ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

July 8, 2022

VIA CFTC PORTAL

Mr. Christopher Kirkpatrick

Secretary of the Commission

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: ICE NGX Self-Certification of Rule Amendments: Contracting Party Agreement -

Submission Pursuant to Section 5c(c)(1) of the Commodity Exchange Act and 

Commission Regulation 40.6(a)

Dear Mr. Kirkpatrick:

In accordance with Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and 

Commodity Futures Trading Commission (“Commission”) Regulation 40.6(a), ICE NGX Canada 

Inc. (“ICE NGX”) is submitting this self-certification to amend the ICE NGX Contracting Party 

Agreement (“CPA”). The CPA functions as the rulebook for ICE NGX’s exchange and 

clearinghouse operations and is a “rule” as that term is defined under Commission Regulation 

40.1(i). 

ICE NGX intends to implement the amendments on August 8, 2022 or on such later date or dates 

as ICE NGX may designate. 

1. Overview

ICE NGX is making certain amendments (the “Amendments”) to the CPA relating to:

• the collateral utilization threshold at which ICE NGX has authority to liquidate a portfolio;

• explicitly specifying the authority to liquidate a portfolio as part of ICE NGX’s discretionary 

authority if a risk to the exchange or clearinghouse is present;

• recognizing the full amount of letter of credit collateral until the expiry of the letter of credit;

• other amendments to re-organize Schedule “C” - Risk Management Policy; 

• the definitions of “Contracting Party Affiliate”, “Default” and “Hourly Ontario Financial 

Power Price”;

• the confidentiality provision applicable to a Contracting Party;

• the treatment of personal data by ICE NGX; and
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

• non-substantive amendments to Schedule “A” - Fees.

2. Details of Amendments

Changes to collateral utilization threshold for invoking liquidation

The Amendments specify that ICE NGX may invoke the liquidation and close-out procedure in 

respect of a Contracting Party if its Initial Margin Requirements is at or above 100% of its Net 

Equity, instead of the current 95% of Net Equity Threshold. This will streamline ICE NGX’s 

collateral monitoring processes and better reflect current practices.

Specifying authority to invoke liquidation under the Risk to Exchange provision

The Amendments explicitly specify the authority to invoke the liquidation and close-out procedure 

as part of ICE NGX’s discretionary authority if a risk to the exchange and clearinghouse is present. 

While this does not represent a substantive change to the broad discretionary authority already 

in place, the change increases transparency to participants and supports ICE NGX’s ability to 

respond appropriately to circumstances that may develop.

Recognition of the full amount of letter of credit collateral until the expiry of the letter of 

credit

ICE NGX accepts cash and letters of credit, each denominated in CAD or USD, as Eligible 

Collateral Support. The CPA currently provides that 20 days prior to the expiry of a letter of credit, 

the value of that letter of credit is reduced to zero. This provision reflects past practices including 

the previously required amount of time to process amendments and extensions to letters of credit. 

Improvements in banking communications and processes make this 20-day cut-off unnecessary. 

The Amendments reflect ICE NGX’s current practice, which recognizes the value of the letter of 

credit collateral until and including the expiry date of the letter of credit.

Other amendments to re-organize Schedule “C” - Risk Management Policy

The Amendments re-organize certain parts of Schedule “C” - Risk Management Policy. The reorganization is aimed at reflecting current practices and improving the drafting and readability of 

Schedule “C”. Among other things, the re-organizing amendments to the Schedule “C”

• introduce a new defined term “Minimum Available Margin Requirement” to help 

streamline drafting - note that no substantive changes are proposed to this concept;

• move the requirement on a CP to maintain a written risk management policy into the 

Terms and Conditions of the CPA; and

• consolidate provisions relating to similar concepts into dedicated sections for better 

logical flow throughout Schedule “C”.

Definitions

The Amendments broaden the concept of “control” to better reflect corporate realities. The 

concept of “control” is used in determining affiliation and therefore whether two Contracting 

Parties are Contracting Party Affiliates.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

The Amendments correct an error in the drafting of the definition of “Default” with respect to a 

Physically Settled Power Futures Transaction, and clarify that a Default in respect of these 

products occurs upon any of the listed events or upon ICE NGX’s determination of a Default under 

Schedule “K”.

