EEX Produktbroschüre CO2 Engl

EEX Product Brochure
EU Emission Allowances
Datum / Date
14.03.11
Ort / Place
Leipzig
Dokumentversion / Document Release
0003A
1.
Table of Contents
1.
Table of Contents ............................................................................................................ 1
2.
Preliminary Remarks ....................................................................................................... 3
3.
3.1.
3.2.
3.2.1.
3.2.2.
3.2.3.
3.3.
3.3.1.
Emissions Trading on the EEX Spot Market .................................................................. 4

Introduction regarding Spot Contracts................................................................................ 4
Contract Specifications for Spot Contracts on EU Emission Allowances ............................ 4
Secondary trading in EU emission allowances in continuous trading ................................. 4
Primary allocation of EU emission allowances in the auction ............................................. 5
Procedure for the determination of the daily settlement price............................................. 6
Carbon Index (Carbix) ....................................................................................................... 7
Determination .................................................................................................................... 7
4.
4.1.
4.2.
4.2.1.
4.2.2.
Emissions Trading on the EEX Derivatives Market ....................................................... 8

Introduction regarding Derivatives Contracts ..................................................................... 8
Contract Specifications for Derivatives Contracts on EU Emission Allowances.................. 8
Futures on EU Emission Allowances of the second trading period with different maturities8
Futures on EU emission allowances from the third trading period Fehler! Textmarke nicht
definiert.
Procedure for the determination of the daily settlement price........................................... 11
Contract Specifications for Derivatives Contracts on Certified Emission Reductions........ 11
Products .......................................................................................................................... 12
Contract volume .............................................................................................................. 12
Quotation ......................................................................................................................... 12
Last day of trading ........................................................................................................... 12
Tradeable maturities ........................................................................................................ 12
Final settlement price....................................................................................................... 12
Procedure for the determination of the daily settlement price........................................... 13
4.2.3.
4.3.
4.3.1.
4.3.2.
4.3.3.
4.3.4.
4.3.5.
4.3.6.
4.3.7.
5.
5.1.
5.2.
5.2.1.
5.2.2.
5.2.3.
5.2.4.
5.2.5.
5.3.
5.3.1.
5.3.2.
Clearing and Settlement ................................................................................................ 14

Clearing structure ............................................................................................................ 14
Settlement ....................................................................................................................... 14
Settlement of Spot and Derivatives Market transactions .................................................. 14
Daily profit and loss settlement in Derivatives Market transactions .................................. 15
Internal accounts for EU emission allowances ................................................................. 15
Submission of EU emission allowances and CERs .......................................................... 15
Return of EU emission allowances and CERs ................................................................. 16
Margins for Transactions on the EEX Spot Market and after the Expiry of the Futures
Positions .......................................................................................................................... 16
Initial Margin .................................................................................................................... 16
Delivery Margin ................................................................................................................ 16
European Energy Exchange AG

EEX Terminmarktkonzept, Release 0001B
Copyright 2010 All rights reserved

Page 1
5.4.
Margins for Transactions on the EEX Derivatives Market ................................................ 17


Page 2
2.
Preliminary Remarks
This document is an introduction to trading in EU emission allowances (EUA) on the European Energy Exchange, hereafter referred to as EEX. Its aim is to provide information on trading in EU
emission allowances on the EEX Spot and Derivatives Market to potential trading participants. EEX
hereby points out that this document is subject to change. The provisions in the Exchange Rules,
the EEX Trading Conditions, the Contract Specifications, the OTC Clearing Conditions, the Examination Regulations and the Clearing Conditions of European Commodity Clearing AG (ECC) shall
be applicable. Moreover, EEX reserves the right to amend this document at any time without
providing explicit information with regard to this.


