FEX Base Load Power Quarterly Futures

Quarterly cash settled futures for New South Wales, Victoria, South Australia, and Queensland electricity, against the Australian Energy Market Operator (AEMO) half-hourly price.
Quarterly cash settled Average Rate Options for New South Wales, Victoria, South Australia, and Queensland electricity, over the FEX Base Load Power Quarterly Futures.
Options on annual (Fin and Cal) FEX Base Load Power 4qtr Strip Futures for New South Wales, Victoria, South Australia, and Queensland electricity.
FEX Base Load Power Quarterly Futures	FEX Base Load Power Quarterly Futures 	FEX Base Load Power Quarterly Futures 	FEX Base Load Power Quarterly Futures
Contract Code 	Quarters
BN - NSW Base Load Power Quarterly Futures
BV - VIC Base Load Power Quarterly Futures
BQ - QLD Base Load Power Quarterly Futures
BS - SA Base Load Power Quarterly Futures 4qtr Strips
HN - NSW Base Load Power 4qtr Strip Futures
HV - VIC Base Load Power 4qtr Strip Futures
HQ - QLD Base Load Power 4qtr Strip Futures
HS - SA Base Load Power 4qtr Strip Futures 	Quarters
BN - NSW Base Load Power Quarterly Futures
BV - VIC Base Load Power Quarterly Futures
BQ - QLD Base Load Power Quarterly Futures
BS - SA Base Load Power Quarterly Futures 4qtr Strips
HN - NSW Base Load Power 4qtr Strip Futures
HV - VIC Base Load Power 4qtr Strip Futures
HQ - QLD Base Load Power 4qtr Strip Futures
HS - SA Base Load Power 4qtr Strip Futures 	Quarters
BN - NSW Base Load Power Quarterly Futures
BV - VIC Base Load Power Quarterly Futures
BQ - QLD Base Load Power Quarterly Futures
BS - SA Base Load Power Quarterly Futures 4qtr Strips
HN - NSW Base Load Power 4qtr Strip Futures
HV - VIC Base Load Power 4qtr Strip Futures
HQ - QLD Base Load Power 4qtr Strip Futures
HS - SA Base Load Power 4qtr Strip Futures
Contract Type 	Cash Settled Futures Contract 	Cash Settled Futures Contract 	Cash Settled Futures Contract
Underlying 	New South Wales, Victoria, South Australia, and Queensland electricity, as administrated by the Australian Energy Market Operator (AEMO) 	New South Wales, Victoria, South Australia, and Queensland electricity, as administrated by the Australian Energy Market Operator (AEMO) 	New South Wales, Victoria, South Australia, and Queensland electricity, as administrated by the Australian Energy Market Operator (AEMO)
Contract Unit 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh
Contract Currency 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh)
Minimum Price Increments Tick Size 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract
Contract Months 	Quarterly up to 4 years or 16qtrs out
Mar, Jun, Sep, Dec
4qtr Calendar (Dec) and Financial (Jun) Strips 	Quarterly up to 4 years or 16qtrs out
Mar, Jun, Sep, Dec
4qtr Calendar (Dec) and Financial (Jun) Strips 	Quarterly up to 4 years or 16qtrs out
Mar, Jun, Sep, Dec
4qtr Calendar (Dec) and Financial (Jun) Strips
Trading Hours 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm
Last Trade Date 	The last Business day of the Contract quarter 	The last Business day of the Contract quarter 	The last Business day of the Contract quarter
Settlement Date 	The fourth Business Day after the Last Trade Date of the contract quarter 	The fourth Business Day after the Last Trade Date of the contract quarter 	The fourth Business Day after the Last Trade Date of the contract quarter
Cash Settlement 	The Expiry Settlement Price is calculated by taking the arithmetic average of the AEMO base load spot electricity prices, on a half hourly basis until the commencement date of the regulated change in methodology to a five minute basis defined in National Energy Rule 11.103 and from that date on a five minute basis, over the Contract Quarter, for the relevant region, rounded to the nearest cent. A provisional Expiry Settlement Price will be declared on the first Business Day after the Last Trade Date of the Contract and shall be later confirmed on the third Business Day after the Last Trade Date as provided by AEMO.	The Expiry Settlement Price is calculated by taking the arithmetic average of the AEMO base load spot electricity prices, on a half hourly basis until the commencement date of the regulated change in methodology to a five minute basis defined in National Energy Rule 11.103 and from that date on a five minute basis, over the Contract Quarter, for the relevant region, rounded to the nearest cent. A provisional Expiry Settlement Price will be declared on the first Business Day after the Last Trade Date of the Contract and shall be later confirmed on the third Business Day after the Last Trade Date as provided by AEMO.	The Expiry Settlement Price is calculated by taking the arithmetic average of the AEMO base load spot electricity prices, on a half hourly basis until the commencement date of the regulated change in methodology to a five minute basis defined in National Energy Rule 11.103 and from that date on a five minute basis, over the Contract Quarter, for the relevant region, rounded to the nearest cent. A provisional Expiry Settlement Price will be declared on the first Business Day after the Last Trade Date of the Contract and shall be later confirmed on the third Business Day after the Last Trade Date as provided by AEMO.
