PART N1: ICE FUTURES US DELIVERABLE US EMISSIONS CONTRACTS (DELIVERY VIA 

CENTRAL COUNTERPARTY CLEARING HOUSE)

1. APPLICABILITY AND DEFINITIONS

1.1 This Part N1 applies to all ICE Futures US Emissions Contracts for which:

(a) physical delivery is specified as being ‘Applicable’ in the relevant Contract Terms;

(b) which go to physical delivery on the expiry date; and

(c) the Clearing House has announced by Circular that these Delivery Procedures apply to the 

specific ICE Deliverable US Emissions Contract.

Such ICE Futures US Contracts are referred to in this part as “ICE Deliverable US Emissions Contracts”.

1.2 The following additional definitions apply to this part of the Delivery Procedures:

(d) “Allowance” means an instrument, certificate, permit, asset, security, right, contract or 

allowance that is designated as a deliverable instrument for an ICE Deliverable US Emissions 

Contract in the relevant Contract Terms.

(e) “Central Time or CT” means the standard time in a zone that includes the central states of the 

US and parts of central Canada.

(f) “London Prevailing time or LPT” means Greenwich Mean Time or British Summer Time.

(g) “Registry” means a registry, custodian, depository or other system used for physical delivery 

of Allowances pursuant to an ICE Deliverable US Emissions Contracts that is approved by the 

Clearing House for purposes of physical delivery for the particular ICE Deliverable US 

Emissions Contract Set in question. The Registry for a particular ICE Deliverable US Emissions

+9Contract Set may be specified in the Contract Terms.

(h) “Registry Account” means an account to hold Allowances at the relevant Registry. References 

to “Registry Account of the Clearing House” in these Delivery procedures, shall mean a 

Registry Account in the name of the Clearing House or ICE Clear US acting as agent for the 

Clearing House.

(i) “Registry Operator” means the operator of a Registry.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries under ICE Deliverable US Emissions Contracts are effected upon:

(a) in the case of the Seller effecting delivery, the completion of the transfer of the relevant 

Allowances, from the relevant Registry Account of the Seller, to the relevant Registry Account 

of the Clearing House; and

(b) in the case of the Buyer taking delivery, the completion of the transfer of the relevant 

Allowances, from the relevant Registry Account of the Clearing House to the relevant Registry 

Account of the Buyer.

2.2 This takes place during the Delivery Period for the relevant ICE Deliverable US Emissions Contracts in 

accordance with the relevant Contract Terms. Neither delivery by the Seller nor receipt of the delivery 
by the Buyer requires performance by the other to occur simultaneously. Each of the Buyer and Seller 

shall deal directly with the Clearing House.

2.3 Quantity

Quantities are as required under the relevant Contract Terms.

2.4 Price

The price at which the Contract is delivered is the relevant Exchange Delivery Settlement Price (EDSP) 

for the Contract Set on expiry.

2.5 Cessation of Trading

Contracts cease trading at 17:00 CT on the last trading day, as defined in the Contract Terms.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

3.2 The Clearing House, ICE Clear US and ICE Futures US are not responsible for, and neither of them shall 

have any liability whatsoever as a result of, the performance or non-performance of, or any delay or error 

in performance by, any Registry or Registry Operator. Neither the Buyer nor the Seller shall have any 

claim against the Clearing House for any loss, cost, damage or expense incurred or suffered as a result 

of the condition or operation of any Registry or the performance or non-performance of any Registry 

Operator. This provision is without prejudice to the Clearing House’s liability under Contracts.

3.3 The Clearing House and ICE Futures US do not make any representation regarding the authenticity, 

validity or accuracy of any delivery tender notice, description of a registry, market tracking system or 

any other registry instructions, confirmation of transfer or any other notice, document, file, record or 

instrument used or delivered pursuant to the Rules and Procedures or pursuant to the procedures of any 

Registry.

3.4 The Clearing House and ICE Futures US are not responsible for, and neither of them shall have any 

liability whatsoever as a result of, the compliance or lack of compliance of any Seller or Buyer or their 

respective Transferors or Transferees with any rules of the relevant Registry or any laws applicable to it. 

3.5 The Clearing House and ICE Futures US are not responsible for, and neither of them shall have any 

liability whatsoever as a result of, any errors in the Registry Account details entered into the relevant 

Registry systems or provided to the Clearing House by a Seller, Transferor, Buyer or Transferee in 

respect of a delivery. 

3.6 The Clearing House and ICE Futures US are not responsible for, and neither of them shall have any 

liability whatsoever as a result of, the closure of its Registry Account(s). 

3.7 The Clearing House and ICE Futures US are not responsible for, and neither of them shall have any 

liability whatsoever as a result of, complying with the contractual obligations owed to the Registry in 

respect of any ICE Registry Account(s). 