Page 3
3.
Emissions Trading on the EEX Spot Market
3.1.
Introduction regarding Spot Contracts
On EEX, spot contracts regarding EU emission allowances for greenhouse gasses can be traded.
Specifically, these are EU emission allowances which are allocated to the operators of plants emitting greenhouse gasses by the EU member states on the basis of so-called national allocation
plans or which are sold on the exchange via banks. One EU emission allowance (or EUA) grants
the owner of a plant in an EU member state the right to emit one tonne of CO2 or CO2 equivalent
during the so-called second EU commitment period (2008 to 2012). Other greenhouse gasses,
such as e.g. methane, are also included in the EU emission allowances. They are converted into
CO2 equivalents according to their impact on the greenhouse effect. According to the EU emissions legislation, EU emission allowances can be transferred.
On the EEX Spot Market both exchange trading in EU emission allowances and the registration of
transactions concluded off the exchange for OTC clearing are possible. Detailed information on
OTC clearing is provided in the brochure Introduction to Exchange Trading on EEX.
3.2.
Contract Specifications for Spot Contracts on EU Emission

Allowances
3.2.1.
Secondary trading in EU emission allowances in continuous trading
3.2.1.1.
Products
Ticker
symbol
Tradeable
Description
German security code number
ISIN
P1E2
Until the end of

2012
EU emission allowance
A0EY6N
DE000A0EY6N1
EUSP
From 2013
EU emission allowance
A1DKQ9
DE000A1DKQ99
3.2.1.2.
Contract volume and quotation
Spot contracts in EU emission allowances have a contract volume of 1 EUA and are traded in EUR
per EUA with two digits after the decimal point. The minimum price change amounts to EUR 0.01
per EUA.


Page 4
3.2.1.3.
Purchase of EU emission allowances
Upon the payment of the purchase price the buyer of an EEX spot contract acquires the corresponding shares in the total stock of EUA carried in the account of EEX AG at the register authority.
At any time, however, at the latest by 31 March of the year following the end of a commitment period, every co-owner of the total stock of EUA in the register account of ECC AG is entitled to request ECC AG to transfer its EUA to an account specified by the trading participant at a suitable
national register on the ECC AG business day following such request.
3.2.1.4.
Sale of EU emission allowances
On the delivery day, the seller of an EEX spot contract regarding EUA transfers its corresponding
shares in the total stock which is carried in the account of ECC AG kept at the register authority.
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.
3.2.1.5.
Fulfilment
Fulfilment is effected by means of the transfer of the EUA within the internal asset accounts of the
trading participants and by means of the change in the share in the total stock of the account of
ECC AG kept in trust at the register authority which is associated with such transfer.
3.2.2.
Primary allocation of EU emission allowances in the auction
This auction is a primary market auction for European emission allowances (EUA) in Germany on
behalf of the Federal Ministry for the Environment which is carried out by the European Energy Exchange.
On the Spot Market, 300,000 certificates are auctioned off on the Xetra trading system every week
from January to October. From November 2010 the entire weekly volume of 870,000 certificates is
auctioned off on the Spot Market.
3.2.2.1.
Products
Ticker symbol
Description
German security
code number
ISIN
T2PA
EUA Primary Auction Spot
A1CQ9U
DE000A1CQ9U1


Page 5
3.2.2.2.
Contract volume and quotation
Spot contracts on EU emission allowances have a contract volume of 1 EUA and are traded in
EUR per EUA with two digits after the decimal point. The minimum price change amounts to EUR
per 0.01 per EUA.
On the Spot Market, 300,000 tonnes are auction off per auction. This is a so-called all-or-nothing
auction, which means that the total quantity has to be sold in every auction in order to carry out a
valid auction. The bid volume amounts to at least 500 tonnes or an integer multiple thereof.
3.2.2.3.
Black box auction
The auction is carried out as a black box auction. This means that, during the auction, neither an
indicative auction price nor an indicative auction quantity is displayed.
The orders entered into the trading system are subject to the price-time priority in their execution.
This means that those orders which have a better execution price are executed first and that, if the
price is the same, those orders which were entered into the system at an earlier time are carried
out first.
3.2.2.4.
Auction time period
The call phase takes place on Tuesdays between 09:00am and 11:00am CET. The auction is carried out at 11:00am CET. The results are published at approx. 11:01am CET.
The exact auction dates are provided in the auction calendar attached. The auction calendar is
provided on the website of the European Energy Exchange at the following link:
http://www.eex.com/en/EEX/ProducteFees/EUA Primary Market Auction
3.2.3. Procedure for the determination of the daily settlement price