FEX Base Load Power Quarterly Options	FEX Base Load Power Quarterly Options 	FEX Base Load Power Quarterly Options 	FEX Base Load Power Quarterly Options
Contract Code 	Quarters
BN - NSW Base Load Power Quarterly Options
BV - VIC Base Load Power Quarterly Options
BQ - QLD Base Load Power Quarterly Options
BS - SA Base Load Power Quarterly Options 	Quarters
BN - NSW Base Load Power Quarterly Options
BV - VIC Base Load Power Quarterly Options
BQ - QLD Base Load Power Quarterly Options
BS - SA Base Load Power Quarterly Options 	Quarters
BN - NSW Base Load Power Quarterly Options
BV - VIC Base Load Power Quarterly Options
BQ - QLD Base Load Power Quarterly Options
BS - SA Base Load Power Quarterly Options
Contract Type 	Put or Call Option Contract over a FEX Base Load Power Quarterly Futures 	Put or Call Option Contract over a FEX Base Load Power Quarterly Futures 	Put or Call Option Contract over a FEX Base Load Power Quarterly Futures
Underlying 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power Quarterly Futures 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power Quarterly Futures 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power Quarterly Futures
Contract Unit 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh 	1 Megawatt of electricity per hour (MWh) across all periods of the contract quarter. e.g.
Q1 - 2160 MWh or 2184 MWh each leap year
Q2 - 2184 MWh
Q3 - 2208 MWh
Q4 - 2208 MWh
Contract Currency 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh)
Minimum Price Increments Tick Size 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract 	$0.01/MWh
$21.60 per contract for a 2160hr contract
$21.84 per contract for a 2184hr contract
$22.08 per contract for a 2208hr contract
Contract Months 	Quarterly up to 8qrts out
Mar, Jun, Sep, Dec 	Quarterly up to 8qrts out
Mar, Jun, Sep, Dec 	Quarterly up to 8qrts out
Mar, Jun, Sep, Dec
Trading Hours 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm
Option Type 	European 	European 	European
Strike Price Intervals 	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes below and 50 strikes above the underlying commodity. New option strike prices created as the underlying futures contract price moves.	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes below and 50 strikes above the underlying commodity. New option strike prices created as the underlying futures contract price moves.	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes below and 50 strikes above the underlying commodity. New option strike prices created as the underlying futures contract price moves.
Contract Expiry 	Options will cease trading at 4:00pm on the Last Trading day of the underlying Contract quarter 	Options will cease trading at 4:00pm on the Last Trading day of the underlying Contract quarter 	Options will cease trading at 4:00pm on the Last Trading day of the underlying Contract quarter
Reference Price for Option Exercise 	In accordance with the final Settlement Price of the underlying futures contract as determined on the third Business Day after the Last Trading Day 	In accordance with the final Settlement Price of the underlying futures contract as determined on the third Business Day after the Last Trading Day 	In accordance with the final Settlement Price of the underlying futures contract as determined on the third Business Day after the Last Trading Day
Method of Option Exercise 	On the Third Business Day after the Last Trading Day all in-the-money options are automatically exercised into the underlying futures contract and cash settled. 	On the Third Business Day after the Last Trading Day all in-the-money options are automatically exercised into the underlying futures contract and cash settled. 	On the Third Business Day after the Last Trading Day all in-the-money options are automatically exercised into the underlying futures contract and cash settled.
