Your browser is unsupported

Description

Single Expiry Option on the German Power Financial Base Futures contract. At expiry, a German Power Financial Base 1x Qtr Option will expire equally into the three underlying months of German Power Financial Base Futures which make up that quarter.  

Market Specifications

Trading Screen Product Name

German Power Financial Base Futures

Trading Screen Hub Name

German Grid 1x Qtr

Contract Symbol

GXQ

Contract Series

Up to 12 consecutive quarter contracts or as otherwise determined and announced by ICE Endex from time to time

Contract Size

1 MW per day in the contract period (i.e. month, quarter or year) x 23, 24 or 25 hours (summer or winter time).

Unit of Trading

1 MW

Minimum Trading Size

Options: 1 lots = 1 MW
Exchange for Physical (EFP): 1 lot = 1 MW
Exchange for Swap (EFS): 1 lot = 1 MW
Block Order: 1 lot = 1 MW

Price Quotation

The contract price is in Euros and Euro cents per MWh. 

Minimum Price Fluctuation

0.1 Euro Cent per MWh (€0.001/MWh)

Tick Value

Contract Size x Minimum Trade Size x Minimum Price Flux

Strike Price Increments

A minimum of 10 strike prices in increments of increments of €0.50 above and below the at-the-money Strike Price for the front 3 expiries. A minimum of 5 strike prices in increments of increments of €0.50 above and below the at-the-money Strike Price for the rest of the curve. Strike Price boundaries are adjusted according to futures price movements. ICE Endex may add one or more strike prices nearest to the last price listed as necessary. 

Expiration Date

Trading will cease when the intraday settlement price of the underlying futures contract is set, at approximately 14:00 CET (as specified in the Operating Schedule - Appendix B.1) on the day on which the Dutch TTF Natural Gas Options (Futures Style Margin) (TFO) expires.

Option Style

European Style 

Option Premium

Futures Style

Exercise Procedure

Expires into a corresponding German Power Financial Base Futures contract with European-style exercise. If the option is not abandoned, automatic exercise will occur for options which are one or more ticks in the money.
At-The-Money and Out-of-The-Money options will expire worthless. Members will have up to one hour after the designated Settlement Period on the option expiry day to manually abandon or exercise an option.

Exchange Rulebook

ICE Endex Market Rulebook

MIC Code

NDEX

Clearing Venues

ICEU

Trading Hours

Codes