ICE California Carbon Allowance Vintage 2020 Future

Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the California Air Resources Board or a linked program (“California Carbon Allowance”) representing one metric ton of CO2 equivalent under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated regulations, rules and amendments, all together known as the "California Cap and Trade Program".^[1]

An Option on the corresponding month of the California Carbon Allowance Future.^[2]

Contract Specs[edit]

California Carbon Allowance Vintage 2020 Future
Trading Screen Product Name	CCA Futures
Trading Screen Hub Name	CCA V20
Contract Symbol	CAX: Vintage 2019, CAY Vintage 2020
Settlement Method	Physical delivery
Contract Size	1,000 California Carbon Allowances
Currency	USD
Minimum Price Fluctuation	The price quotation convention shall be One cent ($0.01) per Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle	1. Standard-cycle contract listings: Annual December expirations for the current year and forward for up to five consecutive years. 2. The Exchange may list any other calendar month contract sets off the standard-cycle listing schedule through the last expiring contract set.
Last Trading Day	Three Business Days prior to the last Business Day of the delivery month
Deliverable Instruments	The deliverable instruments are California Carbon Allowances equal to the contract size delivered through the California MTS. California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified vintage year and allowances having a vintage of any year prior to the specified vintage-year. If the specified vintage year allowances do not exist in the California MTS at contract expiry, allowances of any prior vintage year or allowances of the earliest vintage year available in the California MTS shall be delivered.
Registry	California MTS
MIC Code	IFED
Clearing Venues	ICEU
Trading Hours	CITY	TRADING	PRE-OPEN
	NEW YORK	7:50 PM - 6:00 PM 19:50 - 18:00	7:40 PM 19:40
	LONDON	12:50 AM - 11:00 PM 00:50 - 23:00	12:40 AM 00:40
	SINGAPORE	7:50 AM - 6:00 AM 07:50 - 06:00	7:40 AM 07:40
	*Next Day Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes	Clearing Admin Name	CCA
	Physical	CAY
	Logical	CAY
	GMI (FC)	61
	ION A.C.N.	None

Option on California Carbon Allowance Vintage 2020 Future
Trading Screen Product Name	CCA Futures
Trading Screen Hub Name	CCA V20
Contract Symbol	CAY
Settlement Method	Exercise into Underlying Futures Contract
Contract Size	1 California Carbon Allowances Futures
Currency	USD
Minimum Price Fluctuation	The price quotation convention shall be One tenth of one cent ($0.001) per Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.
Listing Cycle	1. Standard-cycle contract listings: Monthly contract sets for the current year + 3 years. 2. Annual December contract sets through 2020 3. The Exchange may list any other calendar month contract sets off the standard-cycle listing schedule through the last expiring contract set.
Last Trading Day	At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month.
Strike Price Intervals	A minimum of ten Strike Prices in increments of $0.05 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments
Exercise	Automatic Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules Exercise Time 5:30 pm EPT on the Last Trading Day
MIC Code	IFED
Clearing Venues	ICEU
Trading Hours	CITY	TRADING	PRE-OPEN
	NEW YORK	7:50 PM - 6:00 PM 19:50 - 18:00	7:40 PM 19:40
	LONDON	12:50 AM - 11:00 PM 00:50 - 23:00	12:40 AM 00:40
	SINGAPORE	7:50 AM - 6:00 AM 07:50 - 06:00	7:40 AM 07:40
	*Next Day Sunday Pre-Open 5:40 PM ET; Closed on Saturday
Codes	Clearing Admin Name	CCA
	Physical	CAY
	Logical	CAY
	GMI (FC)	61
	ION A.C.N.	None