CER Daily Futures26238355

Description

The CER Daily Futures Contract is a deliverable contract where each Clearing Member with a position open at cessation of trading for a contract is obliged to make or take delivery of Certified Emissions Reduction units to or from a Registry in accordance with the ICE Futures Europe Regulations.

Market Specifications

Trading Screen Product Name
CER Daily Futures
Trading Screen Hub Name
CER Daily
Unit of Trading
One lot of 1000 Certified Emission Reduction units (“CERs”), being units issued pursuant to Article 12 of the Kyoto Protocol (as amended from time to time) provided that, as of the time of delivery to the Clearing House, such CERs may be used for determining compliance with emissions limitation commitments pursuant to and in accordance with the Scheme, by the issuance of an EUA by the competent authority, valid in the third compliance period of the Scheme, in exchange for a CER, and being CERs that have not been notified by the Exchange from time to time as being unsuitable for delivery to the Exchange ("Ineligible CERs").

Ineligible CERs include those CERs issued in respect of:
  • Up to and including the April 2013 Contract, hydroelectric power production project activities with a generating capacity exceeding 20MW (“Large Hydro Projects”);

  • Following and including the May 2013 Contract, Large Hydro Projects that are not listed on the Exchange’s Phase 3 Large Hydro List (as of the relevant time of delivery);

  • Any projects hosted by any State which is subject to a regime of sanctions and/or trade controls by the European Union, the United Nations, or the United States Office of Foreign Assets Control, or any projects connected with, whether directly or indirectly, any individuals or entities, whether public or private, listed or identified by the European Union, the United Nations or the United States Office of Foreign Assets Control for the purposes of and pursuant to a regime of sanctions and trade controls.

For the avoidance of doubt, the listing of a Large Hydro Project on the Exchanges’ Phase 3 Large Hydro List pursuant to the Exchange’s published methodology (members are referred to Circular 13/075 dated 17 May 2013) will not constitute any representation or warranty by either the Exchange or the Clearing House as to whether or not any CERs issued in respect of that Large Hydro Project are capable of being used for determining compliance with emissions limitation commitments pursuant to and in accordance with the Scheme.
Relevant Period
Phase 3 compliance period
Minimum Trading Size
1 lot.
Quotation
Euro (€) and Euro cent (c) per metric tonne.
Tick Size
€0.01 per tonne (i.e. €10.00 per lot).
Minimum Price Fluctuation
0.01 euro per tonne
Maximum Price Fluctuation
There are no limits.
Contract Series
The Contract is a Daily Contract. Only one Daily Contract is listed at any one time
Trading System
Trading will occur on the ICE Futures Europe electronic trading platform known as the ICE Platform accessible via Web ICE or through a conformed Independent Software Vendor
Settlement Price
Trade weighted average during the daily closing period (16:50 – 16:59:59 UK Local Time) with Quoted Settlement Prices if low liquidity. The settlement price will become the Exchange Delivery Settlement Price (EDSP).
VAT & Taxes
UK's HM Revenue and Customs has confirmed that the trading of the ICE CER Daily 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.
Delivery Methods
The Contracts are physically deliverable by the transfer of CERs from the Trading Account of the Selling Clearing Member at a Registry to the Trading Account of ICE Clear Europe at a Registry and from the Trading Account of ICE Clear Europe at that Registry to the Trading Account of the Buying Clearing Member at a Registry.

The Delivery Period for Selling Clearing Members is the period beginning at 17:00 hours on the last trading day and ending at 15:00 hours on the business day following the last trading day. ICE Clear Europe will deliver to Buying Clearing Members by 15:00 on the second Business Day following the last trading day
Clearing
ICE Clear Europe will act as central counterparty to all trades
Contract Security
ICE Clear Europe guarantees the financial performance of the ICE Futures Europe contracts registered in the name of its Members.
Other Information
Block Trades are available for this contract, with a minimum size of 50 lots. EFPs/EFSs are also available
MIC Code
IFEU
Clearing Venues
ICEU
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Trading Hours

CityTradingPre-Open
New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
01:45
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
06:45
Singapore3:00 PM - 1:00 AM
15:00 - 01:00
2:45 PM
14:45
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Codes

Clearing Admin Name
CER Daily
Physical
CES
Logical
CES
GMI(FC)
R&N A.C.N.