Italian PSV Natural Gas Futures49321531

Description

Contracts are for delivery or purchase through the transfer of rights in respect of natural gas at the Punto di Scambio Virtuale (Virtual Trading Point – PSV) organized and managed by Snam Rete Gas. Delivery is made equally each day throughout the delivery period from 06:00 (CET) on the first day of the month until 06:00 (CET) on the first day of the next month. The delivery days are all the calendar days in the delivery month

Market Specifications

Trading Screen Product Name
Italian PSV Natural Gas Futures
Trading Screen Hub Name
PSV
Trading Period
Up to 35 consecutive month contracts or as otherwise determined and announced by the Exchange from time to time.

Up to 4 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 Season).

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 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, calendar year.
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 (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
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 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
NDEX
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

Codes

Clearing Admin Name
Italian PSV BL
Physical
IGA
Logical
IGA
GMI(FC)
R&N A.C.N.