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). 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.

CONTRACT SYMBOL

TFM

CONTRACT SERIES

Up to 156 consecutive month contracts, or as otherwise determined by ICE Endex. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip.

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).

UNIT OF TRADING

1 MW

MINIMUM TRADING SIZE

Futures: 5 lots = 5 MW
Exchange for Physical (EFP): 1 lot = 1 MW
Exchange for Swap (EFS): 1 lot = 1 MW
Block Order: 1 lot = 1 MW

MARKERS

►TAS (Trade at Settlement)

PRICE QUOTATION

The contract price is in Euros and Euro cents per MWh

MINIMUM PRICE FLUCTUATION

0.5 Euro Cent per MWh (€0.005/MWh)

TICK VALUE

Contract Size x Minimum Trade Size x Minimum Price Flux

LAST TRADING DAY

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.

SETTLEMENT METHOD

Physical Delivery

EXCHANGE DELIVERY SETTLEMENT PRICE

Will be the end of day Settlement Price on the Last Trading Day of the contract.

DELIVERY 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.

EXCHANGE RULEBOOK

►ICE Endex Market Rulebook

DESCRIPTION

The ICE Endex Dutch TTF Natural Gas Options contract is an option on the ICE Endex Dutch TTF Natural Gas TTF Futures contract. At expiry, one lot of Dutch TTF Natural Gas Options will exercise into one lot of Dutch TTF Natural Gas Futures. 

CONTRACT SYMBOL

TFO

CONTRACT SERIES

Up to 156 consecutive month contracts, or as otherwise determined by ICE Endex. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip”. 

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).

UNIT OF TRADING

1 MW

MINIMUM TRADING SIZE

Options: 5 lots = 5 MW
Exchange for Physical (EFP): 1 lot = 1 MW
Exchange for Swap (EFS): 1 lot = 1 MW
Block Order: 1 lot = 1 MW

PRICE QUOTATION

The contract price is in Euros and Euro cents per MWh 

MINIMUM PRICE FLUCTUATION

0.5 Euro Cent per MWh (€0.005/MWh) 

TICK VALUE

Contract Size x Minimum Trade Size x Minimum Price Flux

STRIKE PRICE INCREMENTS

A minimum of 5 strike prices in increments of €0.50 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. ICE Endex may add one or more strike prices nearest to the last price listed as necessary. 

EXPIRATION DATE

Trading will cease when the intraday settlement price of the underlying futures contract is set, five calendar days before the start of the contract month. If that day is a non-business day or non-UK 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. 

OPTION STYLE

European Style

OPTION PREMIUM

Futures Style

EXERCISE PROCEDURE

Expires into a corresponding ICE Endex Dutch TTF Natural Gas 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.

EXCHANGE RULEBOOK

►ICE Endex Market Rulebook