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EUA Futures Options (Futures Style Margin)71090500
ICE Endex

EUA Futures Options (Futures Style Margin)

Description

The EUA Futures Options Contract is an option on the EUA Futures Contract as specified in Appendix A.4.3. At expiry, one lot of EUA Options will exercise into one lot of EUA Futures Contracts. EUA Options are European style such that In-The-Money options are automatically exercised at expiry. In-The-Money options at expiry cannot be abandoned. At-The-Money options or Out-of-The-Money options cannot be exercised.

A Member may not give instructions to the Clearing House to exercise an option, neither may a Member give instructions to the Clearing House not to exercise an option

Market Specifications

Trading Screen Product Name
EUA Futures
Trading Screen Hub Name
EUA (Futures-style)
Contract Symbol
EFO
Contract Series
Up to 7 December and 6 quarterly contracts or as otherwise determined and announced by ICE Endex from time to time. Contracts will not be listed beyond December 2030.
Underlying Contract
The underlying contract is the December Future of the relevant year. For example, the underlying for the Mar 2021 option is the Dec 2021 Future.

When trading in EUA Futures Options Contracts, Members must comply with the rules applicable to the Underlying Contract.
Expiration Date
Trading will cease when the intraday reference price is set, approximately 14:00 CET (as specified in the Operating Time Schedule - Appendix B.1), of the underlying futures contract three UK business days before the expiry of the corresponding March, June, September, or December contract month of the EUA Futures Contract.
Contract Security
ICE Clear Europe 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
One EUA Futures Options Contract.
Contract Size
One lot of 1000 EUAs. Each EUA being an entitlement to emit one tonne of carbon dioxide equivalent gas during the relevant period as further defined in the ICE Endex Regulations.
Minimum Trading Size
1 lot
Minimum Block Order
25 lots
Quotation
The contract price is in Euros and Euro cents per EUA.
Strike Price Intervals
A minimum of 5 strike prices in increments of €0.50 above and below the at-the-money Strike Price. 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.
Minimum Price Fluctuation
€ 0.005 per tonne (i.e. €5.00 per lot).
Maximum Price Fluctuation
There are no limits.
Tick Value
€ 0.005 per tonne (i.e. €5.00 per lot).
Option Style
European
Option Premium
Futures Style
Exercise
EUA Futures Options will be exercised into 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 expire).

At-The-Money and Out-of-The-Money options will expire worthless. It is not possible to manually abandon or exercise an option.
MIC Code
NDEX
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
01:45
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
06:45
Singapore3:00 PM - 1:00 AM
15:00 - 01:00
2:45 PM
14:45

Codes

Clearing Admin Name
O-EUA NDEX
Physical
EFO
Logical
ECF
GMI (FC)
KT
Symbol Code
EFO