ICE California Carbon Allowance Vintage 2021 Future

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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 Vintage Specific Future.[2]

Contract Specs[edit]

California Carbon Allowance Vintage 2021 Future
Trading Screen Product Name CCA Futures
Trading Screen Hub Name CCA V21
Contract Symbol CAZ: Vintage 2021
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. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

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 calendar year of the expiring contract and allowances having a vintage of any year prior to the calendar year of the expiring contract. 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 CAZ
Logical CAZ
GMI (FC) K9
ION A.C.N. None
Option on California Carbon Allowance Future Vintage 2021
Trading Screen Product Name CCA Futures
Trading Screen Hub Name CCA V21
Contract Symbol CAZ: Vintage 2021
Settlement Method Exercise into Underlying Futures Contract
Contract Size 1 California Carbon Allowance 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. The Exchange may list monthly contracts in the Standard Cycle or any other calendar month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, September, October, November and December

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
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.
Option Style European
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 CAZ
Logical CAZ
GMI (FC) K9
ION A.C.N. None

Related Products[edit]

ICE California Carbon Allowance Vintage 2016 Future

ICE California Carbon Allowance Vintage 2017 Future

ICE California Carbon Allowance Vintage 2018 Future

ICE California Carbon Allowance Vintage 2019 Future

ICE California Carbon Allowance Vintage 2020 Future

ICE California Carbon Allowance Vintage 2022 Future

ICE California Carbon Allowance Vintage 2023 Future

ICE California Carbon Allowance Vintage 2024 Future

Notes[edit]

References[edit]