Your browser is unsupported

Description

A financially settled base load daily futures contract based upon the hourly "SPEL Index" as quoted and published by OMIP.

Market Specifications

Trading Screen Product Name

Spanish Power Financial Base Daily Futures

Trading Screen Hub Name

Spanish Grid

Contract Symbol

DSB

Trading Period

Up to 92 consecutive daily contracts or as otherwise determined and announced by the Exchange from time to time. All Daily Products are strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily contracts (Monday through Sunday)

Expiration Date

Trading of Day contracts will cease at the close of business on the Business Day prior to the delivery day, except when the delivery day is the day after a non-Business day, in which case trading will cease at the close of business on the first Business Day after the non-Business day.

Trading of Weekend contracts will cease at the close of business on the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the last Business Day before the delivery 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. day, weekend or week) 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 OMIP SPEL Index of each hour between 00:00 am and 24:00 of all days within the contract delivery period.

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

Related Products

• Spanish Power Financial Base Futures

Trading Hours

Codes