PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

AUTHORISED SIGNATORIES

Clearing Members, or their Transferor(s) or Transferee(s), must ensure that all delivery documents that 

require signature are signed by a director or officer who is properly authorised to sign such 

documentation on behalf of the Clearing Member. The Clearing House is entitled to rely upon the 

information specified in all forms and documents submitted by Buyers, Sellers, Transferors and 

Transferees without making any enquiry, investigation or check as to the accuracy of the information or 

whether the signatory is authorised to sign or submit the form or document to the Clearing House.

4. CLEARING MEMBER ACCOUNTS

No offset is allowed for either physical delivery or financial settlement between Clearing Members’

Proprietary Account and Customer Account. Separate delivery documentation is required for each 

such Account.

5. TRANSFERORS AND TRANSFEREES

5.1 Each ICE Futures UK NBP Natural Gas Futures Contract, ICE Futures UK NBP Natural Gas

(EUR/MWh) Futures Contract, ICE Futures UK NBP Natural Gas Daily Futures Contract, ICE Endex 

UK OCM Natural Gas Spot Contract, ICE UK Base Electricity Futures Contract (Gregorian), ICE UK 

Peak Electricity Futures Contract (Gregorian), ICE Deliverable US Emissions Contract (Bilateral 

Delivery), ICE Deliverable Carbon Credit (Bilateral Delivery), ICE Endex Dutch TTF Natural Gas

Futures Contract, ICE Endex Dutch TTF Natural Gas Working Days Next Week Futures Contract, ICE 

Endex Dutch TTF Natural Gas Daily Futures Contract, ICE Endex Italian PSV Natural Gas Futures

Contract, ICE Endex German THE Natural Gas Futures Contract, ICE Endex German THE Natural 

Gas Daily Futures Contract, ICE Endex ZTP Natural Gas Futures Contract, ICE Endex Spot Market

TTF Natural Gas Spot Contract, ICE Endex Spot Market ZTP Natural Gas Spot Contract, ICE Endex 

Spot Market ZTPL Natural Gas Spot Contract, ICE Endex Dutch Power Futures Contract, ICE Endex 

Belgian Power Base Load Futures Contract, ICE Endex Austrian CEGH Austrian VTP Natural Gas 

Futures Contract, ICE ENDEX French PEG Natural Gas Futures Contract and ICE Endex French PEG 

Natural Gas Daily Futures Contract subject to delivery obligations allows Sellers and Buyers to 

nominate Transferors and Transferees respectively. A Transferor or Transferee may be a Seller or 

Buyer, respectively, itself. Transferors and Transferees are permitted to make or take delivery of 

Natural Gas, Electricity or Allowances to or from the Clearing House by the prescribed delivery 

method. The Clearing House permits the nomination of Transferors or Transferees for reasons of 

convenience of Clearing Members only. 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.

5.2 A Clearing Member may appoint a Representative (which may be another Clearing Member) to 

undertake delivery administration or obligations.

5.3 A person who is not the Buyer, Seller or the Clearing House shall have no right under the Contracts 

(Rights of Third Parties) Act 1999 to enforce any provision of a Contract (including any requirement of 

these Delivery Procedures). As further described in Rule 111, the Clearing House is not liable to or for 

Transferors or Transferees.

5.4 Where separate procedures apply to a Transferor/Transferee who is not the Seller/Buyer, this is 

indicated in these Delivery Procedures. Any form to be completed and submitted to the Clearing 

House by a Transferor/Transferee shall be signed by an authorised signatory of the 

Transferor/Transferee. The Clearing House is entitled to rely upon the information specified in the

form without making any enquiry, investigation or checks as to the accuracy of such information or 

whether the signatory on the form has been authorised by the Transferor/Transferee. If a 

Transferor/Transferee is a Customer, then it shall be bound by the F&O Standard Terms, including in 

relation to these Delivery Procedures. Pursuant to the F&O Standard Terms, a Transferor/Transferee 

signing such a form shall be subject to obligations and liabilities under these Delivery Procedures 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

11.2 Where an ADP is agreed, the Clearing House will settle the relevant Contracts at the Exchange 

Delivery Settlement Price (as defined in the ICE Futures Europe Rules) fulfilling its obligations under 

the Contract in respect of delivery. 

11.3 ICE NYH ULSO Futures: Confirmation of Agreed ADP Forms must be received by the Clearing 

House any time before the finalisation of delivery. Forms received by the Clearing House after 10:00 

ET will be deemed to have been received on the next Business Day.

11.4 Where an ADP is agreed for ICE NYH Futures, then, as from the time that the Clearing Members’

accounts are amended by the Clearing House and the payment of the EDSP has taken place, the 

affected Clearing Members and the Clearing House shall all automatically and immediately be released 

and discharged from all their rights, liabilities and obligations in respect of the affected Contract or 

Contracts and such rights, liabilities and obligations shall be replaced by such amended obligations as

are agreed between the parties. 

12. ALTERNATIVE DELIVERY PROCEDURE: ICE MURBAN CRUDE OIL FUTURES

12.1 In respect of ICE Murban Crude Oil Futures Contracts (as defined in Section GG of these Delivery 

Procedures), if the Buyer and the Seller agree to undertake delivery outside the ICE Futures Abu Dhabi 

Rules, both parties must advise the Clearing House using the ICE Murban Crude Oil Futures: 

Confirmation of Agreed ADP Form.

12.2 Where an ADP is agreed, the Clearing House will settle the relevant Contracts at the Exchange

Delivery Settlement Price (as defined in the ICE Futures Abu Dhabi Rules) fulfilling its obligations 

under the Contract in respect of delivery.

12.3 ICE Murban Crude Oil Futures: Confirmation of Agreed ADP Forms must be received by the Clearing 

House any time before the Buyers and Sellers are invoiced by the Clearing House. Forms received by 

the Clearing House after 16:00 LPT will be deemed to have been received on the next Clearing Day.

12.4 Where an ADP is agreed for ICE Murban Crude Oil Futures, then, as from the time that the Clearing 

Members’ accounts are amended by the Clearing House, the affected Clearing Members and the 

Clearing House shall all automatically and immediately be released and discharged from all their 

rights, liabilities and obligations in respect of the affected Contract or Contracts and such rights, 

liabilities and obligations shall be replaced by such amended obligations as are agreed between the 

parties.

13. EXCLUSION OF ALTERNATIVE DELIVERY PROCEDURES FOR OTHER CONTRACTS

Clearing Members may not agree alternative delivery procedures for any ICE Futures UK NBP Natural 

Gas Futures Contract, ICE Futures UK NBP Natural Gas (EUR/MWh) Futures Contract, ICE Futures 

UK NBP Natural Gas Daily Futures Contract, ICE UK Base Electricity Futures Contract (Gregorian), 

ICE UK Peak Electricity Futures Contract (Gregorian) or ICE Deliverable US Emissions Contract,

Financials & Softs Coffee Contract, Financials & Softs Cocoa Contract, Financials & Softs Wheat 

Contract, Financials & Softs Gilt Contract, Financials & Softs Equity Futures/Options Contract or 

Financials & Softs Stock Contingent Trade Contract or any other Contract subject to a delivery from 

time to time for which no specific alternative delivery procedure applies, save where a Governmental 

Authority of competent jurisdiction orders or requires or Applicable Law so requires or the Clearing 

House provides its consent in writing.

14. INTERIM PAYMENTS: GASOIL

Where a Delivery Panel formed under ICE Futures Europe Rules directs that an interim payment or 

payments should be made pending a decision as to the price to be set for Invoicing Back, the Clearing 

House may make an interim payment to the affected Clearing Member of the amount specified in the 

direction of the Delivery Panel (or such other amount as the Clearing House, at its discretion, 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

This Part A applies to all ICE Endex Deliverable EU Emissions Contracts which go to physical delivery on the 

expiry date. Such Contracts are referred to in this part as “ICE Endex Deliverable EU Emissions Contracts”.

For the avoidance of doubt, all Contracts remain separate Contracts and the Transfer Request made to support 

the delivery of one of the Contracts needs to reference EUA or EUAAs only as specified under the definition of

the relevant Contract. 

1. DEFINITIONS

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

(a) The term “Allowance Type” has the same meaning as that given to the term in the

ICE Endex Rules, as applicable to the relevant Contract Set.

(b)(a) The term “Aviation Emissions Allowance” or “EUAA” means an aviation allowance issued 

pursuant to Chapter II of the Emissions Directive to permit the emission of one tonne of 

carbon dioxide equivalent during the relevant period, which falls within an Allowance Type,

and only to the extent such allowance is valid, as of the time of delivery to the Clearing 

House, for the purposes of meeting the requirements of the Emissions Directive.

(c) The term “Aviation Emissions Allowance Contract” means a Contract for an Aviation 

Emissions Allowance.

(d)(b) The term “Aviation Emissions Allowance Transfer Request” means a request to effect a 

transfer of an Aviation Emissions Allowance submitted by the Seller to the Registry in the 

manner required by the Registry Regulations or relevant applicable law and otherwise in 

accordance with the Rules and ICE Endex Rules.

