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ICE Endex

EUA Futures Options (Futures Style Margin)

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Description

The EUA Futures Options Contract is an option on the EUA Futures Contract. At expiry, one lot of EUA Options will exercise into one lot of EUA Futures Contracts. EUA Options are European style such that In-The-Money options are automatically exercised at expiry. In-The-Money options at expiry cannot be abandoned. At-The-Money options or Out-of-The-Money options cannot be exercised. 

Market Specifications

Trading Screen Product Name
EUA Futures
Trading Screen Hub Name
EUA (Futures-style)
Contract Symbol
EFO
Contract Series
Up to 7 December, 6 quarterly and 2 August contracts or as otherwise determined and announced by ICE Endex from time to time. Contracts will not be listed beyond December 2030. 
Contract Size
One lot of 1000 EUAs. Each EUA being an Allowance which is an entitlement to emit one tonne of carbon dioxide equivalent gas during the relevant period as further defined in the Regulations. 
Unit of Trading
One EUA Futures Options Contract. An EUA Futures contract for the purposes of trading and delivering Allowances within the meaning of Chapter II and Chapter III of Directive 2003/87/EC in accordance with the Rules. 
Underlying Contract
The underlying contract is the December Future of the relevant year. For example, the underlying for the Mar 2021 option is the Dec 2021 Future.

When trading in EUA Futures Options Contracts, Members must comply with the rules applicable to the Underlying Contract.
Minimum Trading Size
Options: 1 lot = 1,000 EUA Allowances
Exchange for Swap: 25 lots = 25,000 EUA Allowances
Block Order: 25 lots- 25,000 EUA Allowances
Price Quotation
The contract price is in Euros and Euro cents per EUA. 
Minimum Price Fluctuation
 0.05 Euro Cent per tonne (€0.005/tonne) 
Tick Value
€5.00 per lot 
Strike Price Increments
A minimum of 5 strike prices in increments of €0.50 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. ICE Endex may add one or more strike prices nearest to the last price listed as necessary.
Expiration Date
Trading will cease when the intraday settlement price is set, approximately 14:00 CET (as specified in the Operating Time Schedule - Appendix B.1), of the underlying futures contract three UK business days before the expiry of the corresponding March, June, August, September, or December contract month of the EUA Futures Contract. 
Option Style
European Style 
Option Premium
Futures Style
Exercise Procedure
EUA Futures Options will be exercised into EUA Futures contracts and are of European-style exercise, such that at expiry automatic exercise will occur of options which are one or more ticks in the money (at-the-money and out-of-the-money options will expire).

At-The-Money and Out-of-The-Money options will expire worthless. It is not possible to manually abandon or exercise an option.
Exchange Rulebook
MIC Code
NDEX
Clearing Venues
ICEU

Related Products

Trading Hours

CityTradingPre-Open
New York2:00 AM - 12:00 PM
02:00 - 12:00
1:45 AM
01:45
London7:00 AM - 5:00 PM
07:00 - 17:00
6:45 AM
06:45
Singapore2:00 PM - 12:00 AM
14:00 - 00:00
1:45 PM
13:45

Codes

Clearing Admin Name
O-EUA NDEX
Physical
EFO
Logical
ECF
GMI (FC)
KT
ION A.C.N.
Symbol Code
EFO