4. DELIVERY CONTRACT SECURITY AND CONTRACT VALUE

4.1 At end-of-day on the LTD+1, the Clearing House will call for full contract value from the Buyer, such 

amount to be paid in accordance with the Finance Procedures.
4.2 At end-of-day on LTD+1, the Clearing House will call for Delivery Margin from the Seller, such amount 

to be paid in accordance with the Finance Procedures. The Clearing House will retain the Seller’s 

Security until such time as the full contract value is released to the Seller under the table in paragraph 5.

5. DELIVERY TIMETABLE AND OBLIGATIONS

Delivery under an ICE Deliverable US Emissions Contract is based on Open Contract Positions after 

expiration of the relevant Contract Set. Delivery is a three Business Day process consisting of three 

consecutive days which must be Business Days. However, payments may take place after the end of the 

Delivery Day, as provided in the table below and the Finance Procedures.

5.1 Use of relevant Registry

(a) Clearing Members must have or ensure that their Transferors/ Transferees have established the 

appropriate Registry Accounts in the relevant Registry for the US Emissions Contract in 

question and provide any necessary instructions or confirmations to the Registry.

(b) Clearing Members making or taking delivery of US Emissions Contracts on their house account 

must have established Registry Accounts in the relevant Registry for the US Emissions Contract 

in question.

(c) It is the responsibility of the Seller or Buyer to comply with the rules, regulations and laws 

applicable to the Registry and to ensure their respective Transferor(s) / Transferee(s) also 

comply with the rules, regulations and laws applicable to the Registry.

(d) It is the responsibility of any Seller or Buyer to provide correct Registry Account details at all 

times and to ensure their respective Transferor(s)/ Transferee(s) also provide correct Registry 

account details at all times.

Cessation of Trading

Last Trading Day (LTD)

At 17:00CT Trading ceases.

By 17:00CT Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 17:30CT EFPs and EFSs may be posted up to 30 minutes following the 

cessation of trading.

LTD+1 Business Day

By 10:00 

CT

Clearing Members must confirm their final delivery positions by 

submitting their delivery intentions via ECS (or any successor 

system). Clearing Members may only assign 1 client Registry 

Account to each individual client position. In instances where a client 

has multiple Registry Accounts only 1 can be used per 

delivery/receipt obligation.
Confirmation of Delivery 

Position/Expiry

By 10:00 

CT

A Seller or Buyer who is nominating a Transferor or Transferee in 

respect of a Contract must ensure that the Clearing House has in its 

possession a signed ICE US Emissions Contract: Transferor Form or 

ICE US Emissions Contract: Transferee Form (as applicable) for 

each nominated Transferor or Transferee. This Transferor/Transferee 

form must be signed by an authorised signatory of the 

Transferor/Transferee.

After 

10:00 CT

Clearing Members MPFE report (futures expiry report) available and 

delivery confirmation report sent.to Clearing Members via email.

LTD+2 Business Days

Payment by the Buyer

By 9:00 

LPT

Buyer pays full contract value to the Clearing House.

Payment of Delivery 

Margin

By 9:00 

LPT

Seller pays Delivery Margin to the Clearing House

Seller’s Delivery to 

Clearing House

By 

12:00 CT 

Clearing House calls Buyer for Full Contract Value, and Seller for Delivery 

The Seller must ensure that appropriate Allowances (delivery of 

which would satisfy its Delivery Obligations) have been delivered to 

the designated Clearing House Registry Account 

Delivery Day - LTD + 3 Business Days

Payment to Seller By 

09:00 LPT

Seller receives full contract value against -Allowances received by 

the Clearing House on LTD +2.

Seller’s Delivery Margin is returned against the Allowances received 

by the Clearing House.

Clearing House Delivery 

to Buyers

By 13:00 

CT

The Clearing House will have delivered the appropriate Allowances 

to the Buyers Registry Account/ nominated Transferee Registry 

Account. 
Delivery Day (if Delivery 

received by 13:00 CT) or 

a following Business Day

Delivery Day (if Delivery received by 13:00 CT) or a following Business Day

After 

receipt

After the Clearing House has receipt of the Allowances the Clearing 

House will release delivery proceeds to the Seller.

The delivery proceeds and Seller’s Delivery Margin will be released 

to the Seller at the end-of-day on the same day as receipt by the 

Clearing House of the Allowances (for credit to the Account of the 

Seller, this not being required prior to the morning of the Business 

Day after the Delivery Day), provided that the allowances are 

received by the Clearing House at or before 13:00 CT on the Delivery

Day.

If the Clearing House receives Allowances after such time on the 

Delivery Day or any subsequent day, it will be treated as if they were 

received on the next Business Day and payments to the Seller shall 

be delayed accordingly.
PART N1: ICE DELIVERABLE US EMISSIONS CONTRACTS (DELIVERY VIA A CENTRAL COUNTERPARTY CLEARING 

HOUSE)