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ICE Clear Europe Limited

Registered in England No.06219884

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

November 04, 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, the 

amendments to its Delivery Procedures to make certain clarifications and updates.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

The amendments to Part A, which applies to ICE Endex Deliverable EU Emissions 

Contracts, reflect that, as provided in ICE Endex’s Circular E22/012,2ICE Endex will 

delist Aviation Emissions Allowance or “EUAA” Futures Contracts following the 

expiry of the December 2022 contract month and, commencing with the January 2023 

contract month, EUAAs will become eligible for delivery under the existing ICE Endex 

1 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe 

Clearing Rules (the “Rules”) or in the Delivery Procedures.

2

ICE Endex Circular E22/012 is available at the following website: 

https://www.theice.com/publicdocs/endex/circulars/E22012.pdf.
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ICE Clear Europe Limited

Registered in England No.06219884

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

Carbon Emissions Allowance or “EUA” daily and monthly Contracts.3 Conforming 

changes have been made in Part A, including to remove references to “ICE Endex 

EUAA Futures Contracts” and to reflect that EUAAs may be delivered under the 

delivery specifications applicable to the EUA daily and monthly contracts. Certain 

related drafting amendments have been made in Part A to reflect such updates including 

the removal of related definitions and other terms (for example, the removal of the 

definitions of “Allowance Type” and “Aviation Emissions Allowance Contract”) which 

will no longer be applicable. 

The definition for the term “Communication Link” has been included in Part A in place 

of the cross-reference to the definition assigned in the ICE Endex Rules. The 

amendments provide that “Communication Link” means the electronic exchange of 

messages or notifications by which Buyers and Sellers communicate with the Registry, 

and/or by which the Registry communicates with the European Union Transaction Log 

which is necessary to facilitate a Transfer Request. This update is intended to improve 

clarity. The definition of “Emissions Directive” has been amended to include a 

reference to the most recent relevant EU directive, Directive 2018/410 of the European 

Parliament and of the European Council of 14 March 2018. The amendments also 

amend the definition of the term “Transfer Request” to mean a request to affect a 

transfer of an EUA and/or EUAA submitted by a Seller to the Registry as required by 

the Registry Regulations, relevant applicable law and otherwise in accordance with the 

ICE Clear Europe Rules and ICE Endex Rules. Previously, such definition crossreferenced a definition of “Allowance Transfer Request”, which was not defined in the 

Delivery Procedures. 

Timing for EFP Reporting 

The amendments to Parts D (which apply to ICE Futures UK NBP Natural Gas Futures), 

F (which applies to ICE Endex Dutch TTF Natural Gas Daily Futures), and EE (which 

applies to ICE Endex Austrian CEGH VTP Nature Gas Futures) are intended to address 

inconsistencies regarding the timing of reporting of Exchange for Physicals (EFP) and 

Exchange for Swaps (EFS) transactions related to certain contracts. The amendments 

to Part D provide in Section 2.6 that for ICE Futures UK NBP Natural Gas Futures, 

EFPs and EFSs may be posted up to 30 minutes following the cessation of trading. (The 

change thus eliminates an inconsistency with exchange rules.) Such timing update has 

also been reflected in the delivery table for the same contracts in Section 5.2. In the 

delivery timetable for ICE Endex Dutch TTF Natural Gas Daily Futures in Section 6.2 

of Part F, the amendments clarify that EFPs and EFS may be posted up to 30 minutes 

following the cessation of trading (in order to make the timetable consistent with 

paragraph 3.6 of Part F). The amendments also update the delivery timetable for ICE 

Endex Austrian CEGH VTP Natural Gas Daily Futures in Section 8 of Part EE such 

that the time specified in such table reflects the narrative which provides that EFPs and 

EFSs may be posted up to 30 minutes following the cessation of trading. 

Changes to Naming Conventions

3 Accordingly, the amendments to Part A will become operative following expiry of the December 

2022 contract month.
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ICE Clear Europe Limited

Registered in England No.06219884

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

To apply consistency to the contract names of certain natural gas futures contracts, the 

Clearing House has changed the name of “TTF Natural Gas Futures” to “Dutch TTF 

Natural Gas Futures”, “TTF Natural Gas Daily Futures” to “Dutch TTF Natural Gas 

Daily Futures”, “UK Natural Gas Futures” to “UK NBP Natural Gas Futures”, “UK 

Natural Gas Daily Futures” to “UK NBP Natural Gas Daily Futures”, “UK Natural Gas 

(EUR/MWh) Futures” to “UK NBP Natural Gas (EUR/MWh) Futures”, “PSV Natural 

Gas Futures” to “Italian PSV Natural Gas”, and “CEGH Austrian VTP Natural Gas 

Futures” to “Austrian CEGH VTP Natural Gas Futures”. Such changes have been made 

where relevant in Parts D (which applies to UK Natural Gas futures contracts), F (which 

applies to ICE Endex Dutch natural gas futures), AA (which applies to Italian natural 

gas futures), and EE (which applies to Austrian natural gas futures) of the Delivery 

Procedures. Paragraphs 5, and 13 of the introductory section to the Delivery Procedures 

have also been updated to reflect the name changes. 

Delisting of Belgian ZTP Natural Gas Contracts 

Part I of the Delivery Procedures (which applied to ICE Endex ZTP Natural Gas Futures 

Contracts) has been deleted in its entirety as such contracts are no longer listed for 

trading at ICE Endex. Similarly, Part J has been amended to remove all references to 

ICE Endex Spot Market ZTP Natural Gas Spot Contracts and ICE Endex Spot Market 

ZTPL Natural Gas Spot Contracts, which are also no longer listed for trading at ICE 

Endex. Corresponding changes have been made in paragraph 5 of the introductory 

section of the Delivery Procedures.

 

Delivery Timetable for Deliverable US Emissions Contracts

The amendments revise the delivery timetable in Part N (which applies to ICE 

Deliverable US Emissions Contracts) to remove unnecessary provisions in the final row 

relating to confirmation of delivery on the Delivery Day. The relevant obligations 

relating to confirmation of delivery are already covered in the preceding rows of the 

timetable. The remaining language in that row have been removed in order to avoid 

any incorrect implication that delivery could be made following the relevant Delivery 

Day. The amendments do not 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: (C) Participant and Product Eligibility and (E) Settlement Procedures 

and the applicable regulations of the Commission thereunder. 

• Product Eligibility. As discussed above, the amendments update the delivery 

specifications to make certain updates and clarifications, including to remove 

provisions relating to delisted contracts. The terms and conditions of the 

remaining contracts are not changing in any other material respect, and such 

contracts will continue to be cleared by 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).
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ICE Clear Europe Limited

Registered in England No.06219884

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

• Settlement Procedures. The proposed changes are intended to make a number 

of updates and clarifications to the Delivery Procedures for physically settled 

F&O Contracts. The amendments remove from the Delivery Procedures 

certain contracts that have been delisted by the relevant exchange. The 

amendments also clarify the deadline for submission of EFPs, EFSs for certain 

contracts, update relevant naming conventions, and remove duplicative 

information, among other clarifications and drafting updates. The 

amendments would not otherwise affect the manner in which such contracts 

are cleared and settled. The amendments thus appropriately clarify the role 

and responsibilities of the Clearing House and Clearing Members with respect 

to physical delivery. 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 ICE Clear Europe 

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 proposed 

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