The Amendments refine the definition of “Hourly Ontario Financial Power Price” to reflect market 

developments anticipated to be implemented by the local independent system operator.

Confidentiality provision applicable to a Contracting Party

The Amendments broaden an exclusion from the scope of the confidentiality provision applicable 

to a Contracting Party to cover any affiliate of the Contracting Party, rather than the narrow, 

defined term Contracting Party Affiliate.

Treatment of personal data by ICE NGX

The Amendments remove the jurisdiction-specific scope of the provision relating to the treatment 

of personal data, reflecting the development, and consistency, of personal data and privacy laws 

in additional jurisdictions. The Amendments also broaden the scope of the provision, to cover 

any affiliate of the Contracting Party.

Non-substantive amendments to Schedule “A” - Fees

The Amendments streamline the monthly subscription fees table by consolidating into a single 

line applicable to all Contracting Parties and a single line applicable to all Contracting Party 

Affiliates. No change is being made to the amount of the applicable subscription fees.

3. Compliance with the Act and Regulations

ICE NGX reviewed the Amendments and determined that they comply with the requirements of 

the Act and the rules and regulations promulgated by the Commission in implementing the Act. 

In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core 

Principles”) and determined that the amendments are potentially relevant to the following Core 

Principles and the applicable regulations of the Commission thereunder.

Participant and Product Eligibility (Core Principle C): The Amendments facilitate ICE NGX’s 

compliance with Core Principle C - Participant and Product Eligibility and Commission Regulation 

39.12(b)(1)(iii), as the Amendments refine the alternative reference price for certain Ontario 

financially settled power products, reflecting market changes anticipated to be implemented by 

the local independent system operator.

Risk Management (Core Principle D): The Amendments facilitate ICE NGX’s compliance with 

Core Principle D - Risk management and Commission Regulation 

• 39.13(g)(5), as the Amendments make a number of changes to the CPA in Schedule “C” 

- Risk Management Policy that improve transparency and readability of ICE NGX’s rules; 

• 39.13(g)(10), (11) and (12), as the Amendments that recognize the full amount of letter of 

credit collateral until the expiry of the letter of credit reflect prudent valuation of collateral 

assets and appropriate management of credit and liquidity risks relating to letters of credit;
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

• 39.13(h)(1), as the Amendments that re-organize Schedule “C” improve the readability 

and therefore transparency of ICE NGX’s rules in relation to Risk Limits;

• 39.13(h)(5), as the Amendments that re-organize Schedule “C” improve the readability 

and therefore transparency of ICE NGX’s rules that require a participant to maintain a 

written risk management policy; and

• 39.13(h)(6), as the Amendments relating to ICE NGX’s authority to invoke a liquidation 

streamline the collateral utilization thresholds that ICE NGX monitors and align with 

current practices, and improve transparency by explicitly including the authority to invoke 

liquidation in ICE NGX’s discretionary authority if a risk to the exchange or clearinghouse 

is present.

Default Rules and Procedures (Core Principle G): The Amendments facilitate ICE NGX’s 

compliance with Core Principle G - Default Rules and Procedures and Commission Regulation 

• 39.16(a) and (c)(1), as the Amendments relating to the definition of “control” for the 

purpose of the Contracting Party Affiliate concept enhance ICE NGX’s rules designed to 

allow for the efficient, fair and safe management of a default by a Contracting Party or 

Contracting Party Affiliate;

• 39.13(c)(1) and (2), as the Amendments relating to ICE NGX’s authority to invoke a 

liquidation improve the transparency of ICE NGX’s rules relating to collateral utilization 

thresholds and when ICE NGX has the authority to liquidate a portfolio; and

• 39.13(c)(2)(i), as the Amendments correct an error in the definition of “Default” with 

respect to Physically Settled Power Futures Transactions, thereby improving the 

objectivity and transparency of ICE NGX’s rules by relying less on discretionary authority 

to declare a Default in respect of these products.

