1

ICE Clear Europe Limited

Registered in England No.06219884

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

October 28, 2022

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

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

Delivery Procedures Amendments

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 N1 of its Delivery Procedures (“Delivery Procedures” or “Procedures”) to 

update the delivery timetable for ICE Deliverable US Emissions Contracts.

1

Concise Explanation and Analysis

ICE Clear Europe is amending Part N1 of the Delivery Procedures which applies to ICE 

Deliverable US Emissions Contracts (i) for which physical delivery is specified as being 

“Applicable” in the relevant Contract Terms, (ii) which go to physical delivery on the 

expiry date; and (iii) to which the Clearing House will announce by Circular that Part 

N1 specifically applies (such contracts “ICE Deliverable US Emissions Contracts”). 

Specifically, the Clearing House is amending the delivery timetable to remove 

extraneous and unnecessary provisions in the final row relating to the relevant parties’ 

obligations on the Delivery Day. The relevant delivery and payment obligations are 

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. 
2

ICE Clear Europe Limited

Registered in England No.06219884

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

already covered in the preceding rows of the timetable. The amendments do not 

otherwise change the terms and conditions of the relevant contract. 

Compliance with the Act and CFTC Regulations

The amendments to the Delivery Procedures are potentially relevant to the following 

core principles: (E) Settlement Procedures and the applicable regulations of the 

Commission thereunder. 

• Settlement Procedures. As described above, the amendments, which clarify 

the delivery process by removing extraneous provisions from the delivery 

timetable, would not otherwise change the delivery terms and conditions for 

ICE Deliverable US Emissions Contracts or otherwise affect ICE Clear 

Europe’s existing financial resources, risk management, systems and 

operational arrangements supporting delivery. The amendments thus 

appropriately clarifies the obligations of the Clearing House and Clearing 

Members with respect to physical delivery, and thereby facilitate the 

management of the risks of physical delivery. As a result, ICE Clear Europe 

believes these 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 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@theice.com or +44 20 7429 4564. 

Very truly yours,

George Milton

Head of Regulation & Compliance