SR-ICEEU-2023-006 Exhibit 5 Page 18 of 22

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

1. DELIVERY SPECIFICATION

1.1 Quality

White sugar delivered under the Contract must have been produced in one of the countries listed in the 

List of Deliverable Countries of Production and be of a quality as specified in the ICE Futures Europe 

Rules.

1.2 Price

The price at which the white sugar contracts are delivered for a particular delivery month is the 

Exchange Delivery Settlement Price as calculated by ICE Futures Europe on the Last Trading Day, as

defined in the ICE Futures Europe Rules.

1.3 Scope

White sugar contracts are for the sale and delivery of white beet or cane crystal sugar or refined sugar, 

in bags, of the crop or production current on the first day of the delivery period, conforming to the 

specifications set out in the ICE Futures Europe Rules. Delivery is permissible at a Delivery Port on a 

day in the period between the first day of the delivery month and the last day of the succeeding month, 

inclusive

Delivered white sugar must, inter alia, be free of all liens and claims of any kind.

1.4 Cessation of Trading

White sugar delivery months cease trading on the Last Trading Day, as specified in the Contract Terms, 

which unless specified otherwise in the Market Rules is at 17:55, sixteen calendar days preceding the 

first day of the delivery month (or, if not a Business Day, then the first Business Day immediately 

preceding).

1.5 Taking White Sugar “Off the Market”

If Clearing Members opt for alternative delivery procedures, notification must be made via Guardian

(or any successor system).

Deleted: shall be 

Deleted: n origin and 

Deleted: of any origin 

Deleted: .

Deleted: l

Deleted: t

Deleted: d
SR-ICEEU-2023-006 Exhibit 5 Page 19 of 22

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

DELIVERY TIMETABLE FOR FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

TIME ACTION

Last Trading Day

At 17:55 The white sugar delivery month ceases trading.

Seller’s Delivery 

Notification 

Tender Day (Last Trading Day +1 business day)

By 10:30 All Clearing Members perform position maintenance.

Remaining Open Contract Positions automatically become subject to 

delivery obligations.

Sellers holding Open Contract Positions must input a separate Seller’s

Delivery Notification, for each underlying client at each Delivery Port

via Guardian (or any successor system). Clearing Members are not 

required to give notification via ECS (or any successor system).

Clearing Members must ensure that all assignments, settlements 

and transfers are completed in ECS (or any successor system) by 

the 10:30 deadline. 

Clearing Members with Open Contract Positions in the expired 

delivery month are obliged to make or take delivery.

MPFE Report After 10:30 MPFE report available on ECS and MFT (or any successor system)

which confirms the number of lots taken to delivery.

Insufficient 

Seller(s)

By 11:00 Where any Insufficient Sellers have submitted a Seller’s Delivery

Notification via Guardian (or any successor system) in respect of one 

or more Delivery Port(s) at which the minimum Delivery Port lot 

requirement is not satisfied, Insufficient Seller(s) will be notified, as 

specified under the relevant Contract Terms, that the Tenders should 

be revised in accordance with the relevant Contract Terms.

Insufficient 

Seller(s) submit 

revised Seller's 

Delivery 

Notifications

By 13:00 Insufficient Seller(s) submit, in accordance with the relevant Contract 

Terms, revised Seller’s Delivery Notification via Guardian (or any 

successor system). If the Insufficient Seller(s) has/have not delivered 

the revised Seller’s Delivery Notification by 13:00, the Clearing 

House will determine in accordance with the relevant Contract Terms, 

the Delivery Port from which Tenders will be made, and shall notify 

the Insufficient Seller(s) of such determination by 14:00.

If any Insufficient Seller submits a revised Seller's Delivery 

Notification nominating a Delivery Port at which a combined total of 

less than 80 lots is to be delivered, then such revised Seller’s Delivery 

Notification shall be rejected by the Clearing House and the 

Insufficient Seller shall be required to submit a further revised Seller's 

Delivery Notification.

Determination of

Delivery Port for 

Insufficient 

By 14:00 Where any Insufficient Seller submits a further revised Seller’s

Delivery Notifications in respect of a Delivery Port(s) at which the 

minimum Delivery Port lot requirement is not satisfied, the Clearing 

Deleted: ce of Tender

Deleted: deliver 

Deleted: ce of Tender

Deleted: First Allocation

Deleted: First allocation of white sugar to Buyers on a pro-rata 

basis by “Port of Loading” and the information is made available via 

Guardian (or any successor system).¶

Clearing Members are informed of the identity of the Buyers and 

ports from which delivery will be made via Guardian (or any 

successor system).

Deleted: Non-Qualifying Port(s)

Deleted: Sellers (“

Deleted: ”)

Deleted: a port or ports which is/are not Qualifying Port(s) under 

the ICE Futures Rules (“Non-Qualifying Port(s)”)...

Deleted: deliver

Deleted: ICE Futures Europe

Deleted: port of loading

Deleted: ICE Futures Europe 

Deleted: Clearing House

Deleted: Seller’s 

Deleted: ’

Deleted: continue to be made 

Deleted: Non-Qualifying Port(s)
SR-ICEEU-2023-006 Exhibit 5 Page 20 of 22

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

TIME ACTION

Seller(s), 

Allocation of 

Sugar and 

notification of 

identity of 

Buyers and 

Sellers

After 14:00

House will determine in accordance with the relevant Contract Terms, 

the Delivery Port from which Tenders will be made and shall notify 

the Insufficient Seller(s) of such determination.