Legal Risk (Core Principle R): The Amendments facilitate ICE NGX’s compliance with Core 

Principle R - Legal Risk and Commission Regulation 39.27(b), as the Amendments relating to the 

definition of “control”, the confidentiality provision and the treatment of personal data enhance the 

legal framework and soundness of ICE NGX’s rules and operations.

4. Certifications

ICE NGX hereby certifies that the Amendments to the CPA discussed in this submission comply 

with the Act and the rules and regulations promulgated by the Commission thereunder. ICE NGX 

is not aware of any substantive opposing views expressed regarding the Amendments. ICE NGX 

further certifies that, concurrent with this filing, a copy of the submission was posted on ICE NGX’s 

website and may be accessed at https://www.ice.com/ngx.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

* * * * *

Please do not hesitate to contact me (403-974-1701) or our General Counsel and CCO, Martin 

McGregor (403-974-1740) for any further information the Commission or its staff may require in 

connection with this notice.

Yours truly,

Greg Abbott

President & COO

Encls.

cc: Martin McGregor, ICE NGX

Shane Wanotch, ASC
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

AMENDMENTS TO THE ICE NGX CONTRACTING PARTY AGREEMENT

AMENDMENTS TO THE TERMS AND CONDITIONS

[Note: Insertions are underscored; deletions are struck through.]

1.2 Definitions

“Contracting Party Affiliate” means, in relation to the Contracting Party (the “First 

Contracting Party”), 

(i) any other Contracting Party (an “OCP”) that is controlled, directly or indirectly, by 

the First Contracting Party, 

(ii) any OCP that controls, directly or indirectly, the First Contracting Party, or 

(iii) any OCP directly or indirectly under common control with the First Contracting 

Party, 

each except as may be waived by Exchange pursuant to Exchange’s written consent; or 

(iv) any other OCP affiliated with the Contracting Party that does not otherwise qualify 

under this definition if agreed to in writing by Exchange, the OCP and the First 

Contracting Party. 

For this the purpose of the definition of Contracting Party Affiliate, a person or company is 

considered to “control” of a any OCP or the First Contracting Party if:means

(i) the person or company beneficially owns, or directly or indirectly controls, 

ownership of a majority of the voting power of the OCP or the First Contracting 

Party, 

(ii) the Contracting Party is a partnership other than a limited partnership, and the 

person or company owns, directly or indirectly, more than 50% of the interests of 

the partnership,

(iii) the Contracting Party is a limited partnership, and the person or company is the 

general partner of the limited partnership, or

(iv) the Contracting Party is a trust, and the person or company is a trustee of the trust;

...

“Default” means, with respect to a Contracting Party: (i) with respect to a Physically Settled 

Power Futures Transaction, as determined by Exchange pursuant to Section 7 of 

Schedule “K”;
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

(ii) with respect to any other transaction, any one or more of a Failure to Deliver, 

Failure to Pay, Failure to Take, Event of Default,; Failure to Provide Eligible 

Collateral Support,; Financially Settled Futures Party’s Default,; or Option Party’s 

Default of such Contracting Party or a Contracting Party Affiliate Default of any of 

its Contracting Party Affiliates, and

(ii) with respect to a Physically Settled Power Futures Transaction, in addition to the 

events listed in paragraph (i), as determined by Exchange pursuant to Section 7 

of Schedule “K”;

3.2 Agreements of the Contracting Party

...

g. Confidentiality -

...

(v) Nothing in this Section 3.2 shall restrict the Contracting Party or any affiliate of a 

Contracting Party Affiliate from compliance with any law, regulation or 

governmental authority applicable to such Contracting Party or affiliate of a 

Contracting Party Affiliate requiring disclosure, or require that any such information 

which is in the public domain or acquired from a third party who is not under any 

obligation of confidentiality or secrecy to Exchange or independently developed by 

such Contracting Party, be kept confidential and secret by any Contracting Party.

