ICE Dutch TTF Gas

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Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the Title Transfer Facility (TTF) Virtual Trading Point, operated by Gasunie Transport Services (GTS), the transmission system operator in the Netherlands. Delivery is made equally each hour throughout the delivery period from 06:00 (CET) on the first day of the month until 06:00 (CET) on the first day of the next month.

TTF's virtual market place allows one market party to trade gas that is already on the market to another existing party, National and international clients who want to trade gas in the Netherlands must have a TTF subscription. Trades on TTF are overseen on TTF by exchange operators, which are companies appointed by the the Ministry of Economic Affairs. These exchange operators collect the volumes of gas offered and requested before facilitating the exchange.[1]

Dutch TTF Gas Futures
Trading Screen Product Name Dutch TTF Gas Base Load Futures
Trading Screen Hub Name TTF
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 at the close of business two UK Business Days prior to the first calendar day of the delivery month, quarter, season, or calendar.

TAS trading shall cease at the start of the designated settlement period two business days prior to the first calendar day of the delivery month.

Contract Security ICE Clear Europe 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 contract period (i.e. month, quarter, season or year) x 23, 24 or 25 hours (summer or winter time).
Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW
Quotation The contract price is in Euros and Euro cents per MWh
Minimum Price Fluctuation Futures – 0.5 Euro Cent per MWh (€0.005/MWh) EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh (€0.005/MWh)
Maximum Price Fluctuation There are no limits.
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Settlement Price Fixing each Business Day as set out in the applicable Operating Time Schedule, Appendix B.1, end of day at approximately 17:15 hours. Timings are CET.
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.
Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate.
Delivery/Settlement Terms Matching Acquiring and Disposing Trade Nominations (buyer from ICEU, seller to ICEU) are input by ICE to GTS via Edig@s before 13:00 (CET) on each business day prior to the commencement of the delivery period. Delivery takes place in kilowatt-hours per hour. The EDSP will be the end of day Settlement Price on the day the contract expires.
Markers TAS (Trade at Settlement)[2] MM (Minute Marker)[3]

Sing MM (Singapore Minute Marker)[4]

MIC Code NDEX
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 2:00 AM - 12:00 PM

02:00 - 12:00

1:45 AM

01:45

LONDON 7:00 AM - 5:00 PM

07:00 - 17:00

6:45 AM

06:45

SINGAPORE 3:00 PM - 1:00 AM

15:00 - 01:00

2:45 PM

14:45

Codes Clearing Admin Name Dutch TTF BL
Physical TFM
Logical TFM
GMI (FC) CF
ION A.C.N. None
Dutch TTF Gas Options
Trading Screen Product Name Dutch TTF Gas Base Load Futures
Trading Screen Hub Name TTF
Trading Period Up to 36 consecutive months.

Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip. For example, a Q1 option is an option on Jan, an option on Feb, and an option on Mar, with each option expiring five calendar days before the start of the relevant contract month.

Expiration Date Trading will cease when the intraday reference price is set , approximately 14:00 CET (as specified in the Operating Time Schedule - Appendix B.1), of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will occur on the preceding business day.
Contract Security ICE Clear Europe 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 contract period (i.e. month, quarter, season or year) x 23, 24 or 25 hours (summer or winter time).
Minimum Trading Size 5 lots = 5 MW
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 0.10 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Fluctuation 0.5 Euro Cent per MWh
Maximum Price Fluctuation There are no limits.
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Position Limit Positions are reported to the ICE Endex on a daily basis. The Exchange 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 Equity-style such that premiums are paid at the time the transaction is executed.
Exercise Expires into a corresponding ICE Endex Dutch TTF Natural Gas 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 CITY TRADING PRE-OPEN
NEW YORK 8:00 PM - 6:00 PM*

20:00 - 18:00

7:55 PM

19:55

LONDON 1:00 AM - 11:00 PM*

01:00 - 23:00

12:55 AM

00:55

SINGAPORE 9:00 AM - 7:00 AM*

09:00 - 07:00

8:55 AM

08:55

*Next Day
Codes Clearing Admin Name Dubai Crude
Physical DBI
Logical DBI
GMI (FC) DB
ION A.C.N. OU44
Dutch TTF Gas Options (Futures Style Margin)
Trading Screen Product Name Dutch TTF Gas Base Load Futures
Trading Screen Hub Name TTF (Futures-style)
Contract Symbol TFO
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 is set , approximately 14:00 CET (as specified in the Operating Schedule - Appendix B.1), of the underlying futures contract five calendar days before the start of the contract month. If that day is a non-business day, expiry will occur on the nearest prior business day, except where that day is also the expiry date of the underlying futures contract, in which case expiry will occur on the preceding business day.
Contract Security ICE Clear Europe 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 contract period (i.e. month, quarter, season or year) x 23, 24 or 25 hours (summer or winter time).
Minimum Trading Size 5 lots = 5 MW
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 0.10 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Fluctuation 0.5 Euro Cent per MWh
Maximum Price Fluctuation There are no limits.
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Position Limit Positions are reported to the ICE Endex on a daily basis. The Exchange 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 Expires into a corresponding ICE Endex Dutch TTF Natural Gas 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 CITY TRADING PRE-OPEN
NEW YORK 2:00 AM - 12:00 PM

02:00 - 12:00

1:45 AM

01:45

LONDON 7:00 AM - 5:00 PM

07:00 - 17:00

6:45 AM

06:45

SINGAPORE 3:00 PM - 1:00 AM

15:00 - 01:00

2:45 PM

14:45

Codes Clearing Admin Name Dutch TTF BL
Physical TFO
Logical TFO
GMI (FC) AY
ION A.C.N. None

Notes[edit]

References[edit]

  1. TTF. {{{org}}}.
  2. TAS. {{{org}}}.
  3. MM. {{{org}}}.
  4. Sing MM. {{{org}}}.

Resources[edit]

ICE Dutch TTF Gas Product Spec

ICE Dutch TTF Gas Options Product Specs