- Trading Screen Product Name
- EUAA Futures
- Trading Screen Hub Name
- Trading Period
The ICE Futures EUAA Futures Contract (EUAA 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 aviation emissions allowances to or from a
Registry in accordance with the ICE Futures Europe Regulations
(Regulations) as appropriate. The underlying product is the
European Union aviation allowance or EUAA, which is an allowance
issued pursuant to Chapter II of Directive 2003/87/EC of the
European Parliament and the Council of 13 October 2003 establishing
a scheme for greenhouse gas emissions allowance trading and
amending Council Directive 96/61/EC, as amended (the
“Directive”). Unless the context clearly requires
otherwise, capitalised terms which are not otherwise defined below
have the meanings given to them in the Regulations.
- Expiration Date
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. Where the
penultimate Monday of the delivery month falls on a Non-Business Day, or there is a
Non-Business Day in the 4 days immediately following the penultimate Monday, the
last day of trading shall be the antepenultimate Monday of the delivery month. The
Exchange shall from time to time confirm, in respect of each contract month, the date
upon which trading is expected to cease.
- 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 lot of one thousand (1,000) EUAAs only to the extent such EUAAs
are valid, as of the time of their delivery to the Clearing House,
for the purposes of meeting the requirements of the Directive.
Neither the Clearing House nor the Exchange makes any
representation or warranty whatsoever as to whether any EUAAs
delivered pursuant to an EUAA Contract are or are not valid in this
- Contract Size
One lot of 1,000 European Union Aviation Allowances (EUAA)
- Minimum Trading Size
The contract price is in Euros and Euro cents per metric tonne.
- Minimum Price Flux
0.01 Euro cent per metric tonne.
- Tick Value
- 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
- Initial Margin
Calculated on all open contracts, margin is calculated and called
in accordance with the Clearing House Rules.
- Daily Margin
All open contracts are 'marked-to-market' daily, with variation margin being called for
- Trading Mechanism
Electronic futures, Exchange for Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Delivery/Settlement Terms
The contracts are physically deliverable by the transfer of EUAAs
from the Holding Account of the Selling Clearing Member at a
Registry to the Holding Account of ICE Clear Europe at a Registry
and from the Holding Account of ICE Clear Europe at that Registry
to the Holding Account of the Buying Clearing Member at a
Delivery is between Clearing Members and ICE Clear Europe during a
Delivery Period. The Delivery Period is the period beginning at
19:00 hours on the Business Day following the last trading day and
ending at 19:30 hours on the third Business Day following that last
trading day in accordance with the ICE Clear Europe Clearing Rules
and Procedures as appropriate.
Provision is made for delayed and failed delivery in the
Regulations. Members’ attention is drawn to the additional
delivery terms outlined in Circular 11/038, it being understood
that for the purpose of these additional terms, EUAs will be deemed
to include EUAs and EUAAs:
- Contract Months
December contract months and quarterly contracts are listed from
2012 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, including the quarterly.
- MIC Code
- Clearing Venues