- Trading Screen Product Name
- German NCG Futures
- Trading Screen Hub Name
- Trading Period
Up to 59 consecutive months.
Up to 7 consecutive quarters. Quarters are strips of three
individual and consecutive contract months. Quarters always
comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.
Up to 7 consecutive seasons. Seasons are strips of six individual
and consecutive contract months. Seasons always comprise of a strip
of Apr-Sep or Oct-Mar.
4 consecutive years. Years are strips of twelve individual contract
months comprising Jan-Dec.
Months, quarters, seasons and years are listed in parallel.
- Expiration Date
Trading will cease at the close of business two Business Days prior
to the first calendar day of the delivery month, quarter, season,
- 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 Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Unit of Trading
- Contract Size
1 MW x days in the contract period (i.e. month, quarter, season or
year) x 23, 24 or 25 hours (summer / winter time)
- Minimum Trading Size
Electronic Futures: 5 lots = 5 MW
Exchange for Physical (EFP): 1 lot = 1 MW
Exchange for Swap (EFS): 1 lot = 1 MW
- Minimum Block Order
1 lot = 1 MW
The contract price is in Euros and Euro cents per MWh
- Minimum Price Fluctuation
0.5 Euro Cent per MWh (€ 0.005/MWh)
- Maximum Price Fluctuation
There are no limits.
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
- Settlement Price
Fixing each Business Day as set out in the applicable Operating
Time Schedule, Appendix B.1 at approximately 17:15 hours. Timings
- Position Limit
Positions are reported to ICE Endex on a daily basis. ICE Endex 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, 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.
- Delivery/Settlement Terms
Delivery in accordance with NCG Rules.
The EDSP will be the end of day Settlement Price on the day the
- MIC Code
- Clearing Venues