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Description

Contracts for physical delivery through the transfer of rights in respect of Natural Gas at the National Balancing Point, operated by National Grid, the transmission system operator in Great Britain.

Market Specifications

Trading Screen Product Name

OCM PHYSICAL DAY

Trading Screen Hub Name

NBP

Gas Quality

Natural Gas as determined by National Grid in the Uniform Network Code, as amended from time to time. In the Uniform Network Code Gas means any hydrocarbons or mixture of hydrocarbons and other gases consisting primarily of methane which at a temperature of 15 °C and an absolute pressure of 1.01325 bar are or is predominantly in the gaseous state.

Hub Rules

Uniform Network Code

Product

All products are represented by the code of ENB:

OCM TITLE DAY
OCM PHYSICAL DAY
OCM LOCATIONAL DAY
OCM LOCATIONAL TWO DAY
OCM LOCATIONAL THREE DAY
OCM LOCATIONAL FOUR DAY
OCM LOCATIONAL FIVE DAY
OCM LOCATIONAL SIX DAY
OCM LOCATIONAL SEVEN DAY
OCM DSR LOCATIONAL DAY
OCM DSR LOCATIONAL TWO DAY
OCM DSR LOCATIONAL THREE DAY
OCM DSR LOCATIONAL FOUR DAY
OCM DSR LOCATIONAL FIVE DAY
OCM DSR LOCATIONAL SIX DAY
OCM DSR LOCATIONAL SEVEN DAY

Contract Security

ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Endex gas spot market contracts registered in the name of its Members up to and including delivery and/or settlement.

Trading Hours

08:00 (D-1) - 02:35 (D+1)
The OCM is open for trading twenty-four (24) hours a day, seven days a week, with the exception of a daily maintenance window between 03:30 and 04:00 during which the markets are not available

Holidays

The OCM is not adjusted for Bank Holidays

Clock Changes

Owing to the fact that the Quantity of an OCM Order ordinarily reflects a fixed quantity for delivery during the Gas Day in question, Orders are broadly unaffected by the March and October clock changes. The sole exception arises in respect of Physical and Locational Orders whose volumetric component is expresses as a Day Rate (as opposed to an Order Quantity). Day Rates in respect of Products affected by a clock change are adjusted to take account of clock change in question.

Trading Model

Continuous trading throughout trading hours

Unit of Trading

thm/day
kWh/day (alternative)

Contract Size

For complete Contract Size Matrix click here.

Minimum Trading Size

1 lot = 1,000 thm/day
minimum order quantity = 4,000 thm/day

Quotation

The contract price is in GBp/thm

Price Range

Any X, where -99,999 GBp/thm ≤ X ≤ 99,999 GBp/thm

Quantity Range

For all Products any Y, where 4,000 thm/day ≤ Y ≤ 99,999,000 thm/day

Minimum Price Fluctuation

0.01 GBp/thm

Maximum Price Fluctuation

There are no limits

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Flux

Day Rate (Physical and DSR Locational Orders only)

Unrestricted, subject to the minimum trading size/minimum order quantity indicated above

Lead Time (Physical and DSR Locational Orders only)

Any integer Y, where 1h ≤ Y ≤ 23h

Location (Locational and DSR Orders only)

For valid inputs for the Location of an OCM Locational Order click here.

Additional Information

Pursuant to article D.5.1, section D, of the Transportation Principal Document of the Network Code, National Grid is the only party that can buy in the OCM DSR Locational markets. All other parties are only allowed to submit offers. All trades where National Grid is not the buyer will be cancelled.

Pursuant to article D.5.1, section D, of the Transportation Principal Document of the Network Code the OCM DSR Locational markets are only open during a DSR Period, as notified by National Grid. Only during a DSR Period live offers can be submitted. Outside a DSR Period non-live order can be submitted. All orders or trades in the OCM DSR Locational markets outside a DSR Period will be cancelled.

Delivery/Settlement Terms

Settlement takes place daily

MIC Code

NDCM

Clearing Venues

ICEU

Trading Hours

Codes