DESCRIPTION

Contracts are for physical delivery 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 to or from a Trading Account within the EUA
Delivery Period and in accordance with the Rules. 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.

CONTRACT SYMBOL

C

CONTRACT SERIES

Up to 7 December, 9 quarterly, 3 August 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.

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.

UNIT OF TRADING

Allowance(s). 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.

MINIMUM TRADING SIZE

Futures: 1 lot = 1,000 EUA Allowances
Exchange for Swap: 50 lots = 50,000 EUA Allowances
Block Order: 50 lots = 50,000 EUA Allowances

MARKERS

►TAS (Trade at Settlement)

PRICE QUOTATION

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

MINIMUM PRICE FLUCTUATION

1 Euro Cent per tonne (€0.01/tonne)

TICK VALUE

€10.00 per lot

LAST TRADING DAY

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 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.

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

Each Clearing Member with a position open at cessation of trading is obliged to make or take delivery of EUAs to or from a Trading Account in accordance with the Rules.

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.

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.

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.

EXCHANGE RULEBOOK

►ICE Endex Market Rulebook

DESCRIPTION

The EUA Futures Options Contract is an option on the EUA Futures Contract. At expiry, one lot of EUA Options will exercise into one lot of EUA Futures Contracts. EUA Options are European style such that In-The-Money options are automatically exercised at expiry. In-The-Money options at expiry cannot be abandoned. At-The-Money options or Out-of-The-Money options cannot be exercised. 

CONTRACT SYMBOL

EFO

CONTRACT SERIES

Up to 7 December, 6 quarterly and 2 August contracts or as otherwise determined and announced by ICE Endex from time to time. Contracts will not be listed beyond December 2030.

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 during the relevant period as further defined in the Regulations. 

UNIT OF TRADING

One EUA Futures Options 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. 

UNDERLYING CONTRACT

The underlying contract is the December Future of the relevant year. For example, the underlying for the Mar 2021 option is the Dec 2021 Future.

When trading in EUA Futures Options Contracts, Members must comply with the rules applicable to the Underlying Contract.

MINIMUM TRADING SIZE

Options: 1 lot = 1,000 EUA Allowances
Exchange for Swap: 25 lots = 25,000 EUA Allowances
Block Order: 25 lots- 25,000 EUA Allowances

PRICE QUOTATION

The contract price is in Euros and Euro cents per EUA.

MINIMUM PRICE FLUCTUATION

0.05 Euro Cent per tonne (€0.005/tonne) 

TICK VALUE

€5.00 per lot

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 is set, approximately 14:00 CET (as specified in the Operating Time Schedule - Appendix B.1), of the underlying futures contract three UK business days before the expiry of the corresponding March, June, August, September, or December contract month of the EUA Futures Contract.

OPTION STYLE

European Style

OPTION PREMIUM

Futures Style

EXERCISE PROCEDURE

EUA Futures Options will be exercised into EUA Futures contracts and are of European-style exercise, such that at expiry automatic exercise will occur of options which are one or more ticks in the money (at-the-money and out-of-the-money options will expire).

At-The-Money and Out-of-The-Money options will expire worthless. It is not possible to manually abandon or exercise an option.

EXCHANGE RULEBOOK

►ICE Endex Market Rulebook