Appendix A.1 – Product Specifications ICE Endex Belgian Power Baseload Futures

Description Contracts are for physical delivery of power to and 

from the high voltage grid of Belgium. Delivery is 

made equally each hour throughout the delivery 

period from 00:00 (CET) on the first day of the 

month until 24:00 (CET) on the last day of the 

month.

Contract Symbol BPB

Trading Period Up to 47 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 5 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or 

Oct-Dec.

Up to 3 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of the 

delivery month, quarter, or calendar.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing the 

financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, 

quarter, or year) x 23, 24 or 25 hours (summer / 

winter time)

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW
Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the applicable 

Operating Time Schedule. Appendix B.1, end of 

day at approximately 16:00 hours. All timings are 

CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or unwarranted 

speculation or any other undesirable situation and 

may take steps to resolve such situations including 

the ability to mandate Members to limit the size of 

such positions or to reduce positions where 

appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as 

defined in the ICE Clear Europe Clearing Rules, is 

a deposit held by ICE Clear Europe in order to 

cover the costs that may be incurred in closing out 

a position in default. It is returned upon the closing 

of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) are 

input by buyer, seller and ICEU to ELIA before 

13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in megawatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.2 - Product Specifications ICE Endex Dutch Power Baseload Week Futures

Description Contracts are for physical delivery of power to 

and from the Dutch high voltage grid. Delivery is 

made equally each hour throughout the delivery 

period from 00:00 (CET) until 24:00 (CET) each 

day.

Contract Symbol DPW

Trading Period Up to the front 4 individual week contracts.

Weeks are strips of seven individual and 

consecutive days from Monday to Sunday.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the week.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days per week x 23, 24 or 25 hours

(summer / winter time).

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.
Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to TenneT 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.3 - Product Specifications ICE Endex Dutch Power Baseload Futures

Description Contracts are for physical delivery of power 

to/from the Dutch high voltage grid. Delivery is 

made equally each hour throughout the delivery 

period from 00:00 (CET) on the first day of the 

month until 24:00 (CET) on the last day of the 

month.

Contract Symbol DPB

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or 

Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by the ICE Endex 

from time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter or calendar

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, 

quarter or year) x 23, 24 or 25 hours (summer / 

winter time).
Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to TenneT 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.4 - Product Specification ICE Endex Dutch Power Peakload Futures

Description Contracts are for physical delivery of power to and 

from the Dutch high voltage grid. Delivery is made 

equally each hour of each day, excluding weekend 

days and regardless of public holidays, throughout

the delivery period from 08:00 (CET) on the first 

delivery day of the month until 20:00 (CET) on the 

last delivery day of the month during the contract 

period.

Contract Symbol DPA

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by the ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by the ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months.

Quarters always comprise a strip of Jan-Mar, AprJun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by the ICE Endex from 

time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan - Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of the 

delivery month, quarter or calendar.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing the 

financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (Central European Time), 

Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x weekdays in contract period (i.e. month, 

quarter or year) x 12 hours
Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the applicable 

Operating Time Schedule, Appendix B.1, end of 

day at approximately 16:00 hours. All timings are 

CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or unwarranted 

speculation or any other undesirable situation and 

may take steps to resolve such situations including 

the ability to mandate Members to limit the size of 

such positions or to reduce positions where 

appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as 

defined in the ICE Clear Europe Clearing Rules, is 

a deposit held by ICE Clear Europe in order to 

cover the costs that may be incurred in closing out 

a position in default. It is returned upon the closing 

of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) are 

input by buyer, seller and ICEU to TenneT before 

13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The EDSP 

will be the end of day Settlement Price on the day 

the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.5 - Product Specifications ICE Endex TTF Natural Gas Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of Natural Gas at the

Title Transfer Facility (TTF) Virtual Trading Point, 

operated by Gasunie Transport Services (GTS), 

the transmission system operator in the 

Netherlands. Delivery is made equally each hour 

throughout the delivery period from 06:00 (CET) 

on the first day of the month until 06:00 (CET) on 

the first day of the next month.