...

q. Written Risk Management Policy Required - The Contracting Party shall maintain a 

current written risk management policy. The Contracting Party shall from time to time, 

upon request by Exchange, provide Exchange with information and documents 

regarding its risk management policies, procedures and practices, including, but not 

limited to, information and documents concerning liquidity of the Contracting Party’s 

financial resources and settlement procedures (the “Risk Management Documentation”), 

and make such information and documents available to Exchange’s regulators upon 

their request. Exchange may, from time to time, conduct on-site audits of the Risk 

Management Documentation and the Contracting Party shall make reasonable efforts to 

facilitate any such audits.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

3.4 Agreements of the Exchange

a. Confidentiality -

...

(iv) Treatment of Personal Data relating to Individuals in the European Union

(IV) Each Contracting Party and the Exchange: 

(1) acknowledges that the recording of conversations between the 

trading, clearing and other relevant personnel of the Contracting 

Party and/or its affiliates Contracting Party Affiliates and the 

Exchange and/or its affiliates in connection with the Contracting 

Party Agreement and any Transaction or potential Transaction will 

take place to the extent permitted or required under Regulations;
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

AMENDMENTS TO SCHEDULE “A” - FEE SCHEDULE1

[Note: Insertions are underscored; deletions are struck through.]

Subscription Fees – Monthly

Subscription Fee per month – Contracting Party USD $2,000

Subscription Fee per month – Contracting Party Affiliate USD $1,000

Subscription Fee per month – Contracting Party, US Phys Products Only USD $2,000

Subscription Fee per month – Contracting Party Affiliate, US Phys 

Products Only 

USD $1,000

Subscription Fee per month – Authorized User from a Contracting Party USD $125

...

Fees for Delivery Points located in Canada are subject to GST.

1 Notes: 

All fees are subject to rebates as published from time to time on the Exchange's Website. 

Transactions involving an assignment and novation will be billed up to 50% at of the amount posted in 

this Schedule “A”. Please contact ICE NGX’s marketing department to determine the costs associated 

with a particular assignment and novation. 

US Phys products are products traded at any Hub in the United States. 

Each Authorized User will be charged the monthly subscription fee.

Fees for Delivery Points located in Canada are subject to GST.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

AMENDMENTS TO SCHEDULE “C” - RISK MANAGEMENT POLICY

[Note: Insertions are underscored; deletions are struck through.]

1. Definitions

“Minimum Available Margin Requirement” means, 

(i) with respect to a Contracting Party that transacts in Option Products, $2,000,000; 

(ii) with respect to a Contracting Party that does not transact in Option Products, but 

transacts in Financial Power Products and/or Physical Power Products, 

$1,000,000; or 

(iii) with respect to a Contracting Party that does not transact in either Option Products 

or Financial Power Products or Physical Power Products, $500,000.

...

“Risk Limit” has the meaning ascribed thereto in Section 8 in this Schedule “C”;

...

3. Determination Of Margin Limits, Risk Limit and Discretionary Delivery Credit

a. The Margin Limit for each Contracting Party is the amount at which the Contracting Party’s 

Initial Margin is equal to eighty percent (80%) of the Contracting Party’s Net Equity. A 

Contracting Party may increase its Margin Limit with Exchange by increasing its Collateral. 

b. The Contracting Party’s Risk Limit is equal to the Contracting Party’s Margin Limit.

cb. Exchange will determine each Contracting Party’s Discretionary Delivery Credit in 

conjunction with Exchange’s insurance provider. Such Discretionary Delivery Credit is 

subject to change. Exchange shall provide notice in writing of the maximum value of 

Discretionary Delivery Credit that will be applied in the calculation of each Contracting 

Party’s Margin Requirement.

...

6. Valuation of Collateral

For the purposes of calculating the value of Collateral, Available Margin and Margin Requirement 

for a Contracting Party, Exchange shall value the Collateral of such the Contracting Party as 

follows:

a. with respect to each letter of credit constituting Eligible Collateral Support, the undrawn 

portion of such letter of credit available to Exchange; provided that, no value shall be 
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

allocated to such letter of credit as and from 20 calendar days prior to the expiry of such 

letter of credit;

...

7. Daily Margin Limit Monitoring

a. During each Trading Day, Exchange will monitor the Margin Requirement of each the

Contracting Party and will make the Contracting Party’s Margin Requirement available to 

the Contracting Party. 

