ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

September 22, 2022

VIA CFTC PORTAL

Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st St., N.W.

Washington, D.C. 20581

Re: Amendment to ICE NGX Canada Inc. Rules - Submission Pursuant to Section 

5c(c)(1) of the Commodity Exchange Act and CFTC Regulation § 40.6(a): CP 

Information Update (CPA Amendments)

Dear Mr. Kirkpatrick:

Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended, (“Act”) and 

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

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

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

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

40.1(i). 

ICE NGX intends to implement the amendments on October 24, 2022. 

1. Overview 

ICE NGX is making this submission to clarify that Contracting Parties are responsible for 

correspondent or intermediary bank fees in relation to wire payments to or from ICE NGX, 

including for transfers or returns of cash collateral and payment of invoices. 

The text of the amended CPA provisions is attached as the Appendix to this letter.

2. Details of Rule Changes

In March 2022, ICE NGX made amendments to the CPA to no longer require Contracting Parties 

to be responsible for wire payment fees charged to ICE NGX by Royal Bank of Canada (“RBC” 

and “Exchange’s Principal Banker” as defined in the CPA), in relation to transfers or returns of 

cash collateral and payment of invoices. At all times, Contracting Parties remained responsible 

for correspondent or intermediary bank fees in relation to such wire payments.

The Amendments clarify, in the CPA, that Contracting Parties continue to be responsible for 

correspondent or intermediary bank fees in relation to wire payments to and from ICE NGX, 

including in relation to transfers or returns of cash collateral and payment of invoices.
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

3. Compliance with Core Principles

ICE NGX reviewed the Amendments and determined that they comply with the rules and 

regulations of the Commission. In this regard, ICE NGX reviewed the derivatives clearing 

organization (“DCO”) core principles (each a “Core Principle”) and determined that the 

Amendments are potentially relevant to the following Core Principles and applicable regulations 

of the Commission thereunder.

Compliance (Core Principle A): The Amendments are consistent with Core Principle A -

Compliance and Commission Regulation 39.10, as the Amendments clarify and enhance ICE 

NGX’s policies and procedures for complying with Commission regulations and internal policies.

Public Information (Core Principle L): The Amendments facilitate ICE NGX’s compliance with 

Core Principle L and Commission Regulation 39.21(a), as the Amendments clarify, in ICE NGX’s 

comprehensive rulebook (i.e., the CPA), the responsibility for correspondent bank fees relating to 

wire payments to and from ICE NGX, including in relation to the transfer or return of cash collateral 

and payment of invoices.

4. Certifications

ICE NGX certifies that the proposed Amendments discussed in this submission comply with the 

Commodity Exchange Act, including the Core Principles and the Regulations of the Commission 

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

NGX further certifies that, concurrent with this filing, a copy of this submission was posted to ICE 

NGX’s website.

Yours truly,

__________________________

By: Greg Abbott

Title: President & COO 

Date: September 22, 2022
 

ICE NGX Canada Inc.

Suite 2610, 225 – 6

th Avenue SW

Calgary, AB

Canada T2P 1N2

ngx.com

ice.com

APPENDIX

AMENDMENTS TO THE ICE NGX CONTRACTING PARTY AGREEMENT

TERMS AND CONDITIONS

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

3.3 Eligible Collateral Support and Collateral

...

i. Wire Payment of Cash Collateral - All transfers or deposits of Cash Collateral to or with 

Exchange by or on behalf of a Contracting Party shall be made by wire payment to the 

banking instructions provided by Exchange. All returns of Cash Collateral by Exchange to 

a Contracting Party shall be made by wire payment to the banking instructions provided 

by the Contracting Party and confirmed by Exchange. For greater certainty, any 

correspondent or intermediary bank fees relating to the deposit, transfer or return of Cash 

Collateral are the responsibility of the Contracting Party.

...

5.13 Remedies Upon an Unremedied Exchange Default or Exchange Bankruptcy Event 

of Default 

...

b. Remedies Upon Early Termination – ...

Any and all payments under this Section 5.13 shall be made in freely available Canadian 

currency by wire payment. For greater certainty, any correspondent or intermediary bank 

fees relating to payments under this Section 5.13 are the responsibility of the Contracting 

Party. Any amount which is not paid when due under this Section 5.13 shall bear interest 

(both before and after judgment) at the Default Rate, as from the due date of payment 

until the date of payment, compounded monthly.

...

7.2 Payment of Invoices 

a. Wire Payment of Invoices - Except for payment of MTM Settlement Amounts or as 

otherwise agreed between the Exchange and the Contracting Party, payment of Invoices 

by Contracting Party to Exchange and by Exchange to Contracting Party shall be made 

by wire payment to the banking instructions provided in accordance with this Agreement 

and Exchange’s stated policies. For greater certainty, any correspondent or intermediary 

bank fees relating to payments of Invoices by Contracting Party to Exchange and by 

Exchange to Contracting Party are the responsibility of the Contracting Party.