Strip Trading Procedures
A strip trade is defined as a trade where 4 consecutive* quarters of a futures product (with the same volume for each of those quarters) are bought or sold simultaneously, at a weighted average yearly price.
ASX 24 will list both Calendar (Cal) and Financial (Fin) Year Strip Futures products for Base-Load, Peak-Period Futures, and Off-Peak exposure in New South Wales, Victoria, South Australia and Queensland.
Published Cal and Fin Year Strip Futures prices are available from data vendors and from the d-cyphaTrade Homepage by clicking on Futures. Component prices of Cal and Fin year Strip Futures products that have traded are also available on the d-cyphaTrade website.
Please see The ASX 24 Operating Rules in confunction with the ASIC Market Integrity Rules (ASX 24 Market) for details regarding the allocation of quarter prices resulting from strip trades. In addition, please see the Energy Market Policy for further details.
*In the case of an off-peak strip, 4 consecutive quarters of base load futures product (with the same volume for each of those quarters) are bought (or sold) simultaneously AND 4 consecutive quarters of peak futures product (with the same volume for each of those quarters) are sold (or bought) simultaneously, at a combined weighted average yearly price.