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ICE Endex

French Power Financial Base Options

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Description

Option on the French Power Financial Base Futures contract. At expiry, one lot of French Power Financial Base Options will exercise into one lot of French Power Financial Base Futures. French Power Financial Base 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
French Power Financial Base Futures
Trading Screen Hub Name
French Grid
Contract Symbol
FNB
Trading Period
Up to 156 consecutive month contracts, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip.
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) 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 French 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

Trading Hours

CityTradingPre-Open
New York3:00 AM - 1:00 PM
03:00 - 13:00
2:45 AM
02:45
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
O-French Pwr Fin
Physical
FNB
Logical
FNB
GMI (FC)
AI
ION A.C.N.
Symbol Code
FNB