(e)(c) The term “Carbon Emissions Allowance” or “EUA” means an allowance issued pursuant to 

Chapter III of the Emissions Directive to permit the emission of one tonne of carbon dioxide

equivalent during the relevant period, which falls within an Allowance Type and is valid, as of 

the time of delivery to the Clearing House, for the purposes of meeting the requirements of the 

Emissions Directive or is valid for determining compliance with emission limitation

commitments during the relevant period.

(f)(d) The term “Carbon Emission Allowance Contract” means a Contract for a Carbon Emissions 

Allowance or an Aviation Emissions Allowance.

(g) The term “Carbon Emissions Allowance Transfer Request” means a request to effect a 

transfer of a Carbon Emissions Allowance submitted by the Seller to the Registry in the 

manner required by the Registry Regulations or relevant applicable law and otherwise in 

accordance with the Rules and ICE Endex Rules.

(h)(e) The term “Clearing House Directions” means any instructions or requests that the Clearing 

House may issue to the Buyer or Seller from time to time in respect of the delivery of an EUA, 

or an EUAA under an Emission Contract.

(i)(f) The term “Communication Link”, in relation to EUAs and EUAAs means the electronic 

exchange of messages/notifications by which a Buyer and Seller communicate with the 

Registry, and/or by which the Registry communicates with EUTL which is necessary to 

facilitate a Transfer Request, has the same meaning as that given to the term in the ICE Endex

Rules as applicable to EUAs or EUAAs.

(j)(g) The term “Community Independent Transaction Log” or “CITL” means the predecessor 

log to the EUTL established pursuant to Commission Regulation (EC) No 2216/2004 for a 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

standardised and secured system of registries pursuant to Directive 2003/87/EC of the 

European Parliament and of the Council.

(k)(h) The term “Competent Authority” means the authority or authorities designated by a member 

state of the EEA pursuant to Article 18 of the Emissions Directive.

(l)(i) The term “Contract Date” means for an ICE Endex EUA, an individual Business Day on 

which: (a) trading commences; and (b) trading ceases.

(m)(j) The term “CSD” means a central securities depository or other securities settlement system 

that is authorised in accordance with the CSDR.

(n)(k) The term “CSDR” means, as amended from time to time, Regulation (EU) No 909/2014 on 

improving securities settlement in the European Union and on central securities depositories.

(o)(l) The term “Delivery Costs” has the same meaning as that given to the term in the ICE Endex

Rules, as applicable to the relevant Contract Set.

(p)(m) The term “Emissions Alternative Delivery Procedure” or “EADP” means the circumstances 

and means by which delivery may be effected in accordance with paragraph 6 of this Part A.

(q)(n) The term “EADP Agreement” means an agreement to adopt an EADP.

(r)(o) The term “Emission Contracts” where used in this Part A, shall mean ICE Endex EUA or 

ICE Endex EUAA Futures and/or ICE Endex EUA Daily Futures Contracts, as the case may 

be, to be delivered pursuant to and in accordance with this Part A.

(s)(p) The term “Emissions Directive” means Directive 2003/87/EC of the European Parliament

and the Council of 13 October 2003 establishing a scheme for greenhouse gas emissions 

allowance trading and amending Council Directive 96/61EC, as amended from time to time,

including, without limitation, by Directive 2009/29/EC of the European Parliament and of the

Council of 23 April 2009 and Directive 2018/410 of the European Parliament and of the 

European Council of 14 March 2018.

(t)(q) “European Union Transaction Log” or “EUTL” means the independent transaction log 

provided for in Article 20(1) of the Directive, for the purpose of recording the issue, transfer 

and cancellation of allowances under the Scheme and established, operated and maintained 

pursuant to Article 4 of the Registry Regulations.

(u)(r) The term “Non-Business Day” means a Clearing Day that is a public holiday in England.

(v)(s) The term “Registry Account” means an account of a Clearing Member or the Clearing House 

maintained at the Registry pursuant to the Registry Regulations in order to record the holding 

and transfer of Allowances to the relevant Contract Set, provided that (i) the national 

administrator is either Germany, Spain, or the Netherlands or such other national 

administrators as are specified as being acceptable by the Clearing House from time to time by 

Circular; and (ii) no such Registry account is held by or through a CSD as intermediary or 

account holder.

(w)(t) The term “Registry Regulations” means, in each case, as applicable and as amended from 

time to time: (1) Commission Regulation (EU) No 920/2010 of 7 October 2010 for a

standardised and secured system of registries pursuant to Directive 2003/87/EC of the 

European Parliament and of the Council and Decision No 280/2004/EC of the European 

Parliament and of the Council, and (2) Commission Regulation (EU) No 1193/2011 of 18 

November 2011 establishing a Union Registry for the trading period commencing on 1 

January 2013, and subsequent trading periods, of the Union emissions trading scheme 

pursuant to Directive 2003/87/EC of the European Parliament and of the Council and Decision 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

No 280/2004/EC of the European Parliament and of the Council and amending Commission

Regulations (EC) No 2216/2004 and (EU) No 920/2010.

(x)(u) The term “Registry” (i) in respect of an EUA or EUAA, means the single Union registry 

established pursuant to the Registry Regulations in order to ensure the accurate accounting of 

the holding, transfer, acquisition, surrender, cancellation, and replacement of EUAs and

EUAAs under the Scheme.

(y)(v) The term “Scheme” means the scheme for transferring EUAs and EUAAs established 

pursuant to the Emissions Directive, as implemented by relevant national law.

(z)(w) The term “Transfer Request” means a request to effect a transfer of an EUA and/or of an 

EUAA submitted by the Seller to the Registry in the manner required by the Registry 

Regulations or relevant applicable law and otherwise in accordance with the Rules and ICE 

Endex Rulesan Allowance Transfer Request.

(aa)(x) The term “Transfer Request Delay” shall have the same meaning as set out in the ICE Endex

Rules, as applicable to the relevant Contract Set.

(bb)(y) The term “Transfer Request Failure” shall have the same meaning as set out in the ICE 

Endex Rules, as applicable to the relevant Contract Set.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries under Emissions Contracts are effected upon:

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

or the relevant EUAAs, as the case may be, from the relevant Account of the Seller to the 

relevant Registry Account of the Clearing House; and

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

or the relevant EUAAs, as the case may be, from the relevant Registry Account of the 

Clearing House to the relevant Registry Account of the Buyer.

This takes place during the Delivery Period for the relevant Emissions Contracts in accordance with 

ICE Endex Rules. Neither delivery by the Seller nor receipt of the delivery by the Buyer requires 

performance by the other to occur simultaneously. Each of the Buyer and Seller should deal directly 

with the Clearing House.

2.2 EUAs and EUAAs

EUAs and EUAAs to be delivered shall conform to the specifications described in ICE Endex Rules 

and the specifications of the Registry to and from which delivery may be made under the relevant 

Contract.

The price at which an Emission Contract is delivered is the EDSP (as defined and determined in 

accordance with the relevant ICE Endex Rules) for the relevant contract month of the relevant 

Emission Contract on the last day of trading, or the at the end of the trading period on the Contract 

Date, as applicable.

2.3 Days and Times

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

2.4 Cessation of Trading
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

(a) Trading for the ICE Endex EUA and EUAA Futures Contract contract month will normally 

cease on the last Monday of that month. Where this falls on a Non-Business Day for the 

relevant Emission Contract, or there is a Non-Business Day for the relevant Emission Contract 

in the four days immediately following the last Monday, the last trading day shall be the 

penultimate Monday of the delivery month. Where the penultimate Monday of the delivery 

month falls on a Non-Business Day for the relevant Emission Contract, or there is a NonBusiness Day for the relevant Emission Contract in the four days immediately following the 

penultimate Monday, the last trading day shall be the antepenultimate Monday of the delivery 

month. A list of dates, subject to amendment, is available from ICE Endex.

(b) Trading for the ICE Endex EUA Daily Futures Contracts shall normally cease at 17.00 hours 

on the relevant Contract Date.

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

(a) In accordance with ICE Endex Rules, EFPs and EFSs in respect of the ICE Endex EUA

Futures Contract and EUAA may be posted up to 30 minutes following the cessation of 

trading.

(b) In relation to the ICE Endex EUA Daily Futures Contracts, EFPs and EFSs:

(i) can only be registered until 17:00 each Business Day;

(ii) which have been alleged but not accepted will be cleared from ICE Block overnight; 

and,

(iii) which are outstanding at the end of a Business Day must be re-submitted to the 

Exchange on the next Business Day.

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 shall have no liability in connection with an Emission Contract, its performance, 

non-performance or its termination whether based on breach of contract, warranty, negligence or tort. 

