German Power Financial Base Daily Futures57609937

Description

A financially settled base load daily futures contract based upon the hourly prices of the German/Austrian Day-Ahead auction, until the effective date of the potential German/Austrian bidding zone split. The effective date of this split will be when a congestion management scheme is introduced and the German/Austrian Day-Ahead auction is replaced by separate German and Austrian Day-Ahead auctions. As from such effective date, the contract will be based upon the hourly prices of the German Day-Ahead auction comprising the control area operated by Amprion GmbH.

Market Specifications

Trading Screen Product Name
German Power Financial Base Daily Futures
Trading Screen Hub Name
German Grid
Commodity Code
DGB
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.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily contracts (Monday through Sunday)
Expiration Date
Trading of Day contracts will cease at the close of business on the Business Day prior to the delivery day, except when the delivery day is a Sunday or Monday in which case trading will cease at the close of business on Monday.

Trading of Weekend contracts will cease at the close of business on the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the last Business Day before the delivery period.
Contract Security
ICE Clear Europe (ICEU) 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
1 MW
Contract Size
1 MW per day in the contract period (i.e. day, weekend or week) x 23, 24 or 25 hours (summer or winter time).
Minimum Trading Size
1 lot = 1 MW (Electronic Futures, EFP, EFS)
Minimum Block Order
1 lot = 1 MW
Quotation
The contract price is in Euros and Euro cents per MWh.
Minimum Price Fluctuation
1 Euro Cent per MWh (€0.01/MWh)
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
Settlement Price
The cash settlement price of the contract is equal to the arithmetic mean of the German/Austrian Day Ahead auction price of each hour between 00:00 am and 24:00 of all days within the contract delivery period until the effective date of the potential German/Austrian bidding zone split. For days within the contract delivery period as from the effective date of such split, the cash settlement price of the contract is equal to the arithmetic mean of the price of each hour between 00:00 am and 24:00 for the German Day Ahead auction comprising the control area operated by Amprion GmbH.
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.
Cash Settlement Obligations
In respect to each lot (1 MW) the following payments shall be made: Where the Cash Settlement Price
(i) exceeds the contract price, payment by the Seller to the Clearing House;
(ii) exceeds the contract price, payment by the Clearing House to the Buyer;
(iii) is less than the contract price, payment by the Clearing House to the Seller;
(iv) is less than the contract price, payment by the Buyer to the Clearing House,
of an amount calculated by multiplying the difference between the Cash Settlement Price and the contract price by the number of hours in the day (23, 24 or 25).

Where the Cash Settlement Price is equal to the contract price, no payments shall be made between the Seller (or Buyer) and the Clearing House

The applicable contract price is the applied settlement price to the open position at the latest marked-to-market. For the position resulting from the transactions executed on the last settlement date, the contract price is the transaction price.
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
German Pwr Fin
Physical
DGB
Logical
DGB
GMI(FC)
R&N A.C.N.