Following the feedback received for the consultation conducted in January 2025, Market Participants are advised that ASX will implement changes to the Australian Electricity Average Rate Base Load (Quarterly) Options (BN, BQ, BV, BS), Calendar Year Base Load Strip Options and the Financial Year Base Load Strip Options (HN, HQ, HV, HS) strike increments and interval settings as given below.

• Strikes up to $100 will be listed in $1 increments
• Strikes above $100 will be listed in $5 increments 
• 25 strikes will be listed on either side of the reference price

The proposed change will, over time, improve the Options Daily Settlement Price calculation by reducing the number of strikes without open interest. Furthermore, when auto-listing, it will provide a wider strike range without increasing the number of strikes, decreasing the need for ad-hoc strike requests. 

Market participants can request strike extensions outside auto-listed strike range. For example, if strikes are listed up to $150, Participants can request ASX to extend the strikes to $200, where ten $5 strikes will be listed between $150 and $200.

Market participants can request a single strike, following the strike increment settings, i.e., $1 increments up to $100 and $5 increments above $100. For example, if strikes are auto-listed up to $150 following the increment settings, participants can request a single strike, such as $165, without filling in the gap.

Market participants can request a single strike at a specific price that does not follow the strike increment settings, i.e. $1 increments up to $100 and $5 strike increments above $100. For example, if strikes are auto-listed up to $150 following the increment settings, participants can request a single strike, such as $122 or $201.

Existing Electricity Option strikes listed at the $1 increment, existing Option positions and Open Interest will remain unaffected.

Implementation Timeline

Australian Electricity Options strike interval settings are expected to be implemented by the end of July 2025, subject to internal and external readiness and regulatory approval. ASX will publish the exact date closer to the go-live.

Testing

The strike increment and interval changes for the Australian Electricity Average Rate Base Load (Quarterly) Options (BN, BQ, BV, BS), Calendar Year Base Load Strip Options and the Financial Year Base Load Strip Options (HN, HQ, HV, HS) will be available in CDE+ from 08 July 2025.

What do I need to do by when?

Market Participants are encouraged to test the functionality to ensure their systems and processes continue to work as expected on or before the 22 July 2025.

Need more information?

Issued by

Harish Chandilyan, Product Manager, Commodities

Contact information

commodities@asx.com.au

or

Investor Support
+61 (02) 9338 0000
www.asx.com.au/contact

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