PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 1 

1. GENERAL PROVISIONS 

21. GUARDIAN AND THE SOFTS DELIVERIES PLATFORM

Guardian and the Softs Deliveries Platform are electronic grading and delivery systems which are used 

in the process of making and taking delivery of certain Deliverables as specified in these Delivery 

Procedures (including cocoa, coffee, wheat and white sugar). 

PART O: FINANCIALS & SOFTS COCOA CONTRACTS

1. DELIVERY SPECIFICATION 

1.1 Quality 

Cocoa shall be delivered of a growth and quality as specified in the ICE Futures Europe Rules. 

1.2 Price 

The price at which the Cocoa is delivered is the Exchange Delivery Settlement Price on the Business 

Day immediately preceding the day of tender, adjusted in accordance with the ICE Futures Europe 

Rules. 

1.3 Scope 

Cocoa shall be delivered from a nominated warehouse as defined in the ICE Futures Europe Rules. 

1.4 Cessation of Trading 

Cocoa delivery months cease trading on the last trading day, as specified in the Contract Terms, which 

unless specified otherwise in the Market Rules is at 12:00, eleven Business Days prior to the last 

Business Day of the delivery month. Sellers’ Tenders must be submitted by 10:00 the following day 

(the “Notice Day”). 
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 2 

DELIVERY TIMETABLE FOR FINANCIALS & SOFTS COCOA CONTRACTS 

TIME ACTION 

Cessation of 

Trading 

11 Business Days prior to the last Business Day of the delivery month 

By 12:00 The cocoa delivery month ceases trading. 

Notice Day The day following cessation of trading (Notice Day) 

By 10:00 All Clearing Members perform position maintenance. 

 

Remaining Open Contract Positions automatically become subject to 

delivery obligations. 

Clearing Members with a deliverable Short Open Contract Position 

must submit the details of the lots to be delivered via Softs Deliveries 

Platform (or any successor system). 

Clearing Members with an Open Contract Position as Buyer must 

submit a Buyer’s Position Notice via Softs Deliveries Platform (or 

any successor system) which should give details of the ‘shape’ of the 

positions that are required for delivery. 

Sellers must input delivery notices via Softs Deliveries Platform (or 

any successor system). Sellers’ delivery notices may be deleted by 

Clearing Members via Softs Deliveries Platform (or any successor 

system). 

Clearing Members must ensure that all settlements and transfers 

are completed in ECS (or any successor system) by the 10:00 

deadline.

Allocation After 10:00 MPFE report available on ECS and MFT (or any successor system), 

informing Buyers of the number of lots allocated. 

Allocation of cocoa to Buyers. The following are made available to 

Sellers via MFT(or any successor system): 

Account sale report 

The following are made available to Buyers via MFT(or any successor 

system): 

Buyers invoice report 

Conversion of 

lots After 10:00 

The Clearing House may direct Sellers to convert bulk (“BDU”) or 

large (“LDU”) delivery units into standard (“SDU”) delivery units. 

ICE Futures Europe will be notified of these directions. 

After 10:00 Sellers can obtain details of the BDU and LDU to be converted via 

Softs Deliveries Platform (or any successor system). 
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 3 

TIME ACTION 

Conversion 

Notice 

First Business Day after the Notice Day

By 12:00 Sellers who have been directed to convert must give notice that they 

will either: 

- comply with the conversion as instructed 

or 

- convert alternative delivery units, and provide details of 

those units 

or 

- provide substitute delivery units, and give details of those 

units. 

In the cases where different delivery units will be converted, the 

alternate units proposed for conversion must both match the Clearing 

House’s requirements to fulfil delivery to Buyers and must be of an 

equivalent or better quality. 

In the cases where a Seller, in place of performing a conversion, 

substitutes a delivered unit via Softs Deliveries Platform (or any 

successor system), the substitution must meet the Clearing House’s 

requirements to facilitate delivery. 

-

LDU Conversion 

Notice 

First Business Day prior to the Settlement Day 

At or prior to 

10:00 

Sellers who have been directed to convert LDU must give notice 

that: 

- they have complied with the conversion as instructed. 

and 

- arranged for the warehousekeeper/s to provide updated 

delivery details in respect of the converted delivery units. 

By 16:00 Where necessary the following are made available to Sellers via 

MFT (or any successor system): 

- Account sale report. 

Where necessary the following are made available to Buyers via 

MFT (or any successor system): 

- Buyers invoice report. 

-

Settlement Day Last Business Day of delivery month (Settlement Day) 

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices 

After 09:30 The Clearing House credits Sellers, as detailed on the Account Sales. 

The Clearing House transfers the warrants to Buyers via Softs Deleted: EWR’s
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 4 

TIME ACTION 

Deliveries Platform (or any successor system).

BDU Notice First Business Day prior to the Conversion Settlement Day

At or prior to 

10:00 

Sellers who have been directed to convert BDUs must give notice 

that: 

- they have complied with the conversion as instructed 

and 

- arranged for the warehousekeeper/s to provide updated 

delivery details to Softs Deliveries Platform (or any 

successor system) in respect of the converted delivery units 

or 

- they are unable to complete conversion in time and wish to 

apply for an extension to conversion. 

Where a Seller has applied for an extension to conversion, it must 

provide reasons for the conversion having not been completed and 

Buyers and ICE Futures Europe will be informed of such Seller’s 

application. 

