Trading Conditions
The English version is for information purposes only. The German version is legally binding.
01.10.2020 Leipzig
Release 0056a
Table of Contents
Exchange Days, Trading Hours, Business Hours and Settlement Days | |||
§ 4 | Binding Nature of Transactions | 5 | |
§ 5 | Delivery and Acceptance Periods | 5 | |
§ 6 | Settlement and Fulfilment of Transactions | 5 | |
§ 7 | Contractual Relationships | 6 | |
§ 8 | (repealed) | 6 | |
§ 9 | Cancellation of Trades and Orders | 6 | |
§ 10 | Objections against Transactions | 6 | |
§ 11 | Provisions regarding Access; Availability of Exchange Traders | 7 | |
§ 12 | Transmission of Orders | 7 | |
§ 13 | Trading on Behalf of the Exchange Participants (Trading on Behalf) | 7 | |
§ 14 | Technical Problems within the Trading Systems of EEX | 8 | |
§ 15 | Technical Disruptions concerning a Exchange Participant | 8 | |
2. | General Provisions for Trading on the Spot and Derivatives Markets of EEX | 10 | |
§ 16 | Scope of Application | 10 | |
§ 17 | Products, Forms of Trading and Trading Systems | 10 | |
§ 18 | Types of Orders | 10 | |
2.1 | Special Provisions for Continuous Trading within the T7 Trading System | 11 | |
§ 19 | Trading time and trading phases | 11 | |
§ 20 | Order types | 11 | |
§ 21 | Quotes | 12 | |
§ 22 | Combined instruments | 12 | |
§ 23 | Trading Limits; Deactivation of Products | 13 | |
§ 24 | Execution and Management of Orders | 13 | |
§ 25 | Order Execution | 14 | |
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Trading Conditions, Release 0056a | © EEX - part of eex group |
§ 26 | Execution of Market Orders | 15 |
§ 27 | Execution of Limit Orders | 16 |
§ 28 | Execution of Stop Orders | 16 |
2.2 | Special Provisions for Trading within the Spot Market Trading System Trayport® ETSSM | 17 |
§ 29 | Trading Type, Trading Time and Trading Phases | 17 |
§ 30 | Order Types | 17 |
§ 31 | Combined Orders | 19 |
§ 32 | Trade Limits | 19 |
§ 33 | Recording and Administration of Orders | 19 |
§ 34 | Execution of Orders | 20 |
2.3 Special Provisions for Primary Auctions of Allowances in Accordance with the Provisions of
the Auctioning Regulation within the M7 Auction System* | 20 | |
§ 35 | Priority of Provisions | 20 |
§ 36 | Execution of Auctions | 20 |
§ 37 | Auction Calendar | 21 |
§ 38 | Bidders and Order Types | 21 |
§ 39 | Pricing and Execution of Orders, Cancellation | 22 |
§ 40 | Measures by the Management Board of the Exchange | 23 |
2.4 | Special Provisions for Secondary Market Auctions of Allowances | 23 |
§ 41 | Applicable Provisions for Secondary Market Auction | 23 |
2.5 | Position Account-Keeping for the Exchange Participants | 23 |
§ 42 | Position Administration | 23 |
3. | Final Provisions | 25 |
§ 43 | Place of Performance | 25 |
§ 44 | Effective Date | 25 |
Appendix: | Contract specifications | 26 |
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Trading Conditions, Release 0056a | © EEX - part of eex group |
1. General Provisions
§ 1 Scope of Application; Types of Trades
- The following trading conditions shall govern all Spot and Derivatives transactions, which are concluded on the European Energy Exchange (EEX).
- The products of EEX are traded in closed auction1, in open auction or in continuous trading with and without open auctions.
§ 2 Exchange Days, Trading Hours, Business Hours and Settlement Days
- Exchange Days are all days from Monday through Friday which are not holidays. Holidays are determined by the Management Board of the Exchange - possibly different for products - and published in the annex to the Contract Specifications (Holiday Calendar). Trading on EEX shall generally take place on Exchange Days.
- The business hours are from 7:45 am until 06:00 pm on every Exchange Day of EEX. Trading hours are those times during which the products can be traded at EEX. The Management Board of the Exchange announces the trading hours for the individual products which can be traded at EEX.
- Trading on EEX shall generally take place on Exchange Days during trading hours. Trading is also permitted on days which are not Exchange Days provided this was announced by the Management Board of the Exchange in due time. The Management Board of the Exchange can also specify with regard to individual products that these are not tradable on all Exchange Days.
- Settlement Days are the days on which financial and/or physical settlement of the transaction on EEX is effected by European Commodity Clearing AG (ECC AG) (ECC business days). ECC AG publishes a list of days from Monday to Friday, which are not ECC business days.
§ 3 Products
- Products are contracts which have been admitted to spot or derivatives trading on EEX by the Management Board of the Exchange.
- The contracts, which are admitted to spot or derivatives trading on EEX, are stipulated in the contract specifications attached to these trading conditions.
- The latest version of the contract specifications appended to these trading conditions is an integral part of these and, hence, forms the basis for all business carried out on EEX.
- The contract specification for a product tradable on EEX may be amended by the Exchange Council provided that no open positions of the Exchange Participants are affected. Notwithstanding Article 6 Paragraph 2, contract specifications of derivatives market products whose tradability on EEX is at least 4 calendar years may also be amended for existing open positions if the concerns of the holders of open positions have been adequately taken into
1 Including the primary auctioning of allowances in accordance with Commission Regulation (EU) No 1031/2010
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Trading Conditions, Release 0056a | © EEX - part of eex group |
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EEX - European Energy Exchange AG published this content on 30 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2020 08:39:04 UTC