ICE German Power Financial Base

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German Power Financial Base Futures
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid
Contract Symbol GAB
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 Month contracts will cease trading at the close of business one Business Day prior to the last calendar day of the contract delivery period.

Quarter and year contracts will cease trading at the close of business two Business Days prior to the first calendar day of the delivery quarter or year.

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.
Minimum Price Fluctuation 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Settlement Price The cash settlement price of the contract is equal to the arithmetic mean of the price of each hour between 00:00 am and 24:00 of all days throughout the contract delivery period for the German Day-Ahead auction comprising the control area operated by Amprion GmbH
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.
Cash Settlement Obligations In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price (i) exceeds the contract price, payment by the Seller to the Clearing House; (ii) exceeds the contract price, payment by the Clearing House to the Buyer; (iii) is less than the contract price, payment by the Clearing House to the Seller; (iv) is less than the contract price, payment by the Buyer to the Clearing House, of an amount calculated by multiplying the difference between the Cash Settlement Price and the contract price by the number of hours in the day (23, 24 or 25).

Where the Cash Settlement Price is equal to the contract price, no payments shall be made between the Seller (or Buyer) and the Clearing House

The applicable contract price is the applied settlement price to the open position at the latest marked-to-market. For the position resulting from the transactions executed on the last settlement date, the contract price is the transaction price.

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 German Pwr Fin
Physical GAB
Logical GAB
GMI (FC) AM
ION A.C.N. None
German Power Financial Base Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid
Contract Symbol GAB
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 Time Schedule - Appendix B.1), four business days before the start of the contract month.

Trading of the January contract will cease on the 3rd Thursday in December. If that day is a non-business day, expiry will occur on the nearest prior business day

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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GAB
Logical GAB
GMI (FC) AM
ION A.C.N. None
German Power Financial Base 1x Cal Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid 1x Cal
Contract Symbol GXC
Trading Period Up to 3 consecutive year contracts or as otherwise determined and announced by ICE Endex from time to time.
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), on the 2nd Thursday in the December month preceding the contract period. 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 (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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GXC
Logical GXC
GMI (FC) GC
ION A.C.N. None
German Power Financial Base 1x Qtr Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid 1x Qtr
Contract Symbol GXQ
Trading Period Up to 12 consecutive quarter contracts or as otherwise determined and announced by ICE Endex from time to time.
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), four business days before the start of the contract period.

Trading of the Q1 contract will cease on the 3rd Thursday in the December month preceding the contract period. If that day is a non-business day, expiry will occur on the nearest prior business day.

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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GXQ
Logical GXQ
GMI (FC) GQ
ION A.C.N. None
German Power Financial Base Early (Q1) 1x Cal Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid Early (Q1) 1x Cal
Contract Symbol GX1
Trading Period Up to 3 consecutive year contracts or as otherwise determined and announced by ICE Endex from time to time.
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), four business days before the start of the April month preceding the contract period.
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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GX1
Logical GX1
GMI (FC) G1
ION A.C.N. None
German Power Financial Base Early (Q2) 1x Cal Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid Early (Q2) 1x Cal
Contract Symbol GX2
Trading Period Up to 3 consecutive year contracts or as otherwise determined and announced by ICE Endex from time to time.
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), four business days before the start of the July month preceding the contract period.
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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GX2
Logical GX2
GMI (FC) G2
ION A.C.N. None
German Power Financial Base Early (Q3) 1x Cal Options
Trading Screen Product Name German Power Financial Base Futures
Trading Screen Hub Name German Grid Early (Q3) 1x Cal
Contract Symbol GX3
Trading Period Up to 3 consecutive year contracts or as otherwise determined and announced by ICE Endex from time to time.
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), four business days before the start of the October month preceding the contract period.
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 Strike Range is 5.00 - 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

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 Expires into a corresponding German 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 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 German Pwr Fin
Physical GX3
Logical GX3
GMI (FC) G3
ION A.C.N. None

Notes[edit]

References[edit]

Resources[edit]

ICE German Power Financial Base Product Spec

ICE German Power Financial Base Options Product Spec