Contract Symbol TFM

Trading Period Up to 71 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 11 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months.

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 11 consecutive seasons or as otherwise 

determined and announced by ICE Endex from 

time to time.

Seasons are strips of six individual and 

consecutive contract months.

Seasons always comprise a strip of Apr-Sep or 

Oct-Mar.

Up to 5 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan -

Dec.

Months, quarters, seasons and years are listed in 

parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter, season, or calendar.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.
Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in contract period (i.e. month, 

quarter, season or year) x 23, 24 or 25 hours

(summer or winter time).

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, and end of day at approximately 17:00 

hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 
Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICE to GTS via Edig@s before 13:00 

(CET) on each business day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt-hours per hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.6 - Product Specifications ICE Endex TTF Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

Title Transfer Facility (TTF) Virtual Trading Point, 

operated by Gasunie Transport Services (GTS), 

the transmission system operator in the 

Netherlands.

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be, from 

06:00 to 06:00 (CET) on the following calendar 

day. 

Contract Symbol TFE

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday. 

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 
Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day- Ahead 

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 
particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICEU to GTS via Edig@s before 

20:00 (CET) on each business day prior to the 

commencement of the delivery period. Delivery 
takes place in kilowatt-hours per hour. 

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU

*The TTF Gas Working Days Next Week contract follows the UK calendar with respect to Business Days. 

On UK Bank Holidays no delivery of TTF Natural Gas takes place.
Appendix A.7 - Product Specification ICE Endex TTF Natural Gas Options

Description The ICE Endex TTF Gas Options contract is an option on the ICE 

Endex TTF Gas Futures contract. At expiry, one lot of TTF Gas 

Options will exercise into one lot of TTF Gas Futures. TTF Gas 

Options are European-style, such that In-The-Money options, 

unless abandoned, are automatically exercised at expiry. At-TheMoney and Out-of-The-Money options will expire un-exercised

unless the Member has elected to exercise them.

Hedge Instrument ICE Endex TTF Gas Futures contract.

Contract Symbol TFM

Trading Period Up to 36 consecutive months.

Quarterly, seasonal, calendar, and any period of consecutive 

monthly contracts can be registered as a strip. For example, a Q1 

option is an option on Jan, an option on Feb, and an option on Mar, 

with each option expiring five calendar days before the start of the 

relevant contract month.

Expiration Date Trading will cease at the end of the designated settlement period, 

approximately 17:00 CET, of the underlying futures contract five 

calendar days before the start of the contract month. If that day is a 

non-business day, expiry will occur on the nearest prior business 

day, except where that day is also the expiry date of the underlying 

futures contract, in which case expiry will occur on the preceding 

business day.

Contract Security ICE Clear Europe acts as central counterparty to all trades thereby 

guaranteeing the financial performance of ICE Endex contracts 

registered in the name of its Members up to and including delivery, 

exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for 

Swap (EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period x 23, 24 or 25 hours (summer / 

winter time)

Minimum Trading Size 5 lots = 5 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Strike Price Increments Strike Range is 5.00 – 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Flux 0.5 Euro Cent per MWh

Maximum Price Flux There are no limits.
Position Limits Positions are reported to the ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations including 

the ability to mandate Members to limit the size of such positions or 

to reduce positions where appropriate.

Option Premium Equity-style such that premiums are paid at the time the transaction 

is executed.

Exercise and Automatic Exercise Expires into a corresponding ICE Endex TTF Gas Futures contract 

with European-style exercise. If the option is not abandoned, 

automatic exercise will occur for options which are one or more 

ticks in the money.

At-The-Money and Out-of-The-Money options will expire worthless. 