Where it is determined that an extension is to be granted, the Seller 

and Buyer will be informed accordingly.

By 16:00 Where necessary the following are made available via MFT (or any 

successor system) to Sellers: 

- Account sale report. 

Where necessary the following are made available to Buyers: 

- Buyers invoice report. 

BDU Notice First Business Day prior to the Extended Conversion Settlement Day

At or prior to 

10:00 

Sellers who have been directed to convert BDUs must give notice 

that: 

- they have complied with the conversion as instructed 

and 

- arranged for the warehousekeeper/s to provide updated 

delivery details in respect of the converted delivery units 

By 16:00 Where necessary the following are made available to Sellers via 

Softs Deliveries Platform (or any successor system): 

- Account sale report. 

Where necessary the following are made available to Buyers: 

- Buyers invoice report. 

-

Settlement Day, Last Business Day of delivery month/10 Business Days after Settlement Day/ 10 
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 5 

TIME ACTION 

Conversion 

Settlement Day 

and Extended 

Settlement Day 

Business Days after Conversion Settlement Day

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices. 

After 09:30 The Clearing House credits Sellers, as detailed on the Account Sales. 

The Clearing House transfers the warrants to Buyers via Softs 

Deliveries Platform (or any successor system).

Substitution of 

Delivery Unit 

10 Business Days after Settlement Day or 7 Business Days after either the Conversion 

Settlement Day or the Extended Conversion Settlement Day 

By 12:00 A Seller may substitute a delivery unit with the Buyer’s prior consent 

(or in the case of dispute, if ordered to do so by ICE Futures Europe) 

via Softs Deliveries Platform (or any successor system) and in such 

case, Softs Deliveries Platform (or any successor system) will notify 

any changes in pricing resulting from the substitution. A Substitution 

Invoice or Account Sale will be made available to the Buyer and 

Seller respectively. 

If the Buyer does not consent to such a substitution, then the Seller 

remains obliged to make delivery in accordance with the original 

Tender. If the Seller fails to make delivery against the original Tender 

then the Seller will be in default in performance.

Deemed 

acceptance of 

delivery 

By 12:00 The Buyer will be deemed to have accepted each delivery unit that has 

been received. 

Deleted: EWR’s
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 6 

2. DELIVERY DOCUMENTATION SUMMARY 

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full. 

Name of Delivery Document Explanation Timing

Financials & Softs Cocoa 

Contract: Seller’s Delivery 

Notice 

The Seller’s Delivery Notice screen is 

completed via Softs Deliveries Platform (or 

any successor system) including details of: 

(i) the port in which the cocoa is stored; 

(ii) the warehouse in which the cocoa is 

stored; and 

(iii) the shed in which the cocoa is stored. 

On the Notice 

Day. 

Financials & Softs Cocoa 

Contract: Buyer’s Invoice 

Buyers are provided with Invoices via MFT (or 

any successor system). 

By 16:00 on the 

day that is (i) 10 

Business Days 

prior to the last 

Business Day of 

the delivery 

month; (ii) First 

Business Day 

prior to the 

Conversion 

Settlement Day; 

(iii) First 

Business Day 

prior to the 

Extended 

Conversion 

Settlement Day. 

Financials & Softs Cocoa 

Contract: Seller’s Account 

Sales 

Sellers are provided with Account Sales via 

MFT (or any successor system). 

Financials & Softs Cocoa 

Contract: 

Buyer’s Position Notice 

Clearing Members with buying positions must 

submit a Buyer’s Position Notice via Softs 

Deliveries Platform (or any successor system) 

which should give details of the ‘shape’ of the 

positions that are required for delivery. 

By 10:00 on the 

Notice Day. 

Financials & Softs Cocoa 

Contract: 

Seller’s Conversion Notice 

Sellers who have been directed to convert must 

give notice that they will either: (i) comply 

with the conversion as instructed; (ii) convert 

alternative delivery units, and provide details of 

those units; or (iii) provide substitute delivery 

units, and give details of those units. 

By 12:00 on the 

first Business 

Day after the 

Notice Day. 

Financials & Softs Cocoa 

Contract: 

Seller’s LDU Conversion 

Notice 

Sellers who have been directed to convert 

LDUs must give notice that: (i) they have 

complied with the conversion as instructed; and 

(ii) arranged for the warehousekeeper/s to 

provide updated delivery details in respect of 

the converted delivery units. 

At or prior to 

10.00 on the first 

Business Day 

prior to 

Settlement Day. 

Financials & Softs Cocoa Sellers who have been directed to convert 

BDUs must give notice that: (i) they have

At or prior to 

10.00 on the first 
PART O: FINANCIALS & SOFTS COCOA CONTRACTS 

 7 

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full. 

Name of Delivery Document Explanation Timing 

Contract: 

Seller’s BDU Conversion 

Notice 

complied with the conversion as instructed; and 

(ii) arranged for the warehousekeeper/s to 

provide updated delivery details to Softs 

Deliveries Platform (or any successor system) 

in respect of the converted delivery units; or 

(iii) they are unable to complete conversion in 

time and wish to apply for an extension to 

conversion 

Business Day 

prior to 

Conversion 

Settlement Day 

or the Extended 

Conversion 

Settlement Day.