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Description

The Contracts are for physical delivery where each Clearing Member with a position open at cessation of trading for a contract month is obliged to make or take delivery of EUA 2s to or from a Trading Account within the EUA Delivery Period and in accordance with the Rules.
An EU ETS 2 Allowance (EUA 2) is an Allowance within the meaning of Article 3 of Directive 2003/87/EC and within the meaning of Chapter IVa (Emissions Trading System for Buildings, Road Transport and Additional Sectors) accepted by ICE Endex for trading pursuant to the Rules.
For purposes of the applicability of the Rules to an EUA 2 Futures Contract, (i) an EUA 2 as referenced in these Product Specifications shall be considered an EUA as defined in the Rules and (ii) an EUA 2 Futures Contract as referenced in these Product Specifications shall be considered an EUA Futures Contract as defined in the Rules.

Market Specifications

Trading Screen Product Name

EUA 2 Futures

Trading Screen Hub Name

EUA 2

Contract Symbol

EC2

Contract Series

Up to 4 December, 3 quarterly, 3 April and 2 monthly contracts or as otherwise determined and announced by ICE Endex from time to time. Contracts will not be listed beyond December 2032.

Contract Size

One lot of 1000 EUA 2s. Each EUA 2 being an Allowance which is an entitlement to emit one tonne of carbon dioxide equivalent gas within the meaning of Chapter IVa of Directive 2003/87/EC.

Unit of Trading

Allowance(s). An EUA 2 Futures Contract for the purposes of trading and delivering Allowances within the meaning of Chapter IVa of Directive 2003/87/EC in accordance with the Rules.

Minimum Trading Size

Futures: 1 lot = 1,000 EUA 2 Allowances
Exchange for Swap: 50 lots = 50,000 EUA 2 Allowances
Block Order: 50 lots = 50,000 EUA 2 Allowances

Price Quotation

The contract price is in Euros and Euro cents per metric tonne 

Minimum Price Fluctuation

1 Euro Cent per tonne (€0.01/tonne) 

Tick Value

€10.00 per lot 

Last Trading Day

Trading will cease at the close of business on the last Monday of the contract month. However, if the last Monday is a UK Bank Holiday or there is a UK Bank Holiday in the 4 days following the last Monday, the last day of trading will be the penultimate Monday of the delivery month.

Settlement Method

Physical Delivery

Exchange Delivery Settlement Price

Will be the end of day Settlement Price on the Last Trading Day of the contract.

Delivery Terms

Each Clearing Member with a position open at cessation of trading is obliged to make or take delivery of EUA 2s to or from a Trading Account in accordance with the Rules.

Delivery Period

Means the period beginning at 09.00 hours (LLT) on the Business Day following the last day of trading of a Contract and ending at 15.00 hours (LLT) on the third Business Day following that last day of trading. Where an EUA Delivery Delay becomes applicable to a Contract, the period shall end at such later time as the Clearing House may direct, which in any event shall not be a time beyond 15.00 hours (LLT) on the fourth Business Day after the last day of trading.

Delivery Delay

In relation to EUA 2 Futures Contracts, is deemed to have taken place where:

(i) in the case of a Seller other than the Clearing House, the Seller initiates EUA Delivery after 15.00 hours (LLT) on the first Business Day after the last day of trading or such later time as the Clearing House may direct but before 15.00 hours (LLT) on the second Business Day after the last day of trading, in compliance with directions of the Clearing House or otherwise; or

(ii) in case the Clearing House acts as a Seller, the Buyer's Trading Account is credited after 15.00 hours (LLT) on the third Business Day after the last day of trading but on or before 15.00 hours (LLT) on the fourth Business Day after the last day of trading,

provided in each case, that an EUA Delivery Delay will cease to exist in relation to a Contract where an EUA Delivery Failure becomes applicable in relation to that Contract.

Delivery Failure

In relation to EUA 2 Futures Contracts, is deemed to have taken place where:

(i) in the case of a Seller other than the Clearing House, the Seller has failed to make a valid request for EUA Delivery for an EUA Delivery Period by 15.00 hours (LLT) on the second Business Day after the last day of trading; or

(ii) in the case of a Buyer being the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the third Business Day after the last day of trading; or

(iii) in the case of a Buyer other than the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the fourth Business Day after the last day of trading; or

(iv) in the case of a Seller being the Clearing House, the Buyer’s Trading Account has not been credited by 15.00 hours (LLT) on the fourth Business Day after the last day of trading.

Exchange Rulebook

ICE Endex Market Rulebook

MIC Code

NDEX

Clearing Venues

ICEU

Related Products

• EUA Futures
• EUA Futures Options (Futures Style Margin)
• EUA Daily Future
• EUA Mini Futures

Trading Hours

Codes