- Trading Screen Product Name
- Dutch TTF Natural Gas Daily Futures
- Trading Screen Hub Name
- TTF
- Trading Period
Up to 92 consecutive daily contracts or as otherwise determined and
announced by the Exchange from time to time. All Daily Products are
strips of one or more daily contracts and are listed in
parallel.
1 Day-Ahead contract (DA)
1 Balance of Week contract (BOW)
1 Weekend contract (W/END)
1 Saturday contract (Saturday)
1 Sunday contract (Sunday)
1 Working Days Next Week contract (WK/DYNW)
1 Balance of Month contract (BOM)
Up to 2 Month Contracts
- Expiration Date
Trading of Daily Products will cease at the close of business on
the business day prior to the start of the delivery period.
- 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 (CET), 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
1 MW
- Contract Size
1 MW per day in the contract period multiplied by 23, 24 or 25
hours (summer or winter time). Daily Products are adjusted for UK
Bank Holidays.
The Day-Ahead contract (DA) is a strip of a single gas day from the
next weekday at 06:00 (CET) to 06:00 (CET) on the following
calendar day. In case UK bank holidays run sequentially either
after Sunday or before Saturday, the Day-Ahead contract is for
delivery on the first weekday after the bank holiday(s).The Balance
of Week contract (BOW) is a strip that spans four, three or two
individual and consecutive gas days from Tuesday 6:00 (CET) through
to Saturday 06:00 (CET), Wednesday 6:00 (CET) through to Saturday
06:00 (CET) or Thursday 6:00 (CET) through to Saturday 06:00 (CET)
respectively. UK Bank Holidays on Tuesday and/or Friday are not
included in the BOW contract.
The Weekend contract (W/END) is a strip that spans two individual
and consecutive gas days from Saturday 6:00 (CET) through to Monday
06:00 (CET). The W/END contract is extended to three or four
consecutive gas days in case UK bank holidays runs sequentially
either after Sunday or before Saturday.
The Saturday contract (Saturday) is a strip of a single gas day
from Saturday 06:00 (CET) through to Sunday 06:00 (CET).
The Sunday contract (Sunday) is a strip of a single gas day from
Sunday 06:00 (CET) through to Monday 06:00 (CET).
The Working Days Next Week contract (WK/DYNW) is a strip that spans
five individual and consecutive gas days from Monday 6:00 (CET)
through to Saturday 06:00 (CET). UK Bank Holidays are not included
in the WK/DY NW contracts in case UK bank holidays runs
sequentially either after Sunday or before Saturday.
The Balance of Month contract (BOM) is a strip of two or more gas
days from two business days ahead to the end of the contract month,
where the first day of any period of non-trading days is considered
to be a business day. N.B. On certain days at the end of a contract
month there will not be a BOM listed.
The Month contracts are strips that span 28, 29, 30 or 31
individual and consecutive gas days from 6:00 (CET) on the first
calendar day of a particular month through to 6:00 (CET) on the
first calendar day of the next month.
- 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
- Quotation
The contract price is in Euros and Euro cents per MWh
- Minimum Price Fluctuation
Futures – 0.5 Euro Cent per MWh (€0.005/MWh)
EFPs/EFSs/Blocks - 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, end of day at approximately 17:00
(CET).
- 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
Matching Acquiring and Disposing Trade Nominations (buyer from
ICEU, seller to ICEU) are input by ICEU to GTS via Edig@s before
20:00 (CET) on each business day prior to the commencement of the
delivery period. Delivery takes place in kilowatt-hours per hour.
The EDSP will be the end of day Settlement Price on the day the
contract expires.
- Markers
TIC (Trade at Index Close) ICIS
- MIC Code
- NDEX
- Clearing Venues
- ICEU