Nordic Power Financial Base Futures57609949

Description

A financially settled base load monthly futures contract based upon the hourly “Elspot System Price” for the Nordic region as quoted and published by Nord Pool Spot AS.

Market Specifications

Trading Screen Product Name
Nordic Power Financial Base Futures
Trading Screen Hub Name
Nordic Grid
Commodity Code
NRB
Trading Period
Up to 59 consecutive month contracts or as otherwise determined and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and announced by ICE Endex 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 years or as otherwise determined and announced by ICE Endex from time to time. Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.

Months, quarters and years are listed in parallel.
Expiration Date
Month contracts will cease trading at the close of business one Business Day prior to the last calendar day of the contract delivery period.

Quarter and year contracts will cease trading at the close of business two Business Days prior to the first calendar day of the delivery quarter or year.
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. month, quarter or year) 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 hourly “Elspot System Price” for the Nordic region as quoted and published by Nord Pool Spot AS of each hour between 00:00 am and 24:00 of all days within the contract delivery period.
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
Nordic Pwr Fin
Physical
NRB
Logical
NRB
GMI(FC)
R&N A.C.N.