Submission No. 23-49

May 12, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Deletion of ICE Futures U.S. Rules related to the Trading Floor 

Submission Pursuant to Section 5c(c)(1) of the Act and Regulation 40.6(a)

Dear Mr. Kirkpatrick:

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

Commodity Futures Trading Commission (“Commission”) Regulation 40.6(a), ICE Futures U.S., 

Inc. (“IFUS” or “Exchange”) hereby certifies amendments to certain obsolete rules which related

to the Exchange’s former trading floor, as set forth in Exhibit A. 

While the Exchange has not supported open outcry trading since October 2012, it had

maintained a trading floor where registered floor traders and brokers could conduct Exchange 

business. Over time, these individuals have steadily migrated their Exchange businesses away 

from the floor in favor of associating with existing registered firms or forming their own. There

are no individuals registered as IFUS floor brokers or traders and none have conducted business

while physically present at the Exchange for some time. As such, the Exchange is no longer 

supporting a trading floor and has amended the rules accordingly to delete various rules which 

related to the operation of the trading floor and the conduct of floor traders and brokers.1 

The Exchange certifies that the amendments deleting the provisions, which will become 

effective on June 1, 2023, comply with the requirements of the Act and the CFTC Regulations 

promulgated thereunder. The Exchange has reviewed the designated contract market core 

principles ("Core Principles") as set forth in the Act and has determined that the amendments 

comply with the following relevant Core Principles:

COMPLIANCE WITH RULES

The amendments will be enforced by the Exchange in accordance with Core Principle 2. 

AVAILABILITY OF INFORMATION

As required by Core Principle 7, the text of the amended Rules will be codified in the 

Exchange’s Rulebook and made available on the Exchange’s Website. 

1 References to the trading floor and to floor brokers currently in Rule 6.08 and in Chapter 21 of the Rules will be eliminated in 

connection with broader amendments to those Rules. 
The Exchange is not aware of any opposing views with regard to the amendments and 

further certifies that, concurrent with this filing, a copy of this submission was posted on the 

Exchange’s website at https://www.theice.com/futures-us/regulation#rule-filings

If you have any questions or need further information, please contact me at 212-748-4021 

or at jason.fusco@theice.com.

Sincerely,

Jason V. Fusco

Assistant General Counsel

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

ICE Futures U.S.®, Inc.

DEFINITIONS 

TABLE OF CONTENTS

***

Allowable Claim

The term "Allowable Claim" shall mean a Claim for losses arising from (i) any order or Transaction 

for the purchase, sale, exercise or expiration of an Exchange Futures Contract or Exchange Option or (ii) 

any cash market transaction which is part of, or directly connected with, any Transaction, (iii) any 

documented loan made to a floor trader by his Clearing Member guarantor for the express purpose of 

acquiring a Membership, (iv) any dispute concerning the purchase, sale, transfer or ownership of a 

Membership and (v) the performance of the Clearing Member guarantor’s obligations pursuant to the terms 

of its Guaranty Agreement. An Allowable Claim shall not include legal or other incidental expenses 

incurred in connection with any such losses or with the events giving rise to any such losses.

***

Associated Brokers

The term “Associated Brokers” or “Broker Association” shall have the meaning set forth in Rule 6.41.

***

Clerk

The term "Clerk" shall mean any individual employed by a Member and registered with the Exchange 

to work on the Trading Floor. 

***

eBadge

“eBadge” shall mean, in the case of a Clearing Member or Direct Access Member, the number(s) 

assigned by the Exchange to a Clearing Member or Direct Access Member which identifies such Person,

and in the case of a Person who is a Floor Broker shall be the same as the numeric of the Floor Trading 

badge issued to such Floor Broker. 

***

Floor Broker

The term "Floor Broker" shall mean any Person who has been granted floor trading privileges pursuant 

to the Rules.

***
Governor

The term “Governor” shall mean a member of the Board of Directors of the Exchange.

Grantor

The term "Grantor" shall mean, with respect to any Option, the Floor Broker granting an Option on the 

Floor of the Exchange (either as agent or principal), until the time such Option is accepted by the Clearing 

Organization. Thereafter, the term "Grantor" shall mean the Clearing Member that cleared such Option for 

the Customer who granted it.

***

IFUS Guardian Delivery System

The term “IFUS Guardian Delivery System” means the delivery system operated by the Exchange 

through which physical delivery of Exchange Futures Contracts in gold and silver may be effected by 

Clearing Members.

Purchaser

The term "Purchaser" shall mean, with respect to any Option, the Floor Broker purchasing such Option 

on the Trading Floor (either as agent or principal), until the time such Option is accepted by the Clearing 

Organization. Thereafter, the term "Purchaser" shall mean the Clearing Member which cleared such Option 

for the Customer purchasing it.

***

Trading Floor

The term “Trading Floor” or “Floor of the Exchange” shall mean the Trading Floor and surrounding 

booths and facilities which are governed by the Exchange wherever situated.