Members will have up to one hour 15 minutes after the designated 

settlement period on the option expiry day to manually abandon or 

exercise an option.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.8 - Product Specification ICE Endex NCG Natural Gas Futures

Description Contracts are for physical delivery through the transfer of 

rights in respect of Natural Gas at the NetConnect Germany 

(NCG) Virtual Trading Point. Delivery is made equally each 

hour throughout the delivery period.

Contract Symbol GNM

Trading Period Up to 59 consecutive months.

Up to 7 consecutive quarters. Quarters are strips of three 

individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 7 consecutive seasons. Seasons are strips of six 

individual and consecutive contract months. Seasons always 

comprise of a strip of Apr-Sep or Oct-Mar.

4 consecutive years. Years are strips of twelve individual 

contract months comprising Jan-Dec.

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business Days 

prior to the first calendar day of the delivery month, quarter, 

season, or year.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, quarter, 

season or year) x 23, 24 or 25 hours (summer / winter time)

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux.
Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1 at approximately 

17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Delivery in accordance with NCG Rules.

The EDSP will be the end of day Settlement Price on the day 

the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.9 - Product Specification ICE Endex NCG Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

NetConnect Germany (NCG) Virtual Trading 

Point. 

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol GND

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 
06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day-Ahead 

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on 

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 
Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Delivery in accordance with NCG Rules.

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.10 - Product Specification ICE Endex GASPOOL Natural Gas Futures

Description Contracts are for physical delivery through the transfer of 

rights in respect of Natural Gas at the GASPOOL Virtual 

Trading Point. Delivery is made equally each hour throughout 

the delivery period.

Contract Symbol GER

Trading Period Up to 59 consecutive months.

Up to 7 consecutive quarters. Quarters are strips of three 

individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 7 consecutive seasons. Seasons are strips of six 

individual and consecutive contract months. Seasons always 

comprise of a strip of Apr-Sep or Oct-Mar.

4 consecutive years. Years are strips of twelve individual 

contract months comprising Jan-Dec.

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business Days 

prior to the first calendar day of the delivery month, quarter, 

season, or year.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, quarter, 

season or year) x 23, 24 or 25 hours (summer / winter time)

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux.
Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1 at approximately 

17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Delivery in accordance with GASPOOL Rules.

The EDSP will be the end of day Settlement Price on the day 

the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.11 - Product Specification ICE Endex GASPOOL Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

GASPOOL Virtual Trading Point 

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol GES

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 
case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day- Ahead 

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 
Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Delivery in accordance with GASPOOL Rules.

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.12 - [Intentionally left blank]
Appendix A.13 - [Intentionally left blank] 
Appendix A.14 - [Intentionally left blank] 
Appendix A.15 - Product Specification ICE Endex ZTP Natural Gas Futures

Description Contracts are for delivery or purchase through the transfer of 

rights in respect of natural gas (H-Gas) at the Zeebrugge 

Trading Point (ZTP) managed by Fluxys Belgium S.A. and 

Huberator. Delivery is made equally each hour throughout the 

delivery period from 06:00 (CET) on the first day of the month 

until 06:00 (CET) on the first day of the next month. The 

delivery days are all the calendar days in the delivery month.

Contract Symbol ZTP

Trading Period Up to 26 consecutive month contracts or as otherwise 

determined and announced by ICE Endex from time to time.

Up to 2 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time

Quarters are strips of three individual and consecutive 

contract months.

Quarters always comprise a strip of Jan-Mar, Apr-Jun, JulSep or Oct-Dec.

Up to 2 consecutive seasons or as otherwise determined and 

announced by ICE Endex from time to time

Seasons are strips of six individual and consecutive contract 

months.

Seasons always comprise a strip of Apr-Sep (Summer 

Season) or Oct-Mar (Winter Season).

Up to 1consecutive calendar years or as otherwise 

determined and announced by ICE Endex from time to time.

Years are strips of twelve individual and consecutive contract 

months comprising Jan - Dec. 

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business 

Days prior to the first calendar day of the delivery month, 

quarter, season, or calendar.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.
Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter, 

season, or year) x 23, 24 or 25 hours (summer or winter 

time).

