Phelix Options
Product description
Phelix Options are European-style options which lead to opening of the corresponding Phelix Futures position at the respective exercise price upon exercising of a call or put option. The buyer pays the option price (option premium) to the seller in return for the right to exercise or not to exercise the option.
Maturities | Contract volume
Options on the respective next five Phelix Baseload Month Futures, the respective next six Phelix Baseload Quarter Futures and the respective next three or four Phelix Baseload Year Futures (regarding to the expiry of Short Dated Options) can be traded. The contract volumes range from 672 MWh for the smallest Phelix Baseload Month Option up to 8,784 MWh for the biggest Phelix Baseload Year Option. The delivery rate amounts to 1 MW per contract.
Exercise | Fulfilment
European-style options can be exercised by the buyer only on the last trading day. After they are exercised, Phelix Options are fulfilled by opening a corresponding position in Phelix Futures at the respective exercise price. Optionally, the positions in Phelix Futures established this way can be used for the physical delivery of power. Options which are not exercised expire at the end of the last trading day. The automatic exercise functionality is also available.
At a glance | ||
| Contract | Option on corresponding Phelix Baseload Future | |
| Maturity | The next 5 months, 6 quarters and 3 or 4 years (regarding to the expiry of Short Dated Options) | |
| Fulfilment | Opening of the corresponding Phelix Baseload Future position | |
| Trading hours | On every exchange trading day from 8:00 am to 6:00 pm (CET) Registration of OTC transactions from 8:00 am to 6:00 pm (CET) | |
| Tick size | EUR 0.001 per MWh | |
| Transaction fees | Option premium-based price model: Option premium for exchange and OTC clearing Option premium < EUR 0.15 per MWh EUR 0.00125 per MWh Option premium ≥ EUR 0.15 per MWh EUR 0.0025 per MWh | + Clearing fee: EUR 0.00125 per MWh EUR 0.0025 per MWh + Exercise fee: EUR 0.005 per MWh |