On the EEX Derivatives Market a settlement price is established on every exchange trading day.
The settlement price is established after the end of trading on every exchange trading day. The order book situation at the end of the trading day concerned is decisive for the determination of the
settlement price.
The principles and parameters to be applied with regard to this are described separately in the
documentation Procedure for the Determination of Settlement Prices at:
http://www.eex.com/de/Downloads/Documentation/Concepts_and_Descriptions


Page 6
3.3. Carbon Index (Carbix)

The Carbix is a Spot Market price which is established in an intra-day auction at 10:30am on every
exchange trading day.
3.3.1.
Determination
In the auction prices are determined according to the principle of the most executable volume. In
the event of a crossed order book, the price at which the biggest possible quantity can be executed
with the least possible backlog at the same time is established as the auction price. A crossed order book arises whenever there are matching executable buy and sell orders. In this context, the
orders entered into the trading system are subject to the price-time priority in their execution. This
means that those orders which have a better execution price are executed first and that, if the price
is the same, those orders which were entered into the system at an earlier time are carried out first.
In the event that an auction price cannot be established because there are no matching executable
sell and buy orders in the order book, the Carbix corresponds to the mean of the best buy order
and the best sell order at the end of the call phase. If there are no orders in the order book at the
time of the call phase or if the Carbix cannot be established on the basis of the intraday auction or
the order book situation for other reasons, the Carbix is determined on the basis of a survey
among the trading participants.


Page 7
4. Emissions Trading on the EEX Derivatives Market

4.1.
Introduction regarding Derivatives Contracts
On the EEX Derivatives Market both exchange trading in futures on EU emission allowances and
the registration of transactions in futures on EU emission allowances concluded off the exchange
for OTC clearing are possible.
The following futures on EU emission allowances can be traded on the EEX Derivatives Market:
European Carbon Futures
CER Futures
In the case of European Carbon Futures, the buyer and the seller agree upon the conclusion of the
transactions that EU emission allowances will be delivered and/or paid in a certain quantity at the
price agreed on at a certain time in the future.
In the case of CER Futures, the buyer and the seller agree upon the conclusion of the transaction
that Certified Emission Reductions will be delivered and/or paid in a certain quantity at the price
agreed on at a certain time in the future. The Certified Emission Reductions correspond to one
tonne of carbon dioxide equivalent each.
The product properties are described below.
4.2.
Contract Specifications for Derivatives Contracts on EU

Emission Allowances
4.2.1.
Secondary trading in EU emission allowances in continuous trading
The object of the contract of the European Carbon Futures comprises the delivery and/or purchase
of EU emission allowances for the five-year period beginning on 1 January 2008 (Second Period
European Carbon Future) and all following periods.
One EU emission allowance confers the right to emit one tonne of carbon dioxide or one tonne of
carbon dioxide equivalent. Emission reduction units (ERU) and certified emission reductions (CER)
do not constitute EU emission allowances.


Page 8
4.2.1.1.
Products
Ticker
Description
symbol
F2PE
FEUA
4.2.1.2.
German security
code number
ISIN
A0E4PY
DE000A0E4PY0
from the 2 period on A0SYVA
DE000A0SYVA6
Tradable periods
nd
European Carbon Future EarlyDec 2 period

