CER Options - Contract Specifications

One ICE Futures ECX CER Options contract.

1 lot.

Euro (€) and Euro cent (c) per metric tonne.

A range of one-hundred and nine strike prices are automatically listed for each contract month covering the price range from €1.00 - €55.00. The Exchange may add one or more strike prices nearest to the last price listed as necessary. Strike price intervals are €0.50.

€0.01 per lot.

€0.01

No limit.

Up to 8 contract months are listed on a quarterly expiry (March, June, September and December ), with 3 new contract months listed on expiry of the December contract. Additional December contracts are listed out to Dec 12.

Three Exchange Trading Days before the expiry of the relevant contract month of the ICE ECX CER Futures Contract.

As this is an European style option, premiums are paid at the time of the transaction.

ICE Clear Europe guarantees the financial performance of all ICE Futures contracts registered in the name of its members.

All open contracts are marked-to-market daily.

Trading occurs on ICE Futures’ electronic trading platform (known as the ICE Platform) which is accessible via Web ICE or through a conformed Independent Software Vendor.

Continuous trading throughout trading hours.

07:00 hours to 17:00 hours UK Local Time.

Trade weighted average of trades executed during the daily designated settlement period (16:50:00 – 16:59:59 hours UK Local Time) in accordance with Trading Procedure 2.4.9.

The UK's HM Revenue and Customs have confirmed that the trading of the ICE ECX CER Option contracts on the Exchange between the Clearing Member and ICE Clear Europe is zero-rated for VAT purposes under the terms of the Terminal Markets Order. Clearing Members are advised to seek their own advice in relation to the VAT treatment on the transfer of allowances between themselves and their client or for allowances used for their own purposes. Normal VAT rules apply between Clearing Members and their customers on delivery according to the rules of the country in which delivery occurs.

ICE ECX CER Options will be exercised into ICE Futures ECX CER 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 lapse).

ICE Clear Europe will act as central counterparty to all trades.

Variation and initial margin will be charged in the usual manner by ICE Clear Europe.