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Description

The 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 EUAs or EUAAs to or from a Trading Account within the EUA Delivery Period and in accordance with the Rules. As defined above an EUA is an Allowance within the meaning of Article 3 of Directive 2003/87/EC accepted by ICE Endex for trading pursuant to the Rules. As such an EUA can be both an EUA and an EUAA for the purpose of this Contract.

Market Specifications

Trading Screen Product Name

EUA Futures

Trading Screen Hub Name

EUA

Contract Symbol

C

Contract Series

Up to 7 December, up to 9 quarterly and 2 monthly contracts or as otherwise determined and announced by ICE Endex from time to time. Contracts will not be listed beyond December 2030.

Expiration Date

Trading will cease at the close of business on the last Monday of the contract month. However, if the last Monday is a UK Bank Holiday or if there is a UK Bank Holiday in the 4 days following the last Monday, the last day of trading will be the penultimate Monday 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 Swap (EFS) and Block Trades are available for this contract.

Unit of Trading

Allowance(s)

Contract

An EUA Futures contract for the purposes of trading and delivering Allowances within the meaning of Chapter II and Chapter III of Directive 2003/87/EC in accordance with the Rules.

Contract Size

One lot of 1000 EUAs. Each EUA being an Allowance which is an entitlement to emit one tonne of carbon dioxide equivalent gas.

Minimum Trading Size

1 lot

Minimum Block Order

50 lots

Quotation

The contract price is in Euros and Euro cents per metric tonne

Minimum Price Fluctuation

€0.01 per tonne (i.e. €10.00 per lot).

Maximum Price Fluctuation

There are no limits.

Tick Value

€0.01 per tonne (i.e. €10.00 per lot).

Settlement Price

Fixing each Business Day as set out in the applicable Operating Time Schedule, Appendix B.1, at approximately 17:15 hours. Timings are CET.

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.

Exchange Delivery Settlement Price

The EDSP shall be the Settlement Price established by ICE Endex at the end of the closing period on the last day of trading for the relevant delivery month.

ICE Endex may, in its absolute discretion, determine in respect of the Contract, at any time prior to the EUA Delivery Period, a price other than that specified above.

EUA Delivery Delay

In relation to EUA Futures Contracts, is deemed to have taken place where:

(i) in the case of a Seller other than the Clearing House, the Seller initiates EUA Delivery after 15.00 hours (LLT) on the first Business Day after the last day of trading or such later time as the Clearing House may direct but before 15.00 hours (LLT) on the second Business Day after the last day of trading, in compliance with directions of the Clearing House or otherwise; or

(ii) in case the Clearing House acts as a Seller, the Buyer's Trading Account is credited after 15.00 hours (LLT) on the third Business Day after the last day of trading but on or before 15.00 hours (LLT) on the fourth Business Day after the last day of trading,

provided in each case, that an EUA Delivery Delay will cease to exist in relation to a Contract where an EUA Delivery Failure becomes applicable in relation to that Contract.

EUA Delivery Failure

In relation to EUA Futures Contracts, is deemed to have taken place where:

(i) in the case of a Seller other than the Clearing House, the Seller has failed to make a valid request for EUA Delivery for an EUA Delivery Period by 15.00 hours (LLT) on the second Business Day after the last day of trading; or

(ii) in the case of a Buyer being the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the third Business Day after the last day of trading; or

(iii) in the case of a Buyer other than the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the fourth Business Day after the last day of trading; or

(iv) in the case of a Seller being the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the fourth Business Day after the last day of trading.

EUA Delivery Period

Means the period beginning at 09.00 hours (LLT) on the Business Day following the last day of trading of a Contract and ending at 15.00 hours (LLT) on the third Business Day following that last day of trading. Where an EUA Delivery Delay becomes applicable to a Contract, the period shall end at such later time as the Clearing House may direct, which in any event shall not be a time beyond 15.00 hours (LLT) on the fourth Business Day after the last day of trading.

Markers

TAS (Trade at Settlement)

MIC Code

NDEX

Clearing Venues

ICEU

Related Products

• EUA Daily Future

Trading Hours

Codes