8. Request by Exchange for Eligible Collateral Support 

ab. If the Initial Margin for a Contracting Party is equal to or greater than eighty percent (80%) 

of the Contracting Party's Net Equity, Exchange will advise the Contracting Party and may

request that additional Eligible Collateral Support be provided to Exchange. 

bc. If 

(i) the Initial Margin for a Contracting Party is equal to or greater than ninety percent 

(90%) of the lesser of such the Contracting Party's Net Equity, or

(ii) the Available Margin for the Contracting Party is less than the applicable Minimum 

Available Margin Requirement,

Exchange 

(iii) may request that additional Eligible Collateral Support be provided to Exchange, 

and

(iv) may halt such the Contracting Party from entering orders for Products which will 

increase its Margin Requirement until the Contracting Party provides additional 

Eligible Collateral Support to the satisfaction of Exchange. 

cd. If the Initial Margin for a Contracting Party is equal to or greater than ninety-five one 

hundred percent (95100%) of the lesser of such Contracting Party's Net Equity or 

Exchange does not have sufficient Collateral with respect to such Contracting Party, 

Exchange 

(i) may request that additional Eligible Collateral Support be provided to Exchange, 

and

(ii) will be entitled to, without limitation to any of its other rights or remedies, invoke 

the Liquidation Procedure pursuant to Section 5.6 of the Terms and Conditions 

and the Close-out Procedure pursuant to Section 8.3 of the Terms and Conditions. 

e. If the Available Margin for a Contracting Party is less than: 
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

(i) with respect to a Contracting Party that transacts in Option Products, $2,000,000; 

(ii) with respect to a Contracting Party that does not transact in Option Products, but 

transacts in Financial Power Products and/or Physical Power Products, 

$1,000,000; or 

(iii) with respect to a Contracting Party that does not transact in either Option Products 

or Financial Power Products, $500,000, 

Exchange will advise the Contracting Party and may request that additional Eligible 

Collateral Support be posted with Exchange. Exchange may halt such Contracting Party 

from entering orders for Products which will increase its Margin Requirement until the 

Contracting Party provides additional Eligible Collateral Support to the satisfaction of the 

Exchange.

d. Upon a request by Exchange for additional Eligible Collateral Support from a Contracting 

Party in accordance with this Agreement that is made on a Business Day for the 

Contracting Party, the Contracting Party agrees to provide such additional Eligible 

Collateral Support to Exchange within the next Business Day or, if the next Business Day 

is a Recognized Banking Holiday, then on the first Business Day that is not a Recognized 

Banking Holiday following any such request.

e. Notwithstanding anything else in this Agreement, including all Schedules, whenever the 

Exchange determines, in its sole discretion, that unstable conditions relating to one or 

more Products exist, or that the maintenance of an orderly market or the preservation of 

the fiscal integrity of the Exchange requires additional Eligible Collateral Support, or that 

any Contracting Party is carrying positions in Products or incurring risks in its account(s) 

that are larger than is justified by the financial and/or operational condition of the 

Contracting Party, the Exchange may require additional Eligible Collateral Support to be 

deposited with the Exchange within such time(s) as may be specified by the Exchange, 

and/or may limit withdrawals of any Eligible Collateral Support on deposit from such the 

Contracting Party for such time as may be specified by the Exchange.

8. RISK MANAGEMENT

a. Risk Management Policy

(i) The Contracting Party shall maintain a current written risk management policy. The 

Contracting Party shall from time to time, upon request by Exchange, provide 

Exchange with information and documents regarding its risk management policies, 

procedures and practices, including, but not limited to, information and documents 

concerning liquidity of the Contracting Party’s financial resources and settlement 

procedures (the “Risk Management Documentation”), and make such information 

and documents available to Exchange’s regulators upon their request. Exchange 

may, from time to time, conduct on-site audits of the Risk Management 

Documentation and the Contracting Party shall make reasonable efforts to 

facilitate any such audits.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

b. Risk Limits 

(i) The Contracting Party’s Risk Limit is equal to the Contracting Party’s Margin Limit, 

established in accordance with Section 3 of this Schedule “C”.