European Carbon Future
nd
Contract volume
The contract volume specifies the number of EU emission allowances of the delivery on which a
futures contract is based. The contract volume comprises 1,000 EUA.
4.2.1.3.
Quotation
Prices for a futures contract are specified in EUR per EUA with two digits after the decimal point so
that the smallest price change a contract amounts to EUR 10.00 (EUR 0.01 per EUA x 1,000 t
CO2).
4.2.1.4.
Last day of trading
The respective last exchange trading day in November of the years 2008 through to 2012 constitutes the last trading day for F2PE.
The last trading day for FEUA occurs in mid-December of any given year on the day on which futures on EU emission allowances usually expire on the market. The last trading day for every contract is announced by the Management Board of the Exchange at the latest upon the introduction
of the maturity.
4.2.1.5.
Tradable maturities
In the case of the Second Period European Carbon Future (F2PE), futures contracts with maturities in December 2011 and December 2012 can be traded.
The European Carbon Future (FEUA) reaches maturity in December; at maximum five maturities
can be traded. The exact number of the tradable maturities is specified by the Management Board
of the Exchange.
4.2.1.6.
Final settlement price
The settlement price on the last day of trading is referred to as the final settlement price.
The final settlement price constitutes the basis for the settlement of the delivery of EU emission allowances upon maturity of a futures contract and is established by EEX. It corresponds to the settlement price of the respective futures contract on the last day of trading.


Page 9
4.2.2.
Primary allocation of EU emission allowances in the auction
This auction is a primary market auction for European emission allowances (EUA) in Germany on
behalf of the Federal Ministry for the Environment which is carried out by the European Energy Exchange.
On the Derivatives Market, 570,000 certificates are auctioned off on the EUREX trading system
every week from January to October.
4.2.2.1.
Products
Ticker symbol
Description
German security
code number
ISIN
F2EA
European Carbon Future MidDec
A1A41K
DE000A1A41K1
4.2.2.2.
Contract volume
The contract volume specifies the number of EU emission allowances of a delivery on which a futures contract is based. The contract volume comprises 1,000 EUA is specified in EUR per EUA
with two digits after the decimal point so that the smallest price change for a contract amounts to
EUR 10.00 (EUR 0.01 per EUA x 1,000 t CO2).
On the Derivatives Market, 570,000 tonnes are auction off per auction. This is a so-called all-ornothing auction, which means that the total quantity has to be sold in every auction in order to carry out a valid auction. The bid volume amounts to at least 1,000 tonnes or an integer multiple
thereof.
4.2.2.3.
Expiry
19th December 2011 is the last trading day for the F2EA DEC11 and 17th December 2012 is the
last trading day for the F2EA DEC12.
4.2.2.4.
Tradable maturities
The Future auction contract with the expiry December 2011 is tradable from 01st January 2011 to
the end of October and with the expiry December 2012 its tradable from 01st January 2012 to the
end of October.
4.2.2.5.
Black box auction
The auction is carried out as a black box auction. This means that, during the auction, neither an
indicative auction price nor an indicative auction quantity is displayed. The orders entered into the
trading system are subject to the price-time priority in their execution.


Page 10
4.2.2.6.
Auction time period
The call phase takes place on Wednesday between 01:00pm and 03:00pm CET. The auction is
carried out at 01:00pm CET. The results are published at approx. 03:01am CET.
The exact auction dates are provided in the auction calendar attached. The auction calendar is
provided on the website of the European Energy Exchange at the following link:
4.2.2.7.
The final settlement price constitutes the basis for the settlement of the delivery of EU emission allowances upon maturity of a futures contract and is established by EEX. It corresponds to the settlement price of the respective futures contract on the last day of trading.
4.2.3.
Procedure for the determination of the daily settlement price
settlement price.
4.3.
Contract Specifications for Derivatives Contracts on Certified

Emission Reductions
The object of the contract of CER futures is the delivery and/or purchase of certified emission reductions from bilateral projects within the meaning of Art. 12 of the Kyoto Protocol and of the decisions on the Kyoto Protocol of the United Nations Framework Convention on Climate Change
(UNFCCC) valid at the respective time of delivery which correspond to one tonne of carbon dioxide
equivalent.
Certified emission reductions which were generated from nuclear power projects, from land use
and land use change projects as well as reforestation projects (LUCUCF projects) and hydroelectric power projects with a generation capacity of more than 20 MW are exempt from this.


