EUA Futures197


The EUA Futures Contract is a deliverable contract where each Clearing Member with a position open at cessation of trading for a contract month is obliged to make or take delivery of emission allowances to or from the Union Registry in accordance with the ICE Futures Europe Regulations.

Market Specifications

Units of Trading
One lot of 1,000 CO2 EU Allowances. Each EU Allowance being an entitlement to emit one tonne of carbon dioxide equivalent gas.
Minimum Trading Size
1 lot
Euro (€) and Euro cent (c) per metric tonne
Minimum Tick
€0.01 per tonne (i.e. €10 per lot)
Minimum Price Flux
€0.01 per tonne
Maximum Price Flux
There are no limits.
Contract Months
Contracts are listed on an quarterly expiry cycle such that March, June and September contract months are listed up to September 2016 and annual contracts with December expiries up to 2020. In addition, the nearest two monthly Contracts will also be listed so that there are always three prompt Contracts available to trade inclusive of the quarterly Contract
Last Monday of the contract month. However, if the last Monday is a Non-Business Day or there is a Non-Business Day in the 4 days following the last Monday, the last day of trading will be the penultimate Monday of the delivery month
Trading System
Trading will occur on the ICE Futures Europe electronic platform known as the ICE Platform accessible via WebICE or through a conformed Independent Software Vendor.
Trading Model
Continuous trading throughout trading hours
Settlement Price
Trade weighted average during the daily closing period (16:50:00 - 16:59:59 hours UK local time) with Quoted Settlement Prices if low liquidity
The contracts are physically settled and delivered by the transfer of the EU Allowances from the seller's account to the buyer's account at the Union Registry. All transfers always pass through your clearing member's account and ICE Clear Europe. Delivery takes place 3 days after the last trading day.
ICE Clear Europe acts as central counterparty to all trades and guarantees the financial performance of the ICE Futures contracts registered in the name of its Members
VAT & Taxes
UK's HM Revenue and Customs has confirmed that the trading of the EUA Futures Contract on the Exchange between the Member and ICE Clear Europe Limited has been granted interim approval to be zero-rated for VAT purposes under the terms of the Terminal Markets Order.
Initial and variation margin are charged in the usual manner by ICE Clear Europe
MIC Code
Clearing Venue

Trading Hours

New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
Singapore2:00 PM - 12:00 AM*
14:00 - 00:00
1:45 PM

*Next Day

NOTE: DST in the US will be different than BST time. See Circular 15030 and the associated attachment for temporary trading hours changes.


Clearing Admin Name
R&N A.C.N.