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European Power Offering

Nasdaq offers trading and clearing of a pan European suite of financial power derivatives, comprising of German, Dutch, Belgian, French, Italian and Spanish Monthly DS Futures contracts. 

  • Continuous trading in the electronic trading system from 08.00 to 18.00 CET (07:00-17:00 GMT) 
  • Trading and clearing of block trades from 07:45 until 19.00 CET (06:00-18:00 GMT) 
  • European Trading Calendar

Why Monthly DS Futures?

Today, the majority of European Power and Gas contracts are traded bilaterally as physical contracts with monthly cash flows during the delivery period. Nasdaq Commodities’ Monthly DS Futures are tailor made derivatives matching the exact same cash flow as the physical contracts, hence offering a great tool for mitigating risk of energy purchases and sales in the physical market.

Settlement Structure

All European Power Monthly DS futures - German, French, Dutch, Belgian, Spanish and Italia - are settled in EUR. Their settlement date is the 20th calendar day of following month or next business day.

European Power Quotation List

Monthly DS Futures EDEM EFRM ENLM EBEM EITM EESM
No of Days HB: 5
BL: 9
PK: 9
OP: 9
HB: 5
BL: 9
PK: 9
OP: 2
BL: 9
PK: 9
OP: 2
BL: 9
PK: 9
OP: 2
BL: 9 BL: 9
No of WDW BL: 2
OP: 2
BL: 2
OP: 2
BL: 2
OP: 2
BL: 2
OP: 2
BL: 2 BL: 2
No of Weekend BL: 3
PK: 2
OP: 2
BL: 3
PK: 2
OP: 2
BL: 3
PK: 2
OP: 2
BL: 3
PK: 2
OP: 2
BL: 3 BL: 3
No of Weeks BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4 BL: 4
No of Months BL: 6
PK: 6
OP: 6

BL: 6
PK: 6
OP: 6

BL: 6
PK: 6
OP: 6
BL: 6
PK: 6
OP: 6
BL: 6 BL: 6
No of Quarters BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4
PK: 4
OP: 4
BL: 4 BL: 4
No of Years BL: 3
PK: 3
OP: 3
BL: 3
PK: 3
OP: 3
BL: 3
PK: 3
OP: 3
BL: 3
PK: 3
OP: 3
BL: 3 BL: 3
Contract Size 1 MWh
Trade Lot 1 MW
Tick Size EUR 0,01
Contract Base
  • Germany: EPEX Day-Ahead Auction 
  • France: EPX Day-Ahead Auction 
  • Netherlands: APX Day-Ahead Auction 
  • Belgium: BELPEX Day-Ahead Hourly Prices 
  • Italy: GME Day-Ahead Market 
  • Spain: OMIE Day-Ahead Auction
WDW= Working Day Week

Clearing of Monthly DS Futures

Nasdaq offers clearing of financially settled Monthly DS Futures through Nasdaq Clearing. 

Nasdaq Clearing is the contractual counterparty in all contracts traded at Nasdaq Commodites' financial market. Clearing guarantees the financial settlement. The daily settlement is automatic, and members are connected to the settlement system through a variety of multinational settlement banks. Read more

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