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Description

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.

Market Specifications

Trading Screen Product Name

Dutch TTF Natural Gas 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)

MIC Code

NDEX

Clearing Venues

ICEU

Related Products

• Dutch TTF Natural Gas Daily Futures
• UK NBP Natural Gas Futures

Trading Hours

Codes