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1, end of day at 

approximately 17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade Nominations (buyer 

from ICEU, seller to ICEU) are input by ICEU to Fluxys 

Belgium S.A. and/or Huberator via EDIg@s before 13:45 

(CET), on each business day prior to the commencement of 

the delivery period. Delivery takes place in kilowatt-hours per 

hour. The EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.16 - Product Specification ICE Endex ZTP Natural Gas Daily Futures

Description Contracts are for delivery or purchase through 

the transfer of rights in respect of natural gas (HGas) at the Zeebrugge Trading Point (ZTP) 

managed by Fluxys Belgium S.A. and Huberator.

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol ZTS

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month Contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 
gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day-Ahead 

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on 

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.
The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICEU to Fluxys Belgium S.A. and/or

Huberator via EDIg@s before 20.00 (CET), on 

each business day prior to the commencement of 

the delivery period. Delivery takes place in 

kilowatt-hours per hour.
The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.17 - Product Specification ICE Endex Italian Power Financial Base Futures

Description A financially settled monthly futures contract 

based on the Single National Price (“Prezzo 

Unico Nazionale” or “PUN”) for the purchase of 

electricity in Italy, as published by Gestore dei 

Mercati Energetici (“GME”). 

Contract Symbol IPB

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time. Quarters are strips of three 

individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan 

- Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of 

business one Business Day prior to the last 

calendar day of the contract delivery period.

Quarter and year contracts will cease trading at 

the close of business two Business Days prior to 

the first calendar day of the delivery quarter or 

year.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW
Contract Size 1 MW per day in the contract period (i.e. month, 

quarter or year) x 23, 24 or 25 hours (summer or 

winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh 

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Cash Settlement Price The cash settlement price of the contract is equal 

to the arithmetic mean of the Single National 

Price (“Prezzo Unico Nazionale” or “PUN”) of 

each hour between 00:00 am and 24:00 of all

days within the contract delivery period. 

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.
Cash Settlement Obligations In respect to each lot (1 MW) the following 

payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the 

Seller to the Clearing House;

(ii) exceeds the contract price, payment by the 

Clearing House to the Buyer;

(iii) is less than the contract price, payment by the 

Clearing House to the Seller;

(iv) is less than the contract price, payment by the 

Buyer to the Clearing House,

of an amount calculated by multiplying the 

difference between the Cash Settlement Price 

and the contract price by the number of hours in 

the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the 

contract price, no payments shall be made 

between the Seller (or Buyer) and the Clearing 

House

The applicable contract price is the applied 

settlement price to the open position at the latest 

marked-to-market. For the position resulting from 

the transactions executed on the last settlement 

date, the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.18 - Product Specification ICE Endex Italian Power Financial Peak Futures

Description A financially settled monthly futures contract 

based on the Single National Price (“Prezzo 

Unico Nazionale” or “PUN”) for the purchase of 

electricity in Italy, as published by Gestore dei 

Mercati Energetici (“GME”). 

Contract Symbol IPP

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time. Quarters are strips of three 

individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan 

- Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of 

business one Business Day prior to the last 

Business Day of the contract delivery period.

Quarter and year contracts will cease trading at 

the close of business two Business Days prior to 

the first calendar day of the delivery quarter or 

year.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x weekdays in contract period (i.e. month, 

quarter or year) x 12 hours
Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh 

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Cash Settlement Price The cash settlement price of the contract is equal 

to the arithmetic mean of the Single National 

Price (“Prezzo Unico Nazionale” or “PUN”) of 

each hour between 08:00 am and 20:00 of all 

days within the contract delivery period. 

