- Trading Screen Product Name
- German Power Financial Peak Futures
- Trading Screen Hub Name
- German Grid
- Contract Symbol
- Contract Series
Up to 156 consecutive month contracts, or as otherwise determined
by the Exchange. Quarterly, seasonal, calendar, and any period of
consecutive monthly contracts can be registered as a strip.
- Expiration Date
Month contracts will cease trading at the close of business one
Business Day prior to the last Business Day of the contract
Quarter, season and calendar contracts will cease trading at the
close of business one Business Days prior to the first calendar day
of the quarter, season or calendar year.
- Contract Security
ICE Clear Europe (ICEU) acts as central counterparty to all trades
thereby guaranteeing the financial performance of ICE Endex
contracts registered in the name of its Members up to and including
delivery, exercise and/or settlement.
- Trading Hours
Open 08:00, Close 18:00 (CET), Monday – Friday.
- Trading Model
Continuous trading throughout trading hours.
- Trading Methods
Electronic futures, Exchange for Physical (EFP), Exchange for Swap
(EFS) and Block Trades are available for this contract.
- Unit of Trading
- Contract Size
1 MW per weekday in the contract period (i.e. month, quarter or
year) x 12 hours.
- Minimum Trading Size
1 lot = 1 MW (Electronic Futures, EFP, EFS)
- Minimum Block Order
1 lot = 1 MW
The contract price is in Euros and Euro cents per MWh.
- Minimum Price Fluctuation
1 Euro Cent per MWh (€0.01/MWh)
- Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
- Daily Settlement
Fixing each Business Day set out in the applicable Operating Time
Schedule. Appendix B1.
- Final Settlement
The cash settlement price of the contract is equal to the
arithmetic mean of tthe hourly prices of each hour between 08:00
(CET) and 20:00 (CET) of the German Day-Ahead auction, for each
day, excluding weekend days and regardless of public holidays,
throughout the contract period.
- Position Limit
Positions are reported to ICE Endex on a daily basis. ICE Endex has
powers to prevent the development of excessive positions or
unwarranted speculation or any other undesirable situation and may
take steps to resolve such situations including the ability to
mandate Members to limit the size of such positions or to reduce
positions where appropriate.
- Initial Margin
Calculated on all open contracts, Initial Margin, as defined in the
ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear
Europe in order to cover the costs that may be incurred in closing
out a position in default. It is returned upon the closing of the
position, or at expiry, with interest.
- Daily Margin
All open contracts are 'marked-to-market' daily, with Variation
Margin, as defined in the ICE Clear Europe Clearing Rules, being
called for as appropriate.
- Cash Settlement Obligations
In respect to each lot (1 MW) the following payments shall be
Where the Cash Settlement Price
(i) exceeds the contract price, payment by the Seller to the
(ii) exceeds the contract price, payment by the Clearing House to
(iii) is less than the contract price, payment by the Clearing
House to the Seller;
(iv) is less than the contract price, payment by the Buyer to the
of an amount calculated by multiplying the difference between the
Cash Settlement Price and the contract price by the number of hours
in the day (12).
Where the Cash Settlement Price is equal to the contract price, no
payments shall be made between the Seller (or Buyer) and the
The applicable contract price is the applied settlement price to
the open position at the latest marked-to-market. For the position
resulting from the transactions executed on the last settlement
date, the contract price is the transaction price.
- MIC Code
- Clearing Venues