- Trading Screen Product Name
- Italian PSV Natural Gas Futures
- Trading Screen Hub Name
- Trading Period
Up to 35 consecutive month contracts or as otherwise determined and
announced by the Exchange from time to time.
Up to 7 consecutive quarters or as otherwise determined and
announced by the Exchange from time to time. 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 4 consecutive seasons or as otherwise determined and
announced by the Exchange from time to time. Seasons are strips of
six individual and consecutive contract months. Seasons always
comprise a strip of Apr-Sep (Summer Season) or Oct-Mar (Winter
Up to 2 calendar years or as otherwise determined and announced by
the Exchange from time to time. Calendar years are strips of twelve
individual and consecutive contract months comprising Jan - Dec.
Months, quarters, seasons and calendar years are listed in
- 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 (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
- Contract Size
1 MW per day in the contract period (i.e. month, quarter, season,
or year) x 24 hours.
- 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
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
hours. Timings are 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 ICE to SNAM RETE GAS via Sistema
PSV before 11: 30 (CET) on each business day prior to the
commencement of the delivery period. Delivery takes place in
gigajoule (GJ) per day. The EDSP will be the end of day Settlement
Price on the day the contract expires.
- MIC Code
- Clearing Venues