FEX Base Load Power 4qtr Strip Options 	FEX Base Load Power 4qtr Strip Options 	FEX Base Load Power 4qtr Strip Options 	FEX Base Load Power 4qtr Strip Options
Contract Code 	4qtr Strips
HN - NSW Base Load Power 4qtr Strips Options
HV - VIC Base Load Power 4qtr Strips Options
HQ - QLD Base Load Power 4qtr Strips Options
HS - SA Base Load Power 4qtr Strips Options 	4qtr Strips
HN - NSW Base Load Power 4qtr Strips Options
HV - VIC Base Load Power 4qtr Strips Options
HQ - QLD Base Load Power 4qtr Strips Options
HS - SA Base Load Power 4qtr Strips Options 	4qtr Strips
HN - NSW Base Load Power 4qtr Strips Options
HV - VIC Base Load Power 4qtr Strips Options
HQ - QLD Base Load Power 4qtr Strips Options
HS - SA Base Load Power 4qtr Strips Options
Contract Type 	Put or Call Option Contract over a FEX Base Load Power 4qtr Strips Futures (Fin and Cal years) 	Put or Call Option Contract over a FEX Base Load Power 4qtr Strips Futures (Fin and Cal years) 	Put or Call Option Contract over a FEX Base Load Power 4qtr Strips Futures (Fin and Cal years)
Underlying 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power 4qtr Strips Futures 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power 4qtr Strips Futures 	New South Wales, Victoria, South Australia, and Queensland, FEX Base Load Power 4qtr Strips Futures
Contract Unit 	1 Megawatt of electricity per hour (MWh) across all periods of the contract year. e.g.
8760 MWh or 8784 MWh each leap year 	1 Megawatt of electricity per hour (MWh) across all periods of the contract year. e.g.
8760 MWh or 8784 MWh each leap year 	1 Megawatt of electricity per hour (MWh) across all periods of the contract year. e.g.
8760 MWh or 8784 MWh each leap year
Contract Currency 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh) 	AUD per megawatt hour (A$/MWh)
Minimum Price Increments Tick Size 	$0.01/MWh
$87.60 per contract for a 8760hr contract
$87.84 per contract for a 8784hr contract 	$0.01/MWh
$87.60 per contract for a 8760hr contract
$87.84 per contract for a 8784hr contract 	$0.01/MWh
$87.60 per contract for a 8760hr contract
$87.84 per contract for a 8784hr contract
Contract Months 	Annual (Fin and Cal) up to 3 years out from the current year
Financial (Jun), and Calendar (Dec) 	Annual (Fin and Cal) up to 3 years out from the current year
Financial (Jun), and Calendar (Dec) 	Annual (Fin and Cal) up to 3 years out from the current year
Financial (Jun), and Calendar (Dec)
Trading Hours 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm 	Day; 10.00am - 4.00pm
Option Type 	American 	American 	American
Strike Price Intervals 	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes either side of the underlying commodity. New option strike prices created as the underlying futures contract price moves. 	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes either side of the underlying commodity. New option strike prices created as the underlying futures contract price moves. 	Put and Call option, set at intervals of $1.00/MWh, up to 25 strikes either side of the underlying commodity. New option strike prices created as the underlying futures contract price moves.
Contract Expiry 	Options will cease trading at 12:00pm on the Last Trading day. The Last Trading Day shall be the day 6 weeks prior to the day immediately preceding the commencement of the Contract quarter for the underlying FEX Base Load Power 4qtr Strip Futures. If this day is not a business day in the relevant region then the following business day will be the expiry day 	Options will cease trading at 12:00pm on the Last Trading day. The Last Trading Day shall be the day 6 weeks prior to the day immediately preceding the commencement of the Contract quarter for the underlying FEX Base Load Power 4qtr Strip Futures. If this day is not a business day in the relevant region then the following business day will be the expiry day 	Options will cease trading at 12:00pm on the Last Trading day. The Last Trading Day shall be the day 6 weeks prior to the day immediately preceding the commencement of the Contract quarter for the underlying FEX Base Load Power 4qtr Strip Futures. If this day is not a business day in the relevant region then the following business day will be the expiry day
Settlement Process 	Options may be exercised on any business day up to and including the day of expiry. In-the-money options are automatically exercised at expiry . Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of manual exercise with the Clearinghouse No later than 12:30pm on the day of expiry. All contracts not exercised after this time, shall be abandoned.	Options may be exercised on any business day up to and including the day of expiry. In-the-money options are automatically exercised at expiry . Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of manual exercise with the Clearinghouse No later than 12:30pm on the day of expiry. All contracts not exercised after this time, shall be abandoned.	Options may be exercised on any business day up to and including the day of expiry. In-the-money options are automatically exercised at expiry . Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of manual exercise with the Clearinghouse No later than 12:30pm on the day of expiry. All contracts not exercised after this time, shall be abandoned.
