CER Futures - Fees & Margin

Fee Schedule: ECX CER Futures and Options contracts

Fee Type	Amount
Exchange Fee Members' proprietary trades Order-routers (incl. Blocks, EFPs and EFSs)	2.00 Euros per lot per side (0.002 per tonne) 2.50 Euros per lot per side (0.0025 per tonne)
ICE Clear Europe Clearing Fee All business (incl. Blocks, EFPs and EFSs)	1.50 Euros per lot per side (0.0015 per tonne)

ECX CER Options contracts are subject to a €1.50 per lot exercise fee charged by ICE Clear.  No ICE Clear registration fee is charged on the futures contract resulting from the exercise of an options or physical delivery of the futures.

Membership Fees

Annual Subscriptions			One-off Application Fee
Participant	ICE Membership	ECX Emissions Trading Privilege	ICE Futures	ECX	Year 1 Total Fees	Year 2 Total Fees
General	£6,000	€2,500	£2,500	€2,500	£8,500 + €5,000	£6,000 + €2,500
Trade	£2,500	€2,500	£2,500	€2,500	£5,000 + €5,000	£2,500 + €2,500

What is Margin?

Margin calls at ICE Futures take two forms - initial and variation margin. Initial margin is a returnable good faith deposit required whenever a futures position is opened. The cash is returned when the position is closed out or expires (goes to delivery). Variation margin represents the profit/ loss in a position each day which is calculated by the clearing house ICE Clear at the end of day. The margin rates are reviewed on a quarterly basis by ICE Clear.

 

Outright Margin Rates (per lot) 

EUAs:

Outright	Mar 10 to Dec 10	Mar 11 to Dec 11	Mar 12 to Dec 12	Mar 13 to Dec14	Inter-month Spread
EUA	€770	€792	€792	€825	€325 (€0.325 per tonne)

 
CERs:

Outright	Mar 10 to Dec 10	Mar 11 to Dec 11	Mar 12 to Dec 12	Mar 13	Inter-month Spread
CER	€675	€675	€675	€675	€200 (€0.200 per tonne)

 

• 65% initial margin offset applies between EUAs and CERs (CER-EUA margin offset)
• Initial margin for Options is not charged on a "per lot" basis but is calculated according to the overall risk (delta) of the open position. Further details available in ‘ICE ECX Contracts: User Guide’ and a margin calculator ‘ICE SPAN’ can be downloaded from: https://www.theice.com/clear_europe_span.jhtml.
• EUAs & CERs are also accepted as collateral (permitted cover for initial margin) : ICE Clear Europe has set a position limit of 30% of total initial margin requirement per clearing member in relation to the deposit of EUAs and 5% of total initial margin requirement for CERs. There is a 25% haircut on both EUAs and CERs. 
   

If you have any queries relating to the margining aspects of ECX contracts on ICE Clear Europe please contact +44 (0)207 065 7600 or e-mail This e-mail address is being protected from spam bots, you need JavaScript enabled to view it . 
 
ECX Fees and Margins

1. Outright margin
2. Intermonth spread rate