9. Request for Return of Eligible Collateral Support By Exchange

a. Notwithstanding anything in this Contracting Party Agreement, including all Schedules, 

whenever the Exchange determines, in its sole discretion, that unstable conditions relating 

to one or more Products exist, or that the maintenance of an orderly market or the 

preservation of the fiscal integrity of the Exchange requires additional Eligible Collateral 

Support, or that any Contracting Party is carrying positions in Products or incurring risks 

in its account(s) that are larger than is justified by the financial and/or operational condition 

of the Contracting Party, the Exchange may require additional Eligible Collateral Support 

to be deposited with the Exchange within such time(s) as may be specified by the 

Exchange, and/or may limit withdrawals of any Eligible Collateral Support on deposit from 

such Contracting Party for such time as may be specified by the Exchange. 

b. Upon a request by Exchange for additional Eligible Collateral Support from a Contracting 

Party in accordance with this Agreement, the Contracting Party agrees to provide such 

additional Eligible Collateral Support to Exchange within the next Business Day or, if the 

next Business Day is a day that is a Recognized Banking Holiday, then on the first 

Business Day that is not a Recognized Banking Holiday following any such request. The 

Contracting Party shall be responsible for any and all wire transfer fees applied or 

deducted by the Exchange’s bank relating to the receipt, deposit or transfer of such 

Eligible Collateral Support.

ca. A Contracting Party may request a return of Cash Collateral, or a reduction of Eligible 

Collateral Support it has provided to Exchange in the form of a letter of credit, if:

(i) its Initial Margin is less than eighty percent (80%) of Net Equity, all as calculated 

hereunder (the "Minimum Collateral Amount"); and

(ii) no Default has occurred with respect to such Contracting Party.

b. Upon such a request, Exchange agrees to: 

(i) return an amount of Cash Collateral equal to the lesser of:

(1) the full amount of such Cash Collateral; or

(2) such portion of such Cash Collateral as would reduce the value of the 

Collateral of the Contracting Party to be retained by Exchange, as 

calculated hereunder, to the Minimum Collateral Amount,
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

such return of Cash Collateral to occur on the next Business Day or, if the next 

Business Day is a Recognized Banking Holiday, then on the first Business Day 

that is not a Recognized Banking Holiday, following such request; or

(ii) accept a new or revised letter of credit where the value of the Collateral of the 

Contracting Party to be retained by Exchange, as calculated hereunder, meets or 

exceeds the Minimum Collateral Amount.

10. Risk to Exchange 

Notwithstanding any provision of this Agreement, Exchange reserves the right at any time to: 

(a) decline to enter into any Transactions which, in Exchange's sole determination, increases the 

credit exposure or adds additional risk of loss to or otherwise affects the risk profile of Exchange; 

or (b) take any other reasonable actions to preserve the integrity and security of Exchange, the 

ICE NGX Trading System and/or the ICE NGX Clearing System (including, without limitation, 

making a request of a Contracting Party for additional Eligible Collateral Support or invoking the 

Liquidation Procedure pursuant to Section 5.6 of the Terms and Conditions and the Close-out 

Procedure pursuant to Section 8.3 of the Terms and Conditions), as determined in the sole 

discretion of Exchange. 
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

AMENDMENTS TO SCHEDULE “E” - NATURAL GAS OPTIONS AND GAS AND POWER 

FINANCIALLY SETTLED FUTURES TRANSACTIONS

[Note: Insertions are underscored; deletions are struck through.]

9. DEFINITIONS

...

"Hourly Ontario Financial Power Price" or "HOEP" means the Hourly Ontario Financial 

Power Price as published by IESO on their website. In the event that Locational Marginal 

Pricing is introduced in the Ontario financial power market or Exchange determines, in 

its sole discretion acting reasonably, that the HOEP is no longer the applicable reference 

to determine the Floating Price Description for the Ontario Financial Power Products, the 

Floating Price Description for the Ontario Financial Power Products shall be the DayAhead Market (DAM) Ontario Zonal Price as defined and published by the IESO;