Emissions Products Overview

    In our emissions secondary market, we offer spot and derivatives trading of EU ETS allowances (EUA, EUAA) and Kyoto credits (CER), as well as related spreads.

    EUA Contract Specifications

    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)

    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).

    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.

    Contracts EEX EUA 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 a December or Quarter Future expires at the respective maturity date
    • Quarterly futures: The current and the next 11 quarters unless a 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

    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

    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.

    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.

    Underlying

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

    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.

    Tradeable maturities

    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 8 December expiries (EUA Dec Option)

    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 three decimal places; minimum price fluctuation: 0,001 € 0.001 per EUA.

    Fulfilment

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

    Last Trading Day

    Is the third exchange trading day prior to the Last Trading Day of the EUA Future underlying the option.

    Exercise

    The option will be exercised automatically on the last trading day if they are in the money in relation to the final settlement price* of the respective underlying future. Manual exercise by the trading participant is inadmissible.

    *    For Clarification: The settlement price or Intraday Fixing Price of the underlying future on the last trading day of the respective option maturity is applied. The Intraday Fixing Price of the EEX EUA Future underlying the option is the market value for the underlying instrument during the day and is determined by EEX as of 2 p.m. on the last trading day of the option and announced to the Exchange Participants in due time prior to the exercise. In this case, the automatic exercise will take place at 3 p.m.

    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.


    CER Contract Specifications

    Contracts

    CER Spot

    Underlying

    Green Certified Emission Reductions (CER)* are certified emission reductions from Bilateral Projects** according to article 12 of the Kyoto Protocol and the Kyoto Protocol decisions of the United Nations Framework Convention on Climate Change (UNFCCC) in their respective valid version at the time of delivery, corresponding to one tonne of carbon dioxide or equivalent which can be used at the respective delivery day for means of compliance according to the valid rules EU ETS and which are freely transferred, including all projects except those involving the destruction of trifluoromethane (HFC-23) and nitrous oxide (N2O) from adipic acid production as well as large hydro projects exceeding 20MW (Spot market: CER; Derivatives market: CER Dec Future).

    * CERs generated from projects in countries listed by OFAC (www.treasury.gov), are excluded.

    ** Bilateral Projects: Projects which hold a letter of approval (LoA) from the project host country as well as a LoA from a designated national authority (DNA) of a contractual state according to Annex I of the Kyoto Protocol as part of the project documentation submitted and published by the UN

    Contract volume

    1,000 Certified Emission Reductions (CER)

    Minimum Lot Size

    1 contract or a multiple thereof.

    Pricing

    Two decimal digits after the point; this corresponds to €0.01 per Certified Emission Reduction

    Minimum price fluctuation

    EUR 10.00 (EUR 0.01 per CER x 1,000 t CO2).

    Form of Trading

    Continuous Trading

    Fulfilment Date

    On the first ECC business day after the conclusion of the contract.

    Sale of Certified Emission Reductions

    Sales are only permissible provided the seller has a sufficient stock of EU emission allowances in its internal delivery account at ECC. In the event that short sales which are inadmissible in this way are carried out, EEX reserves the right to have such position closed out on a compulsory basis upon a request by the clearing house ECC.

    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.

    Contracts

    CER Future

    Underlying

    Green Certified Emission Reductions (CER)* are certified emission reductions from Bilateral Projects** according to article 12 of the Kyoto Protocol and the Kyoto Protocol decisions of the United Nations Framework Convention on Climate Change (UNFCCC) in their respective valid version at the time of delivery, corresponding to one tonne of carbon dioxide or equivalent which can be used at the respective delivery day for means of compliance according to the valid rules EU ETS and which are freely transferred, including all projects except those involving the destruction of trifluoromethane (HFC-23) and nitrous oxide (N2O) from adipic acid production as well as large hydro projects exceeding 20MW (Spot market: CER; Derivatives market: CER Dec Future).

    * CERs generated from projects in countries listed by OFAC (www.treasury.gov), are excluded.

