German Power Financial Peak Futures57609953

Description

A financially settled peak load monthly 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 Peak Futures
Trading Screen Hub Name
German Grid
Commodity Code
GAP
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 Business 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 12 hours.
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 08:00 and 20:00 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 08:00 and 20:00 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 (12).

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
GAP
Logical
GAP
GMI(FC)
R&N A.C.N.