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Description

The Contract is a physically deliverable monthly contract on CORSIA Eligible Emissions Units for the 2024-2026 compliance period (first phase), which have been issued by Eligible Registries.

Market Specifications

Trading Screen Product Name

CORSIA Eligible Emissions Units Futures

Trading Screen Hub Name

Phase 1

Contract Symbol

CP1

Contract Series

Up to 7 December, 9 quarterly and 2 monthly contracts or as otherwise determined and announced by the Exchange from time to time.

Expiration Date

Trading shall cease at the end of the designated settlement period three Business Days prior to the last Business Day of the contract month. If the day on which trading is due to cease is the Business Day before Christmas Day falling on a Saturday, then trading shall cease on the preceding Business Day.

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.

Trading Hours

01:00 AM - 11:00 PM, London Prevailing Time (LPT), Monday – Friday.

Trading Model

Continuous trading throughout trading hours

Trading Methods

Futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.

Unit of Trading

CORSIA Eligible Emissions Units for the 2024-2026 compliance period (first phase) from Eligible Registries.  

Each Clearing Member with a position open at cessation of trading for a contract month, is obliged to make or take delivery of CORSIA Eligible Emissions Units to or from Registries which have been approved as an Emissions Unit Program by the International Civil Aviation Organization (ICAO) Council to supply CORSIA Eligible Emissions Units for the 2024 – 2026 compliance period (first phase) and has been designated by the Exchange as an Eligible Registry.

The Exchange determines and publishes the list of Eligible Registries from time to time.

Contract Size

One lot of 1,000 CORSIA Eligible Emissions Units for the 2024-2026 compliance period (first phase).  

Minimum Trading Size

1 lot

Minimum Block Order

10 lots

Quotation

The contract price is in US Dollars and Dollar Cents per metric tonne

Minimum Price Fluctuation

$0.01 per tonne (i.e., $10.00 per lot).

Maximum Price Fluctuation

There are no limits.

Tick Value

$0.01 per tonne (i.e., $10.00 per lot).

Settlement Price

Each business day at approximately 16:15 hours LLT.

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.

Exchange Delivery Settlement Price

The EDSP shall be the Settlement Price established by ICE Futures Europe at the end of the closing period on the last day of trading for the relevant delivery month.

ICE Futures Europe may, in its absolute discretion, determine in respect of the Contract, at any time prior to the delivery period, a price other than that specified above.

Disclaimer

Neither the Exchange nor Clearing House makes any representation or warranty that the CEEU Contracts have been endorsed, approved or licensed by ICAO or the ICAO Council or jointly developed with ICAO or the ICAO Council. Neither the Exchange nor the Clearing House assert any rights over the “CORSIA” mark or brand.

MIC Code

IFEU

Clearing Venues

ICEU

Related Products

• UKA Futures
• UKA Options
• UKA Daily Futures

Trading Hours

Codes