PART O: FINANCIALS & SOFTS COCOA CONTRACTS

1. GENERAL PROVISIONS

21. GUARDIAN AND THE SOFTS DELIVERIES PLATFORM

Guardian and the Softs Deliveries Platform areis an electronic grading and delivery systems which areis

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 and bonds).

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

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 Guardian (or any successor system).

Clearing Members with an Open Contract Position as Buyer must 

submit a Buyer’s Position Notice via Softs Deliveries Platform

Guardian (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

Guardian (or any successor system). Sellers’ delivery notices may be 

deleted by Clearing Members via Softs Deliveries Platform Guardian

(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.

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

informing Buyers of the number of lots allocated.

First aAllocation of cocoa to Buyers. Buyers are not informed of the

allocation details at this time unless there are no conversions to be

made. If there are no conversions to be made, tThe following are 

made available to Sellers via MFTGuardian (or any successor 

system):

Aaccountsale report 

delivery details.

The following are made available to Buyers via MFTGuardian (or any 

successor system):

Buyersinvoice report 

delivery details.

Conversion of 

lots

By 16:00

After 10:00

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

large (“LDU”) delivery units into LDU or standard (“SDU”) delivery
PART O: FINANCIALS & SOFTS COCOA CONTRACTS

TIME ACTION

units.

ICE Futures Europe will be notified of these directions.

After 106:00 Sellers can obtain details of the BDU and LDU to be converted via

Softs Deliveries Platform Guardian (or any successor system).

Conversion 

Notice

First Business Day after the Notice Day

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

Guardian (or any successor system) 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 Guardian (or 

any successor system), the substitution must meet the Clearing 

House’s requirements to facilitate delivery.

Second

Allocation

By 16:00 Second allocation of Cocoa to Buyers.

The following are made available to Sellers via Guardian (or any

successor system):

- account sale report.

- delivery details.

The following are made available to Buyers via Guardian (or any

successor system):

- invoice report.

- delivery details.

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 via

Guardian (or any successor system) 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.
PART O: FINANCIALS & SOFTS COCOA CONTRACTS

TIME ACTION

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

MFTGuardian (or any successor system):

- final aAccount sale report.

- warrant delivery instructions report.

- delivery details.

Where necessary the following are made available to Buyers via 

MFTGuardian (or any successor system):

- final Buyers invoice report.

- delivery details.

-

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 EWR’swarrants to Buyers via Softs

Deliveries Platform Guardian (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 via

Guardian (or any successor system) that:

- they have complied with the conversion as instructed

and

- arranged for the warehousekeeper/s to provide updated 

delivery details to Softs Deliveries Platform Guardian (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.

Extension to

conversion

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

(or any successor system) to Sellers:

- final Aaccount sale report.

- delivery details.

Where necessary the following are made available to Buyers:

- final Buyers invoice report.
PART O: FINANCIALS & SOFTS COCOA CONTRACTS

TIME ACTION

- delivery details.

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 via

Guardian (or any successor system) 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 Guardian (or any successor system):

- final aAccount sale report.

- delivery details.

Where necessary the following are made available to Buyers:

- final Buyers invoice report.

- delivery details.

-

Settlement Day, 

Conversion 

Settlement Day 

and Extended 

Settlement Day

Last Business Day of delivery month/10 Business Days after Settlement Day/ 10 

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 EWR’swarrants to Buyers via Softs

Deliveries Platform Guardian (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 Guardian (or any successor system) and 

in such case, Softs Deliveries Platform Guardian (or any successor 

system) will notify any changes in pricing resulting from the 

substitution. and aA 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

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

been received.
PART O: FINANCIALS & SOFTS COCOA CONTRACTS

TIME ACTION

delivery
SR-ICEEU-2023-008 Exhibit 5 Page 24 of 25

PART O: FINANCIALS & SOFTS COCOA CONTRACTS

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

Guardian (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 

MFTGuardian (or any successor system). 

Provisional Invoices and Accounts Sales are

issued where a delivery unit is the subject of an

instruction to convert.

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 

MFTGuardian (or any successor system). 

Provisional Invoices and Accounts Sales are

issued where a delivery unit is the subject of an

instruction to convert.

Financials & Softs Cocoa 

Contract:

Buyer’s Position Notice

Clearing Members with buying positions must 

submit a Buyer’s Position Notice via Softs

Deliveries Platform Guardian (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 via Guardian (or any successor

system) 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 via Guardian (or any

successor system) 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

At or prior to

10.00 on the first 

Business Day 

prior to 

Settlement Day.
SR-ICEEU-2023-008 Exhibit 5 Page 25 of 25

PART O: FINANCIALS & SOFTS COCOA CONTRACTS

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

Name of Delivery Document Explanation Timing

converted delivery units.

Financials & Softs Cocoa 

Contract:

Seller’s BDU Conversion 

Notice

Sellers who have been directed to convert 

BDUs must give notice via Guardian (or any

successor system) that: (i) they have complied 

with the conversion as instructed; and (ii) 

arranged for the warehousekeeper/s to provide 

updated delivery details to Softs Deliveries

Platform Guardian (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

At or prior to

10.00 on the first 

Business Day 

prior to 

Conversion 

Settlement Day 

or the Extended 

Conversion 

Settlement Day.