German Power Financial Base Early (Q3) 1x Cal Options65898951

Description

Early Single Expiry Option on the German Power Financial Base Futures contract. At expiry, a German Power Financial Base Early (Q3) 1x Cal Option will expire equally into the twelve underlying months of German Power Financial Base Futures which make up that calendar year.

German Power Financial Base Early (Q3) 1x Cal Options are European-style, such that In-The-Money options, unless abandoned prior to expiry, are automatically exercised at expiry. At-The-Money and Out-of-The-Money options will expire un-exercised unless the Member has elected to exercise them.

Market Specifications

Trading Screen Product Name
German Power Financial Base Futures
Trading Screen Hub Name
German Grid Early (Q3) 1x Cal
Commodity Code
GX3
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 four business days before the start of the April month preceding the contract 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. 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
Strike Range is 5.00 - 50.00 Euros per MWh
Strike Price Increments are Multiples of 0.01 Euros 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
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 and Automatic Exercise
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 15 minutes after the designated Settlement Period on the option expiry day to manually abandon or exercise an option.
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
GX3
Logical
GX3
GMI(FC)
R&N A.C.N.