Products and settlement
The products traded at NASDAQ OMX Commodities Europe’s financial market comprise of Nordic, German, Dutch and UK power derivates, European Union allowances (EUA) and certified emission reductions (CER). The derivates are base and peak load futures, forwards, options, and contracts for difference (CfD).
These contracts are used for trading and risk management purposes, and have a current trading time horizon of up to six years. Base load contracts are delivered Mon-Sun, 00.00–24.00 during the length of the contract. Peak load contracts are delivered Mon-Fri, 08.00 – 20.00 during the length of the contract. The reference price is the Nordic system price, EEX Phelix, APX ENDEX and N2EX.There is no physical delivery of financial market electricity contracts. Cash settlement is made throughout the trading- and/or the delivery period, starting at the due date of each contract, depending on whether the product is a futures or forward. Financial contracts are entered without regard to technical conditions, such as grid congestion, access to capacity, and other technical restrictions.
In addition, we offer EUA/CER spot contracts, EUA/CER futures, EUA/CER forwards and EUA/CER option contracts. All our emission contracts have physical delivery. NASDAQ OMX Europe (former Nord Pool ASA) was the first exchange in the world to to list EUA and CER contracts (in February 2005 and June 2007 respectively) and is the only exchange in Europe to offer the complete product suite for trading and risk management.
A clearing service for EUAs and CERs traded over-the-counter (OTC) is also available. In addition, NASDAQ OMX Commodities offers an inter commodity spread credit model.
The clearinghouse is the contractual counterparty in all contracts traded at NASDAQ OMX Commoditie Europe’s financial market. Clearing guarantees the financial settlement. The daily settlement is automatic, and members are connected to the settlement system through a variety of multinational settlement banks.
Contract specifications
NORDIC POWER | ||
BASE LOAD | PEAK LOAD | |
PRODUCT | Futures: Day, week | Futures: Week |
MIN CONTRACT SIZE | 1 MW | 1 MW |
MIN TICKER SIZE | 0.01 | 0.01 |
CURRENCY | EUR | EUR |
REFERENCE PRICE | The official Nordic underlying day-ahead price as published by Nord Pool Spot, Monday through Sunday, covering the time period 00.00-24.00 CET. | The official Nordic underlying day-ahead price as published by Nord Pool Spot, Monday through Friday, covering the time period 08.00-20.00 CET. |
DUTCH/GERMAN | ||
BASE LOAD | PEAK LOAD | |
PRODUCT | Futures: Week | Futures: Week |
MIN CONTRACT SIZE | 1 MW | 1 MW |
MIN TICKER SIZE | 0.01 | 0.01 |
CURRENCY | EUR | EUR |
REFERENCE PRICE | The official German/Dutch underlying day-ahead price as published by EEX/APX ENDEX, Monday through Sunday, covering the time period 00.00-24.00 CET. | The official German/Dutch underlying day-ahead price as published by EEX/APX ENDEX, Monday through Friday, covering the time period 08.00-20.00 CET. |
UK POWER | ||
BASE LOAD | PEAK LOAD | |
PRODUCT | Week, Month, Quarter, Season | Week, Month, Quarter |
MIN CONTRACT SIZE | 1 MW | 1 MW |
MIN TICKER SIZE | 0.01 | 0.01 |
CURRENCY | GBP | GBP |
REFERENCE PRICE | The official UK underlying day-ahead price as published by N2EX, Monday through Sunday, covering the time period | The official UK underlying day-ahead price as published by N2EX, Monday through Friday, covering the time period |
UK NATURAL GAS | ||
BASE LOAD | ||
PRODUCT | Day, Week, Month, Quarter, Season |
|
MIN CONTRACT SIZE | 1 lot (1 000 therms/day) |
|
MIN TICKER SIZE | 0.01 (pence/lot) |
|
CURRENCY | GBP | |
REFERENCE PRICE | The official UK underlying day-ahead price as published by N2EX, Monday through Sunday, covering the time period |
|
EUROPEAN UNION ALLOWANCES (EUA) | ||
PRODUCT | Spot contracts (day-ahead) (Note that the exchange also lists for trading spread, strips and swap combinations for the above mentioned spot, futures and forward contracts) | |
MIN CONTRACT SIZE | 1 000 tCO2 = 1 lot | |
MIN TICKER SIZE | 0.01 | |
CURRENCY | EUR | |
CERTIFIED EMISSION REDUCTIONS (CER) | ||
PRODUCT | Spot contracts (day-ahead) (Note that the exchange also lists for trading spread, strips and swap combinations for the above mentioned spot, futures and forward contracts) | |
MIN CONTRACT SIZE | 1 000 tCO2 = 1 lot | |
MIN TICKER SIZE | 0.01 | |
CURRENCY | EUR | |
| ||
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