
2030.
- Expiration Date
Trading will cease at the close of business on the last Monday of
the contract month. However, if the last Monday is a UK Bank
Holiday or if there is a UK Bank Holiday in the 4 days following
the last Monday, the last day of trading will be the penultimate
Monday of the delivery month.
- Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby
guaranteeing the financial performance of ICE Endex contracts
registered in the name of its Members up to and including delivery,
exercise and/or settlement.
- Trading Hours
Open 08:00, Close 18:00 (CET), Monday – Friday
- Trading Model
Continuous trading throughout trading hours
- Trading Methods
Electronic futures, Exchange for Swap (EFS) and Block Trades are
available for this contract.
- Unit of Trading
Allowance(s)
- Contract
An EUA Futures contract for the purposes of trading and delivering
Allowances within the meaning of Chapter II and Chapter III of
Directive 2003/87/EC in accordance with the Rules.
- Contract Size
One lot of 1000 EUAs. Each EUA being an Allowance which is an
entitlement to emit one tonne of carbon dioxide equivalent gas.
- Minimum Trading Size
1 lot
- Minimum Block Order
50 lots
- Quotation
The contract price is in Euros and Euro cents per metric tonne
- Minimum Price Fluctuation
€0.01 per tonne (i.e. €10.00 per lot).
- Maximum Price Fluctuation
There are no limits.
- Tick Value
€0.01 per tonne (i.e. €10.00 per lot).
- Settlement Price
Fixing each Business Day as set out in the applicable Operating
Time Schedule, Appendix B.1, at approximately 17:15 hours. Timings
are CET.
- Initial Margin
Calculated on all open contracts, Initial Margin, as defined in the
ICE Clear Europe Clearing Rules, 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, as defined in the ICE Clear Europe Clearing Rules, being
called for as appropriate.
- Exchange Delivery Settlement Price
The EDSP shall be the Settlement Price established by ICE Endex at
the end of the closing period on the last day of trading for the
relevant delivery month.
ICE Endex may, in its absolute discretion, determine in respect of
the Contract, at any time prior to the EUA Delivery Period, a price
other than that specified above.
- EUA Delivery Delay
In relation to EUA Futures Contracts, is deemed to have taken place
where:
(i) in the case of a Seller other than the Clearing House, the
Seller initiates EUA Delivery after 15.00 hours (LLT) on the first
Business Day after the last day of trading or such later time as
the Clearing House may direct but before 15.00 hours (LLT) on the
second Business Day after the last day of trading, in compliance
with directions of the Clearing House or otherwise; or
(ii) in case the Clearing House acts as a Seller, the Buyer's
Trading Account is credited after 15.00 hours (LLT) on the third
Business Day after the last day of trading but on or before 15.00
hours (LLT) on the fourth Business Day after the last day of
trading,
provided in each case, that an EUA Delivery Delay will cease to
exist in relation to a Contract where an EUA Delivery Failure
becomes applicable in relation to that Contract.
- EUA Delivery Failure
In relation to EUA Futures Contracts, is deemed to have taken place
where:
(i) in the case of a Seller other than the Clearing House, the
Seller has failed to make a valid request for EUA Delivery for an
EUA Delivery Period by 15.00 hours (LLT) on the second Business Day
after the last day of trading; or
(ii) in the case of a Buyer being the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the third Business Day after the last day of trading; or
(iii) in the case of a Buyer other than the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the fourth Business Day after the last day of trading; or
(iv) in the case of a Seller being the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the fourth Business Day after the last day of trading.
- EUA Delivery Period
Means the period beginning at 09.00 hours (LLT) on the Business Day
following the last day of trading of a Contract and ending at 15.00
hours (LLT) on the third Business Day following that last day of
trading. Where an EUA Delivery Delay becomes applicable to a
Contract, the period shall end at such later time as the Clearing
House may direct, which in any event shall not be a time beyond
15.00 hours (LLT) on the fourth Business Day after the last day of
trading.
- Markers
TAS (Trade at
Settlement)
- MIC Code
- NDEX
- Clearing Venues
- ICEU