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.
Cash Settlement Obligations In respect to each lot (1 MW) the following 

payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the 

Seller to the Clearing House;

(ii) exceeds the contract price, payment by the 

Clearing House to the Buyer;

(iii) is less than the contract price, payment by the 

Clearing House to the Seller;

(iv) is less than the contract price, payment by the 

Buyer to the Clearing House,

of an amount calculated by multiplying the 

difference between the Cash Settlement Price 

and the contract price by the number of hours in 

the week day (12). 

Where the Cash Settlement Price is equal to the 

contract price, no payments shall be made 

between the Seller (or Buyer) and the Clearing 

House

The applicable contract price is the applied 

settlement price to the open position at the latest 

marked-to-market. For the position resulting from 

the transactions executed on the last settlement 

date, the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.19 - Product Specification ICE Endex Italian PSV Natural Gas Futures

Description Contracts are for delivery or purchase through the transfer of 

rights in respect of natural gas at the Punto di Scambio 

Virtuale (Virtual Trading Point – PSV) organized and 

managed by Snam Rete Gas. Delivery is made equally each 

day throughout the delivery period from 06:00 (CET) on the 

first day of the month until 06:00 (CET) on the first day of the 

next month. The delivery days are all the calendar days in the 

delivery month.

Contract Symbol IGA

Trading Period Up to 35 consecutive month contracts or as otherwise 

determined and announced by ICE Endex from time to time.

Up to 4 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are 

strips of three individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, Apr-Jun, JulSep or Oct-Dec. 

Up to 4 consecutive seasons or as otherwise determined and 

announced by ICE Endex from time to time. Seasons are 

strips of six individual and consecutive contract months. 

Seasons always comprise a strip of Apr-Sep (Summer 

Season) or Oct-Mar (Winter Season).

Up to 2 calendar years or as otherwise determined and 

announced by ICE Endex from time to time. Calendar years 

are strips of twelve individual and consecutive contract 

months comprising Jan - Dec. Months, quarters, seasons and 

calendar years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business 

Days prior to the first calendar day of the delivery month, 

quarter, season, calendar year. 

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter, 

season, or year) x 24 hours.
Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1, end of day at 

approximately 17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Matching Acquiring Trade Nominations and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) are input by 

ICE to SNAM RETE GAS via PSV System before 11:30 

(CET) on each Business Day prior to the commencement of 

the delivery period. Delivery takes place in gigajoule MWh 

per day. The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.20 - Product Specification ICE Endex Dutch Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon

the hourly prices of the Dutch Day-Ahead auction.

Contract Symbol NLB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23,

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Dutch Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.21 - Product Specification ICE Endex Dutch Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the Dutch Day-Ahead auction.

Contract Symbol NLP

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Dutch Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.22 - Product Specification ICE Endex Belgian Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the Belgian Day-Ahead auction.

Contract Symbol BEB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Belgian Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.23 - Product Specification ICE Endex German Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol GAB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 00:00 am and 24:00 of all days within the contract delivery 

period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.24 - Product Specification ICE Endex German Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol GAP

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 08:00 and 20:00 of all days within the contract delivery 

period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.25 - Product Specification ICE Endex French Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the French Day-Ahead auction.

Contract Symbol FNB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.26 - Product Specification ICE Endex French Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the French Day-Ahead auction.

Contract Symbol FNA

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.27 - Product Specification ICE Endex Nordic Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly “Elspot System Price” for the Nordic region as quoted and 

published by Nord Pool Spot AS.

Contract Symbol NRB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the hourly “Elspot System Price” for the Nordic region as 

quoted and published by Nord Pool Spot AS of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.28 - Product Specification ICE Endex Spanish Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly "SPEL Index" as quoted and published by OMIP.

Contract Symbol SPB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of twelve 

individual and consecutive contract months comprising Jan - Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23,

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the OMIP SPEL Index of each hour between 00:00 am and 

24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.29 - Product Specification ICE Endex German Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol DGB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 00:00 am and 24:00 of all days within the contract delivery 

period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.30 - Product Specification ICE Endex German Power Financial Peak Daily Futures

Description A financially settled peak load daily futures contract based upon the 

hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol DGA

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weeks. Weeks are strips of 5 consecutive daily 

contracts (Monday through Friday).

