Options on 1st Quarter Peak Futures Contracts
Options over the 1st Quarter Peak Futures Contracts: 1 Megawatt of electrical energy per hour on a Peak Period profile for the respective States (NSW, QLD, VIC and SA) over the duration of a Contract Quarter.
 | Options Expiration Dates 2011 - 2013 | PDF, 42Kb |
1 Megawatt of electrical energy per hour on a Peak Period profile for the respective States (NSW, QLD, VIC and SA) over the duration of a Contract Quarter.
Options available on futures for the March Quarter up to three years ahead.
PN = Peak Period NSW
PV = Peak Period VIC
PQ = Peak Period QLD
PS = Peak Period SA
Quoted in Australian Dollars per Megawatt hour. The minimum price fluctuation is $0.01 per MWh.
Q1 Peak Period Options are set at intervals of $5.00 per MWh. New option exercise prices created as the underlying futures contract price moves.
Options will cease trading at 12:00pm on the Last Trading Day. The Last Trading Day shall be the day 6 weeks prior to the day immediately preceding the commencement of the calendar quarter for the underlying Futures Contract. If this day is not a business day or is recognised in NSW, QLD, VIC or SA as a Public Holiday then the following business day will be the expiry day. SFE will publish expiry dates in advance of new contracts being listed.
9.00am - 4.00pm*
Options may be exercised on any business day up to and including the day of expiry. In-the-money options are not automatically exercised at expiry. Buyers may exercise in, at and out-of-the-money option positions held, by lodging a notice of manual exercise with SFE Clearing no later than 1:30pm on the day of expiry. Upon exercise, the holder will receive a futures position at the option strike price. The Option Settlement Price will be determined on the day of expiry by taking the mean of the underlying futures quotes (the mid-point of the bid and offer in the underlying futures contract) at 11.45am, 11.50am, 11.55am and 12pm rounded up.
*Unless otherwise stated, all times are Sydney times.