> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/3.-products-and-market-structure/3.1-products-traded.md).

# 3.1 Products Traded

The Exchange lists spot and futures instruments, centrally cleared through the central counterparty (Sections 1.2 and 8). Not every product carries both. A product may be listed as spot, as futures, or as both, and futures may be physically deliverable or cash settled depending on the product. At launch the underlying is the European Union Allowance (EUA), listed as spot and as a futures curve, both physically deliverable into the registry. The identification convention and trading model described here are underlying agnostic and are intended to apply to further markets as they are added, which may be structured differently from EUA (for example a cash-settled future with no spot market on the Exchange).

## 3.1.2 Spot

EUA Spot is the European Union Allowance, denominated in EUR, trading unit EUA (one unit is one allowance), tick size €0.01 per allowance, minimum order size one allowance, delivered to the Union Registry (EUTL). It is centrally cleared, with settlement to the registry on T0 or T+1 depending on the time of trade relative to the registry cutoff (Section 3.2).

Spot is the Exchange’s distinguishing instrument: a true on-screen spot allowance market with delivery to the registry. Neither incumbent offers this, as both list a T+1 daily future rather than genuine spot.

## 3.1.3 Futures

EUA futures are physically deliverable emission-allowance futures, denominated in EUR, with a standardised lot size of 1,000 allowances (one lot is 1,000 EUA), tick size €0.01 per allowance, delivering into the Union Registry at expiry. The listed curve at launch:

| Contract                                                         | Status                                                                                       |
| ---------------------------------------------------------------- | -------------------------------------------------------------------------------------------- |
| December annuals: Dec 26, Dec 27, Dec 28                         | Confirmed                                                                                    |
| March and June quarterlies (at most 2 nearby listed at any time) | Confirmed                                                                                    |
| September future (exotic, penultimate Monday: Sep 26, 27, 28)    | Approved in principle; pending CCP sign-off; August annual fallback                          |
| Near-term monthlies (approx. 2 nearby non-quarterly months)      | Pending count decision                                                                       |
| Weekly futures (1 to 4 rolling)                                  | Exact number to be decided; pending bank commitments and CCP margin methodology              |
| Daily future (T+1)                                               | Not a launch product; a fallback only if the physical-versus-future spread cannot be cleared |

#### September future

The penultimate-Monday expiry gives a pre-deadline delivery buffer that the incumbents’ last-Monday expiry does not, since registry delivery takes two days and the compliance surrender deadline is 30 September. This targets compliance demand that has migrated to the August annual.

#### Weekly futures

Beyond adding near-curve granularity, the weekly strip is the term financing curve and an on-screen substitute for bilateral repo, complementing spot rather than competing with it.

#### Trade at Settlement (TAS)

TAS is available on futures. It is a marker rather than a separate instrument: the trade is agreed in the ordinary contract, but priced against the day’s settlement price rather than at a price known when the trade is struck. A Member buying December 2026 futures on TAS therefore fixes size and direction during the session and takes whatever the settlement price for that contract turns out to be, which is what makes it useful for participants who benchmark to the settlement print rather than to an intraday level. TAS on futures is delivered through RFQ, across maturities where the minimum liquidity condition is met. Markers are defined in Section 4.5.

#### Options

Offered after launch. European-style, written on existing futures, starting with the December annuals.

Key contract parameters (spot and futures):

| Parameter     | EUA Spot                     | EUA Futures                                   |
| ------------- | ---------------------------- | --------------------------------------------- |
| Symbol        | EA1S                         | EA1W (weekly); EA1F + month + year (standard) |
| Contract size | 1 EUA                        | 1 lot = 1,000 EUA                             |
| Denomination  | EUR                          | EUR                                           |
| Tick size     | €0.01 / tonne                | €0.01 / tonne                                 |
| Tick value    | €0.01 / unit                 | €10.00 / lot                                  |
| Minimum order | 1 EUA                        | 1 lot (1,000 EUA)                             |
| Minimum block | 50,000 EUA                   | 50 lots (50,000 EUA)                          |
| Settlement    | Physical, to registry        | Physical, to registry at expiry               |
| Timing        | T0 or T+1 vs registry cutoff | T+1 (target)                                  |

The per-allowance tick (€0.01) is kept equal across spot, futures and spreads, so implied spread prices always fall on a valid tick.

Full per-instrument detail (last trading day rules, delivery period, exchange delivery settlement price, markers) is held in the individual Contract Specifications (EUA Spot, EUA Futures Monthly, EUA Futures Weekly), which are the authoritative source.

## 3.1.4 Spreads

The Exchange lists calendar (time) spreads between two maturities of the same futures product. At launch these are EUA futures calendar spreads. A spread trades as a single instrument from the Member’s perspective, quoted and shown as its own book, but there is no separate matched book behind it: it is supported by an implied pricing engine over the two underlying futures books, with both legs executing atomically (Section 4.1). Larger spreads above the block threshold may also be handled via RFQ (Section 4.2). Spread codes follow the convention in 3.1.1 (for example EA1FZ26Z27). A calendar spread’s minimum size is one lot (1,000 allowances), inherited from the coarser leg.

The Exchange also aims to offer a physical-versus-future basis spread at launch, pairing the spot leg with a futures leg so participants can trade the spot-to-future carry directly: on-screen via implied pricing, through RFQ in larger size, and via OTC. This depends on the central counterparty accepting and margining a mixed-leg product, where one leg is fully collateralised spot and the other margined futures, for which there is no current precedent. If that clearing treatment is not ready in time, the basis initially trades through the standard routes (future-versus-future spreads, EFP and repo) and the on-screen spread follows once the CCP underwrites it. Its code follows the cross-type convention in 3.1.1 (for example EA1SFZ26). Its minimum size is one lot (1,000 allowances), inherited from the coarser leg, like other spreads.