Page 11
4.3.1.
Products
Ticker symbol
Description
German security
code number
ISIN
FCER
CER-Futures EarlyDec
A0SYUY
DE000A0SYUY8
F2CR
CER-Futures MidDec
A1A41L
DE000A1A41L9
4.3.2.
Contract volume
The contract volume specifies the number of CERs for the delivery on which a futures contract is
based. The contract volume comprises 1,000 CER.
4.3.3.
Quotation
Prices for a futures contract are specified in EUR per CER with two digits after the decimal point so
that the smallest price change for a given contract amounts to EUR 10.00 (EUR 0.01 per CER x
1,000 t CER).
4.3.4.
Last day of trading
The last day of trading for CER-Futures EarlyDec (FCER) is the respective last exchange trading
day in November.
The last trading day for CER Futures MidDec (F2CR) occurs in mid-December of any given year
on the day on which futures on EU emission allowances usually expire on the market. The last
trading day for every contract is announced by the Management Board of the Exchange at the latest upon the introduction of the maturity.
4.3.5.
Tradeable maturities
A CER Future reaches maturity in December; at maximum five maturities can be traded. The exact
number of the tradeable maturities is announced by the Management Board of the Exchange.
4.3.6.
The final settlement price forms the basis for the settlement of the delivery of CER upon maturity of
a futures contract and is established by EEX. It corresponds to the settlement price of the respective futures contract on the last trading day.


Page 12
4.3.7.
Procedure for the determination of the daily settlement price
settlement price.


Page 13
5.
Clearing and Settlement
5.1.
Clearing structure
ECC accedes to all transactions as the central contractual partner (central counterparty) and,
hence, assumes the counterparty risk. The clearing structure consists of the central counterparty
ECC and several banks, the clearing members.
In the context of this structure the trading participants settle their transactions with a clearing member of their choice, while the clearing members in turn settle these transactions with ECC. The
trading participants have to deposit securities with their clearing member for liabilities entered into
under transactions and the clearing members, in turn, have to deposit these with ECC. This structure safeguards the fulfilment of all transactions.
5.2.
Settlement
5.2.1.
Settlement of Spot and Derivatives Market transactions
Exchange transactions regarding EU emission allowances are settled by transferring the EU emission allowances between the seller and the buyer on internal ECC asset accounts for EU emission
allowances and/or CERs and by means of the payment of money from the buyer to the seller.
Exchange transactions regarding EU emission allowances and/or regarding CERs are considered
settled physically as soon as ECC has transferred the number of EU emission allowances and/or
CERs, which is established for every trading participant as the balance on the basis of all the buy
and sell transactions of a given trading participant regarding Spot and Derivatives Market contracts
on EU emission allowances, which have reached maturity, for an exchange trading day, between
the asset accounts of ECC and of the clearing members. In this case, the clearing members have
the function of a recording centre for their trading participants and record this number of EU emission allowances with the trading participants through accounts and/or portfolios agreed on between
the clearing member and the trading participant. The EU emission allowances are entered on the
settlement day after the conclusion of the transaction and/or after expiry of the futures contracts.
The exchange transactions are considered settled financially as soon as the amounts of money
which are established as the balance for every trading participant from all purchases and sales
from spot contracts and derivatives market contracts which have reached maturity, for one exchange trading day, have been settled between the ECC account at the German Central Bank and
the accounts of the clearing members kept at the German Central Bank. These amounts of money
are settled between ECC and the clearing members on the settlement day after the conclusion of
the transaction or after expiry of the futures contracts.


