Contracts

EEX EUA Spot (Daily Expiry)

Underlying

EU Allowances (EUA), which permit the emission of one tonne of carbon dioxide equivalent (directive 2003/87/EC)³

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).

Underlying

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

Delivery periods

Month Futures

• the current and the next 2 months, if no Dec Future or Quarter Future expires at the respective maturity date

Quarter Futures

• the current and the next 11 quarters, if no Dec Future expires at the respective maturity date

July, August and December Futures

• the current and the next 2 Julys
• the current and the next 2 Augusts
• the current and the next 8 Decembers

Contract volume

1,000 EUA (1 lot)

Minimum tick

€ 0.01 per EUA

Minimum 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

Fulfillment

After payment of the purchase price, ECC transfers the purchased Emission Rights* into the internal account of the purchaser in the ECC internal account system and subsequently makes the corresponding changes in the ECC escrow accounts held at the registry.

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.

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.

At maximum the following maturities can be traded at EEX:

• the current and the next 2 months (EUA Month Option), if no EUA Dec Option or EUA Quarter Option expires at the respective maturity date,
• the current and the next 11 quarters (EUA Quarter Option), of no EUA Dec Option Expires at the respective maturity date,
• the current and the next August expiry (EEX EUA Aug Option)
• the current and the next 8 December expiries (EUA Dec Option)

Options type

European

Option premium

In the case of future-style options, the payment of the agreed option premium by the buyer is not made by a one-time payment after the purchase of the option, but only on the day the option expires or is exercised as final premium payment (see below). Additionally, during the holding period, a daily settlement based on the change in the option premium will take place in accordance with the Clearing Conditions of ECC AG. On the day of the conclusion of the transaction, daily settlement shall be affected on the basis of the agreed option premium and the daily settlement price, and subsequently on the basis of the daily settlement prices of the Exchange Day and the previous Exchange Day. The daily settlement may also result in an interim debit to the seller of the future-style option.

Fulfilment

Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised, otherwise they expire.

Last Trading Day

Is the third exchange trading day prior to the Last Trading Day of the EEX EUA Month Future that expires in the same month in which the option expires.

Exercise

The option will be exercised automatically on the last trading day at 3 p.m. if they are in the money in relation to the market value for the underlying instrument (Intraday Fixing Price) determined by EEX. The intraday fixing price of the EEX EUA Future underlying the option is determined as of 2 p.m. on the last trading day of the option and is announced to the Exchange Participants in due time before exercise. Manual exercise by the trading participant is inadmissible.