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UKA UK Auction80216146
ICE Futures Europe

UKA UK Auction

Description

The ICE UKA Auction Contract is a deliverable contract where each Clearing Member who is allocated lots in the auction is obliged to take delivery of UK Allowances (UKA) from the UK Emissions Trading Registry in accordance with the ICE Futures Europe Regulations.

Market Specifications

Trading Screen Product Name
UKA UK Auction 500
Trading Screen Hub Name
UKA UK
Contract Symbol
UK5
Contract Size
500 UKA
Unit of Trading
One lot of five hundred (500) UK Allowances (UKA). Each UK Allowance being an entitlement to emit one tonne of carbon dioxide equivalent gas in the UK ETS.
Currency
Pound Sterling
Minimum Trading Size
1 lot
Quotation
The contract price is in Pound Sterling and pence per metric tonne
Settlement Price Quotation
The contract price is in Pound Sterling and pence per metric tonne
Minimum Price Fluctuation
GBP 0.01
Maximum Price Fluctuation
There are no limits.
Auction Reserve Price
The Auction Reserve Price is GBP 22.00 per UK Emission Allowance (UKA).
Contract Series
The Contract is a Daily Contract. Only one Daily Contract is listed at any one time.
Expiry
Contracts will expire on a daily basis and only one contract will be listed at any one time.
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement
Position Limit
Positions are reported to the Exchange on a daily basis. The Exchange 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.
Trading System
Trading will occur on the ICE Futures Europe electronic trading platform known as the ICE Platform accessible via Web ICE
Trading Hours
12:00 hours to 14:00 hours Local London Time
Additional Information
The Auction Clearing Price will be determined upon closure of the bidding window. Bids shall be sorted in order of the price bid and added up starting with the highest bid. The price of the bid at which the sum of the volumes bid matches the volume of the allowances auctioned shall be the Auction Clearing Price. Tied bids shall be sorted at random. All bidders shall pay the Auction Clearing Price. In case the sum of the volumes bid is lower than the volume of the allowances auctioned, allowances can be allocated. Winning bids and the Auction Clearing Price will be determined in accordance with Regulation 6 and Regulation 7 of the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021.
Settlement Date
One business day following the Last Trading Date.
Settlement
Transfer follows receipt of full contract value by ICE Clear Europe and occurs within at T+1.
Business Days
Shall be the same as the ICE UKA Futures Contract.
MIC Code
IFEU
Clearing Venues
ICEU

Codes

Clearing Admin Name
UK Auction 500
Physical
UK5
Logical
UK5
Symbol Code
UK5