UKA Futures

UK ETS Allowance (UKA), allowance to emit one tonne of carbon dioxide equivalent during a specified period, which shall be valid only for the purposes of meeting the requirements of the UK Climate Change Act 2008 and the UK Greenhouse Gas Emissions Trading Scheme Order 2020.  

At maximum the following delivery periods can be traded:   

• The current and the next two-month expiries, if no UKA Dec Future or UKA March Future expires at the respective maturity date. *First delivery starts from December 2026  
• The current and the next 2 March expiries  
• The current and the next 2 December expiries.  

1,000 UKA 

£0.01 per UKA 

1 contract or multiples thereof 

£ per UKA to the second decimal place 

£10.00 per lot (£ 0.01 per UKA) 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation per unit with the contract volume and the amount of delivery hours, respectively. 

The last Monday of the month of the maturity that fulfils 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.  

The purchase price for delivery under futures transactions is the final settlement price multiplied by the quantity of Emission Rights to be transferred. The final settlement price is determined on the last trading day of the respective future. 

The second ECC business day after the last trading day 

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. 

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. 

UKA Options

The underlying is the EEX UKA Dec Futures, which expires in the year specified in the respective option.  

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.  

At maximum the following maturities can be traded at EEX:  

• the current and the next March expiries,   
• the current and the next December expiries.  

European   

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 based on the agreed option premium and the daily settlement price and subsequently based on 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.   

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

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

The last trading day for each option contract will be published by the Management Board of the Exchange prior to introduction of maturity to trading at the latest.  

The option will be exercised automatically on the last trading day at 3 p.m. CE(S)T 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 UKA Futures 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.