Emissions

Emissions products support trading of futures and options based on emissions and air quality. Three types of contracts are currently available:

• Greenhouse Gas contracts

• Nitrogen Oxide contracts

• Sulfur Dioxide contracts

This topic describes functionality specific to emissions products on CME Globex.

Daily European Union Allowance Futures

Daily European Union Allowance (EUA) Futures are a daily expiration futures instrument having product-specific functionality within CME Globex.

For the Daily EUA futures contract, the listing schedule includes two (2) daily contracts available for trading at any one time: the current trade date, and the following trade date (the contract date).

On the last trade date, trading halts at 11:00 a.m. Central Time (CT) and the Exchange for Related Position (EFRP) transaction session ends at 12:00 p.m. (CT).

The market data Security Definition message (tag 35-MsgType=d) supports this product as follows.

Tag 55-Symbol identifies daily futures instrument attributes as follows.

• EUL=product code

• Z=maturity month

• 0=maturity year (i.e. 2010)

• 10=maturity calendar date

EUA Daily vs. In Delivery Month Intercommodity Spread

The daily EUA instrument is spread against the delivery month EUA instrument to create a daily vs delivery month intercommodity spread. The spread is listed and expired according to the daily instrument.