Trade-at-Settlement Facility (TAS)

Trade at Settlement (TAS) facility

The Trade at Settlement facility allows participants to trade that day’s settlement price throughout the day, up to the start of the settlement period, i.e. from 07:00:00 to 16:49:59. The settlement price will be assigned to the trade once it has been determined.
The facility will include the ability to trade at a premium or discount to the settlement price. The premium/discount will be limited to a range of 10 ticks (€0.10/tonne) above or below the settlement price.

The Trade at Settlement facility will be available for the front Dec contract only. On WebICE the product names are ECX EUA TAS and ECX CER TAS.

Within TRS Trade at Settlement trades appear unmatched with dummy prices which are replaced with the Official Settlement Price when it becomes available. The dummy prices are 1500 for the buy and 500 for the sell. For transactions which took place at a premium/discount the Exchange will replace the dummy price with the Official Settlement Price, adjusted to take account of the relevant premium or discount as necessary.

TAS buy and sell orders are matched on a first-in, first-out basis. After a TAS trade is matched, each TAS transaction will receive a trade price equal to, or a maximum of ten ticks above or below, the Exchange’s daily settlement price for the front December futures contract month.

Both the Trade at Settlement and the prompt Dec – Dec 12 strip trade facility will be automatically added to any WebICE portfolios which contain the relevant Dec 09 ICE ECX EUA/CER Futures Contract. Participants who access the ICE ECX EUA and CER Futures Contracts through Trayport or another ISV should make contact directly with that ISV.

Click here to download ICE circular

For more information please contact:
ECX
Sara Stahl
Director Market Development
+44 (0) 20 7382 7804
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ICE Futures Europe
Jason Pegley
Head of Utility Markets
+44 (0) 20 7065 7743
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