    ** Bilateral Projects: Projects which hold a letter of approval (LoA) from the project host country as well as a LoA from a designated national authority (DNA) of a contractual state according to Annex I of the Kyoto Protocol as part of the project documentation submitted and published by the UN

    Available delivery periods

    December maturities up to and including December 2020

    Contract volume

    1,000 Certified Emission Reductions (CER)

    Pricing

    Two decimal digits after the point; this corresponds to €0.01 per EU Emission Allowance.

    Minimum price fluctuation

    EUR 10.00 (EUR 0.01 per EUA x 1,000 t CO2).

    Last trading day

    Last Monday of the contract month. In case, the last Monday is not an ECC business day (incl. UK Bank Holidays) or there is a Non ECC business day in the 4 days following the last Monday, the last day of trading will be the Monday before the last Monday of the contract month.

    Delivery

    The second ECC business day after the last trading day.

    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.


    EUAA Contract Specifications

    Contracts

    EEX EUA Spot (Daily Expiry)

    Underlying

    Permits to emit one ton of carbon dioxide or one ton of a carbon dioxide equivalent within the meaning of the directive 2003/87/EC of 13 Oct. 2003 at last amended by directive 2009/29/EG of 23 April 2009 in its valid version at the time of concluding a contract, which are kept by a register within the meaning of art. 19 of this directive and which can be transferred at the respective delivery day within the scope of said directive or any respective succeeding rule (EU Aviation Allowance).

    Contract volume

    1,000 EU Aviation Allowances (EUAA)

    Minimum Lot Size

    1 contract or a multiple thereof.

    Pricing

    Two decimal digits after the point; this corresponds to €0.01 per EU Aviation Allowance.

    Minimum price fluctuation

    EUR 10.00 (EUR 0.01 per EUAA x 1,000 t CO2).

    Form of Trading

    Continuous Trading

    Fulfilment Date

    On the first ECC business day after the conclusion of the contract.

    Sale of EU Aviation Allowances

    Sales are only permissible provided the seller has a sufficient stock of EU emission allowances in its internal delivery account at ECC. In the event that short sales which are inadmissible in this way are carried out, EEX reserves the right to have such position closed out on a compulsory basis upon a request by the clearing house ECC.

    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.

    Contracts

    EEX EUAA Future

    Underlying

    Permits to emit one ton of a carbon dioxide equivalent within the meaning art. 3 j of the directive 2003/87/EC from October 13th, 2003 as amended by directive 2009/29/EG of April 23th, 2009 in its valid version at the time of concluding a contract, which are kept by a national register within the meaning of Art. 19 and which can be transferred at the respective delivery day within the scope of said directive (EU Aviation Allowance).

    Available delivery periods

    December maturities up to and including December 2020

    Contract volume

    1,000 EU Aviation Allowances (EUAA)

    Pricing

    Two decimal digits after the point; this corresponds to €0.01 per EU Aviation Allowance.

    Minimum price fluctuation

    EUR 10.00 (EUR 0.01 per EUAA x 1,000 t CO2).

    Last trading day

    Last Monday of the contract month. In case, the last Monday is not an ECC business day (incl. UK Bank Holidays) or there is a Non ECC business day in the 4 days following the last Monday, the last day of trading will be the Monday before the last Monday of the contract month.

    Delivery

    The second ECC business day after the last trading day.

    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.


    Looking for emissions contract specifications at a glance? Download the pdf for:

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    Expiry & Delivery Details

    Looking for contract expiry and delivery details?
    www.eex.com > Trading > Contract Details
     

    Margin Rates

    All margin rates can be found on ECC’s website at
    www.ecc.de > Risk management > Margining > Margin Parameter Files

    Delivery Process

    Read more on the delivery process at
    www.ecc.de > Operations > Physical Settlement > Emission Rights Process

    Clearing Members

    All clearing members are listed at
    www.ecc.de > About ECC > Partners > Clearing Members

    IncubEx Cooperation

    In August 2017, the European Energy Exchange (EEX) and IncubEx announced a partnership to build and improve liquidity in environmental and other related contracts. In this framework, the partners are increasing the number of active participants at the exchange and are creating a global trading network. The cooperation involves existing environmental products and continuously extends and improves the offering to clients.

    Sales Power, Environmental Markets

    Christian Fleischer
    Senior Sales Manager

    +49 341 2156-240

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