Page 14
5.2.2.
Daily profit and loss settlement in Derivatives Market transactions
On every day EEX specifies a settlement price in line with the current market price of a given futures contract, which is specified by ECC, for every futures contract. The change in the value of the
futures position which results from the change in the settlement price between the last and the current exchange trading day is credited to the trading participant in cash or debited in cash (Variation
Margin). In this context, the value of a futures position is calculated from the product of contracts x
contract volume x settlement price.
5.2.3.
Internal accounts for EU emission allowances
The stocks of the EU emission allowances and CERs are kept by so-called national registers. This
inventory management also includes the issue of the EU emission allowances and/or CERs as well
as their deletion in return for emissions which have taken place. For the purpose of inventory management the national registers establish accounts for plant operators and others. ECC also has
such an account at the German register, the German Emissions Trading Authority (DEHSt) at the
Federal Environment Agency. In addition to this collective account which is used for fiduciary safekeeping, ECC and the clearing members also keep internal accounts (and/or portfolios) for inventory management of the EU emission allowances kept in the collective account. ECC keeps these
accounts for the clearing members, and the clearing members in turn keep these internal accounts
(and/or portfolios) for their affiliated trading participants (non-clearing members).
The EU emission allowances and/or CERs are delivered on the settlement day after the conclusion
of the transaction and/or after the last trading day of a futures contract. EU emission allowances
and/or CERs, which are entered in the ECC account kept in trust at the German register (DEHSt),
are delivered.
Settlement is effected by retransferring the EU emission allowances in the internal stock accounts
of ECC and by means of the change in the share in the total stock in the ECC account kept in trust
at DEHSt. associated with this.
On the day of the delivery the buyer of EU emission allowances purchases the corresponding
shares in the total stock of the EU emission allowances and/or CERs, which are entered in the
ECC account at DEHSt., upon the payment of the purchase price.
On the day of the delivery the seller of EU emission allowances transfers his corresponding shares
in the total stock entered in the ECC account at DEHSt.
5.2.4.
Submission of EU emission allowances and CERs
A trading participant can submit EU emission allowances and CERs into fiduciary safekeeping of
ECC by transferring a corresponding number of the respective contracts to the collective account
of ECC at DEHSt. EU emission allowances and CERs can also be sold without prior submission;
said submission has to be effected by the time of the fulfilment. An adjustment of the inventories is
possible at any time.


Page 15
5.2.5.
Return of EU emission allowances and CERs
As a co-owner in the total stock of EU emission allowances in the account of ECC at DEHSt. every
trading participant is entitled to request ECC at any time to effect the transfer to any account specified by the trading participant at a suitable national register on the business day following the request (however, at the latest by 31 March 2013 for EU emission allowances for the five-year period
beginning on 1 January 2008).
Every co-owner in the total stock of CER in the register account of ECC AG is entitled to request
ECC AG at any time to transfer its CER to an account specified by the trading participant at a suitable national register authority on the first business day of ECC AG after the request.
5.3.
Margins for Transactions on the EEX Spot Market and after

the Expiry of the Futures Positions
5.3.1.
Initial Margin
The Initial Margin is used to cover intraday risks arising from payment obligations in Spot Market
transactions for the delivery of power, natural gas and emission rights. Subject to the assumption
of the current market price, the intraday risks correspond to the liquidation losses or liquidation
profits of open positions in money for the delivery of commodities, if applicable including sales tax
(liabilities and accounts receivable of a clearing member for the payment of money), which result
from the Spot Market transactions specified. The intraday risks are highest when the accounts receivable and liabilities of a clearing member for the delivery of power, gas and/or emission allowances from Spot Market transactions fluctuate strongly and they are the higher, the higher the balance of accounts receivable and liabilities is.
The Initial Margin corresponds to the maximum payment obligation of a trading participant to be
expected in the future. As a rule, the amount of the initial margin is re-established by ECC on a daily basis at the beginning in line with the changing trading behaviour. ECC uses historical payment
obligations as the data basis.
The document ECC Margining, which is published on the website of ECC, contains details and
examples regarding the calculation of margins. The Initial Margin can be deposited in cash or in
securities by the clearing members.
5.3.2.
Delivery Margin
The Delivery Margin for positions in futures on emission allowances which have fallen due is used
to cover the risk arising from the claim to delivery on the part of the buyer of emission rights towards ECC as a result of a delivery not fulfilled by the seller.
Every owner of an open net short position in futures on emission rights is obliged to keep the corresponding delivery quantity of emission rights in its internal delivery account before this position


