- Trading Screen Product Name
- German Power Financial Base Futures
- Trading Screen Hub Name
- German Grid Early (Q2) 1x Cal
- Contract Symbol
GX2
- Trading Period
Up to 3 consecutive year contracts or as otherwise determined and
announced by ICE Endex from time to time.
- Expiration Date
Trading will cease when the intraday reference price of the
underlying futures contract is set, at approximately 14:00 CET (as
specified in the Operating Schedule - Appendix B.1) on the day on
which the Dutch TTF Natural Gas Options (Futures Style Margin)
(TFO) June contract month expires.
- 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.
- Strike Price Increments
A minimum of 10 strike prices in increments of increments of
€0.50 above and below the at-the-money Strike Price for the
front 3 expiries. A minimum of 5 strike prices in increments of
increments of €0.50 above and below the at-the-money Strike
Price for the rest of the curve. Strike Price boundaries are
adjusted according to futures price movements. ICE Endex may add
one or more strike prices nearest to the last price listed as
necessary.
- Minimum Price Fluctuation
0.1 Euro Cent per MWh (€0.001/MWh)
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
- 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.
- Option Premium
Futures Style
- Exercise Procedure
Expires into a corresponding German Power Financial Base Futures
contract with European-style exercise. If the option is not
abandoned, automatic exercise will occur for options which are one
or more ticks in the money.
At-The-Money and Out-of-The-Money options will expire worthless.
Members will have up to one hour after cessation of trading on the
option expiry day to manually abandon or exercise an option.
- MIC Code
- NDEX
- Clearing Venues
- ICEU