ICE California Carbon Allowance Vintage 2018
Physically delivered greenhouse gas emissions allowances where each is an allowance issued by the California Air Resources Board or a linked program (“California Carbon Allowance”) representing one metric ton of CO2 equivalent under California Assembly Bill 32 "California Global Warming Solutions Act of 2006" and its associated regulations, rules and amendments, all together known as the "California Cap and Trade Program".
| California Carbon Allowance Vintage 2018 Futures | |||
|---|---|---|---|
| Trading Screen Product Name | CCA Futures | ||
| Trading Screen Hub Name | CCA V18 | ||
| Contract Symbol | CAW | ||
| Settlement Method | Physical delivery | ||
| Contract Size | 1,000 California Carbon Allowances | ||
| Currency | USD | ||
| Minimum Price Fluctuation | The price quotation convention shall be One cent ($0.01) per California Carbon Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. | ||
| Listing Cycle | 1. Standard-cycle contract listings: Monthly contract sets for the current year + 3 years.
2. Annual December contract sets through 2020 3. The Exchange may list any other calendar month contract sets off the standard-cycle listing schedule through the last expiring contract set. | ||
| Last Trading Day | Three Business Days prior to the last Business Day of the delivery month | ||
| Deliverable Instruments | The deliverable instruments are California Carbon Allowances equal to the contract size delivered through the California MTS.
California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit up to one metric ton of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage corresponding to the specified vintage year and allowances having a vintage of any year prior to the specified vintage-year. If the specified vintage year allowances do not exist in the California MTS at contract expiry, allowances of any prior vintage year or allowances of the earliest vintage year available in the California MTS shall be delivered. If the California MTS is not operational and capable of transferring allowances at the expiration of contracts in 2012, all open positions in the expiring contract will roll forward one (1) calendar year based on a value determined by multiplying the final settlement price of the expired contract times the sum of one (1) plus the interest rate on 12-month U.S. Treasury notes that is prevailing at the time of contract expiration. If the California MTS is not operational and capable of transferring allowances at the expiration of contracts in 2013 and later, all open positions in the expiring contract will settle at the Auction Reserve Price (ARP) as defined in the California Cap and Trade Program. Where the ARP is not defined within the California Cap and Trade Program, for 2013 the ARP shall be $10 per allowance. For expiries beyond 2013, the ARP will increase by 5% per year plus the rate of inflation as measured by the Consumer Price Index for All Urban Consumers published by the U.S. Bureau of Labor Statistics. | ||
| Registry | California MTS | ||
| MIC Code | IFED | ||
| Clearing Venues | ICEU | ||
| Trading Hours | CITY | TRADING | PRE-OPEN |
| NEW YORK | 7:50 PM - 6:00 PM
19:50 - 18:00 |
7:40 PM
19:40 | |
| LONDON | 12:50 AM - 11:00 PM
00:50 - 23:00 |
12:40 AM
00:40 | |
| SINGAPORE | 8:50 AM - 7:00 AM
08:50 - 07:00 |
8:40 AM
08:40 | |
| *Next Day
Sunday Pre-Open 5:40 PM ET; Closed on Saturday | |||
| Codes | Clearing Admin Name | CCA | |
| Physical | CAW | ||
| Logical | CAW | ||
| GMI (FC) | 5? | ||
| ION A.C.N. | None | ||
| California Carbon Allowance Future Vintage 2018 Options | |||
|---|---|---|---|
| Trading Screen Product Name | CCA Futures | ||
| Trading Screen Hub Name | CCA V18 | ||
| Contract Symbol | CAW | ||
| Settlement Method | Exercise into Underlying Futures Contract | ||
| Contract Size | 1 California Carbon Allowances Futures | ||
| Currency | USD | ||
| Minimum Price Fluctuation | The price quotation convention shall be One tenth of one cent ($0.001) per Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. | ||
| Listing Cycle | 1. Standard-cycle contract listings: Monthly contract sets for the current year and forward three years.
2. Annual December contract sets through 2020. 3. The Exchange may list any other calendar month contract sets off the standard-cycle listing schedule through the last expiring contract set. | ||
| Strike Price Intervals | A minimum of ten Strike Prices in increments of $0.05 above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.05 increments. | ||
| Last Trading Day | At 4:00pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the delivery month. | ||
| Option Style | European | ||
| Exercise | Automatic
Clearing Members shall provide exercise and abandon instructions to the Clearing Organization in accordance with the Clearing Organization rules Exercise Time 5:30 pm EPT on the Last Trading Day | ||
| MIC Code | IFED | ||
| Clearing Venues | ICEU | ||
| Codes | Clearing Admin Name | CCA | |
| Physical | CAW | ||
| Logical | CAW | ||
| GMI (FC) | 5? | ||
| ION A.C.N. | None | ||
Notes[edit]
References[edit]
Resources[edit]
ICE California Carbon Allowance Vintage 2018 Product Spec
ICE Option on California Carbon Allowance Future Vintage 2018 Product Spec