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ICE Clear Europe Limited

Registered in England No.06219884

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

October 28, 2022

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: ICE Clear Europe Self-Certification Pursuant to Commission Rule 40.6 –

Delivery Procedures Amendments

Dear Mr. Kirkpatrick:

ICE Clear Europe Limited (“ICE Clear Europe” or the “Clearing House”), a registered 

derivatives clearing organization under the Commodity Exchange Act, as amended (the 

“Act”), hereby submits to the Commodity Futures Trading Commission (the 

“Commission”), pursuant to Commission Rule 40.6 for self-certification, amendments 

to its Part GG of its Delivery Procedures (“Delivery Procedures” or “Procedures”) to 

update certain documentation, timing and other requirements relating to delivery under 

ICE Futures Abu Dhabi Murban Crude Oil Futures Contracts (“Murban Crude Oil 

Futures Contracts”).

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Concise Explanation and Analysis

ICE Clear Europe is amending Part GG of its Delivery Procedures to clarify certain 

delivery specifications relating to Murban Crude Oil Futures Contracts. The changes 

include amendments to the delivery timetable in respect of delivery of Murban Crude 

Oil Futures Contracts to modify certain time periods to be more consistent with 

underlying cash markets, at the request of market participants, and to make other 

drafting clarifications and improvements. Specifically, the amendments extend the date 

by which Buyers will be required to send the Clearing House and Seller Delivery Range 

1 Capitalized terms used but not defined herein have the meanings specified in the Delivery Procedures 

or, if not defined therein, the ICE Clear Europe Clearing Rules. 
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ICE Clear Europe Limited

Registered in England No.06219884

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

Nomination Form stating the Buyer’s preferred three-delay delivery range from the 5th

calendar day of the month preceding the Delivery Period (or the following day if such 

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th calendar day is not a Clearing Day) to the 25th calendar day prior to the first calendar 

day of the delivery month. In practice, the change will extend the deadline up to two 

days. In light of this extension, ICE Clear Europe does not believe it is necessary to 

provide a further extension if the relevant day is not a Clearing Day. The amendments 

also move the deadline to 14:00 LPT on the relevant day rather than 16:00 LPT. Such 

amendments are intended to align the deadline with that specified for the cash market 

in the Abu Dhabi National Oil Company’s (ADNOC’s) General Terms and Conditions 

for the Sale of Crude Oil/ Condensate and Liquefied Petroleum Gas (the “ADNOC’s 

GTCs”)2. Market participants have requested these changes to reduce the operational 

burden on Buyers of having different deadlines for the Murban Crude Oil Futures 

Contracts and the cash market. The timing updates have also been reflected in the 

delivery documentation summary. 

The Clearing House is also amending the delivery timetable to change the timing the 

finalization of the loading programme for the Delivery Period and the delivery range 

determination to the 15th calendar day prior to the first calendar cay of the Delivery 

Month and the 15th calendar day prior to the first calendar cay of the Delivery Month 

+1 Clearing Day, respectively. Such amendments are also intended to align such timing 

with the timing specified in ADNOC’s GTCs for the cash market and to ease the 

delivery operational burden on Sellers by harmonizing the delivery specifications 

applicable to Murban Crude Oil Futures Contracts under Part GG of the Delivery 

Procedure’s with the requirements of ADNOC’s GTCs in the cash market. 

The amendments also make certain drafting corrections and clarifications. An incorrect 

reference in the delivery timetable to delivery range nomination under Section 4 of Part 

GG has been removed and a correct reference to vessel nomination has been added in 

the appropriate section of the delivery timetable. Additionally, the amendments add to 

the portion of the delivery timetable that discusses finalization of the delivery range 

determination that the Terminal Operator will be able to shorten the delivery range from 

three consecutive Terminal Loading Days to two consecutive Terminal Loading Days 

at any time, provided that the Terminal Operator gives notice to the Buyer, Seller and 

the Clearing House. This change is consistent with the existing contractual 

specifications of the Murban Crude Oil Futures Contracts.

Minor updates have been made to Section 4 of Part GG. The title preceding the table 

in such section has been changed from “ICE Murban Crude Oil Delivery Vessel 

Nomination Table” to “ICE Murban Crude Oil Vessel Nomination Table”, for 

consistency with other documentation. Information regarding Clearing Days has also 

be removed from the section as unnecessary since such deadlines are calculated using 

calendar days and not Clearing Days.

Other typographical and similar corrections have been made throughout Part GG. 

2 ADNOC’s General Terms and Conditions for the Sale of Crude Oil/ Condensate and Liquefied 

Petroleum Gas is available at the following link: https://www.adnoc.ae/-/media/adnocv2/files/adnoc_crude-and-lpg_gtcs_january-2020-editionfinal_v1.ashx?la=en&hash=C9551678CC5CBBBAB30DFE83A495800E8AD540A1. 
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ICE Clear Europe Limited

Registered in England No.06219884

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

Compliance with the Act and CFTC Regulations

The amendments to the Delivery Procedures are potentially relevant to the following 

core principle: (E) Settlement Procedures and the applicable regulations of the 

Commission thereunder. 

• Settlement Procedures. As described above, the amendments modify Part GG

of the Delivery Procedures in order to more closely align the timing for certain 

delivery-related documentation and processes relating to Murban Crude Oil 

Futures Contracts with the underlying cash market terms and conditions. 

Other updates would be made to improve clarity. The amendments do not 

otherwise change the terms and conditions of Murban Crude Oil Futures 

Contracts, and the contracts will continue to be cleared by ICE Clear Europe 

in the same manner as they are currently. The amendments thus appropriately 

clarify the obligations of the Clearing House and Clearing Members with 

respect to physical delivery, and facilitate the management of the risks of 

physical delivery. As a result, ICE Clear Europe believes these amendments 

are consistent with the requirements of Core Principle E and Commission Rule 

39.14.

As set forth herein, the amendments consist of the amendments to the Delivery 

Procedures, a copy of which is attached hereto. 

ICE Clear Europe hereby certifies that the amendments comply with the Act and the 

Commission’s regulations thereunder. 

ICE Clear Europe received no substantive opposing views in relation to the 

amendments.

ICE Clear Europe has posted a notice of pending certification and a copy of this 

submission on its website concurrent with the filing of this submission. 

If you or your staff should have any questions or comments or require further 

information regarding this submission, please do not hesitate to contact the undersigned 

at George.milton@theice.com or +44 20 7429 4564. 

Very truly yours,

George Milton

Head of Regulation & Compliance