Page 16
reaches maturity. If this is not the case, ECC will request corresponding securities in the form of a
delivery margin.
The amount of the risk and, hence, the amount of the delivery margin depend on the number of the
missing emission rights and on the current market prices of the emission rights.
ECC charges the delivery margin for emission rights for the first time five business days before maturity of the corresponding contract and this margin is adjusted until the day on which the contract
reaches maturity. In case the settlement account of the trading participant is sufficiently covered
until the day of maturity under consideration of the subsequent return, the Delivery Margin is released.
The margin credits from the Premium Margin are not taken into account with regard to the Delivery
Margin.
The Delivery Margin can be deposited in cash or in securities.
A detailed description on the subject of settlement and clearing is provided in the current ECC
Margining Concept.
5.4.
Margins for Transactions on the EEX Derivatives Market
Whenever a position is opened, a trading participant has to deposit basic margins, the so-called
Spread Margin and Additional Margin, with its clearing member and the clearing member has to
deposit said securities with ECC. On other exchanges, these margins are also called the Initial
Margin. They cover the risk of the maximum costs incurred in closing-out all open positions of a
trading participant on the next exchange trading day subject to the assumption of the most unfavourable development of prices. The Spread Margin and the Additional Margin are fixed for the entire term of the contract.
ECC determines the amount of the Spread Margin and Additional Margin Parameters.


Page 17

EEX Produktbroschüre CO2 Engl

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

EEX Produktbroschüre CO2 Engl

Uploaded by

Copyright:

Available Formats

EEX Product Brochure

Dokumentversion / Document Release

Table of Contents ............................................................................................................ 1

Preliminary Remarks ....................................................................................................... 3

Emissions Trading on the EEX Spot Market .................................................................. 4

Emissions Trading on the EEX Derivatives Market ....................................................... 8

Clearing and Settlement ................................................................................................ 14

European Energy Exchange AG

Copyright 2010 All rights reserved

Margins for Transactions on the EEX Derivatives Market ................................................ 17

European Energy Exchange AG

Copyright 2010 All rights reserved

European Energy Exchange AG

Copyright 2010 All rights reserved

Emissions Trading on the EEX Spot Market

Introduction regarding Spot Contracts

Contract Specifications for Spot Contracts on EU Emission

Secondary trading in EU emission allowances in continuous trading

German security code number

Until the end of

Contract volume and quotation

European Energy Exchange AG

Copyright 2010 All rights reserved

Purchase of EU emission allowances

Sale of EU emission allowances

Primary allocation of EU emission allowances in the auction

EUA Primary Auction Spot

European Energy Exchange AG

Copyright 2010 All rights reserved

Contract volume and quotation

Black box auction

Auction time period

3.2.3. Procedure for the determination of the daily settlement price

European Energy Exchange AG

Copyright 2010 All rights reserved

3.3. Carbon Index (Carbix)

European Energy Exchange AG

Copyright 2010 All rights reserved

4. Emissions Trading on the EEX Derivatives Market

Introduction regarding Derivatives Contracts

European Carbon Futures

Contract Specifications for Derivatives Contracts on EU

Secondary trading in EU emission allowances in continuous trading

European Energy Exchange AG

Copyright 2010 All rights reserved

from the 2 period on A0SYVA

European Carbon Future EarlyDec 2 period

Last day of trading

Final settlement price

European Energy Exchange AG

Copyright 2010 All rights reserved

Primary allocation of EU emission allowances in the auction

European Carbon Future MidDec

Black box auction

European Energy Exchange AG

Copyright 2010 All rights reserved

Auction time period

Final settlement price

Procedure for the determination of the daily settlement price

Contract Specifications for Derivatives Contracts on Certified

European Energy Exchange AG

Copyright 2010 All rights reserved

Last day of trading