Formula for Determination of Futures Quarterly Prices Resulting from Strip Options Exercise	Upon exercise, the holder will receive four FEX Base Load Power Quarterly Futures contracts, at prices equivalent to the option strike price, after applying the current curve ratio determined from the previous Business Day's settlement price of the 4 quarterly future contracts underlying the relevant strip as outlined below:
FP = A x B/C
FP = Price allocated to each futures contract resulting from exercised Strip Option
A = the previous day's Settlement Price for the Contract Quarter for each individual future contract
B = Exercise price
C = Previous Day's implied Strip price, calculated as follows:
Implied Strip price = F/G
F = a + b + c + d
a = 1st Quarter previous day's Settlement Price x megawatt hours for that quarter
b = 2nd Quarter previous day's Settlement Price x megawatt hours for that quarter
c = 3rd Quarter previous day's Settlement Price x megawatt hours for that quarter
d = 4th Quarter previous day's Settlement Price x megawatt hours for that quarter
I.e. Cal year Q1, Q2, Q3, Q4 and Fin year Q3, Q4, Q1, Q2
G = Total number of megawatt hours of all four future Contracts
The underlying futures contract with the longest dated expiry will be further adjusted up or down in increments of $0.01/MWh to the extent that such adjustments will achieve a more accurate implied Exercise Price, as calculated to 4 decimal places.	Upon exercise, the holder will receive four FEX Base Load Power Quarterly Futures contracts, at prices equivalent to the option strike price, after applying the current curve ratio determined from the previous Business Day's settlement price of the 4 quarterly future contracts underlying the relevant strip as outlined below:
FP = A x B/C
FP = Price allocated to each futures contract resulting from exercised Strip Option
A = the previous day's Settlement Price for the Contract Quarter for each individual future contract
B = Exercise price
C = Previous Day's implied Strip price, calculated as follows:
Implied Strip price = F/G
F = a + b + c + d
a = 1st Quarter previous day's Settlement Price x megawatt hours for that quarter
b = 2nd Quarter previous day's Settlement Price x megawatt hours for that quarter
c = 3rd Quarter previous day's Settlement Price x megawatt hours for that quarter
d = 4th Quarter previous day's Settlement Price x megawatt hours for that quarter
I.e. Cal year Q1, Q2, Q3, Q4 and Fin year Q3, Q4, Q1, Q2
G = Total number of megawatt hours of all four future Contracts
The underlying futures contract with the longest dated expiry will be further adjusted up or down in increments of $0.01/MWh to the extent that such adjustments will achieve a more accurate implied Exercise Price, as calculated to 4 decimal places.	Upon exercise, the holder will receive four FEX Base Load Power Quarterly Futures contracts, at prices equivalent to the option strike price, after applying the current curve ratio determined from the previous Business Day's settlement price of the 4 quarterly future contracts underlying the relevant strip as outlined below:
FP = A x B/C
FP = Price allocated to each futures contract resulting from exercised Strip Option
A = the previous day's Settlement Price for the Contract Quarter for each individual future contract
B = Exercise price
C = Previous Day's implied Strip price, calculated as follows:
Implied Strip price = F/G
F = a + b + c + d
a = 1st Quarter previous day's Settlement Price x megawatt hours for that quarter
b = 2nd Quarter previous day's Settlement Price x megawatt hours for that quarter
c = 3rd Quarter previous day's Settlement Price x megawatt hours for that quarter
d = 4th Quarter previous day's Settlement Price x megawatt hours for that quarter
I.e. Cal year Q1, Q2, Q3, Q4 and Fin year Q3, Q4, Q1, Q2
G = Total number of megawatt hours of all four future Contracts
The underlying futures contract with the longest dated expiry will be further adjusted up or down in increments of $0.01/MWh to the extent that such adjustments will achieve a more accurate implied Exercise Price, as calculated to 4 decimal places.
Reference Price for Option Exercise 	The previous days Daily Settlements Price of the underlying FEX Base Load Power 4qtr Strip Futures 	The previous days Daily Settlements Price of the underlying FEX Base Load Power 4qtr Strip Futures 	The previous days Daily Settlements Price of the underlying FEX Base Load Power 4qtr Strip Futures
== Notes ==
==References==
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