The Clearing House allocates white sugar to Buyers on a pro rata 

basis per Seller’s Delivery Notification and the information is made 

available via Guardian (or any successor system).

The Clearing House informs the Sellers of the identity of the Buyers 

and the Buyers of the identity of the Sellers via Guardian (or any 

successor system).

Last Trading 

Day +2

Tender Day +1 Business Day 

By 12:00 With the consent of the Clearing House , Buyers may exchange

tenders they have been allocated via Guardian (or any successor 

system).

Delivery day(s) -

14 Calendar 

Days

Last Business Day of delivery period

By 16:00 Delivery may commence on any day within the delivery period, the 

Buyer having given fourteen calendar days' notice of the name of the 

vessel to the Seller via Guardian (or any successor system).

In the event of a delay in delivery, Clearing Members should refer to

the ICE Futures Europe Rules for further requirements in respect of 

nomination of vessels for delivery.

Document Notice 

Day

20 days after the date of issue of the bill of lading

(whether the date of issue is the same or later than the date of completion of loading

of the vessel)

By 12:00 The Seller must notify document presentations via Guardian (or any 

successor system). Once the notification has been processed, the 

Buyer will be notified via Guardian (or any successor system). 

After 12:00 Buyer informed via Guardian (or any successor system) of next day 

presentation of documents.

Invoices and Account Sales are made available to the Buyers and 

Sellers respectively via Guardian (or any successor system).

Document 

Delivery Day/ 

Settlement Day 

(Document 

Notice Day +1)

First Business Day following Document Notice Day

By 09:00 The Clearing House receives payment from the Buyer as detailed on 

the Invoice.

By 10:00 The Seller must lodge the following delivery documentation:

Deleted: livery Notification

Deleted: ICE Futures Europe

Deleted: p

Deleted: of loading 

Deleted: Clearing House 

Deleted: ICE Futures Europe shall notify the Insufficient Seller(s) 

of the port of loading at which their Tender(s) shall take place.

Deleted: After 14:00

Deleted: The Buyers are advised of the identity of the Seller via 

Guardian (or any successor system).

Deleted: Second

Deleted: following the Last Trading Day

Deleted: 

Deleted: ICE Futures Europe

Deleted: notices of Tender 

Deleted: (Settlement Day)

Deleted: for delay in delivery

Deleted: presentation 
SR-ICEEU-2023-006 Exhibit 5 Page 21 of 22

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

TIME ACTION

(i) a commercial invoice;

(ii) a complete set of original signed clean on board bills of 

lading;

(iii) an original certificate of origin; and

(iv) an original certificate of weight, packing, quality, 

(polarisation, moisture and colour), issued in accordance with 

the relevant Contract Terms.

As soon as 

possible after 

10:00

The Clearing House advises the Buyer that documents are available 

for collection. The Buyer collects the delivery documents from the 

Clearing House .

By 14:00 If the Buyer informs the Clearing House via Guardian (or any 

successor system) by 14.00 that he wishes to reject the presented 

documents, and provides a written explanation as required under the 

relevant Contract Terms, the Clearing House will withhold payment 

from the Seller. All documents to be returned to the Clearing House 

at the Buyer’s expense by 15:00.

Notification of 

rejection of 

documents

After 14:00 The Clearing House shall notify the Seller in the event that the Buyer 

has rejected the documents, and shall advise the Seller that the 

original documents shall be held at their disposal at the Clearing 

House for collection at the Seller’s expense after 15:00. If the 

documents have been rejected, the Clearing House credits back to the 

Buyer the sum debited earlier.

The Clearing House credits the Seller, unless informed by 14:00 by

the Buyer that the documents have been rejected.

2. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full,

including standard details such as Clearing Member name, mnemonic, etc.

Name of Delivery Document Explanation Timing

Financials & Softs White 

Sugar Contract: Seller’s 

Delivery Notification 

Sellers submit a Seller's Delivery Notification 

via Guardian (or any successor system) to the 

Clearing House.

The Seller’s Delivery Notification includes in 

respect of each delivery, the Seller’s position

account, the number of lots, the Delivery Port 

and a Seller’s reference. 

By 10:30 on 

Tender Day 

(Last Trading 

Day +1).

Financials & Softs White 

Sugar Contract: Invoice and 

Account Sale

The Clearing House issues invoices (for 

Buyers) and Account Sales (for Sellers). A 

separate document is issued for each delivery.

After 12:00 on 

Document

Notice Day.

Deleted: issued by an internationally-recognised independent or 

state-owned supervision company appointed by the Seller at its own 

expense.

Deleted: 1

Deleted: ICE Futures Europe

Deleted: ICE

Deleted: Futures Europe

Deleted: ICE Futures Europe

Deleted: specified

Deleted: ICE Futures Europe will advise

Deleted: to 

Deleted: ICE Futures Europe 

Deleted: ICE Futures Europe

Deleted: ICE Futures Europe

Deleted: u

Deleted: Notice of Tender

Deleted: The Clearing House sends the Buyer’s Notice of Tender 

to Buyers.¶

Deleted: n

Deleted: ce

Deleted: forms Buying Clearing Members,

Deleted: of

Deleted: the Clearing House reference number(s), country of origin 

(if known), the port from which delivery will be made and the name 

of the Seller.

Deleted: Financials & Softs White Sugar Contract: Seller’s 

Delivery Notification

Sellers submit this notice to the Clearing House.

Deleted: Sellers submit this notice to the Clearing House.

Deleted: Last Trading Day +1.
SR-ICEEU-2023-006 Exhibit 5 Page 22 of 22

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS