DELIVERY PROCEDURES

26.

(IV) DELIVERY PROCEDURES

INDEX

1. GENERAL PROVISIONS...................................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY OF DOCUMENTATION ...................................................ERROR! BOOKMARK NOT DEFINED.

3. AUTHORISED SIGNATORIES ...........................................................ERROR! BOOKMARK NOT DEFINED.

4. CLEARING MEMBER ACCOUNTS....................................................ERROR! BOOKMARK NOT DEFINED.

5. TRANSFERORS AND TRANSFEREES ................................................ERROR! BOOKMARK NOT DEFINED.

6. ALTERNATIVE DELIVERY PROCEDURE (“ADP”): ICE GASOIL FUTURESERROR! BOOKMARK NOT DEFINED.

7. ALTERNATIVE DELIVERY PROCEDURE: EMISSION CONTRACTSERROR! BOOKMARK NOT DEFINED.

8. ALTERNATIVE DELIVERY PROCEDURE: FINANCIALS & SOFTS WHITE SUGAR CONTRACTSERROR! BOOKMARK NOT DEFIN

9. ALTERNATIVE DELIVERY PROCEDURE: ICE FUTURES EUROPE MIDLAND WEST TEXAS INTERMEDIATE 

AMERICAN GULF COAST CRUDE OIL FUTURES CONTRACTS.........ERROR! BOOKMARK NOT DEFINED.

10. ALTERNATIVE DELIVERY PROCEDURE: ICE FUTURES EUROPE PERMIAN WEST TEXAS INTERMEDIATE 

CRUDE OIL STORAGE FUTURES CONTRACTS.................................ERROR! BOOKMARK NOT DEFINED.

11. ALTERNATIVE DELIVERY PROCEDURE: ICE NYH ULSO FUTURES CONTRACTSERROR! BOOKMARK NOT DEFINED.

12. ALTERNATIVE DELIVERY PROCEDURE: ICE MURBAN CRUDE OIL FUTURESERROR! BOOKMARK NOT DEFINED.

13. EXCLUSION OF ALTERNATIVE DELIVERY PROCEDURES FOR OTHER CONTRACTSERROR! BOOKMARK NOT DEFINED.

14. INTERIM PAYMENTS: GASOIL ........................................................ERROR! BOOKMARK NOT DEFINED.

15. ICE BRENT FUTURES: CASH SETTLEMENT ...................................ERROR! BOOKMARK NOT DEFINED.

16. SIMILAR OBLIGATIONS UNDER DIFFERENT CONTRACTS...............ERROR! BOOKMARK NOT DEFINED.

17. INTERPRETATION...........................................................................ERROR! BOOKMARK NOT DEFINED.

18. REPORTS AND NOTIFICATIONS ......................................................ERROR! BOOKMARK NOT DEFINED.

19. LIABILITY, MARGIN, DEFAULT AND DISCIPLINARY ......................ERROR! BOOKMARK NOT DEFINED.

20. PAYMENTS ....................................................................................ERROR! BOOKMARK NOT DEFINED.

21. GUARDIAN ....................................................................................ERROR! BOOKMARK NOT DEFINED.

22. LIABILITY FOR PENALTIES OR COSTS IN RESPECT OF LATE MATCHINGERROR! BOOKMARK NOT DEFINED.

23. LIABILITY FOR PENALTIES OR COSTS IN RESPECT OF LATE SETTLEMENTERROR! BOOKMARK NOT DEFINED.

PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS ...........ERROR! BOOKMARK NOT DEFINED.

1. DEFINITIONS..................................................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.
DELIVERY PROCEDURES

27.

4. DELIVERY CONTRACT SECURITY ..................................................ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: ROUTINE......ERROR! BOOKMARK NOT DEFINED.

6. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: LATE AND FAILED DELIVERYERROR! BOOKMARK NOT DEFINED.

7. EMISSIONS ALTERNATIVE DELIVERY PROCEDURE (“EADP”).......ERROR! BOOKMARK NOT DEFINED.

8. INVOICE CALCULATION.................................................................ERROR! BOOKMARK NOT DEFINED.

9. INAPPLICABILITY OF SETTLEMENT DISCIPLINE .............................ERROR! BOOKMARK NOT DEFINED.

PART A1: ICE DELIVERABLE UK EMISSIONS CONTRACTS .......................ERROR! BOOKMARK NOT DEFINED.

1. DEFINITIONS..................................................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

4. DELIVERY CONTRACT SECURITY ..................................................ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY TIMETABLE FOR UK EMISSION CONTRACTS: ROUTINEERROR! BOOKMARK NOT DEFINED.

6. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: LATE AND FAILED DELIVERYERROR! BOOKMARK NOT DEFINED.

7. EMISSIONS ALTERNATIVE DELIVERY PROCEDURE (“EADP”).......ERROR! BOOKMARK NOT DEFINED.

8. INVOICE CALCULATION.................................................................ERROR! BOOKMARK NOT DEFINED.

9. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART B: ICE FUTURES GASOIL FUTURES (“ICE GASOIL FUTURES”).....ERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY TIMETABLE FOR ICE GASOIL FUTURES........................ERROR! BOOKMARK NOT DEFINED.

3. ICE GASOIL FUTURES DELIVERY DAY NOMINATION TABLE ........ERROR! BOOKMARK NOT DEFINED.

4. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

5. INVOICE.........................................................................................ERROR! BOOKMARK NOT DEFINED.

PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK 

ELECTRICITY FUTURES CONTRACT (GREGORIAN).......................................................................... 35

1. DEFINITIONS........................................................................................................................................ 35

2. DELIVERY SPECIFICATION................................................................................................................... 37

3. ENERGY CONTRACT VOLUME NOTIFICATION AGENT APPOINTMENT AND AUTHORISATION PROCESS 38

4. LIABILITY............................................................................................................................................ 38

5. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: ROUTINE ............................................. 39

6. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: FAILED DELIVERY............................... 42
DELIVERY PROCEDURES

28.

7. DELIVERY CONTRACT SECURITY ........................................................................................................ 42

8. INVOICE AND ACCOUNT SALE CALCULATION ..................................................................................... 43

9. DELIVERY DOCUMENTATION SUMMARY............................................................................................. 43

PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT (“ICE FUTURES UK 

NATURAL GAS FUTURES”), ICE FUTURES UK NATURAL GAS (EUR/MWH) FUTURES 

CONTRACT (“ICE FUTURES UK NATURAL GAS (EUR/MWH) FUTURES”) AND ICE 

FUTURES UK NATURAL GAS DAILY FUTURES CONTRACT (“ICE FUTURES UK 

NATURAL GAS DAILY FUTURES”)........................................................................................... 45

1. DEFINITIONS........................................................................................................................................ 45

2. DELIVERY SPECIFICATION................................................................................................................... 46

3. LIABILITY............................................................................................................................................ 47

4. DELIVERY CONTRACT SECURITY ........................................................................................................ 47

5. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: ROUTINE........................................... 48

6. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: FAILED DELIVERY ............................ 52

7. INVOICE AND ACCOUNT SALE CALCULATION ..................................................................................... 53

8. DELIVERY DOCUMENTATION SUMMARY............................................................................................. 55

PART E: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT ("UK OCM NATURAL GAS SPOT 

CONTRACT")................................................................................ERROR! BOOKMARK NOT DEFINED.

1. DEFINITIONS..................................................................................ERROR! BOOKMARK NOT DEFINED.

2. ICE ENDEX UK AUTHORITY .........................................................ERROR! BOOKMARK NOT DEFINED.

3. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

4. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY CONTRACT SECURITY ..................................................ERROR! BOOKMARK NOT DEFINED.

6. DELIVERY TIMETABLE FOR UK OCM NATURAL GAS SPOT CONTRACTS: ROUTINEERROR! BOOKMARK NOT DEFINED.

7. DELIVERY TIMETABLE FOR UK OCM NATURAL GAS SPOT CONTRACTS: FAILED DELIVERYERROR! BOOKMARK NOT DE

8. INVOICE AND ACCOUNT SALE CALCULATION ...............................ERROR! BOOKMARK NOT DEFINED.

9. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART F: ICE ENDEX TTF NATURAL GAS FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS 

FUTURES”) AND ICE ENDEX TTF NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX TTF

NATURAL GAS DAILY FUTURES”)..................................................................................................... 58

1. DEFINITIONS........................................................................................................................................ 58

2. CLEARING HOUSE AUTHORITY............................................................................................................ 59

3. DELIVERY SPECIFICATION................................................................................................................... 59
DELIVERY PROCEDURES

29.

4. LIABILITY............................................................................................................................................ 60

5. DELIVERY CONTRACT SECURITY ........................................................................................................ 60

6. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: ROUTINE............................................. 61

7. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: FAILED DELIVERY .............................. 65

8. INVOICE AND ACCOUNT SALE CALCULATION ..................................................................................... 66

9. DELIVERY DOCUMENTATION SUMMARY............................................................................................. 68

PART G: [NOT USED]................................................................................ERROR! BOOKMARK NOT DEFINED.

PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES CONTRACT (“ICE ENDEX GERMAN THE

NATURAL GAS FUTURES”) AND ICE ENDEX GERMAN THE NATURAL GAS DAILY FUTURES 

CONTRACT (“ICE ENDEX GERMAN THE NATURAL GAS DAILY FUTURES CONTRACT”)............. 71

1. DEFINITIONS........................................................................................................................................ 71

2. DELIVERY SPECIFICATION................................................................................................................... 72

3. LIABILITY............................................................................................................................................ 73

4. DELIVERY CONTRACT SECURITY ........................................................................................................ 74

5. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN THE NATURAL GAS: ROUTINE ............................. 74

6. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN THE NATURAL GAS: FAILED DELIVERY............... 79

7. INVOICE AND ACCOUNT SALE CALCULATION ..................................................................................... 80

8. DELIVERY DOCUMENTATION SUMMARY............................................................................................. 81

PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT (“ICE ENDEX ZTP NATURAL GAS 

FUTURES”) ...................................................................................ERROR! BOOKMARK NOT DEFINED.

1. DEFINITIONS..................................................................................ERROR! BOOKMARK NOT DEFINED.

2. CLEARING HOUSE AUTHORITY......................................................ERROR! BOOKMARK NOT DEFINED.

3. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

4. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY CONTRACT SECURITY ..................................................ERROR! BOOKMARK NOT DEFINED.

6. DELIVERY TIMETABLE FOR ICE ENDEX ZTP NATURAL GAS FUTURES: ROUTINEERROR! BOOKMARK NOT DEFINED.

7. DELIVERY TIMETABLE FOR ICE ENDEX ZTP NATURAL GAS FUTURES: FAILED DELIVERYERROR! BOOKMARK NOT DEF

8. INVOICE AND ACCOUNT SALE CALCULATION ...............................ERROR! BOOKMARK NOT DEFINED.

9. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART J: ICE ENDEX SPOT MARKET NATURAL GAS SPOT CONTRACT: ICE ENDEX SPOT MARKET

TTF NATURAL GAS SPOT CONTRACT ("TTF NATURAL GAS SPOT CONTRACT"); ICE ENDEX 

SPOT MARKET ZTP NATURAL GAS SPOT CONTRACT ("ZTP NATURAL GAS SPOT 
DELIVERY PROCEDURES

30.

CONTRACT"); AND ICE ENDEX SPOT MARKET ZTPL NATURAL GAS SPOT CONTRACT 

("ZTPL NATURAL GAS SPOT CONTRACT") ..............................ERROR! BOOKMARK NOT DEFINED.

1. DEFINITIONS..................................................................................ERROR! BOOKMARK NOT DEFINED.

2. ICE ENDEX SPOT MARKET AUTHORITY........................................ERROR! BOOKMARK NOT DEFINED.

3. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

4. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY CONTRACT SECURITY ..................................................ERROR! BOOKMARK NOT DEFINED.

6. DELIVERY TIMETABLE FOR SPOT MARKET NATURAL GAS SPOT CONTRACTS: ROUTINEERROR! BOOKMARK NOT DEFIN

7. DELIVERY TIMETABLE FOR SPOT MARKET NATURAL GAS SPOT CONTRACTS: FAILED DELIVERYERROR! BOOKMARK NO

8. INVOICE AND ACCOUNT SALE CALCULATION ...............................ERROR! BOOKMARK NOT DEFINED.

9. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART K: ICE ENDEX DUTCH POWER FUTURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES; ICE

ENDEX DUTCH POWER BASE LOAD WEEK FUTURES; ICE ENDEX DUTCH POWER PEAK LOAD (7-

23) FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES........................................ 85

1. DEFINITIONS........................................................................................................................................ 85

2. DELIVERY SPECIFICATION................................................................................................................... 87

3. LIABILITY............................................................................................................................................ 88

4. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: ROUTINE..................................... 88

5. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: FAILED DELIVERY ....................... 91

6. DELIVERY CONTRACT SECURITY ........................................................................................................ 92

7. INVOICE AND ACCOUNT SALE CALCULATION ..................................................................................... 92

8. DELIVERY DOCUMENTATION SUMMARY............................................................................................. 93

PART L: ICE ENDEX BELGIUM POWER BASE LOAD FUTURES CONTRACT (“ICE ENDEX BELGIAN POWER 

BASE LOAD FUTURES”) ..................................................................................................................... 95

1. DEFINITIONS........................................................................................................................................ 95

2. DELIVERY SPECIFICATION................................................................................................................... 96

3. LIABILITY............................................................................................................................................ 97

4. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: ROUTINE ............... 97

5. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: FAILED DELIVERY100

6. DELIVERY CONTRACT SECURITY ...................................................................................................... 100

7. INVOICE AND ACCOUNT SALE CALCULATION ................................................................................... 101

8. DELIVERY DOCUMENTATION SUMMARY........................................................................................... 101
DELIVERY PROCEDURES

31.

PART M: [NOT USED] ...............................................................................ERROR! BOOKMARK NOT DEFINED.

PART N: ICE DELIVERABLE US EMISSIONS CONTRACTS (BILATERAL DELIVERY); ICE DELIVERABLE 

CARBON CREDIT CONTRACTS (BILATERAL DELIVERY)..............ERROR! BOOKMARK NOT DEFINED.

1. APPLICABILITY AND DEFINITIONS .................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

4. DELIVERY CONTRACT SECURITY AND CONTRACT VALUE ............ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY TIMETABLE AND OBLIGATIONS....................................ERROR! BOOKMARK NOT DEFINED.

PART O: FINANCIALS & SOFTS COCOA CONTRACTS................................ERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART P: FINANCIALS & SOFTS ROBUSTA COFFEE FUTURES ...................ERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS ....................ERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART R: FINANCIALS & SOFTS WHEAT CONTRACTS ...............................ERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

PART S: FINANCIALS & SOFTS DELIVERIES .............................................ERROR! BOOKMARK NOT DEFINED.

1. FINANCIALS & SOFTS DELIVERIES ................................................ERROR! BOOKMARK NOT DEFINED.

PART T: FINANCIALS & SOFTS COMMON DELIVERY PROCEDURES ........ERROR! BOOKMARK NOT DEFINED.

1. COMMON DELIVERY PROCEDURES FOR FINANCIALS & SOFTS CONTRACTSERROR! BOOKMARK NOT DEFINED.

PART U: FINANCIALS & SOFTS GILT CONTRACTS....................................ERROR! BOOKMARK NOT DEFINED.

1. GILT CONTRACTS ..........................................................................ERROR! BOOKMARK NOT DEFINED.

2. FAILED SETTLEMENT AND NON-DELIVERY OF STOCK ..................ERROR! BOOKMARK NOT DEFINED.

PART V: [NOT USED]..................................................................................ERROR! BOOKMARK NOT DEFINED.

PART W: EURO-DENOMINATED GOVERNMENT BOND CONTRACTS .........ERROR! BOOKMARK NOT DEFINED.

1. EURO-DENOMINATED GOVERNMENT BOND CONTRACTS ..............ERROR! BOOKMARK NOT DEFINED.

PART X: SWISS CONFEDERATION BOND CONTRACTS ..............................ERROR! BOOKMARK NOT DEFINED.
DELIVERY PROCEDURES

32.

1. SWISS CONFEDERATION BOND CONTRACTS..................................ERROR! BOOKMARK NOT DEFINED.

PART Y: DEBT EVENTS...............................................................................ERROR! BOOKMARK NOT DEFINED.

1. DEBT EVENTS................................................................................ERROR! BOOKMARK NOT DEFINED.

PART Z: FINANCIALS & SOFTS EQUITY FUTURES/OPTIONS ....................ERROR! BOOKMARK NOT DEFINED.

PART AA:ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT (“ICE ENDEX PSV NATURAL GAS 

FUTURES”) ....................................................................................................................................... 103

1. DEFINITIONS...................................................................................................................................... 103

2. CLEARING HOUSE AUTHORITY.......................................................................................................... 104

3. DELIVERY SPECIFICATION................................................................................................................. 105

4. LIABILITY.......................................................................................................................................... 105

5. DELIVERY CONTRACT SECURITY ...................................................................................................... 106

6. DELIVERY TIMETABLE FOR ICE ENDEX PSV NATURAL GAS: ROUTINE........................................... 106

7. DELIVERY TIMETABLE FOR ICE ENDEX ITALIAN PSV NATURAL GAS: FAILED DELIVERY .............. 108

8. INVOICE AND ACCOUNT SALE CALCULATION ................................................................................... 109

9. DELIVERY DOCUMENTATION SUMMARY........................................................................................... 110

PART BB: FINANCIALS & SOFTS CONTAINERISED WHITE SUGAR CONTRACTSERROR! BOOKMARK NOT DEFINED.

1. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY TIMETABLE FOR FINANCIALS & SOFTS CONTAINERISED WHITE SUGAR FUTURES 

CONTRACTS...................................................................................ERROR! BOOKMARK NOT DEFINED.

PART CC: MIDLAND WEST TEXAS INTERMEDIATE AMERICAN GULF COAST CRUDE OIL

FUTURES ERROR! BOOKMARK NOT DEFINED.

1. APPLICABILITY AND DEFINITIONS .................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

4. DELIVERY CONTRACT SECURITY AND CONTRACT VALUE ............ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY TIMETABLE AND OBLIGATIONS....................................ERROR! BOOKMARK NOT DEFINED.

PART DD:PERMIAN WEST TEXAS INTERMEDIATE CRUDE OIL STORAGE FUTURESERROR! BOOKMARK NOT DEFINED.

1. APPLICABILITY AND DEFINITIONS .................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. LIABILITY......................................................................................ERROR! BOOKMARK NOT DEFINED.

4. DELIVERY CONTRACT SECURITY AND CONTRACT VALUE ............ERROR! BOOKMARK NOT DEFINED.
DELIVERY PROCEDURES

33.

5. DELIVERY TIMETABLE AND OBLIGATIONS....................................ERROR! BOOKMARK NOT DEFINED.

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES (“ICE ENDEX VTP NATURAL GAS 

FUTURES”) AND ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES (“ICE

ENDEX VTP NATURAL GAS DAILY FUTURES”).............................................................................. 112

1. DEFINITIONS...................................................................................................................................... 112

2. CLEARING HOUSE AUTHORITY.......................................................................................................... 113

3. DELIVERY SPECIFICATION................................................................................................................. 113

4. LIABILITY.......................................................................................................................................... 115

5. DELIVERY CONTRACT SECURITY ...................................................................................................... 115

6. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS FUTURES: ROUTINE ........................... 115

7. DELIVERY TIMETABLE FOR ICE ENDEX AUSTRIAN VTP NATURAL GAS FUTURES: FAILED DELIVERY118

8. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS DAILY FUTURES: ROUTINE....................... 119

9. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS DAILY FUTURES: FAILED DELIVERY.......... 121

10. INVOICE AND ACCOUNT SALE CALCULATION ................................................................................... 122

11. DELIVERY DOCUMENTATION SUMMARY........................................................................................... 122

PART FF: ICE FUTURES NEW YORK HARBOUR ULTRA LOW SULPHUR DIESEL FUTURES (“ICE NYH ULSD

FUTURES CONTRACT”), ICE FUTURES EUROPE NEW YORK HARBOUR ULTRA LOW SULPHUR 

HEATING OIL FUTURES (“ICE NYH ULSHO FUTURES CONTRACT”)ERROR! BOOKMARK NOT DEFINED.

1. APPLICABILITY AND DEFINITIONS .................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. ICE NYH ULSO FUTURES DELIVERY TIMETABLE .......................ERROR! BOOKMARK NOT DEFINED.

4. ICE NYH ULSO FUTURES DELIVERY DAY NOMINATION TABLE.ERROR! BOOKMARK NOT DEFINED.

5. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

6. INVOICE.........................................................................................ERROR! BOOKMARK NOT DEFINED.

PART GG:ICE FUTURES ABU DHABI MURBAN CRUDE OIL FUTURES (“ICE MURBAN CRUDE OIL FUTURES 

CONTRACT”)................................................................................ERROR! BOOKMARK NOT DEFINED.

1. APPLICABILITY AND DEFINITIONS ................................................ERROR! BOOKMARK NOT DEFINED.

2. DELIVERY SPECIFICATION.............................................................ERROR! BOOKMARK NOT DEFINED.

3. ICE MURBAN FUTURES DELIVERY TIMETABLE ............................ERROR! BOOKMARK NOT DEFINED.

4. ICE MURBAN CRUDE OIL FUTURES DELIVERY VESSEL NOMINATION TABLEERROR! BOOKMARK NOT DEFINED.

5. DELIVERY DOCUMENTATION SUMMARY.......................................ERROR! BOOKMARK NOT DEFINED.

6. INVOICE.........................................................................................ERROR! BOOKMARK NOT DEFINED.
DELIVERY PROCEDURES

34.

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURE (“ICE ENDEX PEG NATURAL GAS FUTURES”)

AND ICE ENDEX FRENCH PEG NATURAL GAS DAILY FUTURES CONTRACT (“ICE

ENDEX FRENCH PEG NATURAL GAS DAILY FUTURES”)............................................................ 126

1. DEFINITIONS...................................................................................................................................... 126

2. CLEARING HOUSE AUTHORITY................................................................................................ 127

3. DELIVERY SPECIFICATION........................................................................................................ 127

4. LIABILITY ...................................................................................................................................... 129

5. DELIVERY CONTRACT SECURITY............................................................................................ 129

6. DELIVERY TIMETABLE FOR ICE ENDEX FRENCH PEG NATURAL GAS: ROUTINE........ 130

7. DELIVERY TIMETABLE FOR ICE ENDEX FRENCH PEG NATURAL GAS: FAILED

DELIVERY ...................................................................................................................................... 134

8. INVOICE AND ACCOUNT SALE CALCULATION..................................................................... 135

9. DELIVERY DOCUMENTATION SUMMARY ............................................................................. 137
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

35

PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK 

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

1. DEFINITIONS

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

(a) The term “BSC” or “Balancing and Settlement Code” means the document designated by 

the Secretary of State and adopted by the National Grid Company plc as the balancing and 

settlement code as modified from time to time in accordance with the terms of the 

transmission licence and the balancing and settlement code procedures made pursuant thereto.

(b) The term “BSCCo” means Balancing and Settlement Code Company.

(c) The term “BSC Party” means a party who is bound by the BSC in the participation capacity 

of a “Trading Party” (as such term is defined in the BSC).

(d) The term “BSC Party System” means that part of the Buyer’s and/or Seller’s, and/or their 

respective Transferor’s or Transferee’s, system which enables, inter alia, an ECVNA to 

submit an ECVN to, or receive information from, the ECVAA.

(e) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(f) The term “Delivery Day” means:

(i) in respect of an ICE UK Base Electricity Futures, the period beginning at 23:00 

hours on a day on which an ECVN in respect of an ICE UK Base Electricity Futures 

is due to become effective, and the transfer from one Energy Account to the other 

Energy Account is due to be made under that ICE UK Base Electricity Futures in 

accordance with the terms of the ICE Futures Europe Rules and the Rules, and 

ending at 23:00 hours on the following day (irrespective of whether this encompasses 

23, 24 or 25 sequential hours); or

(ii) in respect of an ICE UK Peak Electricity Futures, the period beginning at 07:00

hours on a weekday on which an ECVN in respect of an ICE UK Peak Electricity 

Futures is due to become effective, and the transfer from one Energy Account to the 

other Energy Account is due to be made under that ICE UK Peak Electricity Futures 

in accordance with the terms of the ICE Futures Europe Rules and the Rules, and 

ending at 19:00 hours on the same day.

(g) The term “Delivery Month” means: 

(i) In respect of an ICE UK Base Electricity Futures (Gregorian): The number of days 

in a “Month Contract” is based on the number of days in a Gregorian calendar month 

period.

(ii) In respect of an ICE UK Peak Electricity Futures (Gregorian): The number of days 

in a “Month Contract” is based on the number of days in a Gregorian calendar month 

period.

(h) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(i) The term “Delivery Failure Costs” means an amount calculated by the Clearing House based 

on the imbalance costs a BSC Party may pay or be paid under the BSC attributable to one or 

more Notification Failures under the ICE Futures Europe Rules.
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

36

(j) The term “ECVAA” or “Energy Contract Volume Aggregation Agent” means the person 

identified under the BSC to whom ECVNs and ECVNA authorisations must be made and who 

is responsible for the aggregation and validation of ECVNs and for the validation of the 

ECVNA Authorisations.

(k) The term “ECVN” or “Energy Contract Volume Notification” means the notification, 

including amongst other things of an energy contract volume, submitted by the ECVNA to the

ECVAA for each Settlement Period of a Delivery Day in the manner required by the BSC and 

otherwise in accordance with the ICE Futures Europe Rules and the Rules.

(l) The term “ECVNA” or “Energy Contract Volume Notification Agent” means the person 

who is qualified to act as an ECVNA for the purposes of the BSC and who is appointed by the 

Clearing House and authorised by the Clearing House, the Seller and the Buyer (or their 

Transferor or Transferee respectively) to submit ECVNs and ECVNA Authorisations in 

accordance with the BSC, the ICE Futures Europe Rules and the Rules.

(m) The term “ECVNA Authorisation” means the authorisation of the appointed ECVNA 

validated by the ECVAA in accordance with the BSC.

(n) The term “Electricity” has the meaning given thereto in the BSC, as modified and amended 

from time to time.

(o) The term “Electricity Contract” means an ICE UK Base Electricity Futures and/or an ICE 

UK Peak Electricity Futures made pursuant to the ICE Futures Europe Rules.

(p) The term “Energy Account” means either a production or a consumption account established 

and operated under the BSC in respect of a BSC Party which is used by the Settlement 

Administration Agent to determine the energy imbalance obligations of that BSC Party.

(q) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of Electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, that should be notified 

to the ECVAA in an ECVN in respect of an Electricity Contract.

(r) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400.

(s) The term “Exchange Delivery Settlement Price” or “EDSP” means, in respect of a Contract, 

the Exchange Official Settlement Price determined by ICE Futures Europe for the second 

Business Day immediately prior to the day on which the first Delivery Day commences.

(t) The term “ICE Futures UK Base Electricity Futures Contract (Gregorian)” or “ICE UK 

Base Electricity Futures (Gregorian)” means a contract for delivery of electricity for every 

Settlement Period during the period specified in the ICE Futures Europe Rules.

(u) The term “ICE Futures UK Peak Electricity Futures Contract (Gregorian)” or “ICE UK 

Peak Electricity Futures (Gregorian)” means a contract for delivery of electricity for every 

Settlement Period during the period specified in the ICE Futures Europe Rules.

(v) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

37

(w) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(x) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(y) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Futures Europe.

(z) The term “Notification Failure” means an occurrence where an ECVN for a Settlement

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(aa) The term “Settlement Period” means a 30-minute period in a Delivery Day commencing on 

the hour or the half-hour.

(bb) The term “Transmission System” means the high voltage wires owned and operated by the 

holder of a licence granted pursuant to Section 6(1)(b) of the Electricity Act 1989.

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate ECVNs by the appointed ECVNA and the 

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

Electricity is delivered in Megawatt Hours at a rate of 1 Megawatt Hour per lot, for transfer during 

each Settlement Period for the Delivery Day as specified in the Electricity Contract.

2.3 Price

The price at which the Electricity Contract is delivered is the EDSP for the relevant Contract, two 

Business Days prior to the first Delivery Day.

2.4 Days and Times

All “timings” or times of day are London times.

2.5 Cessation of Trading

Monthly Contracts cease trading at 17:00 hours on the Business Day which is two Business Days prior 

to the day on which delivery commences.

2.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Futures Europe Rules, EFPs and EFSs may be posted up to one hour following 

the cessation of trading.
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

38

3. ENERGY CONTRACT VOLUME NOTIFICATION AGENT APPOINTMENT AND 

AUTHORISATION PROCESS

3.1 In respect of a Contract to which the Clearing House is a party as the Buyer, for the purposes of 

delivery, the Clearing House shall appoint an ECVNA who will be authorised to submit ECVNs on 

behalf of the Transferor and the Clearing House (ECVNA Authorisation) to the ECVAA.

3.2 In respect of each Settlement Period of each Delivery Day, the Seller shall take or procure that its

Transferor shall take:

(a) such actions as are required to be taken pursuant to the BSC and the BSC Procedures for 

ECVNA Authorisations to be eligible for validation by the ECVAA; and

(b) such actions as are required pursuant to the BSC, BSC Procedures, ICE Futures Europe Rules 

and these Procedures for a valid ECVNA Authorisation to be in place with the ECVAA for 

each Settlement Period to allow an ECVN to be made in respect of the relevant Contract for 

such Settlement Period.

3.3 In respect of a Contract to which the Clearing House is a party as the Seller, for the purposes of 

delivery, the Clearing House shall appoint an ECVNA who will be authorised to submit ECVNs on 

behalf of the Transferee and the Clearing House (ECVNA Authorisation) to the ECVAA.

3.4 In respect of each Settlement Period of each Delivery Day of a Contract, the Buyer shall take or 

procure that its Transferee shall take:

(a) such actions as are required to be taken pursuant to the BSC and the BSC Procedures for such 

ECVNA Authorisations to be eligible for validation by the ECVAA; and

(b) such actions as are required pursuant to the BSC, BSC Procedures, ICE Futures Europe Rules 

and these Procedures for a valid ECVNA Authorisation to be in place with the ECVAA for 

each Settlement Period to allow an ECVN to be made in respect of the relevant Contract for 

such Settlement Period.

3.5 Valid ECVNA authorisations may not be terminated without the prior express permission of the 

Clearing House.

4. LIABILITY

4.1 The provisions of this paragraph 4 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 relating to liability.

4.2 It is the responsibility of the Clearing Member to ensure that ECVNA Authorisation Request forms are 

in place by D-1 to allow ECVNs to be submitted by the Clearing House’s appointed ECVNA. Any

failure or omission to do so, which subsequently causes or contributes to failure of the delivery of an 

Electricity Contract, will constitute a failure to deliver by the Clearing Member. Upon any such failure 

or omission, the Clearing Member shall be liable to the Clearing House for any loss or expense of the 

Clearing House arising as a result of such failure or omission, which may include any Delivery Failure 

Costs. The Clearing Member shall be liable to pay the Clearing House in respect of its administrative 

costs resulting from the late submission or changes to or in respect of any ECVNA Authorisation 

Request Form after D-1.

4.3 Save as specifically provided herein, the Clearing House shall not be liable in connection with an 

Electricity Contract, its performance, non-performance or its termination whether based on breach of 

contract, warranty, or tort. In particular, but without limitation, the Clearing House is not responsible 

for, and shall have no liability whatsoever in respect of:
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

39

(a) the availability, or suitability, or unavailability or malfunction of a BSC Party System other 

than its own BSC Party System or any part thereof;

(b) the performance or non-performance of BSCCo or ECVAA of their obligations under the 

BSC;

(c) the performance or non-performance of any operator of a BSC Party System other than its 

own BSC Party System or any part thereof;

(d) the performance or non-performance of an appointed ECVNA; or

(e) any losses or costs arising out of or connected to a credit default on the part of the Clearing

House which occurs as a result of a Notification Failure caused by any third party other than

the appointed ECVNA.

4.4 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System, the unavailability or malfunction of a BSC Party System or any 

part thereof or the performance or non-performance of BSCCo or ECVAA or any operator of a BSC 

Party System or any part thereof except as otherwise expressly provided for in ICE Futures Europe 

Rules or the Rules.

5. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: ROUTINE

TIME ACTION

On each Business Day, starting on the day 2 Business Days prior to the last 

trading day and ending on the day following the last trading day

Position Reporting

M-2

By 

09:00

The Clearing House makes Daily Summary Report available. The report 

identifies Open Contract Positions at the close of business on M-3.

Cessation of Trading At 

17:00

The monthly contract ceases trading.

By 

18:00

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

M-1

By 

09:00

The Clearing House makes Daily Summary Report available. The report 

identifies the positions that are deliverable at 23:00 hours.

Payment of Security By 

09:00

Seller and Buyer must each pay to the Clearing House the Seller’s Security

and Buyer’s Security respectively. This is calculated for all deliverable 

positions at close of business on D-2 (which corresponds to M-2 for the 

first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s Security 
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

40

TIME ACTION

and Buyer’s Security via intra-day call on D-1.

Electricity Delivery 

Intentions

By 

10:00

Settlement instructions and position transfers are entered into ECS for 

expired Contracts.

By 

10:30

The Seller and Buyer must, for all deliverable Open Contract Positions, 

submit their delivery intentions via ECS in order to confirm their position 

and BSC Party ID details.

Clearing Members with Open Contract Positions at this time are obliged to 

make or take delivery.

By 

11:00

MPFE report available on ECS to Clearing Members.

Transferor/Transferee 

Nomination

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 UK Electricity: Transferor Form or ICE UK Electricity: 

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.

Confirmation Report By

13:00

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for each 

Settlement Period for each day of the Delivery Month. Where Clearing 

Members will have submitted email details for their Transferee/Transferor, 

this report will also be emailed directly to the Transferee/Transferor.

Confirmation Report

Error

By 

14:00

The Seller and Buyer must each inform the Clearing House of any details 

on the Confirmation Report that do not match the ICE UK Electricity:

Delivery Confirmation Form.

If the Clearing House does not receive notification by this deadline, the 

Seller and Buyer will be deemed to have accepted the delivery obligations 

as set out on the Confirmation Report.

Notification file to 

ECVNA

By 

18.00

The Clearing House will send to its appointed ECVNA a notification file

detailing the EVCNs to be made between the Clearing House and the Seller

(or the Seller’s Transferor), and the EVCNs to be made between the 

Clearing House and the Buyer (or the Buyer’s Transferee).

ECVNs submission By 

18:30

The appointed ECVNA will make the ECVNs to Elexon representing the 

final delivery position held at the Clearing House.

The Clearing House will use its endeavours to ensure that ECVNs are 

made, such that they are reported on the 18:30, seven-day report. 

However, should this not be possible for whatever reason, then the 

Clearing Member or the Clearing Member’s Transferor will be able to view 

notifications on the next available seven-day report.
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

41

TIME ACTION

Checking of seven-day 

report

The Seller (or the Transferor) and the Buyer (or the Transferee) must check 

the seven-day report to ensure that all ECVNs have been submitted and are 

correct.

In the event that either the Seller (or the Seller’s Transferor) or the Buyer

(or the Buyer’s Transferee) becomes aware that an ECVN is incorrectly 

reported or absent from the seven-day report, that person must promptly 

inform the other party and the Clearing House. The Clearing House will 

take such action as is necessary to rectify the situation.

Any time after the above

Identification of 

ECVNA rejection

Seller (either by themselves or by their Transferor) and Buyer (either by 

themselves or by their Transferee) must inform the Clearing House as soon 

as they become aware that there has been a rejection of all or part of an 

ECVN for whatever reason.

The Clearing House may also instruct the Seller or Buyer to take such steps 

as it considers reasonably necessary to ensure that losses are mitigated. 

Seller and Buyer must give effect to any and all such instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 

09:00

The Clearing House makes Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the Buyer’s 

and the Seller’s remaining Natural Gas units.

D+1

Security and Buyer’s

Default Top Up

By 

09:00

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation Margin to 

the Buyer’s and the Seller’s remaining Natural Gas units.

.

The Clearing House releases the “Buyer’s Default Top-up” portion of 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect

of deliveries for the preceding delivery day. Buyer’s Security is released

as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount

in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed

deliveries.

One Day following the Invoice Period

Invoice and Account

Sale Details

By 

09:00

Invoice and Account Sale Report available for the Invoice Period.
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

42

6. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: FAILED DELIVERY

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

By 09:00 In the event of a failed delivery, the Clearing House may call additional Seller’s

Security and/or Buyer’s Security.

D+1

By 09:00 In the event of a failed delivery the Clearing House may call additional Seller’s

Security and/or Buyer’s Security.

D+2

By 09:00 In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

M+Variable

By 09:00 Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the

previous month’s failed deliveries will be generated and made available to the Seller

and Buyer by the Clearing House at a time when the full financial obligations of each

of the parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for

the delivery month.

2 days after above

By 09:00 Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing 

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

7. DELIVERY CONTRACT SECURITY

7.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by 

reference to System Sell Price (SSP), as defined by the BSC. The Clearing House may alter 

the calculation of Buyer’s Security at any time or make adjustments in respect of specific 

Buyers.

(b) Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant 

Delivery Day. The SDP is calculated by reference to the relevant System Buy Price (SBP 

Buy), as defined by the BSC, or Exchange Delivery Settlement Price (EDSP). The Clearing 
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

43

House may alter the calculation of Seller’s Security at any time or make adjustments in

respect of a specific Seller.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in pounds per MWh.

For failed deliveries (Buyers only) the value of Electricity is calculated as follows:

MWh * EDSP

Where

MWh = The number of Megawatt hours contracted.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in pounds per MWh.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver Electricity and is calculated with reference to costs incurred 

by the Clearing House under the BSC. These costs will also apply even where Baseload and Peak 

Contracts are netted or aggregated for the same Settlement Period under the BSC.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, less any costs incurred 

by the Clearing House, dependent on the value of the imbalance value received by the Clearing House 

under the BSC.

9. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

ECVNA Authorisation 

Request

This is partly completed by the Clearing House’s appointed 

ECVNA and forwarded to the Seller or its Transferor and the 

Buyer or its Transferee.

The Clearing House will always partly complete the ECVNA 

Authorisation Requests forms as Energy (to) Account 

Details - (equivalent to Party 2 Energy Account Details).

The Clearing Member or its Transferee or Transferor must duly 

complete the ECVNA Authorisation Request Forms as Energy 

(from) Account Details - (equivalent to Party 1 Energy Account 

Details) and forward them on to the ECVAA for validation.

Prior to 1st

Delivery Day
PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK PEAK

ELECTRICITY FUTURES CONTRACT (GREGORIAN)

44

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by transferee/transferor

By 9:00 Daily

ICE UK Electricity

Futures: Transferee

Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of Electricity for all 

the Settlement Periods on all Delivery Days referred to on the 

“ICE UK Base/Peak Electricity: Delivery Confirmation Form” and 

submits it to the Clearing House.

By 10:30 on D-1

ICE UK Electricity

Futures: Transferor 

Form

The Seller must ensure that the Transferor submits and signs this 

form, as confirmation that it will make delivery of Electricity for 

all the Settlement Periods on all Delivery Days referred to on the 

“ICE UK Base/Peak Electricity: Delivery Confirmation Form” and 

submits it to the Clearing House.

By 10:30 on D-1

Confirmation Report The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers 

of: Clearing Member name, Transferee/Transferor name,

appointed ECVNA name, Delivery Day, lots to be delivered, and 

Buyer’s/Seller’s delivery details in MWh.

By 13:00 on D-1

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, delivery 

month, Delivery Day, contracted MWh, actual delivered MWh, 

price in pounds per MWh, value of Electricity; and a summary of 

the Invoice and Account Sale.

By 09:00 on the 

day following 

the Invoice 

Period
PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT , ICE FUTURES UK NATURAL

GAS (EUR/MWH) FUTURES CONTRACT AND ICE FUTURES UK NATURAL GAS DAILY

FUTURES CONTRACT

45

PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT (“ICE FUTURES UK 

NATURAL GAS FUTURES”), ICE FUTURES UK NATURAL GAS (EUR/MWH)

FUTURES CONTRACT (“ICE FUTURES UK NATURAL GAS (EUR/MWH)

FUTURES”) AND ICE FUTURES UK NATURAL GAS DAILY FUTURES 

CONTRACT (“ICE FUTURES UK NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the National Grid Rules and otherwise in accordance with this Part D, by the 

Transferee to acquire rights in respect of one or more lots of Natural Gas at the National 

Balancing Point.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to natural gas are to be transferred.

(c) The term “Daily Imbalance” has the same meaning as that given to that term in the Network 

Code.

(d) The term “Delivery Day” means the period beginning at 05:00 hours on a day on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance

with ICE Futures Europe Rules and this Part D and ending at 05:00 hours on the following 

day.

(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner

required by the National Grid Rules and otherwise in accordance with ICE Futures Europe 

Rules and this Part D, by the Transferor to dispose of rights in respect of one or more lots of 

Natural Gas at the National Balancing Point.

(f) The term “Gemini” means that part of the UK Link which enables, inter alia, a user to submit 

a Trade Nomination to National Grid and to access information concerning the user’s Trade 

Nominations, and any successor system thereto;

(g) The term "ICE Futures UK Natural Gas" means ICE Futures UK Natural Gas Futures, ICE 

Futures UK Natural Gas (EUR/MWh) Futures and ICE Futures UK Natural Gas Daily

Futures.

(h) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries

(i) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Futures Europe.

(j) The term “M+” means, in respect of a Contract, the number of Business Days immediately 

following the last day of the month in which the Delivery Day specified in the Contract 

commenced.

(k) The term “MWh” or “Megawatt Hours” means 3,600,000,000 joules where “joule” is as 

defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Futures 

Europe.
PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT , ICE FUTURES UK NATURAL

GAS (EUR/MWH) FUTURES CONTRACT AND ICE FUTURES UK NATURAL GAS DAILY

FUTURES CONTRACT

46

(l)(k) The term “National Balancing Point” means, in respect of a Contract, a notional point within 

the Transmission System at which the balancing of the amounts of Natural Gas delivered into 

and out of the Transmission System takes place for the purposes of the Network Code.

(m)(l) The term “National Grid Rules” means the Network Code and any manuals, procedures, 

practices or directions of National Grid which support the operation of the Network Code, as 

amended from time to time.

(n)(m) The term “National Grid” means National Grid or any successor thereto.

(o)(n) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Futures Europe.

(p)(o) The term “Network Code” means the document, as amended from time to time, setting out 

National Grid’s arrangements for transportation of Natural Gas pursuant to its public gas 

transporter’s licence under the Gas Act 1986 and any manuals, procedures, practices or 

directions of National Grid which support the operation of that document, in either case as 

amended from time to time.

(q)(p) The term “Therm” means 29.3071 kWh.

(r)(q) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade

Nomination or an Acquiring Trade Nomination, as the case may be.

(s)(r) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(t)(s) The term “Transmission System” means the onshore transmission pipeline system owned 

and operated by National Grid as may be enlarged, extended or altered from time to time.

(u)(t) The term “UK Link” means the computer system for the electronic transfer of information

between National Grid and users of such system managed and operated by National Grid, or 

any agent appointed by National Grid, and any system from time to time replacing the same.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries of ICE Futures UK Natural Gas are effected by the transfer of rights to Natural Gas at the 

National Balancing Point from a Transferor (nominated by the Seller, which may be the Seller itself) to 

the Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which may 

be the Buyer itself), through the input of Acquiring and Disposing Trade Nominations into the National 

Grid’s Gemini system. The National Grid will take those Nominations into account when determining 

whether the Clearing House has a “Daily Imbalance”.

2.2 Quantity

ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas Daily Futures trade in Therms 

but are delivered in KWh. Similarly, ICE Futures UK Natural Gas (EUR/MWh) Futures trade in MWh 

but are delivered in KWh. The Gemini system, through which delivery is made, accepts Trade 

Nominations to the nearest kWh. Therefore, when converting a deliverable position from Therms to 

kWh the Clearing House will, in its absolute discretion, round either up or down to the nearest whole
PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT , ICE FUTURES UK NATURAL

GAS (EUR/MWH) FUTURES CONTRACT AND ICE FUTURES UK NATURAL GAS DAILY

FUTURES CONTRACT

47

kWh to facilitate the matching of the Clearing House Acquiring and Disposing Trade Nominations 

with the Trade Nominations made by the Transferor and Transferee.

2.3 Price

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day immediately prior to the calendar day on which the Delivery Month commences 

in accordance with the ICE Futures Europe Rules.

2.4 Days and Times

All “timings” or times of day are London times.

2.5 Cessation of Trading

(a) ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures

cease trading at 17:00 hours on the Business Day which is two Business Days prior to the first 

calendar day of the delivery month.

(b) ICE Futures UK Natural Gas Daily Futures cease trading at 16:30 hours on the Business Day 

prior to the Delivery Day.

2.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Futures Europe Rules, for ICE Futures UK Natural Gas, EFPs and EFSs may 

be posted up to one hour following the cessation of trading.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality, 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 is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of National Grid of its obligations under the National 

Grid Rules or the Network Code; or

(b) the performance or non-performance of National Grid.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System or any part thereof or the performance or non-performance of 

National Grid except as otherwise expressly provided in the ICE Futures Europe Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes the delivery information available through the delivery system on a daily

basis to Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price (EDSP) 

plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is an amount calculated against the 

possibility of a negative System Marginal Sell Price (SMP Sell), as defined by National Grid in the 

Network Code.
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The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to the relevant System Marginal Buy Price (SMP Buy), as defined 

by National Grid in the Network Code, or Exchange Delivery Settlement Price (EDSP).

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

5. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: ROUTINE

5.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures 

2 Business Days prior to the 1st Delivery Day (M-2)

Confirmation of 

Delivery positions -

Provisional 

By 

09:00

The Provisional Natural Gas Delivery Report identifies Open Contract 

Positions at the close of business on M-3.

By

17:00

Buyer and Seller must submit known delivery intentions via ECS in order to 

confirm their position and Gemini account details for those Open Contract 

Positions, which are expected to be delivered.

Cessation of Trading At 

17:00

Monthly Contract ceases trading.

By 

18:00

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

If final delivery Open Contract Positions are known, the Seller and Buyer

may (but are not obliged to) submit to the Clearing House a completed ICE

Futures UK Natural Gas Delivery Confirmation Form for those Open 

Contract Positions it expects to be delivered.

M-1

Provision of Buyer’s 

and Seller’s Security

By 

09:00

Seller and Buyer must provide the Clearing House with Seller’s Security and

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-2 (which corresponds to M-2 for 

the first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

By 

10:30

Settlement instructions and Open Contract Positions transfers are entered into 

ECS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

Submission of ICE

Futures UK Natural 

Gas Delivery 

By 

12:00

Buyer and Seller must, for all deliverable Open Contract Positions, submit 

their delivery intentions via ECS in order to confirm their position and 

Gemini account details. The delivery intentions must be submitted by 12:00 
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Intentions hours on M-1.

By 

11:30

MPFE report available on ECS to Clearing Members.

Nomination of 

Transferor 

/Transferee

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 Futures UK Natural Gas: Blanket Transferor Form or ICE Futures UK 

Natural Gas: Blanket 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.

ICE Futures UK 

Natural Gas 

Conversion and 

Confirmation Report

By 

13:00

The ICE Futures UK Natural Gas Conversion and Confirmation Reports, 

listing all deliverable positions in kWh for the Delivery Day, are made 

available to Clearing Members electronically. Where Clearing Members will 

have submitted email details for their Transferee/Transferors, this report will 

also be emailed directly to the Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Futures UK Natural 

Gas Conversion and Confirmation Report.

By 

14:00

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Futures UK Natural Gas Conversion and Confirmation Report that do 

not match their submitted ICE Futures UK Natural Gas Delivery 

Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Futures UK Natural Gas Conversion and Confirmation Report and 

resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

18:30

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into the Gemini system.

If by 19:30 one such Trade Nomination has not been accepted by National 

Grid, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such terms as

the Clearing House may consider appropriate until such Trade Nomination is 

accepted by National Grid.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

09:00

The Clearing House makes Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the Buyer’s 

and the Seller’s remaining Natural Gas units.
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D+1

Payment, Seller’s 

Security and Buyer’s 

Default Top Up

By 

09:00

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation Margin to 

the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect of 

deliveries for the preceding delivery day. Buyer’s Security is released as part 

of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount in

respect of deliveries for the preceding delivery day.

One Day following the end of the Invoice Period

Invoice and Account

Sale Details

By 

09:00

The Clearing House makes the Invoice and Account Sale Report available to

Seller and Buyer for the Invoice Period.

5.2 ICE Futures UK Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

16:30

Daily Contract ceases trading.

Submission of ICE 

Futures UK Natural 

Gas Daily Futures 

Delivery Intentions

By 

17:30

Buyer and Seller must, for all deliverable Open Contract Positions, submit 

their delivery intentions confirming their position and Gemini account via

ECS. 

Nomination of 

Transferor 

/Transferee

By 

17:30

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 Futures UK Natural Gas: Blanket Transferor Form or ICE Futures UK 

Natural Gas: Blanket 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.

By 

17:30

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

17:30

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By

17:45

MPFE report available to Clearing Members.
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51

ICE Futures UK 

Natural Gas Daily

Futures Conversion 

and Confirmation 

Report

By 

18:00

The ICE Futures UK Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Futures UK Natural 

Gas Daily Futures Conversion and Confirmation Report.

By 

19:00

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Futures UK Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match the details submitted on the delivery intentions they 

submitted via ECS.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Futures UK Natural Gas Daily Futures Conversion and

Confirmation Report and resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

19:30

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into the Gemini system.

If by 20:30 one such Trade Nomination has not been accepted by National 

Grid, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such terms as 

the Clearing House may consider appropriate until such Trade Nomination is 

accepted by National Grid.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

09:00

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report

By 

09:00

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

09:00

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.
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Payment By 

09:00

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

09:00

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

6. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: FAILED DELIVERY

6.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By

09:00

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the month of delivery (M+24 to M+29)

Failed Delivery By 

09:00

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the previous month’s failed deliveries.

26 to 40 Business Days following the month of delivery (M+26 to M+40)

Payment for Failed 

Delivery

By 

09:00

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s failed 

deliveries.

27 to 41 Business Days following the month of delivery (M+27 to M+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

09:00

Seller’s Security and Buyer’s Security held against failed deliveries is

released following confirmation that payment has been made for all failed 

deliveries for the delivery month.

6.2 ICE Futures UK Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

09:00

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)
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Failed Delivery By 

09:00

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

09:00

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

09:00

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries for ICE Futures UK Natural Gas Futures:

kWh * EDSP / 29.3071

Where,

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the contract in delivery, quoted 

in pence per Therm

Confirmed deliveries for ICE Futures UK Natural Gas (EUR/MWh) Futures: 

kWh * EDSP / 1000 kWh

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the contract in delivery, quoted 

in Euros per MwH 

Failed Deliveries (Buyers only) for ICE Futures UK Natural Gas Futures:

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.
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EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

Failed Deliveries (Buyers only) for ICE Futures UK Natural Gas (EUR/MWh) Futures: 

kWh * EDSP / 1000 kWh

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the contract in delivery, quoted 

in Euros per MwH 

(b) Daily Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the business day 2 

days before its production.

Confirmed deliveries:

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

Failed Deliveries (Buyers only)

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from National Grid, allocated to Clearing Members as a result of Buyers’ and Sellers’ failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from National Grid. In the event that the value received by the 

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Futures 

Europe.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net Daily Imbalance.
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8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 9:00 

Daily

ICE Futures UK Natural Gas:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the

Buyer and referred to on the ICE Futures UK Natural 

Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK Natural Gas:

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK Natural Gas 

Conversion and Confirmation 

Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part D 

from first Delivery Day to last Delivery Day; lots to be

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the Gemini system, by the relevant 

deadline and that the trade(s) nominations will not be 

amended or withdrawn unless instructed to do so by the 

Clearing House.

By 18:00 

on D-1

ICE Futures UK Natural Gas 

Invoice Report and Account Sale 

Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; delivery month; Delivery Day; contracted 

kWh; actual delivered (matched) kWh; price in pence 

per Therm; value of Natural Gas; and a summary of the 

Invoice and Account Sale.

By 09:00 

on the 

day 

following 

the 

Invoice 

Period
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Name of Delivery Document Explanation Timing

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous delivery month details of 

Clearing Member mnemonic; Clearing Member account; 

contract; delivery month; Delivery Day; amount of 

failed delivery long (kWh); amount of failed delivery

short (kWh); and total costs charged to the Clearing 

Member as a result of failed delivery/deliveries. 

M+24 to 

M+29 at

09:00.

8.2 ICE Futures UK Natural Gas Daily Futures Contract

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 9:00 

Daily

ICE Futures UK Natural Gas:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30 

on D

ICE Futures UK Natural Gas:

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

on D

ICE Futures UK Natural Gas 

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part D 

from first Delivery Day to last Delivery Day; lots to be

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the Gemini system, by the relevant

deadline and that the trade(s) nominations will not be

amended or withdrawn unless instructed to do so by the 

Clearing House.

By 18:00 

on D
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Name of Delivery Document Explanation Timing

ICE Futures UK Natural Gas 

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00 

on D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

58

PART F: ICE ENDEX TTF NATURAL GAS FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS

FUTURES”) AND ICE ENDEX TTF NATURAL GAS DAILY FUTURES CONTRACT (“ICE

ENDEX TTF NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the GTS Rules and otherwise in accordance with this Part F, by the Transferee to

acquire rights in respect of one or more lots of Natural Gas at the Title Transfer Facility.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(c) The term “Delivery Day” means the period beginning at 06:00 hours CET on a day on which 

the transfer of rights in respect of Natural Gas is due to be made under a Contract in 

accordance with ICE Endex Rules and this Part F and ending at 06:00 hours CET on the 

following day.

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(e) The term “Delivery Week” means the period beginning at 06:00 hours CET on the first 

business day of the week until 06.00 hours CET on the day following the last business day of 

the week (Saturday).

(f)(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the GTS Rules and otherwise in accordance with ICE Endex Rules and this Part F, 

by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at the Title 

Transfer Facility.

(g)(f) The term “Edigas” means GTS’s electronic messaging protocol which enables, inter alia, 

submission of a Trade Nomination to GTS and to access information concerning the submitted 

Trade Nominations, and any successor system thereto.

(h)(g) The term “GTS” means the Dutch gas transmission system operator Gasunie Transport 

Services B.V. or any successor thereto.

(i)(h) The term “GTS Rules” means the Gasvoowaarden, or Transmission Service Conditions 

(“TSC”), and any manuals, procedures, practices or directions of GTS which support the 

operation of the Transmission Service Conditions, as amended from time to time.

(j)(i) The term “ICE Endex TTF Natural Gas” means ICE Endex TTF Natural Gas Futures and 

ICE Endex TTF Natural Gas Daily Futures.

(k)(j) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(l)(k) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where "joule" is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex. 

(m)(l) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

59

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(n)(m) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as

nominated by ICE Endex.

(o)(n) The term “Title Transfer Facility” (TTF) means, in respect of a Contract, a notional point 

within the Transmission System at which the balancing of the amounts of Natural Gas takes 

place for the purposes of the Transmission Service Conditions.

(p)(o) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(q)(p) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(r)(q) The term “Transmission System” means the onshore transmission pipeline system owned

and operated by GTS as may be enlarged, extended or altered from time to time.

(s)(r) The term “TSC” means the Transmission Service Conditions, as amended from time to time, 

setting out GTS’s arrangements for transportation of Natural Gas and operation of the 

Transmission System and TTF and any manuals, procedures, practices or directions of GTS 

which support the operation of that document, in either case as amended from time to time.

(t) The term “W+” or “W-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the week or the number of Business Days immediately 

preceding the first day of the week in which the Delivery Day specified in the Contract 

commenced.

2. CLEARING HOUSE AUTHORITY

The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries under ICE Endex TTF Natural Gas. No Clearing Member shall revoke or 

terminate, nor purport to revoke or terminate, such authorisation. Members are not required, and are not 

able, to send Trade Nominations themselves.

3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex TTF Natural Gas are effected by the transfer of rights to Natural Gas at the 

TTF from a Transferor (nominated by the Seller, which may be the Seller itself) to the Clearing House 

and from the Clearing House to a Transferee (nominated by the Buyer, which may be the Buyer itself), 

through the input of Acquiring and Disposing Trade Nominations into the GTS’s Edigas system by the 

Clearing House. GTS will take those Trade Nominations into account when determining whether any 

costs or charges arise from the balancing regime.

3.2 Quantity

ICE Endex TTF Natural Gas trades in MWh and is delivered in kWh.

3.3 Price
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

60

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day immediately prior to the calendar day on which the Delivery Month for the ICE 

Endex TTF Natural Gas Futures commences in accordance with the ICE Endex Rules. The price at 

which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the Business Day 

immediately prior to the calendar day on which the Delivery Day for the ICE Endex TTF Natural Gas 

Daily Futures commences in accordance with the ICE Endex Rules.

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time

(“CEST”) as applicable.

3.5 Cessation of Trading

(a) The ICE Endex TTF Natural Gas Futures cease trading at 18:00 hours on the business day, as

defined in the ICE Endex Rules, which is two business days prior to the first calendar day of 

the Delivery Period, in accordance with the ICE Endex Rules.

(b) The ICE Endex TTF Natural Gas Daily Futures cease trading at 18:00 on the business day, as 

defined in the ICE Endex Rules, which is one business day prior to the Delivery Day.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For the ICE Endex TTF Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs 

may be posted up to one hour following the cessation of trading. For the ICE Endex TTF Natural Gas 

Daily Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to thirty minutes 

following the cessation of trading

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

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

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of GTS of its obligations under the GTS Rules; or

(b) the performance or non-performance of GTS.

4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System or any part thereof or the performance or non-performance of 

GTS except as otherwise expressly provided in the ICE Endex Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the delivery information available through the delivery system on a daily 

basis to Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the TSC. 
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

61

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the

TSC, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: ROUTINE

6.1 ICE Endex TTF Natural Gas Futures 

2 Business Days prior to the 1st Delivery Day M-2 or W-2, as applicable 

Cessation of Trading At 

18:00 

CET

Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

Provision of Buyer’s and 

Seller’s Security

M or W-1

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which

corresponds to M (or W)-2 for the first Delivery Day and M (or W)-1 

for the second).

The Clearing House may make adjustments to provisional Seller’s

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

11:30

CET

Settlement instructions and Open Contract Positions transfers are 

entered into ICE FEC for expired Contracts.

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

By 

12:30

CET

MPFE report available on ICE FEC to Clearing Members.

Submission of ICE Endex 

TTF Natural Gas Futures 

Delivery Intentions via ECS

By 

11:30 

CET

Buyer and Seller must, for all relevant deliverable Open Contract

Positions, submit their delivery intentions via ECS for ICE Endex TTF 

Natural Gas Futures. If delivery details are known, the delivery 

intentions for ICE Endex TTF Natural Gas Futures may be submitted 

to the Clearing House any time from the start of M (or W)-2, but must 

have been submitted by 12.30 hours CET on M (or W)-1.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

62

By 

12:30 

CET

MPFE report available on ECS and MFT to Clearing Members.

By 

13:00 

CET

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 Endex TTF Natural Gas: Blanket Transferor Form or ICE 

Endex TTF Natural Gas: Blanket Transferee Form (as applicable) for 

each nominated Transferor or Transferee

ICE Endex TTF Natural 

Gas Futures Conversion 

and Confirmation Report

By 

14:00 

CET

The ICE Endex TTF Natural Gas Futures Confirmation Reports, listing 

all deliverable positions in kWh for the Delivery Month, are made 

available to Clearing Members electronically. Where Clearing 

Members will have submitted email details for their 

transferee/transferors, this report will also be emailed directly to the 

transferee/transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated transferor/transferee has received a copy of the ICE Endex 

TTF Natural Gas Futures Conversion and Confirmation Report, as 

applicable.

By 

15:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex TTF Natural Gas Futures Conversion and 

Confirmation Report that do not match the delivery intentions that they

submitted previously.

Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the 

Clearing House and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House and the Buyer (or 

the Buyer’s Transferee).

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex TTF Natural Gas Futures Confirmation 

Report and resend it to Clearing Members.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By

10:00 

CET

The Clearing House makes the Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

63

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation 

Margin to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

One Day following the end of the Invoice Period

Invoice and Account Sale 

Details

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

6.2 ICE Endex TTF Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00 

CET

Daily Contract ceases trading.

Submission of 

delivery intentions

for ICE Endex TTF 

Natural Gas Daily

Futures

By 

18:15

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit 

delivery intentions via ECS for ICE Endex TTF Natural Gas Daily Futures. 

Nomination of 

Transferor 

/Transferee

By

18:15

CET

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 Endex TTF Natural Gas: Blanket Transferor Form or ICE Endex TTF 

Natural Gas: Blanket 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.

By

18:30

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

64

By 

18:30

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

18:30 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex TTF 

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex TTF Natural Gas Daily Futures Conversion and

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex TTF Natural

Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex TTF Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match the delivery intentions that they submitted 

previously.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex TTF Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Notification file to 

Nomination Agent

By 

20:00

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

65

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: FAILED DELIVERY

7.1 ICE Endex TTF Natural Gas Futures

D+2

Seller’s Security and 

Buyer’s Default Top Up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M or W+10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed

deliveries.

12 Business Days following the month or week of delivery (M or W+12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s 

failed deliveries.

13 Business Days following the month or week of delivery (M or W+13)
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

66

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

7.2 ICE Endex TTF Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

67

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate

Where

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules in respect of any failure of a Clearing Member to correctly 

make a delivery.

(b) Daily Deliveries 

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate

Where

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules in respect of any failure of a Clearing Member to correctly 

make a delivery.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs,

incurred from GTS, allocated to Clearing Members as a result of Buyer’s and Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from GTS. In the event that the value received by the Clearing House 

is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

TSC.
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

68

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex TTF Natural Gas Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by transferee/transferor.

By 10:00 CET 

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET 

Daily

ICE Endex TTF Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to in the delivery 

intentions previously submitted for the ICE 

Endex TTF Natural Gas Futures.

By 11:00 CET 

on M or W-1

ICE Endex TTF Natural Gas: 

Blanket Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferor as 

confirmation that they will make delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to in the delivery 

intentions previously submitted for the ICE 

Endex TTF Natural Gas Futures.

By 11:00 CET 

on M or W-1

ICE Endex TTF Natural Gas 

Futures Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant transferor(s) and transferee(s). It is a 

transferor/transferee order and informs Buyers

and Sellers of Clearing Member mnemonic; 

transferee/transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part F from first Delivery Day to last Delivery 

Day; lots to be delivered; and a statement that if 

the transferor/transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the

delivery obligation is irrevocably accepted and 

the Clearing House will enter the Trade 

Nomination(s) into Edigas based on the Net 

Hourly Position of the Clearing Member, by the 

relevant deadline. 

By 12:30 CET 

on D-1
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

69

Name of Delivery Document Explanation Timing

ICE Endex TTF Natural Gas 

Futures Invoice and Account 

Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Month; contracted 

kWh; actual delivered (matched) kWh; price in 

Euros per MWh; value of Natural Gas.

By 10:00 CET 

on the day 

following the 

Invoice Period

Invoice Report and Credit Note

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month;

Delivery Day; amount of failed delivery long 

(kWh); amount of failed delivery short (kWh); 

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

M or W+10 at 

10:00 CET.

9.2 ICE Endex TTF Natural Gas Daily Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00

CET

Daily

ICE Endex TTF Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex TTF Natural 

Gas Daily Futures.

By 17:30

CET on 

D

ICE Endex TTF Natural Gas: 

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex TTF Natural 

Gas Daily Futures.

By 17:30

CET on 

D
PART F: ICE ENDEX TTF NATURAL GAS FUTURES AND ICE ENDEX TTF NATURAL GAS

DAILY FUTURES CONTRACT

70

Name of Delivery Document Explanation Timing

ICE Endex TTF Natural Gas 

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part F

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade

Nomination(s) into Edigas, by the relevant deadline and 

that the trade(s) nominations will not be amended or 

withdrawn unless instructed to do so by the Clearing 

House.

By 18:00

CET on 

D

ICE Endex TTF Natural Gas 

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00

CET on 

D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day;

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00

CET.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

71

PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES CONTRACT (“ICE ENDEX GERMAN 

THE NATURAL GAS FUTURES”) AND ICE ENDEX GERMAN THE NATURAL GAS DAILY 

FUTURES CONTRACT (“ICE ENDEX GERMAN THE NATURAL GAS DAILY FUTURES 

CONTRACT”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the THE Rules and otherwise in accordance with this Part H, by the Transferee to 

acquire rights in respect of one or more lots of Natural Gas at the VTP operated by THE.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to natural gas are to be transferred.

(c) The term “Delivery Day” means the period beginning at 06:00 hours on a day on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance

with ICE Endex Rules and this Part H and ending at 06:00 CET hours on the following day.

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06:00 hours CET on the first calendar day of the next month;

(e) The term “Delivery Week” means the period beginning at 06:00 hours CET on the first 

business day of the week until 06.00 hours CET on the day following the last business day of 

the week (Saturday). 

(f) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the THE Rules and otherwise in accordance with ICE Endex Rules and this Part 

H, by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at the 

VTP operated by THE.

(g) The term “ICE Endex German THE Natural Gas” means ICE Endex German THE Natural

Gas Futures and ICE Endex German THE Natural Gas Daily Futures.

(h) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(i) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex.

(j) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(k) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Endex.
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72

(l) The term “THE” means Trading Hub Europe GmbH domiciled in Ratingen and Berlin

Germany the operator of the market area co-operation between all gas network owners in 

Germany known as “THE” or any successor thereto.

(m) The term “THE’s Communication Facilities” means THE’s electronic facility which 

includes, inter alia, any electronic facility which enables the submission of a Trade 

Nomination to THE, any web-based communication channel including the related

functionality and connected systems provided by THE, "Communications Systems" within the

meaning of the THE Rules, and to access information concerning the submitted Trade 

Nominations, and any successor system thereto.

(n) The term "THE Balancing Group Contract" means the THE's Balancing Group Contract

Terms and Conditions.

(o) The term “THE Rules” means the Electricity and Gas Supply Act (EnWG), the Gas Network 

Access rules, THE Balancing Group Contract and any manuals, procedures, practices or 

directions of THE which support the operation of THE as amended from time to time.

(p) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(q) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(r) The term “Transmission System” means the transmission pipeline system operated by THE

as may be enlarged, extended or altered from time to time.

(s) The term “Virtual Trading Point” (VTP) means, in respect of a Contract, a notional point 

within the Transmission System at which the balancing of the amounts of Natural Gas 

delivered into and out of the Transmission System takes place in accordance with the THE

Rules.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries of ICE Endex German THE Natural Gas are effected by the transfer of rights to Natural Gas 

at the Virtual Trading Point from a Transferor (nominated by the Seller, which may be the Seller itself) 

to the Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which 

may be the Buyer itself), through the input of Acquiring and Disposing Trade Nominations into the 

THE’s Communication Facilities. THE will take those Nominations into account when determining 

whether any costs or charges arise from the balancing regime under the THE Rules.

2.2 Quantity

ICE Endex German THE Natural Gas trades in MWh and is delivered in kWh.

2.3 Price

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day, as defined in the ICE Endex Rules, immediately prior to the calendar day on 

which the Delivery Month for the ICE Endex German THE Natural Gas Futures commences in 

accordance with the ICE Endex Rules. The price at which the contract is delivered is the Exchange

Delivery Settlement Price (EDSP) for the Business Day immediately prior to the calendar day on which 
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

73

the Delivery Day for the ICE Endex German THE Natural Gas Daily Futures commences in 

accordance with the ICE Endex Rules.

2.4 Days and Times

All “timings” or times of day are Central European Times (“CET”) or Central European Summer 

Times (“CEST”) as applicable.

2.5 Cessation of Trading

(a) The ICE Endex German THE Natural Gas Futures cease trading at 18:00 hours on the 

business day which is two business days, in accordance with the ICE Endex Rules, prior to the 

first calendar day of the Delivery Month.

(b) The ICE Endex German THE Natural Gas Daily Futures cease trading at 18:00 hours on the 

business day which is one business day, in accordance with the ICE Endex Rules, prior to the 

Delivery Day. 

2.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex German THE Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and 

EFSs may be posted up to one hour following the cessation of trading. For ICE Endex German THE 

Natural Gas Daily Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to 

thirty minutes following the cessation of trading. 

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 Transmission System, THE and THE's Communication Facilities constitute "Delivery Facilities"

for the purposes of Rule 101 of the Rules.

3.3 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of THE of its obligations under the THE Rules; or

(b) the performance or non-performance of THE.

3.4 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of:

(a) any actions taken by the Clearing House pursuant to THE Rules; or

(b)

(i) technical issues, technical measures, authorisations, limitations, prohibitions or

failures arising or imposed on;

(ii) the condition or operation of; or

(iii) the performance or non-performance of,
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

74

the Transmission System, THE or THE's Communication Facilities except as otherwise

expressly provided in the ICE Endex Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the THE Rules.

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

THE Rules, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

5. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN THE NATURAL GAS: ROUTINE

5.1 ICE Endex German THE Natural Gas Futures

2 Business Days prior to the 1

st Delivery Day (M-2)

Cessation of Trading At 

18:00

CET

Monthly Contract ceases trading.

By 

19:00

CET

EFPs and EFSs may be posted up to one hour following the cessation of

trading.

Provision of Buyer’s and

Seller’s Security

M-1

By 

10:00

CET

Seller and Buyer must provide the Clearing House with Seller’s Security 

and Buyer’s Security as appropriate. This is calculated for all deliverable 

Open Contract Positions at close of business on D-2 (which corresponds

to M-2 for the first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

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75

Submission of delivery

intentions for ICE Endex

German THE Natural

Gas Futures

By 

11:30

CET

Buyer and Seller must, for all deliverable Open Contract Positions, 

submit their delivery intentions via ECS for the ICE Endex German THE

Natural Gas Futures. If delivery details are known, the delivery

intentions for ICE Endex German THE Natural Gas Futures may be 

submitted to the Clearing House any time from the start of M-2, but 

must have been submitted by 11:30 CET on M-1.

Nomination of 

Transferor/Transferee

By 

11:30

CET

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 Endex German THE Natural Gas: Blanket Transferor Form

or ICE Endex German THE Natural Gas: Blanket Transferee Form (as

applicable) for each nominated Transferor or Transferee. This

Transferor/Transferee Form must be signed by the

Transferor/Transferee.

By 

11:30 

CET

Deadline for position maintenance within ECS.

Clearing Members with Open Contract Positions at this time for a

Contract Set subject to delivery are obliged to make or take delivery.

After

12:30 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex German THE

Natural Gas Futures

Conversion and 

Confirmation Report

By 

14:00

CET

The ICE Endex German THE Natural Gas Futures Confirmation

Reports, listing all deliverable positions in kWh for the Delivery Month, 

are made available to Clearing Members electronically. Where Clearing 

Members will have submitted email details for their

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

German THE Natural Gas Futures Conversion and Confirmation Report.

By 

15:00

CET

Seller and Buyer must each inform the Clearing House of any details on 

the ICE Endex German THE Natural Gas Futures Conversion and 

Confirmation Report that do not match the delivery intentions previously

submitted for the ICE Endex German THE Natural Gas Futures. 

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex German THE Natural Gas Futures

Confirmation Report and resend it to Clearing Members.
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76

Entry of Disposing and 

Acquiring Nominations

By 

15:00

CET

Seller and Buyer must ensure that their nominated 

Transferors/Transferees have entered the appropriate Disposing Trade 

Nomination(s)/Acquiring Trade Nominations(s) into THE’s

Communication Facilities.

If by 16:30 CET one such Trade Nomination has not been accepted by 

THE, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such 

terms as the Clearing House may consider appropriate until such Trade 

Nomination is accepted by THE.

In the event that the Seller (or its Transferor) or Buyer (or its Transferee) 

have entered a Trade Nomination Quantity different from that appearing 

on the ICE Endex German THE Natural Gas Futures Confirmation 

Report, which has been accepted by THE under THE Rules, the Clearing 

House or its agent may direct the Seller (or its Transferor) or the Buyer

(or its Transferee) to amend or withdraw such Trade Nomination on such 

terms as the Clearing House may consider appropriate.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

10:00

CET

The Clearing House makes the Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units.

Payment, Seller’s 

Security and Buyer’s 

Default Top Up

D+1

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation Margin 

to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top up’ portion of the 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect

of deliveries for the preceding delivery day. Buyer’s Security is released

as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount

in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed

deliveries.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

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77

One Day following the end of the Invoice Period

Invoice and Account Sale 

Details

By 

10:00

CET

Invoices and Account Sales available for the Invoice Period.

5.1 ICE Endex German THE Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00 

CET

Daily Contract ceases trading.

Submission of 

delivery intentions 

for ICE Endex 

German THE 

Natural Gas Daily 

Futures

By 

18:30

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit 

delivery intentions via ECS for ICE Endex German THE Natural Gas Daily 

Futures. 

Nomination of 

Transferor 

/Transferee

By 

18:30

CET

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 Endex German THE Natural Gas: Blanket Transferor Form or 

ICE Endex German THE Natural Gas: Blanket Transferee Form (as 

applicable) for each nominated Transferor or Transferee.

By 

18:30 

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

18:30 

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

After

18:30 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex ICE 

Endex German THE 

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex German THE Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex German THE 

Natural Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex German THE Natural Gas Daily Futures Futures Conversion and 

Confirmation Report that do not match the delivery intentions that they 

submitted previously.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex German THE Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

78

Notification file to 

Nomination Agent

By 

20:00 

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing 

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

Note: the above timetables can be altered without notice at the discretion of the Clearing House, including in the

circumstances set out at Clause 3.4(a) and (b).
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79

6. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN THE NATURAL GAS: FAILED 

DELIVERY

6.1 ICE Endex German THE Natural Gas Futures

Seller’s Security and 

Buyer’s Default Top up 

D+2

By

10:00

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

Failed Delivery 

10 Business Days following the month of delivery (M+10)

By 

10:00

CET

The Clearing House makes the Invoice and Credit Note Report available 

to Sellers and Buyers for the previous month’s failed deliveries.

Payment for Failed 

Delivery

12 Business Days following the month of delivery (M+12)

By 

10:00

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s failed 

deliveries.

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

13 Business Days following the month of delivery (M+13)

By 

10:00

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the delivery month.

6.2 ICE Endex German THE Natural Gas Daily Futures

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

80

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House, including in the 

circumstances set out at Clause 3.4(a) and (b).

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from THE in

accordance with the THE Rules in respect of any failure by a Clearing Member to correctly 

make a delivery.

(b) Daily Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

81

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from THE in 

accordance with the THE Rules in respect of any failure by a Clearing Member to correctly 

make a delivery.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from THE, allocated to Clearing Members as a result of Buyer’s and Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from THE. In the event that the value received by the Clearing House 

is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under THE

Rules.

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Endex German THE Natural Gas Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by transferee/transferor.

By 10:00 CET

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET

Daily

ICE Endex German THE

Natural Gas: Blanket Transferee 

Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by the

Transferee as confirmation that they will take 

delivery of Natural Gas on any Delivery Days

nominated by the Buyer and referred to in the 

delivery intentions previously submitted for the 

ICE Endex German THE Natural Gas Futures.

By 11:30 CET

on M-1
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

82

Name of Delivery Document Explanation Timing

ICE Endex German THE

Natural Gas: Blanket Transferor 

Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to in the 

delivery intentions previously submitted for the 

ICE Endex German THE Natural Gas Futures.

By 11:30 CET

on M-1

ICE Endex German THE

Natural Gas Futures

Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part H from first Delivery Day to last Delivery 

Day; lots to be delivered; details of the 

Acquiring and/or Disposing Trade 

Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if 

the Transferor/Transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

Transferor/Transferee will enter the correct 

Acquiring and/or Disposing Trade 

Nomination(s) into THE’s Communication 

Facilities, by the relevant deadline and that the 

trade(s) nominations will not be amended or 

withdrawn unless instructed to do so by the 

Clearing House.

By 12:30 CET

on M-1

ICE Endex German THE

Natural Gas Futures Invoice and 

Account Sale

The reports give Buyers and Sellers details of:

Clearing Member mnemonic; Clearing Member

account; contract; delivery month; contracted 

kWh; actual delivered (matched) kWh; price in 

Euros per MWh; value of Natural Gas.

By 10:00 CET

on the day 

following the

Invoice Period

Invoice Report and Credit Note

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous delivery month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; delivery month; 

Delivery Day; amount of failed delivery long 

(kWh); amount of failed delivery short (kWh); 

and total costs charged to the Clearing Member

as a result of failed delivery/deliveries.

M+10 at 10:00

CET

8.2 ICE Endex German THE Natural Gas Daily Futures
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

83

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00 

CET 

Daily

ICE Endex German THE 

Natural Gas Daily Futures: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex German THE 

Natural Gas Daily Futures.

By 17:30 

CET on 

D

ICE Endex German THE 

Natural Gas Daily Futures: 

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex German THE 

Natural Gas Daily Futures.

By 17:30 

CET on 

D

ICE Endex German THE 

Natural Gas Daily Futures

Conversion and Confirmation 

Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part F 

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into THE’s Communication Facilities, by 

the relevant deadline and that the trade(s) nominations 

will not be amended or withdrawn unless instructed to 

do so by the Clearing House.

By 18:00 

CET on 

D

ICE Endex German THE 

Natural Gas Daily Futures

Invoice Report and Account Sale 

Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00 

CET on 

D+2
PART H: ICE ENDEX GERMAN THE NATURAL GAS FUTURES AND ICE ENDEX GERMAN THE

NATURAL GAS DAILY FUTURES CONTRACT

84

Name of Delivery Document Explanation Timing

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00 

CET.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

85

PART K: ICE ENDEX DUTCH POWER FUTURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES;

ICE ENDEX DUTCH POWER BASE LOAD WEEK FUTURES; ICE ENDEX DUTCH POWER 

PEAK LOAD (7-23) FUTURES,ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES

1. DEFINITIONS

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

(a) The term “Balance Responsible Party” or “BRP” means a market party (programma

verantwoordelijke partij) that is recognised as, and is permitted to exercise, Programme 

Responsibility by TenneT.

(b) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(c) The term “Delivery Day” means:

(i) in respect of an ICE Endex Dutch Power Base Load Futures, the period beginning at

00:00 hours on a day in respect of an ICE Endex Dutch Base Load Futures is due to 

become effective, and the transfer from one Energy Account to the other Energy 

Account is due to be made under that ICE Endex Dutch Base Load Futures in

accordance with the terms of the ICE Endex Rules and the Rules, and ending at 00:00 

hours on the following day (irrespective of whether this encompasses 23, 24 or 25 

sequential hours); or

(ii) in respect of an ICE Endex Dutch Power Base Load Week Futures, the period 

beginning at 00:00 hours on a day in respect of an ICE Endex Dutch Base Load

Week Futures is due to become effective, and the transfer from one Energy Account 

to the other Energy Account is due to be made under that ICE Endex Dutch Base 

Load Week Futures in accordance with the terms of the ICE Endex Rules and the 

Rules, and ending at 00:00 hours on the following day (irrespective of whether this

encompasses 23, 24 or 25 sequential hours); or

(iii)(ii) in respect of an ICE Endex Dutch Power Peak Load (8-20) Futures, the period

beginning at 08:00 hours on a weekday in respect of an ICE Endex Dutch Power 

Peak Load (8-20) Futures is due to become effective, and the transfer from one

Energy Account to the other Energy Account is due to be made under that ICE Endex 

Dutch Power Peak Load (8-20) Futures in accordance with the terms of the ICE 

Endex Rules and the Rules, and ending at 20:00 hours on the same day; or

(iv)(iii) in respect of an ICE Endex Dutch Power Peak Load (7-23) Futures the period 

beginning at 07:00 hours on a weekday in respect of an ICE Endex Dutch Power

Peak Load (7-23) Futures is due to become effective, and the transfer from one 

Energy Account to the other Energy Account is due to be made under that ICE Endex 

Dutch Power Peak Load (7-23) Futures in accordance with the terms of the ICE 

Endex Rules and the Rules, and ending at 23:00 hours on the same day.

(d) The term “Delivery Month” means: 

(i) in respect of an ICE Endex Dutch Power Base Load Futures: The number of days in 

a “Month Contract” based on the number of days in a Gregorian Calendar month 

period.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

86

(ii) in respect of an ICE Endex Dutch Power Peak Load (8-20) Futures: The number of 

week days (Monday to Friday) in a “Month Contract” based on the number of days in 

a Gregorian Calendar month period.

(iii) in respect of an ICE Endex Dutch Power Peak Load (7-23) Futures: The number of 

week days (Monday to Friday excluding Dutch public holidays) in a “Month 

Contract” based on the number of days in a Gregorian Calendar month period.

(e) The term “Delivery Week” means: 

(i) in respect of an ICE Endex Dutch Power Base Load Week Futures: The number of 

days in a “Week Contract” is based on seven individual and consecutive days from 

Monday to Sunday.

(f)(e) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(g)(f) The term “Dutch Electricity Act” means the Netherlands Electricity Act 1998 as amended 

from time to time.

(h)(g) The term “Electricity Technical Code” means the document implementing the terms and 

conditions of Article 31(1)(c) of the Dutch Electricity Act as modified from time to time in 

accordance with the terms of the Dutch Electricity Act.

(i)(h) The term “Electricity Contract” means an ICE Endex Dutch Base Load Future an ICE Endex 

Dutch Base Load Week Futures, an ICE Endex Dutch Peak Load (8-20) Futures, or an ICE 

Endex Dutch Peak Load (7-23) Futures made pursuant to the ICE Endex Rules.

(j)(i) The term “Energy Account” means an account established and operated by TenneT in respect 

of a BRP which is used by the parties and the Clearing House to effect settlement of 

Electricity Contracts by submitting Energy Schedules.

(k)(j) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, in respect of an

Electricity Contract.

(l)(k) The term “Energy Schedule” means a programme drawn up by a BRP and submitted to 

TenneT which contains, for each fifteen-minute programme time unit in a 24-hour period, data 

on: (i) the balance of the transmissions across all connections for which the BRP has 

Programme Responsibility; (ii) the net quantity of all Energy Transactions with other BRPs;

and (iii) the quantity of each import and export transaction.

(m)(l) The term “Energy Transactions” means an agreement to deliver or offtake a certain amount 

of electricity (in MWh).

(n)(m) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400. 

(o)(n) The term “ICE Endex Dutch Base Load Future” means a contract for delivery of electricity 

for every Settlement Period during the period specified in the ICE Endex Rules.

(p) The term “ICE Endex Dutch Base Load Week Future” means a contract for delivery of 

electricity for every Settlement Period during the period specified in the ICE Endex Rules.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

87

(q)(o) The term “ICE Endex Dutch Peak Load (7-23) Future” means a contract for delivery of

electricity for every Settlement Period during the period specified in the ICE Endex Rules.

(r)(p) The term “ICE Endex Dutch Peak Load (8-20) Future” means a contract for delivery of

electricity for every Settlement Period during the period specified in the ICE Endex Rules.

(s)(q) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(t)(r) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(u)(s) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(v)(t) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex. 

(w)(u) The term “Notification Failure” means an occurrence where a nomination for a Settlement 

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(x)(v) The term “Programme Responsibility” (programma verantwoordelijkheid) means the 

responsibility of Balance Responsible Parties, to draw up or to have drawn up Energy 

Schedules relating to the production, transmission and consumption of electricity, to announce 

them to TenneT and to act in accordance with such Energy Schedules, taking into account the 

conditions laid down in Article 31 of the Dutch Electricity Act;

(y)(w) The term “Settlement Period” means a 15-minute period in a Delivery Day commencing on 

the hour or the half-hour or the quarter hour.

(z)(x) The term “TenneT” means TenneT, Transmission System Operator B.V., the Dutch 

transmission system operator.

(aa) References to “W-“ relate to the number of Business Days immediately preceding the first

Delivery Day of the Delivery Week (for example “W-2” refers to the second Business Day 

prior to the Delivery Week).

(bb) References to “W+” relate to the number of Business Days after the last day of the Delivery 

Week during which delivery was made (for example “W+2” refers to the second Business Day 

of the Delivery Month following delivery).

(cc)(y) All times quoted are Central European Time or Central European Summer Time as applicable. 

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate TenneT nomination accepted by TenneT and the
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

88

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

ICE Endex Dutch Power Futures trades in MWH and is delivered in kWH.

2.3 Price

The price at which the Electricity Contract is delivered is the EDSP for the relevant Contract, two 

business days, in accordance with the ICE Endex Rules, prior to the first Delivery Day.

2.4 Cessation of Trading

Monthly and Weekly Contracts cease trading at 18:00 CET hours on the business day which is two 

business days, as defined in the ICE Endex Rules, prior to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading.

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 relating to liability.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of TenneT of its obligations under the TenneT rules 

(including the Electricity Technical Code) or each BRP; or

(b) the performance or non-performance of TenneT otherwise.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System or any part thereof or the performance or non-performance of 

TenneT except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: ROUTINE

TIME ACTION

M-2 or W-2

By 10:00 

CET

The Clearing House makes Daily Summary Report available. 

The report identifies Open Contract Positions at the close of 

business on M-3 or W-3.

Cessation of Trading At 18:00 

CET

The monthly and weekly contracts ceases trading.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

89

TIME ACTION

By 19:00 

CET

EFPs and EFSs may be posted up to one hour following the 

cessation of trading.

Transferor/Transferee 

Nomination

By 19:45 

CET

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 Endex 

Dutch Power Transferor Form or ICE Endex Dutch Power: 

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.

Submission of ICE 

Electricity Delivery 

Intentions

By 19:45 

CET

The Seller and Buyer must, for all deliverable Open Contract 

Positions, submit their delivery intentions via ECS in order to 

confirm their position and Dutch Power EAN Code details.

By 19:45 

CET

Settlement instructions and position transfers are entered for 

expired Contracts.

19:45 CET Clearing Members with Open Contract Positions at this time 

are obliged to make or take delivery.

By 20:00 

CET

MPFE report available to Clearing Members in ECS and MFT.

Confirmation Report By 21:00 

CET

The Clearing House makes available to the Clearing Members

the Confirmation Report listing the deliverable positions in 

MWh for each Settlement Period for each day of the Delivery

Month. Where Clearing Members will have submitted email 

details for their Transferee/Transferor, this report will also be 

emailed directly to the Transferee/Transferor.

Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination 

agent a notification file detailing the nominations to be made

between the Clearing House and the Seller (or the Seller’s 

Transferor), and the nominations to be made between the 

Clearing House and the Buyer (or the Buyer’s Transferee).

M-1 or W -1

By 10:00 

CET

The Clearing House makes Daily Summary Report available. 

The report identifies the positions that are deliverable at 

00:00 hours.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

90

TIME ACTION

Payment of Security By 10:00 

CET

Seller and Buyer must each pay to the Clearing House the 

Seller’s Security and Buyer’s Security respectively. This is 

calculated for all deliverable positions at close of business on 

D-2 (which corresponds to M-2 for the first delivery day and 

M-1 for the second).

The Clearing House may make adjustments to provisional 

Seller’s Security and Buyer’s Security via intra-day call on 

D-1.

Confirmation Report Error By 11:00 

CET

The Seller and Buyer must each inform the Clearing House of

any details on the Confirmation Report that do not match the 

details submitted on the delivery intentions that they 

previously submitted via ECS.

If the Clearing House does not receive notification by this 

deadline, the Seller and Buyer will be deemed to have accepted 

the delivery obligations as set out on the Confirmation Report.

Nomination submission to 

TenneT

By 14:00 

CET

The appointed nomination agent will make the nominations, by 

means of submitting the relevant Energy Schedules,

representing the final delivery position held at the Clearing 

House to TenneT.

Checking Nomination In the event that either the Seller (or the Seller’s Transferor) or 

the Buyer (or the Buyer’s Transferee) becomes aware that a 

nomination is incorrectly reported, that person must promptly 

inform the other party and the Clearing House. The Clearing 

House will take such action as is necessary to rectify the

situation.

Any time after the above

Identification of nomination 

rejection

Seller (either by themselves or by their Transferor) and Buyer 

(either by themselves or by their Transferee) must inform the 

Clearing House as soon as they become aware that there has 

been a rejection of all or part of a nomination for whatever 

reason.

The Clearing House may also instruct the Seller or Buyer to 

take such steps as it considers reasonably necessary to ensure 

that losses are mitigated. Seller and Buyer must give effect to 

any and all such instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 10:00 

CET

The Clearing House makes Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to 
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

91

TIME ACTION

the Buyer’s and the Seller’s remaining Natural Gas units.

D+1

Payment, Seller’s Security 

and

Buyer’s Default Top Up

By 10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent 

Variation Margin to the Buyer’s and the Seller’s remaining 

Natural Gas units.

The Clearing House releases the “Buyer’s Default Top-up”

portion of Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts 

in respect of deliveries for the preceding delivery day. Buyer’s 

Security is released as part of the payment transaction.

Seller receives contract value (payment) for confirmed 

delivered amount in respect of deliveries for the preceding 

delivery day.

N.B. A credit note may be issued at a later date against the 

failed deliveries.

One Day following the Invoice Period

Invoice and Account Sale

Details

By 10:00 

CET

Invoice and Account Sale Report available for the Invoice 

Period.

5. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: FAILED 

DELIVERY

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+1

By 10:00 CET In the event of a failed delivery the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+2

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s

Security and/or Buyer’s Security.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

92

M+Variable

By 10:00 CET Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the 

previous month’s failed deliveries will be generated and made available to the Seller 

and Buyer by the Clearing House at a time when the full financial obligations of each 

of the parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for 

the delivery month.

2 days after above

By 10:00 CET Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

6. DELIVERY CONTRACT SECURITY

6.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by 

reference to Imbalance Sell Price as defined by TenneT. The Clearing House may alter the 

calculation of Buyer’s Security at any time or make adjustments in respect of specific Buyers.

(b) Seller’s Security is calculated against the Seller’s default price (SDP) for the relevant Delivery 

Day. The SDP is calculated by reference to the relevant Imbalance Buy Price as defined by

TenneT, or Exchange Delivery Settlement Price (EDSP). The Clearing House may alter the 

calculation of Seller’s Security at any time or make adjustments in respect of a specific Seller.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of electricity is calculated as follows:

MWh * EDSP plus any other costs of the Clearing House as applicable

Where

MWh = The number of Megawatt hours delivered.
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

93

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in Euro per MWh.

For failed deliveries the value of electricity is calculated as follows:

MWh * EDSP * Delivery Failure Cost, plus any other costs of the Clearing House as 

applicable 

Where

MWh = The number of Megawatt hours contracted.

Delivery Failure Cost = an amount calculated by the Clearing House by MWh based on the 

imbalance costs a BRP is obliged to pay or be paid under the Electricity 

Technical Code and TenneT rules attributable to one or more Notification 

Failures under the ICE Endex Rules and these Delivery Procedures

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver or off take electricity and is calculated with reference to

costs incurred by the Clearing House under the TenneT rules. These costs will also apply even where 

Base Load and Peak Load Contracts are netted or aggregated for the same Settlement Period Credit 

Notes are issued to Buyers up to the contract value of the failed delivery, less any costs incurred by the 

Clearing House, dependent on the value of the imbalance value received by the Clearing House 

8. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by transferee/transferor

By 10.00 CET

daily

ICE Endex Dutch 

Power Futures: 

Transferee Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of electricity for all 

the Settlement Periods on all Delivery Days referred to on the ICE 

Endex Dutch Power Delivery Confirmation Form and submits it to 

the Clearing House.

By 19:45 CET

on M-2 or W-2 

ICE Endex Dutch 

Power Futures: 

Transferor Form

The Seller must ensure that the Transferor submits and signs this 

form, as confirmation that it will make delivery of electricity for 

all the Settlement Periods on all Delivery Days referred to on the

ICE Endex Dutch Power Delivery Confirmation Form and submits 

it to the Clearing House.

By 19:45 CET 

on M-2 or W-2

ICE Endex Dutch

Power Futures: 

Delivery Confirmation

Form

The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers 

of: Clearing Member name, Transferee/Transferor name, Delivery

Day, lots to be delivered, and Buyer’s/Seller’s delivery details in 

MWh.

By 21:00 CET 

on M-2

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, delivery 

month, Delivery Day, contracted MWh, actual delivered MWh, 

By 10:00 on the 

day following

the Invoice 
PART K: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH POWER BASE LOAD WEEK 

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH 

POWER PEAK LOAD (8-20) FUTURES 

94

Name of Delivery 

Document

Explanation Timing

price in Euro per MWh, value of electricity; and a summary of the 

Invoice and Account Sale.

Period.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

95

PART L: ICE ENDEX BELGIUM POWER BASE LOAD FUTURES CONTRACT (“ICE ENDEX BELGIAN 

POWER BASE LOAD FUTURES”)

1. DEFINITIONS

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

(a) The term “ARPC” or “Access Responsible Party Contract” means the standard form 

contract designated by Elia as the balancing and settlement code and entered into by Elia and 

each ARP, as modified from time to time in accordance with the terms of Elia’s transmission 

licence, and the balancing and settlement code procedures made pursuant thereto.

(b) The term “ARP” or “Access Responsible Party” means a party who has executed an ARPC

and is a natural person or legal entity listed in the register of Access Responsible Parties 

maintained by Elia.

(c) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(d) The term “Delivery Day” means the period beginning at 00:00 hours on a day in respect of an 

ICE Endex Belgian Base Load Futures is due to become effective, and the transfer from one 

Energy Account to the other Energy Account is due to be made under that ICE Endex Belgian 

Base Load Futures in accordance with the terms of the ICE Endex Rules and the Rules, and 

ending at 00:00 hours on the following day (irrespective of whether this encompasses 23, 24 

or 25 sequential hours):

(e) The term “Delivery Month” means the number of days in a “Month Contract” based on the

number of days in a Gregorian Calendar month period: 

(f) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(g) The term “Electricity” means the term as defined in the ARPC as ‘Active Power’.

(h) The term “Electricity Contract” means an ICE Endex Belgium Power Base Load Futures 

Contract made pursuant to the ICE Endex Rules for delivery of Electricity for every 

Settlement Period during the period specified in the ICE Endex Rules.

(i) The term “Elia” means Elia System Operator N.V./S.A, the Belgian transmission system 

operator of the Belgian electricity grid and any successor operator.

(j) The term “Elia Rules” means the published rules and regulations of Elia as amended from 

time to time (including the terms and conditions set out in the ARPC). 

(k) The term “Energy Account” means an account established and operated by Elia in respect of 

an ARP which is used by the parties and the Clearing House to effect settlement of Electricity 

Contracts. 

(l) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of Electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, in respect of an 

Electricity Contract.

(m) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400. 
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

96

(n) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(o) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(p) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(q) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(r) The term “Notification Failure” means an occurrence where a nomination for a Settlement

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(s) The term “Settlement Period” means a 15-minute period in a Delivery Day commencing on 

the hour or the half-hour or the quarter hour. 

(t) All times quoted are Central European Time or Central European Summer Time as applicable. 

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate Elia nomination confirmed by Elia and the

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

Electricity is delivered in Megawatt Hours for transfer during each Settlement Period for the Delivery 

Day as specified in the Electricity Contract.

2.3 Price

The price at which the Electricity Contract is delivered is the EDSP for the relevant Contract, two

business days, in accordance with the ICE Endex Rules, prior to the first Delivery Day.

2.4 Cessation of Trading

Monthly Contracts cease trading at 18:00 CET hours on the business day which is two business days, 

as defined in the ICE Endex Rules, prior to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

97

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 relating to liability.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of Elia of its obligations under the Elia Rules or each 

ARPC; or

(b) the performance or non-performance of Elia otherwise.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System or any part thereof or the performance or non-performance of 

Elia except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: 

ROUTINE

TIME ACTION

M-2

By 10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies Open Contract Positions at the close of business on 

M-3.

Cessation of Trading At 18:00 

CET

The monthly contract ceases trading.

By 19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

Submission of ICE 

Electricity Delivery 

Intentions

By 19:45 

CET

The Seller and Buyer must, for all deliverable Open Contract

Positions, submit their delivery intentions via ECS in order to confirm 

their position and Belgian Power EAN Code details.

Transferor/Transferee 

Nomination

By 19:45 

CET

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 Endex Belgian Power Base Load: Transferor 

Form or ICE Endex Belgian Power Base Load: Transferee Form (as 

applicable) for each nominated Transferor or Transferee. This 

Transferor/Transferee form must be signed by the 

Transferor/Transferee.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

98

TIME ACTION

By 19:45 

CET

Settlement instructions and position transfers are entered for expired 

Contracts.

By 19:45 

CET

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 20:00

CET

MPFE report available to Clearing Members in ECS and MFT.

Confirmation Report By 21:00 

CET

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for 

each Settlement Period for each day of the Delivery Month. Where 

Clearing Members will have submitted email details for their 

Transferee/Transferor, this report will also be emailed directly to the 

Transferee/Transferor.

Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the 

Clearing House and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House and the Buyer

(or the Buyer’s Transferee).

M-1

By 10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable at 00:00 hours.

Payment of Security By 10:00 

CET

Seller and Buyer must each pay to the Clearing House the Seller’s 

Security and Buyer’s Security respectively. This is calculated for 

all deliverable positions at close of business on D-2 (which 

corresponds to M-2 for the first delivery day and M-1 for the 

second).

The Clearing House may make adjustments to provisional Seller’s 

Security and Buyer’s Security via intra-day call on D-1.

Confirmation Report

Error

By 11:00 

CET

The Seller and Buyer must each inform the Clearing House of any 

details on the Confirmation Report that do not match the details 

submitted on the delivery intentions they previously submitted via

ECS.

If the Clearing House does not receive notification by this deadline,

the Seller and Buyer will be deemed to have accepted the delivery 

obligations as set out on the Confirmation Report.

Nomination 

submission

By 14:00 

CET

The appointed nomination agent will make the nominations to Elia 

representing the final delivery position held at the Clearing House.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

99

TIME ACTION

Checking 

Nominations

In the event that either the Seller (or the Seller’s Transferor) or the 

Buyer (or the Buyer’s Transferee) becomes aware that a nomination is 

incorrectly reported, that person must promptly inform the other party 

and the Clearing House. The Clearing House will take such action as 

is necessary to rectify the situation.

Any time after the above

Identification of 

nomination rejection

Seller (either by themselves or by their Transferor) and Buyer (either 

by themselves or by their Transferee) must inform the Clearing House 

as soon as they become aware that there has been a rejection of all or 

part of a nomination for whatever reason.

The Clearing House may also instruct the Seller or Buyer to take such 

steps as it considers reasonably necessary to ensure that losses are 

mitigated. Seller and Buyer must give effect to any and all such 

instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 10:00 

CET

The Clearing House makes Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units. 

D+1

Payment, Seller’s

Security and Buyer’s

Default Top Up

By 10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation 

Margin to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the “Buyer’s Default Top-up” portion of 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security 

is released as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

One Day following the end of the Invoice Period

Invoice and Account

Sale Details

By 10:00 

CET

Invoice and Account Sale Report available for the Invoice Period.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

100

5. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: 

FAILED DELIVERY

Delivery Day (D) (or D+1 or D+2 if D is a Non-Clearing Day)

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+1

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+2

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

M+Variable

By 10:00 CET Invoice 

Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the previous 

month’s failed deliveries will be generated and made available to the Seller and Buyer 

by the Clearing House at a time when the full financial obligations of each of the 

parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for 

the Delivery Month.

2 days after above

By 10:00 CET Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing 

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

6. DELIVERY CONTRACT SECURITY

6.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by

reference to Imbalance Sell Price as defined by the Elia Rules. The Clearing House may alter 

the calculation of Buyer’s Security at any time or make adjustments in respect of specific 

Buyers.
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

101

(b) Seller’s Security is calculated against the Seller’s default price (SDP) for the relevant Delivery 

Day. The SDP is calculated by reference to the relevant Imbalance Buy Price, as defined by 

Elia, or Exchange Delivery Settlement Price (EDSP). The Clearing House may alter the 

calculation of Seller’s Security at any time or make adjustments in respect of a specific Seller.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP, plus any other costs of the Clearing House as applicable

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery 

Day, quoted in Euro per MWh.

For failed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP * Delivery Failure Cost, plus any other costs of the Clearing House as 

applicable

Where

MWh = The number of Megawatt hours contracted.

Delivery Failure Cost = an amount calculated by the Clearing House by MWh based on the 

imbalance costs an ARP may pay or be paid under the Elia Rules 

attributable to one or more Notification Failures under the ICE 

Endex Rules and these Delivery Procedures.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver or off take Electricity and is calculated with reference to 

costs incurred by the Clearing House under the Elia Rules and the relevant ARPC. These costs will also 

apply even where Base Load are netted or aggregated for the same Settlement Period. Credit Note 

Reports are issued to Buyers up to the contract value of the failed delivery, less any costs incurred by 

the Clearing House, dependent on the value of the imbalance value received by the Clearing House 

under the Elia Rules.

8. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by Transferee/Transferor.

By 10:00 CET 

daily

ICE Endex Belgian 

Power Base Load 

Futures: Transferee 

Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of Electricity for all 

the Settlement Periods on all Delivery Days referred to on the 

“ICE Endex Belgian Power Base Load: Delivery Confirmation 

By 19:45 CET 

on M-2
PART L: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

102

Name of Delivery 

Document

Explanation Timing

Form” and submits it to the Clearing House.

ICE Endex Belgian 

Power Base Load 

Futures: Transferor 

Form

The Seller must ensure that the Transferor submits and signs this 

form, as confirmation that it will make delivery of Electricity for 

all the Settlement Periods on all Delivery Days referred to on the 

“ICE Endex Belgian Power Base Load: Delivery Confirmation 

Form” and submits it to the Clearing House.

By 19:45 CET 

on M-2

Confirmation Report The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers

of: Clearing Member name, Transferee/Transferor name, Delivery 

Day, lots to be delivered, and Buyer’s/Seller’s delivery details in

MWh.

By 21:00 CET 

on M-2

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, Delivery 

Month, Delivery Day, contracted MWh, actual delivered MWh, 

price in Euro per MWh, value of Electricity; and a summary of the 

Invoice and Account Sale.

By 10:00 CET 

on the day

following the 

Invoice Period.
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

103

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT (“ICE ENDEX PSV

NATURAL GAS FUTURES”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the Snam Rete Gas Rules and otherwise in accordance with these delivery

procedures, by the Transferee to acquire rights in respect of one or more lots of Natural Gas at 

the Punto di Scambio Virtuale.

(b) The term “AEEGSI” means the Autorità per l’Energia Elettrica, il Gas e il Sistema Idrico, the 

Italian Energy and Gas Authority.

(c) The terms “D+” or “D-” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(d) The term “Delivery Day” means the period of 24 consecutive hours beginning at 06:00 hours 

CET on a day on which the transfer of rights in respect of Natural Gas is due to be made under 

a Contract in accordance with ICE Endex Rules and these delivery procedures and ending at 

06:00 hours CET on the following calendar day. 

(e) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(f) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the Snam Rete Gas Rules and otherwise in accordance with ICE Endex Rules and 

these delivery procedures, by the Transferor to dispose of rights in respect of one or more lots 

of Natural Gas at the Punto di Scambio Virtuale.

(g) The term “GME” means Gestore dei Mercati Energetici S.p.A., the company entrusted with 

the economic management of the Natural Gas market, and which is authorised pursuant to 

AEEGSI Resolution no. 282/2015 dated 12 June 2015, to act as nomination agent to record 

Trade Nominations on behalf of certain third parties on the PSV System for electricity and 

natural gas spot trading in Italy. 

(h) The term “ICE Endex PSV Natural Gas” means ICE Endex Italian PSV Natural Gas 

Futures.

(i) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(j) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(k) The term “Megawatt Hours” or “MWh” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(l) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane and, to a lesser extent, ethane, propane and higher 

hydrocarbons, which at a temperature of 15 degrees Celsius and at an absolute pressure of 
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

104

1.01325 bar are or is predominantly in the gaseous state where “degree Celsius” and “bar” are 

as defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE 

Endex.

(m) The term “Network Code” means the code implemented by Snam Rete Gas, approved by 

AEEGSI with Resolution no. 75/2003 dated 1 July 2003, as subsequently amended and 

supplemented, for the regulation of the transport and balancing of Natural Gas. 

(n) The term “PSV System” means the IT platform for transactions for the purchase, sale and 

transfer of Natural Gas at the PSV, managed by Snam Rete Gas. 

(o) The term “PSV Terms and Conditions” means the terms and conditions for trading Natural 

Gas at the PSV (Condizioni per la cessione e lo scambio di gas naturale al Punto di Scambio 

Virtuale) that are approved by AEEGSI pursuant to its decision 22/2004 of 26 February 2004, 

as subsequently amended and supplemented setting out Snam Rete Gas’s arrangements for the 

transportation of Natural Gas and operational of the Transmission System and the PSV. 

(p) The term “Punto di Scambio Virtuale” or “PSV” means, in respect of a Contract, a notional 

point within the Transmission System at which the balancing of the amounts of Natural Gas 

takes place for the purposes of the Transmission Service Conditions.

(q) The term “Snam Rete Gas” means Snam Rete Gas S.p.A., the Transmission System Operator 

or any successor thereto

(r) The term “Snam Rete Gas Rules” means the Network Code, the PSV Terms and Conditions 

and any manuals, procedures, practices and directors of Snam Rete Gas that support the 

operation of the PSV Terms and Conditions, as amended from time to time. 

(s) The term “Trade Nomination” means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be, nominated in MWh.

(t) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(u) The term “Transmission System” means the points of entry and exit of the “National Pipeline 

Network”, as defined by the Decree of the Ministry of Industry, Trade and Crafts (presently 

the Ministry of Economic Development) of 22 December 2000, published in The Official 

Gazette, General Series No. 18 of 23 January 2001, and as subsequently amended, onshore 

transmission pipeline system owned and operated by Snam Rete Gas may be enlarged,

extended or altered from time to time.

2. CLEARING HOUSE AUTHORITY

2.1 The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries with respect to ICE Endex PSV Natural Gas, and that the Clearing House is 

given the legal authority to make such Trade Nominations, via a third party, including GME (or via

such other route as the Clearing House deems appropriate).

2.2 The Clearing Member acknowledges that the Clearing House will transmit all Trade Nominations to 

GME via electronic file, and GME shall be responsible for recording all such Trade Nominations on 

the PSV System. 

2.3 No Clearing Member shall revoke or terminate, nor purport to revoke or terminate, such authorisation.

Members are not required, and are not able, to send Trade Nominations themselves.
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

105

3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex PSV Natural Gas are effected by the transfer of rights to Natural Gas at the 

PSV from a Transferor (nominated by the Seller, which may be the Seller itself) to the Clearing House 

and from the Clearing House (effecting the transfer via its nomination agent, GME) to a Transferee 

(nominated by the Buyer, which may be the Buyer itself), through the input of Acquiring Trade 

Nominations and Disposing Trade Nominations into the PSV System by GME (acting as nomination 

agent for the Clearing House), and following receipt of instructions from the Clearing House. Snam 

Rete Gas will take those Trade Nominations into account when determining whether any costs or 

charges arise from the balancing regime.

3.2 Quantity

ICE Endex PSV Natural Gas trades in MWh and is delivered in MWh.

3.3 Price

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

second Business Day immediately prior to the calendar day on which the Delivery Month for the ICE 

Endex PSV Natural Gas Futures commences in accordance with the ICE Endex Rules.

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.5 Cessation of Trading

ICE Endex PSV Natural Gas Futures cease trading at 18:00 hours on the day, which is two Business 

Days (as defined in the ICE Endex Rules) prior to the first calendar day of the Delivery Period, in 

accordance with these Delivery Procedures / the ICE Endex Rules.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex PSV Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be 

posted up to one hour following the cessation of trading.

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

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

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of Snam Rete Gas of its obligations under the Network 

Code;

(b) the performance or non-performance of Snam Rete Gas;

(c) the performance or non-performance of GME of its obligations under the Network Code or

(d) the performance or non-performance of GME, in its capacity as PSV nomination agent

pursuant to AEEGSI Resolution no. 282/2015, as amended from time to time.
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

106

4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the PSV System, the Transmission System (including any planned unavailability, 

interruptions, suspensions or malfunctions) or any part thereof or the performance or non-performance 

of Snam Rete Gas except as otherwise expressly provided in the ICE Endex Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising

from the balancing regime under the Network Code. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

Network Code, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX PSV NATURAL GAS: ROUTINE

6.1 ICE Endex PSV Natural Gas Futures 

2 Business Days prior to the 1st Delivery Day (M-2) 

Cessation of Trading At 

18:00 

CET

Contract ceases trading.

By

19:00

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

Submission of delivery 

intentions for the ICE 

Endex Italian PSV Natural 

Gas Futures

By 

19:45 

CET

The Seller and Buyer must, for each deliverable Open Contract 

Position, each submit delivery intentions via ECS to the Clearing 

House for the ICE Endex Italian PSV Natural Gas. This must contain 

all delivery information for all deliverable Open Contract Positions.

Transferor/Transferee 

Nomination

By 

19:45

CET

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 Endex Italian PSV Natural Gas: Blanket 

Transferor Form or ICE Endex Italian PSV Natural Gas: Blanket 

Transferee Form (as applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee form must be signed by the 

Transferor/Transferee.
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

107

By 

19:45 

CET

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 

20:00 

CET

MPFE report available to Clearing Members.

ICE Endex Italian PSV 

Natural Gas Futures 

Confirmation Report

By 

21:00 

CET

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for each 

Settlement Period for each day of the Delivery Month. Where Clearing 

Members will have submitted email details for their

Transferee/Transferor, this report will also be emailed directly to the 

Transferee/Transferor.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex

Italian PSV Natural Gas Futures Confirmation Report.

M-1

By 

10:00

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable.

Provision of Buyer’s and 

Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M-2 for the first Delivery Day and M -1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units.

By 

10:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex Italian PSV Natural Gas Futures Confirmation 

Report that do not match the delivery intentions previously submitted 

for the ICE Endex Italian PSV Natural Gas Futures.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex Italian PSV Natural Gas Futures

Confirmation Report and resend it to Clearing Members.

Submission of Nominations

By 

11:00 

CET

The appointed nomination agent will make the nominations to Snam 

Rete Gas representing the final delivery position held at the Clearing 

House.

Identification of nomination Any time after the above
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

108

rejection Seller (either by themselves or by their Transferor) and Buyer (either 

by themselves or by their Transferee) must promptly inform the other 

party and the Clearing House as soon as they become aware that a 

nomination is incorrectly submitted or there has been a rejection of all 

or part of a nomination for whatever reason. The Clearing House will 

take such action as is necessary to rectify the situation

The Clearing House may also instruct the Seller or Buyer to take such 

steps as it considers reasonably necessary to ensure that losses are 

mitigated. Seller and Buyer must give effect to any and all such 

instructions.

Delivery Day (D) (or next Business Day if D is a non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation 

Margin to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

Invoice and Account Sale 

Details

One Day following the end of the Invoice Period

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX ITALIAN PSV NATURAL GAS: FAILED 

DELIVERY

7.1 ICE Endex PSV Natural Gas Futures

Seller’s Security and 

Buyer’s Default Top Up

Delivery Day (D) (or D+1 or D+2 if D is a non-Clearing Day)

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

109

D+1

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

D+2

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M +10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

12 Business Days following the month or week of delivery (M +12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyer makes/receives payment or takes receipt for previous month’s 

failed deliveries.

13 Business Days following the month or week of delivery (M +13)

Release of Seller’s and 

Buyer’s Security against

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all

failed deliveries for the Delivery Month.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

MWh * EDSP, plus any additional costs of the Clearing House as appropriate

Where

MWh = the number of Megawatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries 
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

110

MWh * Delivery Failure Cost, plus any additional costs of the Clearing House, as appropriate

Where

MWh = the number of Megawatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per MWh incurred from Snam Rete 

Gas in accordance with the Snam Rete Gas Rules in respect of any failure of a Clearing 

Member to correctly make a delivery.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from Snam Rete Gas, allocated to Clearing Members as a result of Buyer’s and Seller’s failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from Snam Rete Gas. In the event that the value received by the

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

Network Code operated by Snam Rete Gas.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex Italian PSV Natural Gas Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by Transferee/Transferor.

By 10:00 CET 

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET 

Daily

ICE Endex Italian PSV Natural 

Gas Futures: Blanket 

Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an

authorised signatory of the Transferee as

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer.

By 19:45 CET 

on M-2

ICE Endex Italian PSV Natural 

Gas Futures: Blanket Transferor 

Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor. It must 

be signed by an authorised signatory of the

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer.

By 19:45 CET 

on M-2

ICE Endex Italian PSV Natural 

Gas Futures Futures 

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

By 21:00 CET 

on M-2
PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

111

Name of Delivery Document Explanation Timing

Confirmation Report Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic;

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of these 

delivery procedures from first Delivery Day to 

last Delivery Day; lots to be delivered; and a 

statement that if the Transferor/Transferee fails 

to notify the Clearing House by the necessary 

deadline as specified in these Delivery 

Procedures, then the delivery obligation is 

irrevocably accepted and the Clearing House 

will submit the Trade Nomination(s) to Snam 

Rete Gas based on the Net Hourly Position of 

the Clearing Member, by the relevant deadline. 

ICE Endex Italian PSV Natural 

Gas Futures Invoice and 

Account Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member

account; contract; Delivery Month; contracted 

MWh; actual delivered (matched) MWh; price 

in Euros per MWh; value of Natural Gas.

By 10:00 CET

on the day 

following the

Invoice Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month; 

Delivery Day; amount of failed delivery long 

(MWh); amount of failed delivery short (MWh); 

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

M+10 at 10:00 

CET.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

112

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES (“ICE ENDEX VTP NATURAL

GAS FUTURES”) AND ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

(“ICE ENDEX VTP NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the CEGH Terms and otherwise in accordance with this Part EE, by the 

Transferee to acquire rights in respect of one or more lots of Natural Gas at the VTP.

(b) The term “Austrian Natural Gas Act 2011” means the Austrian gas law

(“Gaswirtschaftsgesetz 2011”) as published with Federal Gazette (“Bundesgesetzblatt”) No. 

107/2011 and as amended from time to time.

(c) The term “Balance Group Responsible Party” and “Balance Group Member” means the 

representative or the member of a balance group (such terms as are defined in the Austrian 

Natural Gas Act 2011) and who has all the necessary licences and authorisations to transfer 

rights to Natural Gas at the VTP. 

(d) The term “CEGH” means Central European Gas Hub AG or any successor thereto, as the 

operator of the Virtual Trading Point for the Austrian Eastern Market Area. 

(e) The term “CEGH Terms” means the Austrian Natural Gas Act 2011, the Austrian Gas 

Market Model Ordinance and other related regulation, the CEGH General Terms and 

Conditions for Hub Services and Membership of Central European Gas Hub AG and any 

appendices, manuals, operating procedures and practices that support the operation of the 

VTP, as amended from time to time. 

(f) The terms “D+” or “D-” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(g) The term “Delivery Day” means the period of 24 consecutive hours beginning at 06:00 hours 

CET on a day on which the transfer of rights in respect of Natural Gas is due to be made under

a Contract in accordance with ICE Endex Rules and this Part EE and ending at 06:00 hours 

CET on the following calendar day. 

(h) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(i) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the CEGH Terms and otherwise in accordance with ICE Endex Rules and this Part

EE, by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at the 

VTP.

(j) The term “Eastern Market Area” means the eastern market areas as defined in the Austrian 

Natural Gas Act 2011. 

(k) The term “Edig@s” means the electronic messaging protocol which enables, inter alia, 

submission of a Trade Nomination to CEGH and to access information concerning the 

submitted Trade Nominations, and any successor system. 

(l) The term “ICE Endex VTP Natural Gas Futures” means ICE Endex Austrian CEGH VTP 

Natural Gas Futures.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

113

(m) The term “ICE Endex VTP Natural Gas Daily Futures” means ICE Endex Austrian CEGH 

VTP Natural Gas Daily Futures.

(n) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(o) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days

immediately following the last day of the month or the number of Business Days immediately

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(p) The term “Megawatt Hours” or “MWh” means 1000 kWh, where 1 kWh means 3,600,000

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the

same as nominated by ICE Endex.

(q) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane and, to a lesser extent, ethane, propane and higher 

hydrocarbons, which at a temperature of 15 degrees Celsius and at an absolute pressure of 

1.01325 bar are or is predominantly in the gaseous state where “degree Celsius” and “bar” are 

as defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE 

Endex.

(r) The term “Trade Nomination” means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination at the VTP, as the case may be, nominated in 

KWh.

(s) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(t) The term “Transmission System” means the transmission network operated and maintained 

by a transmission system operator in the Eastern Market Area, as further detailed in the CEGH 

Terms. 

(u) The term “Virtual Trading Point” or “VTP" means the virtual trading point as defined in the 

Austrian Natural Gas Act 2011, in respect of a Contract, being a notional point in the Eastern

Market Area at which Natural Gas can be traded after injection and before offtake.

2. CLEARING HOUSE AUTHORITY

2.1 The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries with respect to ICE Endex VTP Natural Gas Futures or ICE Endex VTP 

Natural Gas Daily Futures on its behalf, and that the Clearing House is given the legal authority to

make such Trade Nominations, via a third party, as the Clearing House deems appropriate. 

2.2 No Clearing Member shall revoke or terminate, nor purport to revoke or terminate, such authorisation. 

Clearing Members are not required, and are not able, to send Trade Nominations themselves.

3. DELIVERY SPECIFICATION

3.1 Transferors and Transferees

(a) Clearing Members must ensure that prior to any ICE Endex VTP Natural Gas Futures or ICE 

Endex VTP Natural Gas Daily Futures Contract arising, an appropriate ICE Endex VTP 

Natural Gas Futures: Blanket Transferor Form or ICE Endex VTP Natural Gas Daily Futures:

Blanket Transferee Form (as applicable) is in place relating to such Transferor or Transferee 
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

114

and the relevant Transferor or Transferee is a Balance Group Responsible Party or a Balance 

Group Member (such terms as are further as further defined in the CEGH Terms).

(b) Where a Clearing Member has designated a Transferee / Transferor for the delivery or offtake

of Natural Gas at the hub, the Clearing Member shall promptly inform the Clearing House of 

any events that may impact on its or a Transferee’s / Transferor’s ability to operate at VTP, 

including but not limited to: failure in deliveries, loss of license or CEGH membership, 

termination of the Clearing Member’s relationship with the initially appointed Transferee / 

Transferor, or any breaches which may affect deliveries at the hub. 

Notwithstanding the appointment of a Transferor or Transferee, the relevant Clearing Member remains 

at all times fully responsible for meeting all of its obligations and liabilities to the Clearing House.

3.2 Delivery

Deliveries of ICE Endex VTP Natural Gas Futures or ICE Endex VTP Natural Gas Daily Futures are 

effected by the transfer of rights to Natural Gas at the VTP from a Transferor (nominated by the Seller, 

which may be the Seller itself) to the Clearing House and from the Clearing House (effecting the

transfer via its nomination agent) to a Transferee (nominated by the Buyer, which may be the Buyer 

itself), through the input of Acquiring Trade Nominations and Disposing Trade Nominations into the 

Edig@s system by the Clearing House (through its agent) and following receipt of instructions from

the Clearing House. CEGH will take those Trade Nominations into account when determining whether 

any costs or charges arise from the balancing regime.

3.3 Quantity

ICE Endex VTP Natural Gas Futures or ICE Endex VTP Natural Gas Daily Futures trade in MWh and

is delivered in KWh.

3.4 Price

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

Delivery Day for the ICE Endex VTP Natural Gas Futures or ICE Endex VTP Natural Gas Daily 

Futures in accordance with the ICE Endex Rules.

3.5 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.6 Cessation of Trading

(a) The ICE Endex VTP Natural Gas Futures cease trading at 18:00 hours on the business day, as

defined in the ICE Endex Rules, which is two business days prior to the first calendar day of 

the Delivery Period, in accordance with the ICE Endex Rules. 

(b) The ICE Endex VTP Natural Gas Daily Futures cease trading at 18:00 on the business day, as 

defined in the ICE Endex Rules, which is one business day prior to the Delivery Day.

3.7 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex VTP Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs may 

be posted up to one hour following the cessation of trading. For the ICE Endex VTP Natural Gas Daily 

Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to thirty minutes 

following the cessation of trading.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

115

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

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

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of CEGH of its obligations under the CEGH Terms; or

(b) the performance or non-performance of CEGH.

4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, 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 the Transmission System or any part thereof except as otherwise expressly provided in the

ICE Endex Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the CEGH Terms. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

CEGH Terms, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS FUTURES: ROUTINE

6.1 ICE Endex VTP Natural Gas Futures 

2 Business Days prior to the 1st Delivery Day (M-2) 

Cessation of Trading At 

18:00 

CET

Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation

of trading.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

116

Submission of delivery 

intentions for the ICE 

Endex VTP Natural Gas 

Futures:

By 

19:45 

CET

The Seller and Buyer must, for each deliverable Open Contract 

Position, each submit delivery intentions via ECS to the Clearing

House for the ICE Endex VTP Natural Gas Futures: This must contain 

all delivery information for all deliverable Open Contract Positions.

Transferor/Transferee 

Nomination

By

19:45

CET

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 Endex VTP Natural Gas Futures: Blanket 

Transferor Form or ICE Endex VTP Natural Gas Futures: Blanket 

Transferee Form (as applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee form must be signed by the 

Transferor/Transferee.

By 

19:45 

CET

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 

20:00 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex VTP Natural 

Gas Futures Confirmation 

Report

By 

21:00 

CET

The Clearing House makes available to the Clearing Members the

Confirmation Report listing the deliverable positions in MWh for each 

Settlement Period for each day of the Delivery Month. Where Clearing 

Members will have submitted email details for their 

Transferee/Transferor, this report will also be emailed directly to the 

Transferee/Transferor.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

VTP Natural Gas Futures Confirmation Report.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

117

M-1

By 

10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable.

Provision of Buyer’s and 

Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M-2 for the first Delivery Day and M -1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units.

By

10:00 

CET

Seller and Buyer must each inform the Clearing House of any details

on the ICE Endex VTP Natural Gas Futures Confirmation Report that 

do not match the delivery intentions as submitted in ECS.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex VTP Natural Gas Futures Confirmation 

Report and resend it to Clearing Members.

Submission of Nominations

By

11:00

CET

The appointed nomination agent will make the nominations to CEGH 

representing the final delivery position held at the Clearing House.

Identification of nomination 

rejection

Any time after the above

Seller (either by themselves or by their Transferor) and Buyer (either 

by themselves or by their Transferee) must promptly inform the other 

party and the Clearing House as soon as they become aware that a 

nomination is incorrectly submitted or there has been a rejection of all 

or part of a nomination for whatever reason. The Clearing House will 

take such action as is necessary to rectify the situation

The Clearing House may also instruct the Seller or Buyer to take such 

steps as it considers reasonably necessary to ensure that losses are 

mitigated. Seller and Buyer must give effect to any and all such 

instructions.

Delivery Day (D) (or next Business Day if D is a non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

118

D+1

Payment, Seller’s Security 

and Buyer’s Default Top

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation 

Margin to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

Invoice and Account Sale

Details

One Day following the end of the Invoice Period

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX AUSTRIAN VTP NATURAL GAS FUTURES: 

FAILED DELIVERY

7.1 ICE Endex VTP Natural Gas Futures

Seller’s Security and 

Buyer’s Default Top Up

Delivery Day (D) (or D+1 or D+2 if D is a non-Clearing Day)

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

D+1

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

D+2

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M +10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

119

12 Business Days following the month or week of delivery (M +12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyer makes/receives payment or takes receipt for previous month’s 

failed deliveries.

13 Business Days following the month or week of delivery (M +13)

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS DAILY FUTURES: 

ROUTINE

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At

18:00 

CET

Daily Contract ceases trading.

Submission of 

delivery intentions 

for the ICE Endex 

VTP Natural Gas 

Daily Futures

By 

18:15

CET

The Seller and Buyer must, for each deliverable Open Contract Position, 

each submit delivery intentions via ECS to the Clearing House for the ICE 

Endex VTP Natural Gas Daily Futures: This must contain all delivery

information for all deliverable Open Contract Positions.

Nomination of 

Transferor 

/Transferee

By 

18:15

CET

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 Endex VTP Natural Gas Daily Futures: Blanket Transferor Form or ICE 

Endex VTP Natural Gas Daily Futures: Blanket 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.

By 

18:15 

CET

EFPs and EFSs may be posted up to 30 minutes following the cessation of 

trading.

By 

18:30

CET

Contracts expire.

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

18:45

CET

MPFE report available to Clearing Members.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

120

ICE Endex VTP

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex VTP Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex VTP Natural 

Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex VTP Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match their submitted ICE Endex VTP Natural Gas Daily 

Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex VTP Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Notification file to 

Nomination Agent

By 

20:00 

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing 

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

121

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding day as detailed on the Invoice and

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

9. DELIVERY TIMETABLE FOR ICE ENDEX VTP NATURAL GAS DAILY FUTURES: 

FAILED DELIVERY

D+2

Seller’s Security and

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

122

10. INVOICE AND ACCOUNT SALE CALCULATION

10.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

MWh * EDSP, plus any additional costs of the Clearing House as appropriate

Where

MWh = the number of Megawatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries 

MWh * Delivery Failure Cost, plus any additional costs of the Clearing House, as appropriate

Where

MWh = the number of Megawatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per MWh incurred from CEGH in 

accordance with the CEGH Terms in respect of any failure of a Clearing Member to correctly

make a delivery.

10.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from CEGH, allocated to Clearing Members as a result of Buyer’s and Seller’s failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from CEGH. In the event that the value received by the Clearing 

House is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

Network Code operated by CEGH.

11. DELIVERY DOCUMENTATION SUMMARY

11.1 ICE Endex VTP Natural Gas Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by Transferee/Transferor.

By 10:00 CET 

Daily
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

123

Name of Delivery Document Explanation Timing

Daily Detail Report This report provides details of each day’s 

deliveries

By 10:00 CET 

Daily

ICE Endex VTP Natural Gas 

Futures: Blanket Transferee 

Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to on the delivery 

intentions submitted in ECS regarding the ICE 

Endex VTP Natural Gas Futures.

By 19:45 CET

on M-2

ICE Endex VTP Natural Gas

Futures: Blanket Transferor 

Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor. It must 

be signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

delivery intentions submitted in ECS regarding 

the ICE Endex VTP Natural Gas Futures.

By 19:45 CET 

on M-2

ICE Endex VTP Natural Gas

Futures Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part EE from first Delivery Day to last Delivery 

Day; lots to be delivered; and a statement that if 

the Transferor/Transferee fails to notify the 

Clearing House by the necessary deadline as

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

the Clearing House will submit the Trade 

Nomination(s) to CEGH based on the Net 

Hourly Position of the Clearing Member, by the 

relevant deadline. 

ICE Endex VTP Natural Gas

Futures Invoice and Account 

Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Month; contracted 

MWh; actual delivered (matched) MWh; price 

in Euros per MWh; value of Natural Gas.

By 10:00 CET 

on the day 

following the 

Invoice Period

Invoice Report and Credit Note

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month; 

Delivery Day; amount of failed delivery long 

(MWh); amount of failed delivery short (MWh); 

and total costs charged to the Clearing Member 

M+10 at 10:00 

CET.
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

124

Name of Delivery Document Explanation Timing

as a result of failed delivery/deliveries. 

11.2 ICE Endex VTP Natural Gas Daily Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable

positions by Transferee/Transferor

By 09:00

CET

Daily

ICE Endex VTP Natural Gas

Daily Futures: Blanket 

Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. 

It must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex VTP Natural 

Gas Daily Futures Delivery Confirmation form.

