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ICE Clear Europe Limited

Registered in England No.06219884

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA

February 06, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

U.S. Commodity Futures Trading Commission

77 West Jackson Blvd Suite 800

Chicago, IL 60604

Re: ICE Clear Europe Self-Certification Pursuant to Commission Rule 40.6 –

Amendments to Part Q of the Delivery Procedures 

Dear Mr. Kirkpatrick:

ICE Clear Europe Limited (“ICE Clear Europe” or the “Clearing House”), a registered 

derivatives clearing organization under the Commodity Exchange Act, as amended (the 

“Act”), hereby submits to the Commodity Futures Trading Commission (the 

“Commission”), pursuant to Commission Rule 40.6 for self-certification, amendments 

to its Part Q of its Delivery Procedures to make certain clarifications with respect to the 

ICE Futures Europe White Sugar futures contract around the origin of the deliverable 

crop and certain matters relating to delivery notifications and presentation of delivery 

documents.

1 The amendments will become effective on the first business day following 

the tenth business day after submission, or such later date as ICE Clear Europe may 

determine. 

Concise Explanation and Analysis

ICE Clear Europe is amending Part Q of its Delivery Procedures to clarify certain 

provisions relating to delivery specifications for ICE Futures Europe Financial and 

Softs White Sugar futures contracts, to be consistent with amendments that have been 

made to the contract specifications under exchange rules. The amendments provide 

1 Capitalized terms used but not defined herein have the meanings specified in the Delivery Procedures 

or, if not defined therein, the ICE Clear Europe Clearing Rules.
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ICE Clear Europe Limited

Registered in England No.06219884

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA

that deliverable sugar under such contracts must have been produced in a country 

included in the list of deliverable countries of production maintained by the exchange, 

consistent with exchange rules. Delivery would have to be made at an eligible delivery 

port (as defined in exchange rules as a port located in one of such countries that meets 

the requirements in exchange rules). 

The amendments update documentation and other requirements under the delivery 

timetable. The amendments clarify the relevant Tender Day (which is the business day 

following the Last Trading Day). The concept of Notice of Tender is to be replaced 

with the Delivery Notification, to be consistent with exchange rules, and the 

amendments clarify that a separate notification must be provided for each underlying 

client at each Delivery Port. The contents of the Delivery Notification and manner of 

submission are also specified. The timing of allocations of white sugar to Buyers (and 

related notifications) will be moved from after 10:30 LPT to after 14:00 LPT. 

Consistent with exchange rules, the concept of “Insufficient Seller” will be revised to 

be a seller in respect of a Delivery Port for which the minimum lot requirement under 

exchange rules is not satisfied (and the concept of non-qualifying port will be removed). 

Requirements for Insufficient Sellers to submit revised Delivery Notifications will be 

clarified (including that relevant notifications must be made to and from the Clearing 

House, instead of the exchange). The amendments add that revised Delivery 

Notifications that do not meet a minimum Delivery Port lot requirement will be 

rejected, and Insufficient Sellers will be required to submit a further revised Delivery 

Notification meeting the relevant requirement. Where the Insufficient Seller fails to do 

so, the Clearing House will determine the Deliver Port from which tenders are to be 

made. 

The amendments also clarify the delivery documentation to be provided by the seller, 

including relevant certifications in accordance with the contract terms, as well as 

procedures for rejection of presented documents. The amendments provide that certain 

related notifications are to be made to and from the Clearing House (rather than the 

exchange), consistent with the role of the Clearing House in the delivery process. 

Certain typographical corrections and similar non-substantive drafting clarifications 

have also been made in Part Q. 

Compliance with the Act and CFTC Regulations

The amendments to the Part Q of its White Sugar Delivery Procedures are potentially 

relevant to the following core principles: (C) Participant and Product Eligibility and (E) 

Settlement Procedures and the applicable regulations of the Commission thereunder. 

• Product Eligibility. The amendments are intended to clarify ICE Clear 

Europe’s arrangements and delivery procedures relating to White Sugar 

futures contracts and ensure consistency with the relevant contract 

specifications under exchange rules. Notably, the amendments reflect the 

requirement under exchange rules that deliverable sugar be produced in one of 

the countries listed in the list of deliverable countries of production maintained 

by the exchange. The terms and conditions of the contracts are not changing in 

any other material respect, and such contracts will continue to be cleared by 
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ICE Clear Europe Limited

Registered in England No.06219884

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA

ICE Clear Europe in the same manner as they are currently. As a result, ICE 

Clear Europe believes that the amendments are consistent with the 

requirements of Core Principle C and Commission Rule 39.12(b).

• Settlement Procedures. As set out above, the amendments clarify the delivery 

specifications for White Sugar futures contracts, to ensure consistency with 

relevant contract specifications under exchange rules. The amendments 

address timing of allocations by the Clearing House and certain related 

delivery notification and delivery documentation requirements. The 

amendments clarify the role and responsibilities of the Clearing House and 

Clearing Members in the physical delivery process, particularly related to the 

timing and documentation. As a result, ICE Clear Europe believes the 

amendments are consistent with the requirements of Core Principle E and 

Commission Rule 39.14.

As set forth herein, the amendments consist of the amendments to the Part Q of the 

Delivery Procedures, a copy of which is attached hereto. 

ICE Clear Europe hereby certifies that the amendments comply with the Act and the 

Commission’s regulations thereunder. 

ICE Clear Europe received no substantive opposing views in relation to the 

amendments.

ICE Clear Europe has posted a notice of pending certification and a copy of this 

submission on its website concurrent with the filing of this submission. 

If you or your staff should have any questions or comments or require further 

information regarding this submission, please do not hesitate to contact the undersigned 

at George.milton@ice.com or +44 20 7429 4564. 

Very truly yours,

George Milton

Head of Regulation & Compliance