CARBON FUTURES ON ICE - IETA - Home Climate... · STEPHEN MCCOMB CARBON FUTURES ON ICE . 2...
Transcript of CARBON FUTURES ON ICE - IETA - Home Climate... · STEPHEN MCCOMB CARBON FUTURES ON ICE . 2...
JULY, 9, 2015
STEPHEN MCCOMB
CARBON FUTURES ON ICE
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WEBICE
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ICE FUTURES AND OPTIONS VOLUMES IN ENVIRONMENTAL (LOTS)
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2011 2012 2013 2014 2015
SO2 & Nox
RECs
RGGI CO2
CA & QC CO2
9,627
76,294
249,919
383,394
314,180 YTD
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ICE FUTURES AND OPTIONS OPEN INTEREST (LOTS)
0
50,000
100,000
150,000
200,000
250,000
300,000
SO2 & Nox
RECs
RGGI CO2
CA & QC CO2
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CA AND QC FUTURES AND OPTIONS VOLUMES (LOTS)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7
2011 2012 2013 2014 2015
Put
Future
Call
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CA AND QC CARBON FUTURES AND OPTIONS OPEN INTEREST (LOTS)
0
20,000
40,000
60,000
80,000
100,000
120,000
8/2
9/2
01
19
/27
/20
11
10
/26
/20
11
11
/24
/20
11
12
/23
/20
11
1/2
5/2
01
22
/23
/20
12
3/2
3/2
01
24
/24
/20
12
5/2
3/2
01
26
/21
/20
12
7/2
0/2
01
28
/20
/20
12
9/1
8/2
01
21
0/1
7/2
01
21
1/1
5/2
01
21
2/1
4/2
01
21
/16
/20
13
2/1
4/2
01
33
/15
/20
13
4/1
6/2
01
35
/15
/20
13
6/1
3/2
01
37
/12
/20
13
8/1
2/2
01
39
/10
/20
13
10
/9/2
01
31
1/7
/20
13
12
/6/2
01
31
/8/2
01
42
/6/2
01
43
/7/2
01
44
/7/2
01
45
/7/2
01
46
/5/2
01
47
/4/2
01
48
/4/2
01
49
/2/2
01
41
0/1
/20
14
10
/30
/20
14
11
/28
/20
14
12
/30
/20
14
1/2
9/2
01
52
/27
/20
15
3/3
0/2
01
54
/29
/20
15
5/2
8/2
01
56
/26
/20
15
Futures
Put
Call
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CA AND QC DAILY SETTLEMENTS (FRONT
DECEMBER CONTRACT $USD/ALLOWANCE)
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
$26.00
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CA AND QC CARBON FORWARD CURVE
$12.00
$12.50
$13.00
$13.50
$14.00
$14.50
V13 V14 V15 V16 V17 V18 Floor+ Floor
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CCA MARKET SUMMARY
• Deals:
– Puts: 254 deals for lots 39,341, OI at 16,570
– Calls: 183 deals for 18,601 lots, OI at 700
– Futures: 6,754 deals for 407,000 lots, OI at 76,379
• Deliveries (in lots):
– 2012: 1,106
– 2013: 17,797
– 2014: 44,385
– 2015 YTD: 58,294
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CALIFORNIA AND QUEBEC ALLOWANCE CONTRACTS ON ICE
• Physically deliverable futures contracts on California and Quebec
Carbon Allowances with options
• Size: 1,000 Allowances (1,000 mt CO2e)
• Tick: $0.01 USD ($10.00 USD per contract)
• Contract Listings: Vintage 2013 through 2018
• Compliance Vintage– requires delivery of specified vintage or earlier
• Option Strike Intervals: $0.05 – Flex Listings
• Fees: o Execution: $2.00/lot ($0.002/CCA)
o Clearing: $3.00/lot ($0.003/CCA) trade, $5.00/lot forward delivery, $2.00/lot option exercise, $2.00/lot option allocation
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SETTLEMENT, POST TRADE AND DATA
• Settlement Prices published daily (ICE Cleared Power Settlement Files & ICE
EOD File)
• Daily Settlement at 3:00pm CST
• Deal reconciliation available on ICE deal reports
Trade on ICE
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ICE User Admin requests access for “Physical Environmental” for relevant users Clearing limits established by Clearing Firm (FCM)
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ICE CONTACTS
NORTH AMERICAN ENVIRONMENTAL MARKETS
STEPHEN MCCOMB MICHAEL KIERSTEAD
Director
ICE Futures US
312-836-6727
Economist
ICE Futures US
312-836-6738
INTERCONTINENTAL EXCHANGE 15