By 18:15 

CET on 

D-1

ICE Endex VTP Natural Gas

Daily Futures: Blanket 

Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. 

It must be signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the ICE 

Endex VTP Natural Gas Daily Futures Delivery 

Confirmation form.

By 18:15 

CET on 

D-1

ICE Endex VTP Natural Gas 

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part F

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the

Transferor/Transferee fails to notify the Clearing 

House by the necessary deadline as specified in these 

Delivery Procedures, then the delivery obligation is 

irrevocably accepted and Transferor/Transferee will 

enter the correct Acquiring and/or Disposing Trade

Nomination(s) into Edigas, by the relevant deadline 

and that the trade(s) nominations will not be amended 

or withdrawn unless instructed to do so by the 

Clearing House.

By 19:00

CET on 

D-1
PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

125

Name of Delivery Document Explanation Timing

ICE Endex VTP Natural Gas 

Daily Futures Invoice Report

and Account Sale Report 

The report gives Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Day; contracted kWh; 

actual delivered (matched) kWh; price in pence per 

Therm; value of Natural Gas; and a summary of the 

Invoice and Account Sale.

By 10:00

CET on 

D+2

Invoice Report and Credit 

Note Report: Failed 

Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of 

failed delivery short (kWh); and total costs charged to 

the Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

10:00

CET.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURE (“ICE ENDEX PEG 

NATURAL GAS FUTURES”) AND ICE ENDEX FRENCH PEG NATURAL GAS 

DAILY FUTURES CONTRACT (“ICE ENDEX FRENCH PEG NATURAL GAS 

DAILY FUTURES”)

1. DEFINITIONS

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

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the GRTgaz Rules and otherwise in accordance with the ICE Endex Rules and this 

Part HH, by the Transferee to acquire rights in respect of one or more lots of Natural Gas at 

the PEG.

(b) The terms “D+” or “D-” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(c) The term “Delivery Day” means the period of 24 consecutive hours beginning at 06:00 hours 

CET on a day on which the transfer of rights in respect of Natural Gas is due to be made under 

a Contract in accordance with ICE Endex Rules and this Part HH and ending at 06:00 hours 

CET on the following calendar day. 

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the GRTgaz Rules and otherwise in accordance with ICE Endex Rules and this 

Part HH, by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at 

the PEG operated by GRtgaz.

(f) The term “French Energy Code” refers to the code (Code de l’énergie) which namely 

transposes into French law the French grid-based natural gas supply system statutory 

framework as set out in several European Directives and Regulations, in particular Regulation 

(EC) no 715/2009 of 13 July 2009 on conditions for access to the natural gas transmission 

networks and Regulation no 984/2013 and Regulation (EU) 312/2014 of 26 March 2014 on 

establishing a network code on gas balancing of transmission networks. 

(g) The term “GRTgaz” means GRTgaz, being one of the operators of the Transmission System 

in France, or any successor thereto.

(h) The term “GRTgaz Terms and Conditions” means the contract entered into between a 

Clearing Member and GRTgaz as PEG-only shippers.

(i) The term “GRTgaz Rules” means the French Energy Code, the GRTgaz Terms and 

Conditions and any manuals, procedures, practices and directors of GRTgaz that support the 

operations of the PEG, as amended from time to time. 

(j) The term “ICE Endex French PEG Natural Gas Futures Contract”, or “Contract”, means 

ICE Endex French PEG Natural Gas Future and ICE Endex French PEG Natural Gas Daily 

Futures.

(k) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

(l) to the Seller in respect of completed deliveries.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

(m) The term "Kilowatt Hours" or "kWh" means 3,600,000 joules where "joule" is defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex.

(n) The term "Licensed Shipper" means a Person having executed all necessary agreements with 

GRTgaz and obtaining the necessary access to the PEG title transfer point in France, as 

required by the GRTgaz rules, to transfer rights to Natural Gas at the PEG. 

(o) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(p) The term “Megawatt Hours” or “MWh” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(q) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane and, to a lesser extent, ethane, propoane and higher 

hydrcarbons, which at a temperature of 15 degrees Celsius and at an absolute pressure of 

1.01325 bar are or is predominantly in the gaseous state where “degree Celsius” and “bar” are 

as defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE 

Endex.

(r) The term "Net Hourly Position" is calculated by the Clearing House for each Transferee or 

Transferor associated to a Clearing Member and refers to the net position per hour 

denominated in kWh between it and each Clearing Member for delivery of Natural Gas under 

the ICE Endex PEG Natural Gas Futures Contracts to which the Clearing House and that 

Clearing Member are a party.

(s) The term “PEG” means, in respect of a Contract, the title transfer point in the Transmission 

System where the Licensed Shipper exchanges daily quantities of energy with other shippers 

or with one of the operators of the Transmission System in France.

(t) The term “Trade Nomination” means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be, nominated in MWh.

(u) The term “TRANS@ctions Platform” means GRTgaz’s electronic messaging protocol which 

enables, inter alia, submission of a Trade Nomination to GRTgaz and to access information 

concerning the submitted Trade Nominations, and any successor system.

(v) The term “Transmission System” means the set of structures, facilities and systems operated 

by GRTgaz or under its responsibility, consisting in particular of pipelines, compressor 

stations, measuring facilities, pressure reduction equipment, block-valve equipment, 

transmission systems, computer systems, etc. used by GRTgaz to perform the services under 

the GRTgaz Terms and Conditions.

2. CLEARING HOUSE AUTHORITY

2.1 The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations on its 

behalf and instead of it in connection with deliveries under ICE Endex French PEG Natural Gas 

Futures Contract. No Clearing Member shall revoke or terminate, nor purport to revoke or terminate, 

such authorisation. Clearing Members are not required to send Trade Nominations themselves. 

Clearing Members acknowledge that GRTgaz may take into consideration the Trade Nominations 

made by the Clearing House and ignore Trade Nominations sent by Buyers, Sellers, Transferors or 

Transferees.

3. DELIVERY SPECIFICATION
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

3.1 Delivery

Deliveries of ICE Endex French PEG Natural Gas Futures Contracts are effected by the transfer of 

rights to Natural Gas at the PEG from a Transferor (nominated by the Seller, which may be the Seller

itself) to the Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, 

which may be the Buyer itself), through the input of Acquiring Trade Nominations and Disposing 

Trade Nominations into the TRANS@ctions Platform by the Clearing House. GRTgaz will take those

Trade Nominations into account when determining whether any costs or charges arise from the 

balancing regime.

3.2 Quantity

ICE Endex French PEG Natural Gas trades in MWh and is delivered in MWh / kWh.

3.3 Price

The price at which the ICE Endex French PEG Natural Gas Futures Contracts is delivered is the 

Exchange Delivery Settlement Price (EDSP) for the second Business Day immediately prior to the 

calendar day on which the Delivery Month for the ICE Endex French PEG Natural Gas Futures 

Contract commences in accordance with the ICE Endex Rules. 

The price at which the ICE Endex French PEG Natural Gas Daily Futures Contract is delivered is the 

Exchange Delivery Settlement Price (EDSP) for the Business Day immediately prior to the calendar 

day on which the Delivery Day for the ICE Endex French PEG Natural Gas Daily Futures commences 

in accordance with the ICE Endex Rules.

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.5 Cessation of Trading

(a) ICE Endex French PEG Natural Gas Futures Contract cease trading at 18:00 hours on the day, 

which is two Business Days prior to the first calendar day of the delivery month, in 

accordance with these Delivery Procedures and the ICE Endex Rules.

(b) The ICE Endex French PEG Natural Gas Daily Futures Contract cease trading at 18:00 on the 

business day which is one Business Day prior to the Delivery Day, in accordance with these 

Delivery Procedures and the ICE Endex Rules.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex French PEG Natural Gas Futures Contract, in accordance with ICE Endex Rules, EFPs 

and EFSs may be posted up to one hour following the cessation of trading. For the ICE Endex French 

PEG Natural Gas Daily Futures Contract, in accordance with ICE Endex Rules, EFPs and EFSs may be 

posted up to thirty minutes following the cessation of trading.

3.7 Notifications by Clearing Members

Clearing Members shall inform the Clearing House as soon as possible of: (i) any clearing services

arrangements with Transferors and Transferees that has not been previously notified to the Clearing 

House; (ii) termination of any clearing services arrangements with Transferors and Transferees; and 

(iii) default by a Transferor or Transferee under clearing services arrangements with Transferors and 

Transferees. Notifications made to the Clearing House under this paragraph shall be notified by the 

Clearing House to GRTgaz. 
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

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

Procedures.

4.2 The Transmission System, GRTgaz and the TRANS@ctions Platform constitute "Delivery Facilities" 

for the purposes of Rule 101 of the Rules.

4.3 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of GRTgaz of its obligations under the GRTgaz Rules; 

or 

(b) the performance or non-performance of GRTgaz;

4.4 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of:

(a) any actions taken by the Clearing House pursuant to the GRTgaz Rules; or

(b)

(i) technical issues, technical measures, authorisations, limitations, prohibitions or 

failures arising or imposed on;

(ii) the condition or operation of; or

(iii) the performance or non-performance of,

the Transmission System, GRTgaz and the TRANS@ctions Platform ties except as otherwise 

expressly provided in the ICE Endex Rules.

The Buyer, the Seller and their respective Transferees and Transferors accept any consequences 

arising from Trade Nominations made by the Clearing House on their behalf pursuant to paragraph 2.1.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the delivery information available through the delivery system on a daily 

basis to Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the GRTgaz Rules. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the

GRTgaz Rules, or EDSP.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX FRENCH PEG NATURAL GAS: ROUTINE

6.1 ICE Endex French PEG Natural Gas Futures Contract

2 Business Days prior to the 1st Delivery Day (M-2) 

Cessation of Trading At 

18:00 

CET

Monthly Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

Provision of Buyer’s and 

Seller’s Security

M-1

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M-2 for the first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

Submission of delivery 

intentions for ICE Endex 

French PEG Natural Gas 

Futures Contract

By 

11:30 

CET

Buyer and Seller must, for all deliverable Open Contract Positions, 

submit their delivery intentions via ECS for the ICE Endex French 

PEG Natural Gas Futures Contract. If delivery details are known, the 

delivery intentions for ICE Endex French PEG Natural Gas Futures 

Contract may be submitted to the Clearing House any time from the 

start of M-2 but must have been submitted by 11:30 CET on M-1.

Nomination of 

Transferee/Transferor

By 

11:30 

CET

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

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

a signed ICE Endex French PEG Natural Gas Futures: Blanket 

Transferee Form or ICE Endex French PEG Natural Gas Futures 

Blanket Transferor Form (as applicable) for each nominated Transferee 

or Transferor. This Transferee/Transferor Form must be signed by the 

Transferee/Transferor.

By 

11:30 

CET

Deadline for position maintenance within ECS. 

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

After 

11:30 

CET

MPFE report available in MFT and ECS to Clearing Members.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

ICE Endex French PEG 

Natural Gas Futures 

Contracts Confirmation 

Report

By 

14:00 

CET

The ICE Endex French PEG Natural Gas Futures Confirmation 

Reports, listing all deliverable positions in kWh for the Delivery 

Month, are made available to Clearing Members electronically. Where 

Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferee/Transferor has received a copy of the ICE Endex

French PEG Natural Gas Futures Conversion and Confirmation Report.

By 

15:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex French PEG Natural Gas Futures Conversion and 

Confirmation Report that do not match the delivery intentions 

previously submitted for the ICE Endex French PEG Natural Gas 

Futures Contract. 

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the Confirmation Report and resend it to Clearing 

Members.

Entry of Disposing and 

Acquiring Nominations

By 

15:00 

CET

Seller and Buyer must ensure that their nominated 

Transferees/Transferors have entered the appropriate Disposing Trade 

Nomination(s)/Acquiring Trade Nominations(s) into the 

TRANS@ctions Platform.

If by 16:30 CET one such Trade Nomination has not been accepted by 

GRTgaz, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such 

terms as the Clearing House may consider appropriate until such Trade 

Nomination is accepted by GRTgaz.

In the event that the Seller (or its Transferor) or Buyer (or its 

Transferee) have entered a Trade Nomination Quantity different from 

that appearing on the ICE Endex French PEG Natural Gas Futures 

Confirmation Report, which has been accepted by GRTgaz under 

GRTgaz Rules, the Clearing House or its agent may direct the Seller 

(or its Transferor) or the Buyer (or its Transferee) to amend or 

withdraw such Trade Nomination on such terms as the Clearing House 

may consider appropriate.

Submission of Nominations

M-1

By 

10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable.

The appointed nomination agent will make the nominations to 

GRTgaz representing the final delivery position held at the Clearing 

House.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

Delivery Day (D) (or next Business Day if D is a non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.

The Clearing House will apply Contingent Variation Margin to the 

Buyer’s and the Seller’s remaining Natural Gas units. 

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House will continue to apply Contingent Variation 

Margin to the Buyer’s and the Seller’s remaining Natural Gas units.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

Invoice and Account Sale 

Details

One Day following the end of the Invoice Period

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

Note: the above timetables can be altered without notice at the discretion of the Clearing House, including in the

circumstances set out at Clause 4.4(a) and (b). 

6.2 ICE Endex French PEG Natural Gas Daily Futures Contract 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00 

CET

Daily Contract ceases trading.

Submission of 

delivery intentions 

for ICE Endex

French PEG Natural 

Gas Daily Futures 

Contract

By 

18:30 

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit 

delivery intentions via ECS for ICE Endex French PEG Natural Gas Daily 

Futures Contract. 

Nomination of 

Transferee 

/Transferor

By 

18:30

CET

Seller or Buyer who is nominating a Transferee or Transferor in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Endex French PEG Natural Gas: Blanket Transferee Form or ICE Endex 

French PEG Natural Gas: Blanket Transferor Form (as applicable) for each 

nominated Transferee or Transferor. This Transferee/Transferor Form must 

be signed by an authorised signatory of the Transferee/Transferor.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

By 

18:30 

CET

EFPs and EFSs may be posted up to thirty minutes following the cessation 

of trading.

By 

18:30 

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

After 

18:30 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex French 

PEG Natural Gas 

Daily Futures 

Conversion and 

Confirmation Report

After 

18:00 

CET

The ICE Endex French PEG Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferee/Transferor has received a copy of the ICE Endex French PEG 

Natural Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex French PEG Natural Gas Daily Futures Conversion and 

Confirmation Report that do not match the delivery intentions that they 

submitted previously.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex French PEG Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Notification file to 

Nomination Agent

By 

20:00 

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing 

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX FRENCH PEG NATURAL GAS: FAILED 

DELIVERY

7.1 ICE Endex French PEG Natural Gas Futures Contracts

Seller’s Security and 

Buyer’s Default Top Up

D+2

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M +10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

12 Business Days following the month or week of delivery (M +12)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyer makes/receives payment or takes receipt for previous 

month’s failed deliveries.

13 Business Days following the month or week of delivery (M +13)
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries 

is released following confirmation that payment has been made for 

all failed deliveries for the Delivery Month.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security

7.2 ICE Endex French PEG Natural Gas Daily Futures Contract

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

Invoice and Account Sale 

8.1 Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from GRTGaz in 

accordance with the GRTgaz Rules in respect of any failure by a Clearing Member to 

correctly make a delivery.

8.2 Daily Deliveries 

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from GRTgaz in 

accordance with the GRTgaz Rules in respect of any failure by a Clearing Member to 

correctly make a delivery.

8.3 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s 

costs, incurred from GRTgaz, allocated to Clearing Members as a result of Buyer’s and 

Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on 

the value received by the Clearing House from GRTgaz. In the event that the value received 

by the Clearing House is in excess of the contract value, any such excess will be passed on to 

ICE Endex.
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed 

deliveries have caused the Clearing House’s net costs or charges arising from the balancing 

regime under GRTgaz Rules.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex French PEG Natural Gas Futures Contract

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by Transferee/Transferor.

By 10:00 CET 

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET 

Daily

ICE Endex French PEG Natural 

Gas Futures Contracts: Blanket 

Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to on the ICE Endex 

French PEG Natural Gas Futures Contracts 

Confirmation ReportICE Endex PEG Natural 

Gas Daily Futures Contracts Delivery 

Confirmation form.

By 11:30 CET 

on M-1

ICE Endex French PEG Natural 

Gas Futures Contracts: Blanket 

Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor. It must 

be signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the

ICE Endex French PEG Natural Gas Daily 

Futures Contracts Delivery Confirmation form

ICE Endex French PEG Natural Gas Futures 

Contracts Confirmation Report.

By 11:30 CET 

on M-1

ICE Endex French PEG Natural 

Gas Futures Contracts 

Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferee(s) and Transferor(s). It is a 

Transferee/Transferor order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part HH from first Delivery Day to last Delivery 

Day; lots to be delivered; and a statement that if 

the Transferee/Transferor fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

the Clearing House will submit the Trade 

Nomination(s) to GRTgaz based on the Net 

By 14:00 CET 

on M-1
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

Hourly Position of the Clearing Member, by the 

relevant deadline. 

ICE Endex French PEG Natural 

Gas Futures Contracts Invoice 

and Account Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Month; contracted 

MWh; actual delivered (matched) MWh; price 

in Euros per MWh; value of Natural Gas.

By 10:00 CET 

on the day 

following the 

Invoice Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month; 

Delivery Day; amount of failed delivery long 

(MWh); amount of failed delivery short (MWh); 

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

M+10 at 10:00 

CET.

9.2 ICE Endex French PEG Natural Gas Daily Futures Contract

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by Transferee/Transferor.

By 09:00 

CET 

Daily

ICE Endex French PEG Natural 

Gas: Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex French PEG 

Natural Gas Daily Futures Contract.

By 18:30 

CET on 

D-1

ICE Endex French PEG Natural 

Gas: Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to in the delivery intentions 

previously submitted for the ICE Endex French PEG 

Natural Gas Daily Futures Contract.

By 18:30 

CET on 

D-1
PART HH: ICE ENDEX PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG NATURAL

GAS DAILY FUTURES

ICE Endex French PEG Natural 

Gas Daily Futures Conversion 

and Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferee(s) and Transferor(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part F 

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferee/Transferor will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the TRANS@ctions Platform, by the 

relevant deadline and that the trade(s) nominations will 

not be amended or withdrawn unless instructed to do so 

by the Clearing House.

By 14:00 

CET on 

M-1

ICE Endex French PEG Natural 

Gas Daily Futures Invoice 

Report and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 10:00 

CET on 

the day 

following 

the 

Invoice 

Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

M+10 at 

10:00 

CET