Product Overview

 

EUA

EUAA

 CER

Spot market

x

x

x

Futures market

x

x

x

Options market

x

Spread products

x

 x

x

OTC Trade registration

x

 x

x

Full Forward Curve and Related Spread Matrix

Full forward curve

Spot

t+1/t+2 delivery (DVP)

Monthly Futures

Front-month plus the next 2 months*

Quarterly Futures

Three years of quarterly futures

Yearly Futures

The current and the next 8 Decembers

Options

The current and following 8 December maturities

*According to rolling cycles

 

Full spread matrix

 

EUA

CER

EUAA

EUA / CER

EUA / EUAA

Spot / Month

x

 

 

 

 

Spot / Quarter

x

 

 

 

 

Spot / Year

x

x

x

 

 

Inter-Months

x

 

 

 

 

Inter-Quarters

x

 

 

 

 

Inter-Years

x

x

x

 

 

Inter-Product (Spot)

 

 

 

x

x

Inter-Product (Jahre)

 

 

 

x

x

Market Data

> EUA

> EUAA

> CER

Specifications

EUA Spot Product

Contracts

EUA Spot (Daily Expiry)

Underlying

EU Allowances (EUA), which permit the emission of one tonne of carbon dioxide equivalent (directive 2003/87/EC)

Contract volume

1,000 EUA (1 lot)

Minimum lot size

1 lot

Minimum tick

€ 0.01 per EUA

Minimum price flux

€ 10.00 per lot (€ 0.01 per EUA)

Form of trading

Continuous trading

Fulfilment date

First ECC business day after the conclusion of the contract for trades concluded before 4:00 p.m. CET. Trades after 04:00 p.m. are settled on the day after the first business day.

Transfer of EUAs

Participants are entitled to transfer EUAs held in escrow for them to a registry account specified by them. The transfer is executed at the latest on the first subsequent ECC business day.

Sale of EUAs

Sales need to be backed by a sufficient stock of EUAs in the internal delivery account at ECC. EUAs have to be transferred to the internal delivery account at ECC beforehand (EU-100-5016813-0-69).

EUA Futures Product

ContractsEUA Future (Monthly, Quarterly and Yearly Expiries)

Underlying

EU Allowances (EUA) permitting the emission of one tonne of carbon dioxide equivalent (directive 2003/87/EC

Delivery periods

  • Monthly futures: The current and the next 2 months unless December or Quarter Future expires at the respective maturity date
  • Quarterly futures: The current and the next 11 quarters unless December future expires at the respective maturity date
  • Yearly futures: December maturities for the current and the next 8 years

Contract volume

1,000 EUA (1 lot)

Minimum tick

€ 0.01 per EUA

Minium price flux

€ 10.00 per lot (€ 0.01 per EUA)

Last trading day

The Last Trading Day is  the  last  Monday  of  the  maturity  month  that  fulfills  the  following  prerequisite: 

Neither this Monday nor one of the following four calendar days is a public holiday in Great Britain. If that specific Monday is not an exchange trading day at EEX, the Last Trading Day is the exchange trading day following that Monday

Delivery

The second ECC business day after the last trading day

Transfer of EUAs

Participants are entitled to transfer EUAs held in escrow for them to a registry account specified by them. The transfer is executed, at the latest, on the first subsequent ECC business day.

EUA Options Product

Underlying

The respective maturity of the EUA Dec Future, that is named in the Option as underlying.

Contract Series

An option series is the total number of call and put options (call and put) with the same Underlying, the same exercise price and the same maturity which can be traded in the system. 

At least three series with different exercise prices can be traded for each maturity; in this context one exercise price is in the money, one exercise price is at the money and one exercise price is out of the money upon their introduction into trading.

The management board of the exchange is entitled to change the number of tradable option series at any given time.

Maturities

December Maturities

Tradeable Maturities

At maximum the current and the next 8 Dec-expiries (EUA Dec Option) are offered for trading. The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation.

Option Style

European Style

Option Premium

The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC Business Day after the purchase. The premium is credited to the seller of the option on the same day.
Pricing: in EUR per EUA to the third decimal place; minimum price fluctuation: 0,001 € 0.001 per EUA.

Fulfillment

EUA Futures Options will be exercised into EUA Futures contracts at the respective date.

Last Trading Day

The third exchange trading day prior to the Last Trading Day of the EUA Dec Future underlying the option. The last trading day for each option contract will be published by the Management Board of the Exchange prior to introduction of a maturity to trading at the latest.

Exercise

The  option  can  only  be  exercised  on  the  last  trading  day.  Said  exercise  is  carried  out  by  means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the last trading day. On the last trading day at 6 p.m. the exchange determines the final settlement price of the underlying and publishes it in due time before the end of the Exercise Period. In deviation to sentence 2, options which are in the money in relation to the final settlement price of the respective underlying future are exercised automatically at the end of the exercise period unless the trading participant has made a deviating entry into the system by that time. Exercises only become effective at 06:45 p.m., until that time they can be changed or deleted at any time.

Contract Dates

> A comprehensive list of expiry and delivery dates is available at ECC Contract Details.

Please note that this document is for information purposes only and is not legally binding. The Contract Specifications available on EEX’s Website at Trading > Rules & Regulations alone are legally binding.