| Underlying |
The underlying contract is the December Future of the relevant year. For example, the underlying contract for the March 10 option is the December 10 Future. |
| Unit of Trading |
One ICE ECX EUA Options Contract. |
| Minimum trading size |
1 lot. |
| Quotation |
Euro (€) and Euro cent (c) per metric tonne. |
| Tick size |
€0.01 (Tick size capability to 3 decimal places). |
| Min / Max price fluctuation |
€0.01 / No limit. |
| Contract months |
Up to 8 contract months are listed on a quarterly expiry (March, June, September and December), with 4 new contract months listed on expiry of the December contract. Additional December contracts are listed out to Dec 12. |
| Strike price increments |
A range of one-hundred and nine strike prices are automatically listed for each contract month covering the price range from €1.00 - €100.00. The Exchange may add one or more strike prices nearest to the last price listed as necessary. Strike price intervals are €0.50. |
| Expiry day |
Three Exchange trading days before the expiry of the relevant contract month of the ICE Futures ECX EUA Futures Contract (which expires on the last Monday of the Contract month). |
| Options style and premium |
European style. Premiums paid at the time of the transaction. |
| Trading system |
Trading will occur on ICE Futures’ electronic trading platform (known as the ICE Platform) which is accessible via WebICE or through a conformed Independent Software Vendor. |
| Trading model |
Continuous trading throughout the trading hours |
| Trading hours |
07.00 to 17.00 hours UK local time. |
| Settlement prices |
Trade weighted average of trades executed during the daily designated settlement period (16:50:00 – 16:59:59 UK Local Time) in accordance with Trading Procedure 2.4.9. |
| Settlement and delivery |
ICE ECX EUA Options Contracts turn into ICE ECX EUA Futures Contracts at expiry, which are physically settled contracts. |
| Exercise and automatic exercise |
ICE ECX EUA Options Contracts will be exercised into ICE ECX 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 lapse). |
| Clearing and contract security |
ICE Clear Europe acts as central counterparty to all trades and guarantees the financial performance of the contracts registered in the name of its Members. |
| VAT & taxes |
The UK's HM Revenue and Customs have confirmed that the trading of the ICE ECX EUA Options 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. |
| Margin |
All open contracts are marked-to-market daily. Initial and variation margin are charged in the usual manner by ICE Clear Europe. |
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