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 08:00 and 20:00 of all days within the contract delivery 

period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 
take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.31 - Product Specification ICE Endex French Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly prices of the French Day-Ahead auction.

Contract Symbol DFB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.32 - Product Specification ICE Endex French Power Financial Peak Daily Futures

Description A financially settled peak load daily futures contract based upon the 

hourly prices of the French Day-Ahead auction.

Contract Symbol DFA

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weeks. Weeks are strips of 5 consecutive daily 

contracts (Monday through Friday).

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 
Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.33 - Product Specification ICE Endex Spanish Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly "SPEL Index" as quoted and published by OMIP.

Contract Symbol DSB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux
Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the OMIP SPEL Index of each hour between 00:00 am and 

24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.34 - Product Specification ICE Endex Nordic Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly “Elspot System Price” for the Nordic region as quoted and 

published by Nord Pool Spot AS.

Contract Symbol DNB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the hourly “Elspot System Price” for the Nordic region as 

quoted and published by Nord Pool Spot AS of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.35 - Product Specification ICE Endex Italian Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

Single National Price (“Prezzo Unico Nazionale” or “PUN”) for the 

purchase of electricity in Italy, as published by Gestore dei Mercati 

Energetici (“GME”). 

Contract Symbol DIF

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)
Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Single National Price (“Prezzo Unico Nazionale” or 

“PUN”) of each hour between 00:00 am and 24:00 of all days within 

the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
Appendix A.36 - Product Specification ICE Endex NCG Natural Gas Options

Description The ICE Endex NCG Gas Options contract is an option on the ICE 

Endex NCG Gas Futures contract. At expiry, one lot of NCG Gas 

Options will exercise into one lot of NCG Gas Futures. NCG Gas 

Options are European-style, such that In-The-Money options, 

unless abandoned, are automatically exercised at expiry. At-TheMoney and Out-of-The-Money options will expire un-exercised 

unless the Member has elected to exercise them.

Hedge Instrument ICE Endex NCG Gas Futures contract.

Contract Symbol GNM

Trading Period Up to 36 consecutive months.

Quarterly, seasonal, calendar, and any period of consecutive 

monthly contracts can be registered as a strip. For example, a Q1 

option is an option on Jan, an option on Feb, and an option on Mar, 

with each option expiring five calendar days before the start of the 

relevant contract month.

Expiration Date Trading will cease at the end of the designated settlement period, 

approximately 17:00 CET, of the underlying futures contract five 

calendar days before the start of the contract month. If that day is a 

non-business day, expiry will occur on the nearest prior business 

day, except where that day is also the expiry date of the underlying 

futures contract, in which case expiry will occur on the preceding 

business day.

Contract Security ICE Clear Europe acts as central counterparty to all trades thereby 

guaranteeing the financial performance of ICE Endex contracts 

registered in the name of its Members up to and including delivery, 

exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for 

Swap (EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period x 23, 24 or 25 hours (summer / 

winter time)

Minimum Trading Size 5 lots = 5 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Strike Price Increments Strike Range is 5.00 – 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Flux 0.5 Euro Cent per MWh

Maximum Price Flux There are no limits.
Position Limits Positions are reported to the ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations including 

the ability to mandate Members to limit the size of such positions or 

to reduce positions where appropriate.

Option Premium Equity-style such that premiums are paid at the time the transaction 

is executed.

Exercise and Automatic Exercise Expires into a corresponding ICE Endex NCG Gas Futures contract 

with European-style exercise. If the option is not abandoned, 

automatic exercise will occur for options which are one or more 

ticks in the money.

At-The-Money and Out-of-The-Money options will expire worthless. 

Members will have up to one hour 45 minutes after the designated 

settlement period on the option expiry day to manually abandon or 

exercise an option.

MIC Code NDEX

Clearing Venue ICEU