Page Metadata

Power Options Excercise

Exercise Information

The process is described below in more detail:  
  • On the option exercise day, a fixing price is set at 11.55-12.00 CET based on the trades (random snapshot) in the underlying contracts. As soon as the prices are calculated they will be published, with the "Final Option Exercise list" attached, through an operational message. The list shows which strikes will be automatically exercised based on the option fixing price—unless the option holders protect themselves from automatic exercise or choose to alter the manual exercise.
  • Standard Exercise for call options will be invoked where the difference between the Exercise Price and the Option Fix is equal to or higher than EUR 0.05. Standard Exercise for put options will be invoked where the difference between the Exercise Price and the Option Fix is equal to or higher than EUR 0.05.
  • Manual Exercise instructions or reservations against Standard Exercise from the option holder must be received and confirmed by the Clearinghouse prior to the Option Exercise Time.
    Following a Manual Exercise, or where a reservation has been made against Standard Exercise, the option writer is chosen by random draw amongst the counterparties with positions in the contract. The chosen option writer will be informed about the results of the draw at such time as specified in the Trading and Clearing Schedule.
  • In order to protect oneself against Automatic Exercise or to otherwise affect the Manual Exercise of options, participants must use the "Commodities Option Exercise"-form (please see below)
  • Nasdaq accepts forms between 08.00 and 12.30 CET on the exercise day. All forms must be marked with a timestamp. If changes are made, then the last form is considered valid.
  • As soon as possible, after 12.30 CET on the exercise day, Nasdaq will inform the market through an operational message of the volume from the final option exercise requests and reservations.


Retraction of form: If an automatic exercise reservation or manual exercise request is incorrect, and the buyer wants no action to be taken based on the form, Nasdaq must be notified. In this case, please return the incorrect original form to Nasdaq and include the text "We hereby confirm the retraction of this form" along with a signature. This retraction form must be sent within the time limit stated above.
 

Forms

Commodities Option Exercise Form

Portfolio Transfer

Transfer Historical Transactions (Trades)

Clearing Client (CC) change of Client Representative (CR)

  • Sign new Clearing Client Agreement
  • Terminate previous Clearing Client Agreement with the Clearinghouse
  • Confirmation of date to perform transfer from previous Clearing Representative (CR)
  • No Three Party Agreement for transaction transfer
  • No additional transaction transfer fees

Non-Clearing Member (NCM) portfolio transfer to another General Clearing Member (GCM)

  • Sign new entry form
  • New Counterparty = Three Party Agreement for transaction transfer must be signed by current and new GCM
  • Administrative transaction transfer fee (as specified in Fee List – Trading/Clearing Appendix 7)

One member of the clearinghouse transfers its contracts to another member of the clearinghouse

  • Three Party Agreement for transaction transfer must be signed
  • Administrative transaction transfer fee (as specified in Fee List – Trading/Clearing Appendix 7)

Member transfers contracts from one Clearing Portfolio to another Clearing Portfolio within the same membership

  • No Three Party Agreement for transaction transfer

More Information

The Clearinghouse must receive three copies of the agreements with original signature. A scanned pdf-version will be accepted, but the Clearinghouse must receive the originals within two weeks. If the originals are not received the Clearinghouse will transfer the contracts back to the original Clearing Portfolio.

  • Normally we do not perform portfolio transfers on less than one month notice. Please note that change of Client Representative might take up to three months.
  • At trading days when cascading Year and Quarter contracts, the Clearinghouse cannot perform portfolio transfers. I.e. no transaction transfers the last Trading Day in every quarter. (Last Trading Day in March, June, September and last three Trading Days in December.)
  • Please see the Product Calendar for more details.
  • The Clearinghouse needs the following information for the Three Party Agreement: The name of the Clearing Portfolio for the new and the old Counterparty; detailed information as to which trades/position shall be transferred. Note that the cascading process might change the original trade.

View a sample Three Party Agreement: Three Party Agreement

Scroll up