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HOME  PRODUCTS & SERVICES EUA Futures & Options - Contract Specifications
EUA Futures Contract Specifications
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| Unit of Trading |
One lot of 1,000 CO2 EU Allowances. Each EU Allowance being an entitlement to emit one tonne of carbon dioxide equivalent gas |
| Minimum trading size |
1 lot. |
| Quotation |
Euro (€) and Euro cent (c) per metric tonne. |
| Tick size |
€0.01 per tonne (i.e. €10.00 per lot). |
| Minimum/maximum price fluctuation |
€0.01/no limit. |
| Contract months |
Contracts are listed on an quarterly expiry cycle such that March, June, September and December contract months are listed up to March 2013 and annual contracts with December expiries for 2013 and 2014. |
| Expiry day |
Last Monday of the Contract month. However, if the last Monday is a Non-Business Day or there is a Non-Business Day in the 4 days following the last Monday, the last day of trading will be the penultimate Monday of the delivery month. Where the penultimate Monday of the delivery month falls on a Non-Business Day, or there is a Non-Business Day in the 4 days immediately following the penultimate Monday, the last day of trading shall be the antepenultimate Monday of the delivery month. The Exchange shall from time to time confirm, in respect of each contract month, the date upon which trading is expected to cease. |
| Trading system |
Trading will occur either on the ICE Futures electronic platform WebICE or through a conformed Independent Software Vendor including Aegis Software, Communicating Ltd, CQG, EasyScreen, Ffastfill, GL Trade, ION Trading, Neotick, Nyfix, Object Trading, Patsystems, Rolfe & Nolan, RTS, Stellar Trading Systems, Trading Technologies and Trayport. |
| Trading hours |
07:00 hours to 17:00 hours UK Local Time. |
| Settlement prices |
Trade weighted average during the daily closing period (16:50:00 – 16:59:59 hours UK Local Time) with Quoted Settlement Prices if low liquidity. |
| VAT and taxes |
The UK’s HM Revenue and Customs have confirmed that the trading of the ICE ECX EUA Futures on the Exchange between the Member and ICE Clear Europe has been granted interim approval to be zero-rated for VAT purposes under the terms of the Terminal Markets Order. |
| Delivery |
The contracts are physically deliverable by the transfer of EUAs from the Person Holding Account of the Selling Clearing Member at a Registry to the Person Holding Account of ICE Clear Europe at a Registry and from the Person Holding Account of ICE Clear Europe at that Registry to the Person Holding Account of the Buying Clearing Member at a Registry. Initially this will be restricted to the UK Registry. Delivery is between Clearing Members and ICE Clear Europe during a Delivery Period. The Delivery Period is the period beginning at 19:00 hours on the Business Day following the last trading day and ending at 19:30 hours on the third Business Day following that last trading day. There is provision for ‘Late’ and ‘Failed’ delivery within the contract Rules. |
| Clearing and contract security |
ICE Clear Europe will act as central counterparty to all trades and guarantees the financial performance of the ICE Futures contracts registered in the name of its Members. |
| Margin |
Variation and initial margin will be charged in the usual manner by ICE Clear Europe. |
ECX EUA Futures Contract Specifications
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