ICE EUA

From MarketsWiki
Jump to navigation Jump to search


ADMIS-logo-200px.jpg


The EUA Futures Contract is a deliverable contract where each Clearing Member with a position open at cessation of trading for a contract month is obliged to make or take delivery of Carbon Emission Allowances to or from the Union Registry in accordance with the ICE Futures Europe Regulations.

EUA Futures
Trading Screen Product Name EUA Futures
Trading Screen Hub Name EUA
Unit of Trading One lot of 1,000 Carbon Emission Allowances (EUA). Each EUA being an entitlement to emit one tonne of carbon dioxide equivalent gas, as further defined in the ICE Futures Europe Regulations.
Minimum Trading Size 1 lot
Quotation Euro (€) and Euro cent (c) per metric tonne
Minimum Tick €0.01 per tonne (i.e. €10 per lot)
Minimum Price Fluctuation €0.01 per tonne
Maximum Price Fluctuation There are no limits.
Contract Series Up to 7 December, 6 quarterly and 2 monthly contracts or as otherwise determined and announced by the Exchange from time to time. Contracts will not be listed beyond December 2030.
Expiration Date Last Monday of the contract month. However, if the last Monday is a Non-Business Day or there is a Non-Business Day in the 4 days following the last Monday, the last day of trading will be the penultimate Monday of the delivery month
Trading System Trading will occur on the ICE Futures Europe electronic platform known as the ICE Platform accessible via WebICE or through a conformed Independent Software Vendor.
Trading Model Continuous trading throughout trading hours
Settlement Price Trade weighted average during the daily closing period (16:50:00 - 16:59:59 hours UK local time) with Quoted Settlement Prices if low liquidity
Settlement The contracts are physically settled and delivered by the transfer of the EUAs from the seller's account to the buyer's account at the Union Registry. All transfers always pass through your clearing member's account and ICE Clear Europe. Delivery takes place 3 days after the last trading day.
Clearing ICE Clear Europe acts as central counterparty to all trades and guarantees the financial performance of the ICE Futures contracts registered in the name of its Members
VAT & Taxes UK's HM Revenue and Customs has confirmed that the trading of the EUA Futures Contract on the Exchange between the Member and ICE Clear Europe Limited has been granted interim approval to be zero-rated for VAT purposes under the terms of the Terminal Markets Order.
Margin Initial and variation margin are charged in the usual manner by ICE Clear Europe
MIC Code IFEU
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 EUA
Physical C
Logical ECF
GMI (FC) CO
ION A.C.N. None
EUA Options
Trading Screen Product Name EUA Futures
Trading Screen Hub Name EUA
Unit of Trading One EUA Futures Options Contract.
Minimum Trading Size 1 lot of 1,000 Carbon Emission Allowances (EUA). Each EUA being an entitlement to emit one tonne of carbon dioxide equivalent gas, as further defined in the ICE Futures Europe Regulations.
Quotation Euro(€) and Euro cent (c) per metric tonne
Strike Price Intervals A range of one-hundred and nine strike prices are automatically listed for each contract month covering the price range from €0.50 - €100.00. The Exchange may add one or more strike prices nearest to the last price listed as necessary. Strike price increments are €0.01
Minimum Price Fluctuation € 0.005
Maximum Price Fluctuation There are no limits.
Contract Series The contract months are listed on a quarterly expiry (March, June, September and December) up to and including 2020
Underlying Contract The underlying contract is the December Future of the relevant year. For example, the underlying for the Mar 2010 option is the Dec 2010 Future.
Option Style European
Option Premium Premiums are paid at the time of the transaction.
Position Limit There are no Iimits.
Last Trading Day Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, three Exchange Trading days before the expiry of the corresponding March, June, September, or December contract month of the EUA Futures Contract.
Clearing The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House.
VAT & Taxes UK's HM Revenue and Customs has confirmed that the trading of the EUA Options Contract on the Exchange between the Member and ICE Clear Europe Limited has been granted interim approval to be zero-rated for VAT purposes under the terms of the Terminal Markets Order.
Exercise EUA Futures Options will be exercised into EUA Futures contracts and are of European-style exercise, such that at expiry automatic exercise will occur of options which are one or more ticks in the money (at-the-money and out-of-the-money options will expire).
Contract Security ICE Clear Europe Limited guarantees the financial performance of all ICE Futures Europe contracts registered in the name of its members.
Daily Margin All open contracts are marked to market daily.
Trading System Trading occurs on ICE Futures' electronic platform (known as the ICE platform) which is accessible via WebICE or through a conformed Independent Software Vendor.
Trading Model Continuous trading throughout trading hours.
MIC Code IFEU
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 2:00 AM - 12:00 PM

02:00 - 12:00

None
LONDON 7:00 AM - 5:00 PM

07:00 - 17:00

None
SINGAPORE 3:00 PM - 1:00 AM

15:00 - 01:00

None
Codes Clearing Admin Name EUA
Physical C
Logical ECF
GMI (FC) CO
ION A.C.N. None
EUA Options (Futures Style Margin)
Trading Screen Product Name EUA Futures
Trading Screen Hub Name EUA (Futures-style)
Contract Symbol EFO
Unit of Trading One EUA Futures Options Contract.
Minimum Trading Size 1 lot of 1,000 Carbon Emission Allowances (EUA). Each EUA being an entitlement to emit one tonne of carbon dioxide equivalent gas, as further defined in the ICE Futures Europe Regulations.
Quotation Euro(€) and Euro cent (c) per metric tonne
Strike Price Intervals A range of one-hundred and nine strike prices are automatically listed for each contract month covering the price range from €1.00 - €100.00. The Exchange may add one or more strike prices nearest to the last price listed as necessary. Strike price increments are €0.01
Minimum Price Fluctuation € 0.005
Maximum Price Fluctuation There are no limits.
Contract Series Up to 7 December and 6 quarterly contracts or as otherwise determined and announced by the Exchange from time to time. Contracts will not be listed beyond December 2030.
Underlying Contract The underlying contract is the December Future of the relevant year. For example, the underlying for the Mar 2021 option is the Dec 2021 Future.
Option Style European
Option Premium Futures Style
Position Limit There are no Iimits.
Last Trading Day Trading will cease when the intraday reference price is set, 12:50 - 13:00 LLT, three Exchange Trading days before the expiry of the corresponding March, June, September, or December contract month of the EUA Futures Contract.
Clearing The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House.
VAT & Taxes UK's HM Revenue and Customs has confirmed that the trading of the EUA Options Contract on the Exchange between the Member and ICE Clear Europe Limited has been granted interim approval to be zero-rated for VAT purposes under the terms of the Terminal Markets Order.
Exercise EUA Futures Options will be exercised into EUA Futures contracts and are of European-style exercise, such that at expiry automatic exercise will occur of options which are one or more ticks in the money (at-the-money and out-of-the-money options will expire).
Contract Security ICE Clear Europe Limited guarantees the financial performance of all ICE Futures Europe contracts registered in the name of its members.
Daily Margin All open contracts are marked to market daily.
Trading System Trading occurs on ICE Futures' electronic platform (known as the ICE platform) which is accessible via WebICE or through a conformed Independent Software Vendor.
Trading Model Continuous trading throughout trading hours.
MIC Code IFEU
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 EUA
Physical EFO
Logical EFO
GMI (FC) KT
ION A.C.N. None

Notes[edit]

References[edit]

Resources[edit]

ICE EUA Product Spec

ICE EUA Options Product Spec