|
VOLUME 27 – BULLETIN #025
TO:
|
ALL CLEARING PARTICIPANTS
|
FROM:
|
CLIENT SERVICES AND SUPPORT
|
DATE:
|
July 5, 2007
|
SUBJECT:
|
Chicago Climate Exchange ECO Clean Energy Index Future Contract Specifications
|
Chicago Climate Exchange (CCX), an all-electronic exchange, will trade the following futures contract that will be cleared by CCorp.
|
|
DESCRIPTION: ECO - Clean Energy Index
The ECO-Clean Energy Index is a modified equal dollar weighted stock index of U.S. listed companies focusing on the technologies for utilizing greener, renewable sources of energy. These technologies include renewable energy harvesting or production, energy conversion, energy storage, pollution prevention, improving efficiency, power delivery, energy conservation, and monitoring information.
|
Exchange Code:
|
03
|
Commodity Code:
|
WE
|
Contract Size:
|
$50 times the value of the ECO – Clean Energy Index.
|
Clearing Price Format:
|
U.S. Dollars and Cents per contract
|
Minimum Tick Increment
|
0.20 of an index point = $10 per contract
|
Sample price:
|
Actual = $305.00 per contract
7 digit = 0030500
|
Price Limits:
|
The daily price limits shall be ten percent (10%) of the average settlement prices of a calendar month immediately preceding the beginning of a calendar quarter month.
Trading halts shall be coordinated with trading halts in the securities markets.
|
First Trading Day:
|
The first trading day of a contract is the first business day following an expiration day of a contract.
|
Last Trading Day
|
The last trading day of a contract month is the business day immediately proceeding the day of determination of the Final Settlement Price.
|
Deliverable Instruments:
|
Cash Settled
|
Final Settlement Price:
|
The Final Settlement Price (FSP) shall be determined on the third Friday of the contract month. The FSP shall be a special quotation of the ECO - Clean Energy Index based on the opening prices of the component stocks in the index, or on the last sale price of a stock that does not open for trading on the day of the determination of the FSP.
If the ECO - Clean Energy Index is not scheduled to be published on the third Friday of the contract month, the FSP shall be determined on the first earlier day for which the index is scheduled to be published.
|
Trading Hours (CT):
|
7:00 a.m. – 3:00p.m. Central Time
|
Contract Months:
|
Up to six consecutive quarterly contracts on a March, June, September, December cycle
|
Reportable Position Limits:
|
25 contracts
|
Nearby Expiration Month Speculative Position Limits:
|
5,000 contracts
|
Trade Management:
MQM add duplication messages will be sent to the Clearing Participants back office systems in the TREX record format. Clearing Participants may submit MQM change records to CCorp to change non-critical trade information, or mark a trade as a give-up. Clearing Participants can also mark trades as give ups via the CCorp Trade Management system. Current GAPI processing between CCorp and the Clearing Participant will be used.
Position Management:
Clearing Participants should submit open interest to CCorp, either by submitting an Open interest FTP file or using the web based Position Management System. Position Management also allows participants users to perform intra-day position adjustments and intra firm transfers. Below are the process and availability.
Process
|
Application
|
Available
|
DUE
|
Final Open Interest File Due
|
FTP Put
|
Anytime during current business day
|
8;00 p.m.
|
Final Open Interest
|
Position Management
|
7:15 p.m.
|
8:00 p.m.
|
Online verification of final open interest
|
Position Management
|
7;15 p.m.
|
8;00 p.m.
|
Adjustments to final open interest
|
Position Management
|
After end of day final processing
|
10;00 a.m. next business day.
|
Position Adjustments
|
Position Management
|
10;15 a.m.
|
7;00 p.m.
|
Intra-firm position adjustments
|
Position management
|
After end of day final processing
|
7;00 p.m.
|
Validation of Final Open Interest:
Participants can only submit one final position record by origin for each valid contract that it is currently trading in and/or holding positions in. CCorp will perform a maximum long and minimum long calculation for each final position reported. The calculation will be performed using the participant’s incoming prior day position, adjustments, current day’s buys, current day’s sells, transfers, exercises (if applicable), and deliveries (if applicable). If a participant’s submitted final position falls outside these calculated parameters, the final reported position will be in error. Participants have the opportunity to review and update errors prior to final processing, please refer to table above. If a firm fails to update an error, CCorp will adjust the final long position as close as possible to the firm’s reported position using the current day’s activity. Furthermore, CCorp will assume any activity in a contract that a participant does not report a final position in will be adjusted as closing positions. Additionally, futures created form option assignments will be considered closing positions.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
|
Print
This Page