In particular, but without limitation, the Clearing House is not responsible for or shall have any liability 

whatsoever to any Buyer or Seller for:

(i) the availability, suitability, unavailability or malfunction of a Communication Link or

any part thereof;

(ii) the performance or non-performance by the Registry, CITL or EUTL, as the case

may be of their respective obligations under the Registry Regulations or otherwise; 

(iii) the validity or non-validity of any EUA or EUAA for the purposes of meeting the 

requirements of the Directive;

(iv) any act or omission of any operator of a Communication Link or any part thereof; 

(v) any act or omission of an Authorised Representative of any other party; or

(vi) the actions, omissions, performance or non-performance of any Seller, the European 

Commission, the Central Administrator or any Competent Authority or 

Governmental Authority.
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

3.3 Neither the Buyer nor the Seller shall have any claim against the Clearing House for any loss, cost, 

damage or expense incurred or suffered as a result of the performance or non-performance of the 

Registry, the CITL or EUTL, as the case may be except as otherwise expressly provided in the ICE 

Endex Rules or the Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes a report available on a daily basis to Clearing Members with delivery positions

(a) Delivery Margin

The delivery Margin is collected from the Buyer and Seller and is an amount calculated against the 

costs or charges arising from delivery failure. The Clearing House may alter the calculation of delivery 

Margin at any time or make adjustments in respect of a specific Seller.

5. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: ROUTINE

5.1 ICE Endex EUA and EUAA Futures Contracts

Unless stated otherwise, the times apply to ICE Endex EUA Futures Contracts and ICE Endex EUAA 

Futures Contracts.

TIME ACTION

Last trading day (LTD)

Cessation of Trading At 

17:00

Trading ceases.

By 

17:30

EFPs and EFSs may be posted up to 30 minutes following the 

cessation of trading.

By 

18:00

Clearing Members must ensure that all appropriate position

maintenance and transfers are performed via ECS.

Submission of ICE Monthly

Delivery Intentions

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 

18.00

Buyer and Seller must submit known delivery intentions via ECS in 

order to confirm their position and Registry Account details.

At

18:00

MPFE report available on ECS and MFT.

LTD + 1

Payment of Delivery 

Margin 

By 

09:00

Buyer and Seller pays delivery Margin to the Clearing House.

Deadline for submission of 

Transfer Requests by 

Sellers

By 

15:00

Seller must ensure that the necessary Transfer Requests have been 

made through the Communication Link to the Registry to allow 

EUAs and/or EUAAs, as applicable, to be transferred from the 

Registry Account of the Seller to the Registry Account of the 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

TIME ACTION

Clearing House.

LTD + 2

Payment by Buyer By 

09:00

Buyer pays full contract value to the Clearing House

By 

09:00

Buyer's Invoices are available as a report via MFT.

Payment for EUAs or and

EUAAs received by the

Clearing House on LTD + 1

By 

09:00

Sellers receive full contract value against EUAs andor EUAAs, as 

applicable, received by the Clearing House on LTD +1.

By 

09:00

Registry Account Sales will be available as a report via MFT.

Deadline for receipt of 

EUAs and/or EUAAs by the 

Clearing House

By 

15:00

The Clearing House will have received EUAs and/or EUAAs, as 

applicable, into its Registry Account from the Sellers.

Deadline for submission of 

Transfer Requests by the

Clearing House

By 

15:00

All Transfer Requests by the Clearing House will have been made 

through the Communication Link to the Registry for EUAs and/or

EUAAs, as applicable, to be transferred from the Registry Account 

of the Clearing House to the Registry Account of the Buyer.

LTD + 3

Payment for EUAs or and

EUAAs received by the 

Clearing House on LTD + 2

By 

09:00

Seller receives full contract value against EUAs andor EUAAs

received by the Clearing House on LTD +2. Account Sales will be 

available via MFT.

Deadline for receipt of 

EUAs and/or EUAAs by the 

Buyer

By

15:00

Buyer will have received EUAs and/or EUAAs into their Registry 

Account.

5.2 ICE Endex EUA Daily Futures Contracts

TIME ACTION

Contract Date

Cessation of Trading At 

17:00

Trading ceases.

All EFPs and EFSs which have been alleged but not accepted will 

be cleared from ICE Block.

By 

17:45

Clearing Members must ensure that all appropriate position 

maintenance and transfers are performed via ECS.

Submission of ICE Daily 

Delivery Intentions

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

TIME ACTION

By 

17.45

Buyer and Seller must submit their delivery intentions via ECS in 

order to confirm their position and Registry Account details.

At 

18:00

MPFE report available on ECS and MFT.

Contract Date + 1

Payment by Buyer By 

09:00

Buyer pays full contract value to the Clearing House. 

Seller pays Delivery Margin to the Clearing House

By 

09:00

Buyer's Invoices are available as a report via MFT.

Deadline for receipt of

EUAs and/or EUAAs by the

Clearing House

By 

15:00

Seller must ensure that the necessary EUAs and/or EUAAs have 

been transferred from the Registry Account of the Seller to the 

Account of the Clearing House.

On receipt from the Seller of EUAs and/or EUAAs into the 

appropriate Registry Account of the Clearing House, the Clearing

House will randomly select the order in which it will make the 

Transfer Requests and make such Transfer Requests through the 

Communication Link to the Registry for EUAs and/or to be 

transferred from the appropriate Registry Account of the Clearing 

House to the appropriate Registry Account of the Buyer.

This means that Buyers may receive EUAs and/or EUAAs in their 

appropriate Registry Accounts on Contract Date + 1.

Contract Date + 2

Payment for EUAs and

EUAAs received by the 

Clearing House on 

Contract Date + 1

By 

09:00

Sellers receive full contract value against EUAs and EUAAs 

received by the Clearing House on Contract Date + 1. 

The Clearing House will release the Delivery Margin received on 

Contract Date +1 to the Seller.

By 

09:00

Account Sales will be available via MFT.

Deadline for receipt of 

EUAs and/or EUAAs by the 

Buyer

By 

15:00

Buyer will have received EUAs and/or EUAAs into their Registry 

Account from the Clearing House.

6. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: LATE AND FAILED DELIVERY

6.1 ICE ENDEX EUA and EUAA Futures Contracts

Unless stated otherwise, the times apply to ICE Endex EUA and EUAA Futures Contracts.

TIME ACTION

LTD + 1

Between 15:00 and 15:00 Where a Transfer Request has been submitted by the Seller after 15:00 hours on the 
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

on LTD+2 first Business Day following the last day of trading, but before 15:00 hours on the 

second Business Day after the last day of trading, in compliance with a Clearing 

House Direction or otherwise, the Seller shall advise the Clearing House

immediately of such submission. The Clearing House may, in its discretion, declare 

and notify to the Seller and the Exchange that the Clearing Member is subject to a 

Transfer Request Delay.

LTD + 2

At 15:00 Where a Transfer Request has not been submitted by the Seller, or has been 

submitted but such Transfer Request has not been accepted by the Registry by 15:00

hours on the second Business Day after the last day of trading, the Seller shall 

advise the Clearing House immediately of such non-submission, or non-acceptance. 

The Clearing House may, in its discretion, declare that the Clearing House or the 

Seller, as appropriate, has failed to meet its delivery obligations and that there is a 

Transfer Request Failure.

LTD + 3

At 15:00 Where a Transfer Request has not been submitted by the Clearing House or has 

been submitted but not accepted or actioned by the Registry by 15:00 hours on the 

third Business Day after the last day of trading, the Clearing House shall advise the 

Buyer immediately of such non-submission, non-acceptance or non-action. The 

Clearing House may, in its discretion, declare that the Clearing House or the Buyer, 

as appropriate, is subject to a Transfer Request Delay and may:

(a) take, or require the Buyer to take, such steps as appropriate to rectify the 

situation in compliance with any Clearing House Directions which allow for 

EUAs and/or EUAAs to be delivered by such time (which shall not be a time 

after 15:00 hours on the fourth Business Day after the last day of trading in 

relation to the relevant Transfer). In the event that the Buyer’s Registry Account 

has not been credited by 15:00 hours on the fourth Business Day after the last 

day of trading in relation to the relevant Transfer, the Clearing House shall 

declare that there is a Transfer Request Failure; or

(b) declare that the Clearing House or the Buyer or Seller, as appropriate, has 

failed to meet its delivery obligations and that there is a Transfer Request 

Failure.

LTD + 4

At 15:00 Where the Buyer’s Registry Account has not been credited by 15:00 hours on the 

fourth Business Day after the last day of trading, the Clearing House may, in its 

discretion, declare that the Clearing House or the Buyer, as appropriate, has failed 

to meet its delivery obligations and that there is a Transfer Request Failure.

6.2 ICE ENDEX EUA Daily Futures Contracts

TIME ACTION

Contract Date + 1

At 15:00 Where the Registry Account of the Clearing House has not been credited by 15:00

hours on the first Business Day after the Contract Date, the Clearing House shall 

declare and notify to the Seller and the Exchange that the Member is subject to a 

Transfer Request Delay.

Contract Date + 2

At 15:00 Where the Registry Account of the Clearing House has not been credited by 15:00

hours on the second Business Day after the Contract Date, the Clearing House shall 

declare that the Clearing House or the Seller, as appropriate, has failed to meet its 

delivery obligations and that there is a Transfer Request Failure.
PART A: ICE ENDEX DELIVERABLE EU EMISSIONS CONTRACTS

and the Clearing House shall all automatically and immediately be released from all their rights, 

liabilities and obligations in respect of the Contract or Contracts that gave rise to the EADP and such 

rights, liabilities and obligations shall be substituted for such amended obligations as are detailed in the 

EADP Agreement.

7.5 In the event that the Clearing Member and Clearing House are unable to enter into an EADP 

Agreement or effect delivery under EADP within a reasonable period of time after the Failed Delivery, 

the Clearing House may refer the matter to ICE Endex and will consider in its discretion what other

reasonable next steps it should take (if any). For example, and without limitation, the Clearing House 

may decide to Invoice Back affected Contracts, begin disciplinary proceedings, levy a fine, call 

additional Margin and/or declare an Event of Default.

8. INVOICE CALCULATION

The Invoice and Account Sale Report will give details of all deliveries and amounts due to Sellers and

payable by the Buyers in respect of deliveries of EUAs and EUAAs, as applicable.

The value of confirmed deliveries of EUAs and EUAAs will be calculated as follows:

EUAs andor

EUAAs

x Exchange Delivery Settlement Price on last day of trading for the relevant 

Contract month or the at the end of the trading period on the Contract Date, 

as applicable (EDSP) of the relevant Contract

9. INAPPLICABILITY OF SETTLEMENT DISCIPLINE

9.1 No Clearing Member, Customer, Transferor or Transferee to whom or from whom delivery is to be 

made of an EUA or EUAA may be registered as a CSD under the CSDR.

9.2 Pursuant to the definition of the term “Registry Account”, no EUAs or EUAAs shall be delivered from

or received in a Registry Account held by or through a CSD as account holder or intermediary. 

Accordingly, it is intended by all parties that Buyers and Sellers shall not be bound by the settlement 

discipline provisions set out in the CSDR and, accordingly, the Clearing House shall not administer 

buy-ins, cash penalties, cash compensation or other requirements under the CSDR and its delegated 

regulation (either in force now or in the future) in respect of EUAs or EUAAs. Buyers and Sellers 

acknowledge that neither the Clearing House nor any other Person will therefore be offering them the 

protections related to settlement set forth under CSDR and their sole remedies in the case of settlement 

failure will be those set forth in these Delivery Procedures.
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PART D: ICE FUTURES UK NBP NATURAL GAS FUTURES CONTRACT, ICE FUTURES UK NBP

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

DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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

UK NBP NATURAL GAS FUTURES”), ICE FUTURES UK NBP NATURAL GAS 

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

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

FUTURES CONTRACT (“ICE FUTURES UK NBP 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 NBP Natural Gas" means ICE Futures UK NBP Natural Gas 

Futures, ICE Futures UK NBP Natural Gas (EUR/MWh) Futures and ICE Futures UK NBP 

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

DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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

(o) 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) 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) The term “Therm” means 29.3071 kWh.

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

Trade Nomination.

(t) 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) 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 NBP 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 NBP Natural Gas Futures and ICE Futures UK NBP Natural Gas Daily Futures trade 

in Therms but are delivered in KWh. Similarly, ICE Futures UK NBP 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 
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NATURAL GAS (EUR/MWH) FUTURES CONTRACT AND ICE FUTURES UK NBP NATURAL GAS

DAILY FUTURES CONTRACT

EUROPE/1016625955.2

nearest whole 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 NBP Natural Gas Futures and ICE Futures UK NBP 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 NBP Natural Gas Daily Futures cease trading at 16:3017:00 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 NBP Natural Gas, EFPs and EFSs

may be posted up to one hour following the cessation of trading. For the ICE Futures UK NBP Natural 

Gas Daily Futures, in accordance with ICE Futures Europe 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, 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
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DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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.

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 NBP NATURAL GAS: ROUTINE

5.1 ICE Futures UK NBP Natural Gas Futures and ICE Futures UK NBP 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 NBP 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.
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DAILY FUTURES CONTRACT

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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 NBP 

Natural Gas Delivery 

Intentions

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 

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 NBP Natural Gas: Blanket Transferor Form or ICE Futures

UK NBP 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

NBP Natural Gas 

Conversion and 

Confirmation Report

By 

13:00

The ICE Futures UK NBP 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 NBP 

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 NBP Natural Gas Conversion and Confirmation Report that 

do not match their submitted ICE Futures UK NBP 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 NBP 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.
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DAILY FUTURES CONTRACT

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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 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 NBP Natural Gas Daily Futures 

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

Cessation of Trading At 

16:30

17:00

Daily Contract ceases trading.

Submission of ICE 

Futures UK NBP 

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 NBP Natural Gas: Blanket Transferor Form or ICE Futures 

UK NBP 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 thirty minutes 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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PART D: ICE FUTURES UK NBP NATURAL GAS FUTURES CONTRACT, ICE FUTURES UK NBP

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DAILY FUTURES CONTRACT

EUROPE/1016625955.2

ICE Futures UK

NBP Natural Gas 

Daily Futures 

Conversion and 

Confirmation Report

By 

18:00

The ICE Futures UK NBP 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 NBP 

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 NBP 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 NBP 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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DAILY FUTURES CONTRACT

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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 NBP NATURAL GAS: FAILED 

DELIVERY

6.1 ICE Futures UK NBP Natural Gas Futures and ICE Futures NBP 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 NBP Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

By 

09:00

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

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

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

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 NBP 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 NBP 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 NBP Natural Gas Futures:
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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) for ICE Futures UK NBP 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 
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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.

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Futures UK NBP Natural Gas Futures and ICE Futures UK NBP 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 NBP 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 NBP 

Natural Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK NBP 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 NBP 

Natural Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK NBP 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
SR-ICEEU-2022-025 Exhibit 5 Page 43 of 103

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

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

DAILY FUTURES CONTRACT

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

ICE Futures UK NBP 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

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 NBP 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 NBP 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 NBP 

Natural Gas Daily Futures Delivery Confirmation form.

By 17:30 

on D

ICE Futures UK NBP 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 NBP 

Natural Gas Daily Futures Delivery Confirmation form.

By 17:30

on D
SR-ICEEU-2022-025 Exhibit 5 Page 44 of 103

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

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

DAILY FUTURES CONTRACT

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

ICE Futures UK NBP 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

ICE Futures UK NBP 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.
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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

NATURAL GAS FUTURES”) AND ICE ENDEX DUTCH TTF NATURAL GAS DAILY FUTURES

CONTRACT (“ICE ENDEX DUTCH 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) 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) 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) The term “GTS” means the Dutch gas transmission system operator Gasunie Transport 

Services B.V. or any successor thereto.

(i) 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) The term “ICE Endex Dutch TTF Natural Gas” means ICE Endex Dutch TTF Natural Gas 

Futures and ICE Endex DutchTTF 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 

to the Seller in respect of completed deliveries.

(l) 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) 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 
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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

commenced.

(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 Endex.

(o) 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) 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 onshore transmission pipeline system owned

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

(s) 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 Dutch 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 Dutch 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 Dutch TTF Natural Gas trades in MWh and is delivered in kWh.

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

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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 Dutch 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 Dutch 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 Dutch 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 Dutch 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 Dutch 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 Dutch 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. 
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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 DUTCH TTF NATURAL GAS: ROUTINE

6.1 ICE Endex Dutch 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.
SR-ICEEU-2022-025 Exhibit 5 Page 49 of 103

PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

Submission of ICE Endex 

Dutch 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 

Dutch TTF Natural Gas Futures. If delivery details are known, the

delivery intentions for ICE Endex Dutch 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.

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 Dutch TTF Natural Gas: Blanket Transferor Form 

or ICE Endex Dutch TTF Natural Gas: Blanket Transferee Form (as 

applicable) for each nominated Transferor or Transferee

ICE Endex Dutch TTF

Natural Gas Futures 

Conversion and 

Confirmation Report

By 

14:00 

CET

The ICE Endex Dutch 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 

Dutch 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 Dutch 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 Dutch 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.
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

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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 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 Dutch 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 Dutch 

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 Dutch 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 Dutch TTF Natural Gas: Blanket Transferor Form or ICE Endex 

Dutch 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 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.
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

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By 

18:30 

CET

MPFE report available in MFT and ECS to Clearing Members.

ICE Endex Dutch 

TTF Natural Gas 

Daily Futures

Conversion and 

Confirmation Report

By 

19:00 

CET

The ICE Endex Dutch 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 Dutch 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 Dutch 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 Dutch 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.

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.
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PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

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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 DUTCH TTF NATURAL GAS: FAILED 

DELIVERY

7.1 ICE Endex Dutch 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)

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 Dutch TTF Natural Gas Daily Futures 
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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.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex Dutch TTF Natural Gas Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.
SR-ICEEU-2022-025 Exhibit 5 Page 54 of 103

PART F: ICE ENDEX DUTCH TTF NATURAL GAS FUTURES AND ICE ENDEX DUTCH TTF

NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

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 Dutch 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 Dutch TTF Natural Gas Futures.

By 11:00 CET 

on M or W-1

ICE Endex Dutch 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 Dutch TTF Natural Gas Futures.

By 11:00 CET 

on M or W-1

ICE Endex Dutch 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

ICE Endex Dutch 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;

M or W+10 at 

10:00 CET.
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NATURAL GAS DAILY FUTURES CONTRACT

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

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. 

9.2 ICE Endex Dutch 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 Dutch 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 Dutch TTF

Natural Gas Daily Futures.

By 17:30

CET on 

D

ICE Endex Dutch 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 Dutch TTF

Natural Gas Daily Futures.

By 17:30

CET on 

D

ICE Endex Dutch 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
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Name of Delivery Document Explanation Timing

ICE Endex Dutch 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.
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PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT[NOT USED]

EUROPE/1016625955.2

PART I: [NOT USED] ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT (“ICE ENDEX ZTP

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 Fluxys Rules and/or Huberator Terms and otherwise in accordance with this Part 

I, by the Transferee to acquire rights in respect of one or more lots of Natural Gas at the 

ZTP.

(b) The term “Business Day” has the meaning set out in the ICE Endex Rules.

(c) The term “CREG” means the Commissie voor de Regulering van de Elektriciteit en het Gas 

(Dutch) or Commission pour la Régulation de l’Electricité et du Gaz (French) as referred

to in the Gas Act. 

(d) 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. 

(e) 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 under a Contract is due to be made, in 

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

following day.

(f) The term “Delivery Month” means the period beginning at 06:00 hours on the first calendar day

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

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

by the Fluxys Rules and/or the Huberator Terms and otherwise in accordance with ICE 

Endex Rules and this Part I, by the Transferor to dispose of rights in respect of one or 

more lots of Natural Gas at the ZTP.

(h) The term “EDIg@s” means electronic data interchange used for the purpose of, inter alia, 

submission of a Trade Nomination to Huberator and to access information concerning 

the submitted Trade Nominations, and any successor system thereto.

(i) The term “Fluxys Belgium” means Fluxys Belgium S.A., being the operator of the transmission 

system in Belgium.

(j) The term “Fluxys Belgium Rules” means the terms and conditions set out in the Standard 

Transmission Agreement (or STA) of Fluxys Belgium and the Access Code for 

Transmission (or ACT) including attachments,, as approved by the CREG, which 

stipulate the standard terms and conditions for access to the Fluxys transmission system, 

as amended from time to time.

(k) The term “Gas Act” means the Belgian Gas Law concerning the transportation of gaseous and

other substances by pipeline of 12 April 1965, as amended from time to time, or any 

successor thereof.

(l) The term “Huberator” means Huberator S.A., being the company operating the ZTP notional

trading services.
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(m) The term “Huberator Terms” means the terms and conditions set out in the applicable hub 

services agreement and its annexures to which Huberator is party or by which it is 

bound, which provides, inter alia, for terms governing the notional trading services in 

relation to ZTP.

(n) The term “ICE Endex ZTP Natural Gas” means the ICE Endex ZTP Natural Gas Futures.

(o) 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.

(p) 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 specified by ICE Endex. 

(q) 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.

(r) The term “Natural Gas” means a gaseous fuel from underground origin, and mainly consisting of 

methane, including liquefied natural gas (LNG) (but excluding mine gas), pursuant to 

article 1.2° of the Gas Act and such other kinds of gas as are specified by Fluxys Belgium 

as being acceptable for delivery into the Transmission System 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.

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

Nomination.

(u) The term “Transmission System” means the onshore transmission pipeline system for which 

Fluxys Belgium is designated transmission system operator, as the same may be

restricted, expanded, extended or altered from time to time.

(v) The term “Zeebrugge Trading Point” or “ZTP” shall mean the location where the notional trading 

services for high calorific Natural Gas are offered by Huberator in accordance with the 

Huberator Terms.

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 ZTP Natural Gas. No Clearing Member 

shall revoke or terminate, nor purport to revoke, amend or terminate such 

authorisation. Neither Clearing Members nor their Transferors or Transferees shall

issue, send or transmit any Trade Nomination themselves.

3. Delivery Specification

3.1 Delivery

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

(as the case may be) 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 
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and Disposing Trade Nominations to Huberator by the Clearing House. Huberator will 

process and transmit the Trade Nominations to Fluxys Belgium and Fluxys Belgium will 

take those Trade Nominations into account when determining whether any costs or 

charges arise from the balancing regime of the Transmission System.

3.2 Quantity

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

3.3 Price

The price at which a Set of Contracts subject to delivery obligations is to be delivered is the Exchange

Delivery Settlement Price (EDSP) for the second Business Day immediately prior to the 

calendar day on which the relevant Delivery Month for the Set of ICE Endex ZTP 

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

The ICE Endex ZTP Natural Gas Futures cease trading at 18:00 hours on the Business Day falling two 

Business Days prior to the first calendar day of the Delivery Period, in accordance with 

the ICE Endex Rules.

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

For ICE Endex ZTP 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 Fluxys Belgium of its obligations under the Fluxys 

Belgium Rules; or

(b) the performance or non-performance of Fluxys Belgium; or

(c) the performance or non-performance of Huberator of its obligations under the Huberator 

Terms; or

(d) the performance or non-performance of Huberator.

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 

ZTP or any part thereof.
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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 Fluxys Belgium 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 

Fluxys Belgium 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.

6. Delivery Timetable for ICE Endex ZTP Natural Gas Futures: Routine

Note: All “timings” or times of day in this Part I are Central European Time (“CET”) or Central 

European Summer Time (“CEST”) as applicable.

6.1 ICE Endex ZTP Natural Gas Futures

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

Cessation of Trading At 

1

8

:

0

0

C

E

T

Contract ceases trading.

By 

1

9

:

0

0

C

E

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

cessation of trading.
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T

Provision of Buyer’s and 

Seller’s 

Security

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

By 

1

0

:

0

0

C

E

T

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 

1

1

:

0

0

C

E

T

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.

By 

1

2

:

3

0

C

E

T

MPFE report available in MFT and ECS to Clearing Members.

Submission of delivery 

intentions 

for ICE 

Endex ZTP 

Natural Gas 

Futures

By 

1

3

:

0

0

C

E

T

Buyer and Seller must, for all relevant deliverable Open Contract 

Positions, submit delivery intentions via ECS for 

the ICE Endex ZTP Natural Gas Futures. If 

delivery details are known, the delivery intentions 

for the ICE Endex ZTP Natural Gas Futures may 

be submitted to the Clearing House any time from 

the start of M -2, but must have been submitted 

by 13:00 hours CET on M -1.

Nomination of By

13:00

Seller or Buyer who is nominating a Transferor or Transferee in 

respect
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Transferor/Transferee C

E

T

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

possession a signed ICE Endex ZTP Natural Gas: 

Blanket

Transferor Form or ICE Endex ZTP Natural Gas: Blanket 

Transferee Form (as applicable) for each 

nominated Transferor or Transferee. This 

Transferor/Transferee Form must be signed by 

the Transferor/Transferee.

ICE Endex ZTP Natural Gas 

Futures 

Conversion 

and 

Confirmati

on Report

By 

1

4

:

0

0

C

E

T

The ICE Endex ZTP 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 ZTP Natural Gas Futures

Conversion and Confirmation Report.

By 

1

5

:

0

0

C

E

T

Seller and Buyer must each inform the Clearing House of any 

details on the ICE Endex ZTP Natural Gas 

Futures Conversion and Confirmation Report

that do not match the delivery intentions 

previously submitted for the ICE Endex ZTP 

Natural Gas Futures.

Notification file to 

Nomination 

Agent

By 

1

5

.

0

0

C

E

T

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).

By 

1

5

:

0

0

C

E

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 ZTP Natural Gas 

Futures Confirmation Report and resend it to 

Clearing Members.
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T

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

By 

1

0

:

0

0

C

E

T

The Clearing House makes the Daily Summary Report available.

D+1

Payment, Seller’s Security

and Buyer’s 

Default Top 

Up

By 

1

0

:

0

0

C

E

T

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.

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 

1

0

:

0

0

C

E

T

Invoice and Account Sale Report available for the relevant Report 

Period.

7. Delivery Timetable for ICE Endex ZTP Natural Gas Futures: Failed Delivery
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7.1 ICE Endex ZTP Natural Gas Futures

D+2

Seller’s Security and Buyer’s 

Default Top

Up

By 

1

0

:

0

0

C

E

T

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 end of the calendar month of delivery (M +10)

Failed Delivery By 

1

0

:

0

0

C

E

T

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 end of the calendar month of delivery (M +12)

Payment for Failed Delivery By 

1

0

:

0

0

C

E

T

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 end of the calendar month of delivery (M +13)

Release of Seller’s and 

Buyer’s 

Security 

against 

Failed

Deliveries

By 

1

0

:

0

0

C

E

T

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.
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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 - Previous Month’s Deliveries

(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.

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 Fluxys Belgium in 

accordance with the Fluxys Belgium Rules in respect of any failure of a Clearing

Member correctly to 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
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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 Fluxys Belgium in 

accordance with the Fluxys Belgium Rules in respect of any failure of a Clearing 

Member correctly to 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 to Fluxys Belgium or otherwise, 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 Fluxys Belgium. 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 and the Clearing House shall have no further liability to any 

Clearing Member, Transferor or Transferee in respect of any such amount.

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 Fluxys Belgium Rules.

9. Delivery Documentation Summary

9.1 ICE Endex ZTP Natural Gas Futures

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

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

Time (“CEST”) as applicable.

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

D

a

i

l

y

Daily Detail Report This report provides details of each Business 

Day’s deliveries.

By 10:00 CET

D

a

i

l

y

ICE Endex ZTP Natural Gas: 

Blanket 

Where applicable, the Buyer must ensure 

that this form is submitted 

By 11:00 CET

o
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PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT[NOT USED]

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

Transferee 

Form

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 Day

nominated by the Buyer and 

referred to in the delivery 

intentions previously

submitted for the ICE 

Endex ZTP Natural Gas

Daily Futures.

n

M

o

r

W

-

1

ICE Endex ZTP 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 Day 

nominated by the Buyer and 

referred to in the delivery 

intentions previously 

submitted for the ICE 

Endex ZTP Natural Gas

Futures. 

By 11:00 CET 

o

n

M

o

r

W

-

1

ICE Endex ZTP Natural Gas 

Futures

Confirmatio

n 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 I

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

By 12:30 CET

o

n

D

-

1
SR-ICEEU-2022-025 Exhibit 5 Page 68 of 103

PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT[NOT USED]

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

delivery obligation is 

irrevocably accepted and 

the Clearing House will 

enter the Trade 

Nomination(s) into EDIg@s

based on the net hourly 

position of the Clearing 

Member, by the relevant 

deadline. 

ICE Endex ZTP Natural Gas 

Futures 

Invoice and 

Account Sale 

The reports give Buyers and Sellers details 

of: Clearing Member 

mnemonic; Clearing 

Member account; Contract 

Set; Delivery Month; 

contracted kWh; actual 

delivered (matched) kWh; 

price in Euros per MWh; 

value of Natural Gas.

By 10:00 CET

o

n

t

h

e

d

a

y

f

o

l

l

o

w

i

n

g

t

h

e

I

n

v

o

i

c

e

P

e

r

i

o

d

.
SR-ICEEU-2022-025 Exhibit 5 Page 69 of 103

PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT[NOT USED]

EUROPE/1016625955.2

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 

Set; 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 at 10:00

C

E

T

.
SR-ICEEU-2022-025 Exhibit 5 Page 70 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

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 CONTRACT"); AND ICE ENDEX SPOT MARKET ZTPL NATURAL 

GAS SPOT CONTRACT ("ZTPL NATURAL GAS SPOT CONTRACT")

1. DEFINITIONS

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

(a) With respect to TTF Natural Gas Spot Contracts, the term "Acquiring Trade Nomination"

means a nomination submitted, in the manner required by the GTS Rules and otherwise in 

accordance with the ICE Endex Spot Market Rules and this Part J, by the Transferee to 

acquire rights in respect of a quantity of Natural Gas at the Title Transfer Facility.

(b) With respect to Belgian Natural Gas Spot Contracts, the term "Acquiring Trade 

Nomination" means a nomination submitted, in the manner required by the Fluxys Belgium 

Rules and/or Huberator Terms and otherwise in accordance with the ICE Endex Spot Market

Rules and this Part J, by the Transferee to acquire rights in respect of one or more lots of 

Natural Gas at the ZTP or ZTPL.

(c) The term "Belgian Gas Act" means the Belgian Gas Law concerning the transportation of 

gaseous and other substances by pipeline of 12 April 1965, as amended from time to time, or 

any successor thereof.

(d) The term "Belgian Natural Gas Spot Contracts" means ZTP Natural Gas Spot Contracts and 

ZTPL Natural Gas Spot Contracts.

(e)(b) The term "Business Day" has the meaning set out in the ICE Endex Spot Market Rules.

(f)(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. 

(g)(d) 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 Spot Market Rules and this Part J and ending at 06:00 hours CET

on the following day. 

(h)(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.

(i)(f) With respect to TTF Natural Gas Spot Contracts, the term "Disposing Trade Nomination"

means a nomination submitted, in the manner required by the GTS Rules and otherwise in 

accordance with ICE Endex Spot Market Rules and this Part J, by the Transferor to dispose of 

rights in respect of a quantity of Natural Gas at the Title Transfer Facility.

(j) With respect to Belgian Natural Gas Spot Contracts, the term "Disposing Trade Nomination"

means a nomination submitted, in the manner required by the Fluxys Belgium Rules and/or 

the Huberator Terms and otherwise in accordance with ICE Endex Spot Market Rules and this 

Part J, by the Transferor to dispose of rights in respect of a quantity of Natural Gas at the ZTP

or ZTPL.

(k)(g) The term "Dutch Gas Act" means the Dutch Gas Act of 22 June 2000, concerning the rules 

for transportation and supply of gas, as amended from time to time, or any successor thereof.
SR-ICEEU-2022-025 Exhibit 5 Page 71 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

(l)(h) The term "EDIg@s" means electronic data interchange used for the purpose of, inter alia, 

submission of a Trade Nomination to GTS or Huberator and to access information concerning 

the submitted Trade Nominations, and any successor system thereto.

(m)(i) The term "Fluxys Belgium" means Fluxys Belgium S.A., being the operator of the 

transmission system in Belgium.

(n) The term "Fluxys Belgium Rules" means the terms and conditions set out in the Standard 

Transmission Agreement of Fluxys Belgium and the Access Code for Transmission including 

attachments, as approved by the CREG under the Belgian Gas Act, which stipulates the 

standard terms and conditions for access to the Fluxys Transmission System, in either case, as 

amended from time to time.

(o) The term "Fluxys Transmission System" means the onshore transmission pipeline system 

owned and operated by Fluxys Belgium as may be enlarged, extended or altered from time to 

time.

(p)(j) The term "GTS" means the Dutch gas transmission system operator Gasunie Transport 

Services B.V. or any successor thereto.

(q)(k) The term "GTS Rules" means the Dutch Network Code Gas, as established by the Authority 

for Consumers and Markets in accordance with the Dutch Gas Act and complemented by the 

Transmission Service Conditions, in either case, as amended from time to time.

(r)(l) The term "GTS 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) The term "Huberator" means Huberator S.A., being the company operating the ZTP and 

ZTPL notional trading services.

(t) The term "Huberator Terms" means the terms and conditions set out in the applicable hub 

services agreement and its annexures to which Huberator is party or by which it is bound, 

which provides, inter alia, for terms governing the notional trading services in relation to ZTP

or ZTPL.

(u)(m) 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 made from the Buyer to 

the Seller in respect of completed deliveries.

(v)(n) 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 Spot 

Market. 

(w)(o) The term "Licensed Shipper" means a Person having executed all necessary agreements with 

GTS, Fluxys Belgium and/or Huberator, as required by the GTS Rules, the Fluxys Belgium 

Rules and/or the Huberator Terms, to transfer rights to Natural Gas at the TTF, ZTP and/or 

ZTPL, as applicable.

(x)(p) 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.
SR-ICEEU-2022-025 Exhibit 5 Page 72 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

(y)(q) 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 Endex 

Spot Market.

(z)(r) 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 Spot Market.

(aa)(s) 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 

all Spot Market Natural Gas Spot Contracts to which the Clearing House and that Clearing 

Member are a party. 

(bb)(t) The term "Settlement Cut Off" for a given Business Day refers to the time at which the 

Clearing House calculates the associated cash flows for all deliverable obligations.

(cc)(u) The term ''Spot Market Natural Gas Spot Contracts'' means TTF Natural Gas Spot 

Contracts and Belgian Natural Gas Spot Contracts.

(dd)(v) The term "Title Transfer Facility" or "TTF" means, in respect of a Contract, a notional point 

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

takes place for the purposes of the Transmission Service Conditions.

(ee)(w) The term "Trade Date" refers to the calendar day on which a trade was executed according to

the ICE Endex Spot Market Rules.

(ff)(x) 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.

(gg)(y) The term "Transmission Service Conditions" or "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.

(hh)(z) The term "Transmission System" means the GTS Transmission System and/or the Fluxys 

Transmission System. 

(ii) The term "Zeebrugge Trading Point" or "ZTP" shall mean the notional point within the 

Fluxys Transmission System where the notional trading services for high calorific Natural Gas 

are offered by Huberator in accordance with the Huberator Terms and Fluxys Belgium Rules.

(jj) The term "Zeebrugge Trading Point L" or "ZTPL" shall mean the notional point within the 

Fluxys Transmission System location where the notional trading services for low calorific 

Natural Gas are offered by Huberator in accordance with the Huberator Terms and Fluxys 

Belgium Rules.

2. ICE ENDEX SPOT MARKET AUTHORITY

At the point a Spot Market Natural Gas Spot Contract arises, ICE Endex Spot Market shall submit, on 

the Clearing House's behalf and, on behalf of the Transferor (specified by the Seller, which may be the 
SR-ICEEU-2022-025 Exhibit 5 Page 73 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

Seller itself) and the Transferee (specified by the Buyer, which may be the Buyer itself), Trade 

Nominations. Each Clearing Member (for itself and on behalf of its Transferors and Transferees) 

hereby grants authority to ICE Endex Spot Market to make Trade Nominations in connection with

deliveries under Spot Market Natural Gas Spot Contracts. No Clearing Member shall revoke or 

terminate, or purport to revoke or terminate, such authorisation, and each Clearing Member shall 

procure that none of its Transferors or Transferees shall revoke or terminate, or purport to revoke or 

terminate, such authorisation. Clearing Members are not required, and are not able, to submit Trade 

Nominations themselves.

3. DELIVERY SPECIFICATION

3.1 Transferors and Transferees

(a) Clearing Members must ensure that prior to any Spot Market Natural Gas Spot Contracts

arising which are to be referable to a Transferor or Transferee, an appropriate 

Transferor/Transferee form is in place relating to such Transferor or Transferee and the 

relevant Transferor or Transferee is a Licensed Shipper. 

(b) Clearing Members shall ensure that each Contract at the point it arises under Rule 401, is

appropriately identified as relating to such Transferor or Transferee (which may be the 

Clearing Member itself).

(c) At the point that the Contract arises, the Clearing Member (which may be the Transferor or 

Transferee) shall be automatically deemed to have appointed the specified Transferor or 

Transferee to make or take delivery on its behalf.

(d) Following the entry into of each Spot Market Natural Gas Spot Contract: 

(i) the Transferor (specified by the Seller, which may be the Seller itself); and 

(ii) the Transferee (specified by the Buyer, which may be the Buyer itself)

shall effect delivery of the Spot Market Natural Gas Spot Contract through the input by ICE

Endex Spot Market of Trade Nominations in accordance with paragraph 3.2 below. 

(e) Clearing Members must ensure that their specified Transferor or Transferee has in place any 

relevant tax status required to act as a Transferor or Transferee, such as a VAT-warehouse 

licence (BTW-entrepot) with the Dutch tax authority. 

3.2 Delivery

Deliveries of Spot Market Natural Gas Spot Contracts are effected by the transfer of rights to Natural 

Gas at the TTF, ZTP or ZTPL, as applicable, from a Transferor (specified by the Seller, which may be 

the Seller itself) to the Clearing House and from the Clearing House to a Transferee (specified by the 

Buyer, which may be the Buyer itself), through the input of Acquiring Trade Nominations and 

Disposing Trade Nominations into GTS's or Huberator's Edig@s system, as applicable, by ICE Endex 

Spot Market. GTS, Huberator and Fluxys Belgium will take those Trade Nominations into account 

when determining whether any costs or charges arise from the balancing regime.

3.3 Quantity

Spot Market Natural Gas Spot Contracts trade in MWh and are delivered in kWh.

3.4 Price
SR-ICEEU-2022-025 Exhibit 5 Page 74 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

The price at which the contract is delivered is the trade price at which the trade is executed in 

accordance with ICE Endex Spot Market Rules. No EDSP will be calculated. Accordingly, standard 

contractual netting under Rules 406(b) and (c), and Rules 701(a), 701(b) and 702(c) will not apply but 

the Clearing House will have the same powers as under Rule 701(c) in respect of trade prices. 

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

EFSs and EFPs are not supported for Spot Market Natural Gas Spot Contracts.

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, Huberator and/or Fluxys Belgium of their 

obligations under the GTS Rules, Huberator Terms or Fluxys Belgium Rules respectively; or

(b) any other performance or non-performance of GTS, Huberator and/or Fluxys Belgium.

4.3 Neither the Buyer nor the Seller, or 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, Huberator and/or Fluxys Belgium as specified in paragraph 4.2 above, except as otherwise 

expressly provided in the ICE Endex Spot Market Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the 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 original trade price and represents the full 

contract value of the deliverable obligation for a particular day. The Clearing House may alter the 

calculation of Buyer's Security at any time or make adjustments in respect of specific Buyers.

(b) Delivery Margin

The delivery Margin is collected from the Buyer and Seller and is an amount calculated against the 

costs or charges arising from delivery failure including the possibility of costs or charges arising from

the balancing regime under the GTS Rules or Fluxys Belgium Rules, as applicable. The Clearing 

House may alter the calculation of delivery Margin at any time or make adjustments in respect of a 

specific Seller.
SR-ICEEU-2022-025 Exhibit 5 Page 75 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

6. DELIVERY TIMETABLE FOR SPOT MARKET NATURAL GAS SPOT CONTRACTS: 

ROUTINE

6.1 Trade Nominations 

ICE Endex Spot Market, in accordance with paragraph 2, is authorised to send Trade Nominations for 

the Net Hourly Position in kWh on behalf and instead of the Clearing Member.

The Clearing House and a Clearing Member shall, for the purposes of satisfying their delivery 

obligations in respect of all trades in the Spot Market Natural Gas Spot Contracts, settle the Net Hourly 

Position between them, pursuant to Trade Nominations made by ICE Endex Spot Market.

ICE Endex Spot Market will make and, if necessary, revise the Trade Nominations on a regular basis 

but in any event prior to the start of the delivery hour relating to the Net Hourly Position for which the 

Trade Nomination is to be made in accordance with the schedule issued by GTS, Fluxys Belgium or 

Huberator, as applicable.

Should the Clearing Member or its Transferee/Transferor become aware of any inaccuracy or omission 

in the details of the Trade Nomination submitted by ICE Endex Spot Market, the Clearing Member 

must inform ICE Endex Spot Market as soon as possible.

6.2 Margin and Settlement Schedule where Trade Date is also a Business Day

Calculation of Margin and 

Payment

On Trade Date/Delivery Day (D)

By 20:00 The Clearing House will calculate:

Delivery Margin for the Seller's delivery obligations 

scheduled for the current Delivery Day. 

Buyer's Security representing full contract value of 

delivery obligations scheduled to occur for the remainder 

of the Delivery Day and the next Delivery Day.

Invoice and Account Sale amounts for the deliveries 

completed following the Settlement Cut Off on the 

previous Delivery Day and for current Delivery Day up to 

the Settlement Cut Off.

Provision of Margin and 

Payment

On the Business Day following the Trade Date
SR-ICEEU-2022-025 Exhibit 5 Page 76 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

By 

10:00 

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 Delivery Month (M+12)

By 

10:00 

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 Delivery Month (M+13)

By

10:00 

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.

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) Deliveries relating to the previous Invoice Period

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

Confirmed deliveries:

kWh * trade price * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.

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.
SR-ICEEU-2022-025 Exhibit 5 Page 77 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules or incurred from Huberator and/or Fluxys Belgium in 

accordance with the Huberator Terms and/or Fluxys Belgium Rules in respect of any failure 

of a Clearing Member to correctly make a delivery.

(b) 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, Huberator and/or Fluxys Belgium, 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 GTS, Huberator and/or Fluxys Belgium. 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 Spot Market.

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.

9. DELIVERY DOCUMENTATION SUMMARY

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

Name of Delivery Document Explanation Timing

Trade Register This report provides a daily register of all new 

trades by Transferee/Transferor.

By 20:00

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

Nomination status and the associated margin 

flows of delivery obligations by 

Transferee/Transferor.

By 20:00

Daily Detail Report This report summarises on a daily basis the Trade

Nomination status of delivery obligations by 

Transferee/Transferor.

By 20:00

Daily Cashflow Summary Report This summarises the total debits and credits by 

payment type and Transferee and Transferor. 

By 20:00

TTF Natural Gas Spot Contract: 

Blanket Transferee Form and 

Belgian Natural Gas Spot Contract:

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 arising from 

trading activity on ICE Endex Spot Market.

Before trading is 

permitted on ICE

Endex Spot Market.

TTF Natural Gas Spot Contract: 

Blanket Transferor Form and 

Belgian Natural Gas Spot Contract: 

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 

Before trading is 

permitted on ICE 

Endex Spot Market.
SR-ICEEU-2022-025 Exhibit 5 Page 78 of 103

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

MARKET TTF NATURAL GAS SPOT CONTRACT; ICE ENDEX SPOT MARKET ZTP NATURAL

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

CONTRACT

EUROPE/1016625955.2

Blanket Transferor Form delivery of Natural Gas on any Delivery Days 

arising from trading activity on ICE Endex Spot

Market.

TTF Natural Gas Spot Contract or 

Belgian Natural Gas Spot Contract

Invoice and Account Sale 

The report gives Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; delivery period; contracted

kWh; actual delivered (matched) kWh; value of 

Natural Gas; and a summary of the Invoice and 

Account Sale.

By 10:00 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 

period; 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.
SR-ICEEU-2022-025 Exhibit 5 Page 79 of 103

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

CARBON CREDIT CONTRACTS

EUROPE/1016625955.2

Notice Day

First Business Day following expiration of the Contract Set

By 

10:00 

Clearing Members must confirm their final delivery position intentions

via ECS.

There

after

Following confirmation of positions from Clearing Members in respect 

of a particular Set, the Clearing House will make appropriate delivery 

assignments, matching Clearing Members that are Buyers to Clearing 

Members that are Sellers for the purposes of them making delivery to 

one another for purposes of Rule 703(d).

Clearing House calls Buyer for full contract value.

Delivery Instruction Day 

Notice Day +1 Business Day

By 

16:00

The Seller must provide to the Buyer a description of the underlying 

Allowances or Carbon Credits to be delivered. 

The Buyer must provide the Seller with information of the account at the 

Registry to which Allowances or Carbon Credits are to be transferred, 

which may be an account of its Transferee.

By 

17:00

The Seller must ensure that appropriate Allowances or Carbon Credits 

(delivery of which would satisfy its delivery obligations) are in its 

designated account at the relevant Registry.

Delivery Day

Notice Day + 2 Business Days

By 

12:00

The Seller shall ensure that it or its Transferor has electronically 

submitted the transfer instructions in respect of all Allowances or 

Carbon Credits required to be transferred pursuant to the relevant

Contract to the relevant Registry.

Follo

wing 

delivery

Buyer must deliver a “Receipt of Delivery Confirmation” form to the 

Clearing House, following receipt in its account at the relevant Registry 

of the Allowances or Carbon Credits. Such a form will constitute a 

representation and warranty from the Buyer to the Clearing House that 

the Buyer has received delivery of all required Allowances or Carbon 

Credits pursuant to the Contract under delivery, and that the Buyer is not 

aware of any dispute relating to the Allowances or Carbon Credits that 

have been delivered.

Payment

Delivery Day (if Receipt of Delivery Confirmation received before 13:00) or

a following Business Day

By 

13:00

Buyer must deliver the “Receipt of Delivery Confirmation” to the 

Clearing House on Delivery Day.
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PART N: ICE DELIVERABLE US EMISSIONS CONTRACTS (BILATERAL DELIVERY); ICE DELIVERABLE 

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EUROPE/1016625955.2

After 

receip

t

After receipt by the Clearing House of the “Receipt of Delivery 

Confirmation” from the Buyer, the Clearing House releases the delivery 

proceeds to the Seller.

The delivery proceeds and Seller’s Security will be released to the Seller

at the end-of-day on the same day as receipt by the Clearing House of 

the “Receipt of Delivery Confirmation” (for credit to the account of the 

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

after the Delivery Day), provided that the “Receipt of Delivery 

Confirmation” is received by the Clearing House at or before 1:00 p.m. 

U.S. Central Time on the Delivery Day.

If the Clearing House receives a “Receipt of Delivery Confirmation”

after such time on the Delivery Day or any subsequent day, it will be 

treated as if it were received on the next Business Day and payments to 

the Seller shall be delayed accordingly.
SR-ICEEU-2022-025 Exhibit 5 Page 81 of 103

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

EUROPE/1016625955.2

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT (“ICE ENDEX ITALIAN 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 Italian 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 
SR-ICEEU-2022-025 Exhibit 5 Page 82 of 103

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

EUROPE/1016625955.2

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 Italian 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.
SR-ICEEU-2022-025 Exhibit 5 Page 83 of 103

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

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3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex Italian 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 Italian 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 Italian 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 Italian 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 Italian 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.
SR-ICEEU-2022-025 Exhibit 5 Page 84 of 103

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

EUROPE/1016625955.2

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 ITALIAN PSV NATURAL GAS: ROUTINE

6.1 ICE Endex Italian 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.
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PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT

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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 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 Italian 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.

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.
SR-ICEEU-2022-025 Exhibit 5 Page 86 of 103

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

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

CEGH VTP NATURAL GAS FUTURES”) AND ICE ENDEX AUSTRIAN CEGH VTP NATURAL 

GAS DAILY FUTURES (“ICE ENDEX AUSTRIAN CEGH 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 Austrian CEGH VTP Natural Gas Futures” means ICE Endex 

Austrian CEGH VTP Natural Gas Futures.
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(m) The term “ICE Endex Austrian CEGH 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 Austrian CEGH VTP Natural Gas 

Futures or ICE Endex Austrian CEGH VTP Natural Gas Daily Futures Contract arising, an 

appropriate ICE Endex Austrian CEGH VTP Natural Gas Futures: Blanket Transferor Form or 

ICE Endex Austrian CEGH VTP Natural Gas Daily Futures: Blanket Transferee Form (as
SR-ICEEU-2022-025 Exhibit 5 Page 88 of 103

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

applicable) is in place relating to such Transferor or Transferee 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 Austrian CEGH VTP Natural Gas Futures or ICE Endex Austrian CEGH 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 Austrian CEGH VTP Natural Gas Futures or ICE Endex Austrian CEGH 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 Austrian CEGH VTP Natural Gas Futures or ICE Endex Austrian 

CEGH 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 Austrian CEGH 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 Austrian CEGH 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 Austrian CEGH 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 Austrian 

CEGH 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.
SR-ICEEU-2022-025 Exhibit 5 Page 89 of 103

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

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 AUSTRIAN CEGH VTP NATURAL GAS

FUTURES: ROUTINE

6.1 ICE Endex Austrian CEGH 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.
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PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

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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 Austrian CEGH

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 Austrian CEGH 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 Austrian CEGH VTP Natural Gas

Futures: Blanket Transferor Form or ICE Endex Austrian CEGH 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 Austrian CEGH

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 

Austrian CEGH VTP Natural Gas Futures Confirmation Report.
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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.

By 

10:00 

CET

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

on the ICE Endex Austrian CEGH 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 Austrian CEGH 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.
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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 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 Austrian CEGH 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.
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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 AUSTRIAN CEGH 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 

Austrian CEGH 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 Austrian CEGH 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 Austrian CEGH VTP Natural Gas Daily Futures: Blanket 

Transferor Form or ICE Endex Austrian CEGH 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 

18:30

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.
SR-ICEEU-2022-025 Exhibit 5 Page 94 of 103

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

By 

18:45

CET

MPFE report available to Clearing Members.

ICE Endex Austrian 

CEGH VTP Natural 

Gas Daily Futures

Conversion and 

Confirmation Report

By 

19:00 

CET

The ICE Endex Austrian CEGH 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 Austrian CEGH

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 Austrian CEGH VTP Natural Gas Daily Futures Conversion and 

Confirmation Report that do not match their submitted ICE Endex Austrian 

CEGH 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 Austrian CEGH 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.
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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 AUSTRIAN CEGH 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.
SR-ICEEU-2022-025 Exhibit 5 Page 96 of 103

PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

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 Austrian CEGH 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
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PART EE: ICE ENDEX AUSTRIAN CEGH VTP NATURAL GAS FUTURES AND ICE ENDEX 

AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

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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 Austrian CEGH 

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 Austrian CEGH VTP Natural Gas 

Futures.

By 19:45 CET

on M-2

ICE Endex Austrian CEGH 

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 Austrian CEGH VTP Natural 

Gas Futures.

By 19:45 CET 

on M-2

ICE Endex Austrian CEGH 

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 Austrian CEGH 

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); 

M+10 at 10:00 

CET.
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Name of Delivery Document Explanation Timing

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

11.2 ICE Endex Austrian CEGH 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 Austrian CEGH 

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 Austrian 

CEGH VTP Natural Gas Daily Futures Delivery 

Confirmation form.

By 18:15 

CET on 

D-1

ICE Endex Austrian CEGH 

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 Austrian CEGH VTP Natural Gas Daily 

Futures Delivery Confirmation form.

By 18:15 

CET on

D-1

ICE Endex Austrian CEGH 

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
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AUSTRIAN CEGH VTP NATURAL GAS DAILY FUTURES

EUROPE/1016625955.2

Name of Delivery Document Explanation Timing

ICE Endex Austrian CEGH 

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.
SR-ICEEU-2022-025 Exhibit 5 Page 100 of 103

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG

NATURAL GAS DAILY FUTURES

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURE (“ICE ENDEX FRENCH 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.
SR-ICEEU-2022-025 Exhibit 5 Page 101 of 103

PART HH: ICE ENDEX FRENCH 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, propoanepropane 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 French 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.
SR-ICEEU-2022-025 Exhibit 5 Page 102 of 103

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG

NATURAL GAS DAILY FUTURES

3. DELIVERY SPECIFICATION

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 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.

By 11:30 CET 

on M-1
SR-ICEEU-2022-025 Exhibit 5 Page 103 of 103

PART HH: ICE ENDEX FRENCH PEG NATURAL GAS FUTURES AND ICE ENDEX FRENCH PEG

NATURAL GAS DAILY FUTURES

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 

Tansferee/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 

Hourly Position of the Clearing Member, by the 

relevant deadline. 

By 14:00 CET

on M-1