EU ETS Phase 4: Changes in EEX product setup

14 February 2020 | Trading

Auctioning of phase 4 emission allowances is expected to start in Jan 2021. Therefore, operators need to surrender allowances for the last compliance year of phase 3 (2020) by 30 April 2021. During the transition period, phase 3 and 4 allowances will exist in parallel which has implications for EEX´s product setup.

For Jan-April 2021 futures expiries, European Commodity Clearing (ECC) will only accept phase 3 allowances for the fulfilment of delivery obligations (see contract specifications). In the spot market, EEX has planned to separate phase 3 and phase 4 trading for 2021 to offer separate spot deliveries for both phases as of 2021. As a clear cut-off between phase 3 and phase 4 auctions is expected, the auction product setup will not be affected.


Source: EEX