[REMAINDER OF CHAPTER UNCHANGED] 
ICE Futures U.S.®

, Inc.

MEMBERSHIP RULES

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***

Rule 2.08. Member Violations

It shall be a violation of the Rules for any Member or Member Firm to:

(a) Submit for clearance to a Clearing Member Transactions which were executed after an 

announcement was made that such Clearing Member was in default, (as that term is defined in Clearing 

Organization Rules).

(b) Trade or accept Margins after insolvency;

(c) Receive and execute an order if such Member is an associated broker who has not registered with 

the Exchange in accordance with the Rules;

(d) Accept a Commodity Contract account for (i) a Clerk of a Member registered with the Exchange, 

(ii) an employee of the Exchange, the Clearing Organization, or another Member, without the written 

consent of the employer in each case, or (iii) a non-member market participant who has been denied access 

to the Exchange’s markets;

(e) Unless otherwise provided, gain access to the minutes of meetings of the Board or any committee 

except under such regulations as the Board may prescribe; provided, however, that notwithstanding any 

other provision in the Rules, all books, records, minutes and journals of proceedings of the Exchange, the 

Board and the committees of the Exchange, shall be subject to inspection by any authorized representatives 

of the CFTC or the United States Department of Justice;

(fe) Fail continuously to meet the criteria for eligibility for IFUS Membership;

(gf) clear Commodity Contracts on the Exchange or subject to the Rules for a Member or non-member 

Futures Commission Merchant, foreign broker or other such entity which does not disclose the identity of 

the ultimate Customer for whom the contracts are cleared, unless the Clearing Member has the authority 

and ability to provide the Exchange, promptly upon request by the Exchange, with:

(i) the name, address and telephone number of any ultimate Customer(s);

(ii) the name, address and telephone number of any intermediary Person through whom that ultimate 

Customer placed orders for the execution of such contracts; and

(iii) such other information concerning the account as the Exchange may request; including, but not 

limited to, the positions held by each ultimate Customer in the account; or

(h) register or conduct business as a Clerk on the Floor of the Exchange at any time during which the 

Member’s registration under the Act as a Floor Broker is suspended by the CFTC.

***
FLOOR PRIVILEGES

Rule 2.18. Qualifications and Requirements for Floor Trading Privileges

(a) To be eligible to receive and hold floor trading privileges a Person must:

(i) Be an individual IFUS Member in good standing and (ii) comply with the application and approval 

procedures for the granting of floor trading privileges; and

(ii) Attend an ethics course as required by CFTC or National Futures Association regulations; and

(iii) Attend a sexual harassment awareness course sponsored by or acceptable to the Exchange as 

may be determined by the President, in his sole discretion; and

(iv) Prior to being granted floor trading privileges, successfully complete the Exchange's Floor 

Trading course.

Rule 2.19. Application

(a) A Person applying for floor trading privileges must file with the Exchange an application for floor 

trading privileges in the form supplied by the Exchange. 

(b) Incomplete applications shall be kept on file for two (2) months; thereafter, such applications shall 

be deemed withdrawn and an applicant must submit a new application.

Rule 2.20. Granting of Floor Trading Privileges

The Exchange will review the information contained in the application to determine if the Person has 

met the requirements set forth in Rule 2.13.

Rule 2.21. Termination of Floor Trading Privileges

An individual Member who has been granted floor trading privileges may voluntarily terminate such 

privileges. Such termination shall be effective upon receipt by the Exchange of a written notice of 

termination and floor trader's identification badge. 
ICE Futures U.S.®, Inc.

TRADING RULES

TABLE OF CONTENTS

***

Rule 4.11. ETS Access From the Trading Floor

(a) A Floor Member may have Direct Access from the Trading Floor, provided that a Clearing Member 

authorizes Direct Access of such Floor Member in accordance with Rule 4.08(b). A Floor Member shall 

execute such documents, register personnel and furnish such other information as the Exchange may require 

in connection therewith.

(i) A Floor Broker may authorize one (1) or more of his Clerks to enter orders for electronic execution 

from the Trading Floor by registering each Clerk with the Exchange and receiving from the Exchange 

a log-in identification for each Clerk. Each log-in identification shall be issued under the Floor Broker’s 

eBadge. Clerks appropriately registered shall be deemed to be “Registered Operators” as such term is 

defined in Rule 4.15. 

(ii) A Clerk may be a Registered Operator for only one (1) Floor Broker at any time. Notwithstanding 

the previous sentence, a Clerk may be a Registered Operator for more than one (1) Floor Broker as long 

as (A) all of the Floor Brokers only trade for their proprietary accounts and do not execute trades for 

any other Person, (B) all of the Floor Brokers are associated with each other and (C) the Clerk has and 

utilizes a separate log-in identification for each Floor Broker and such log-in identification contains the 

Floor Broker’s eBadge for whom the Clerk is entering the Trade.

(iii) Until such time, as the Floor Broker terminates his registration of any Clerk as a Registered 

Operator under the Floor Broker’s eBadge pursuant to subparagraph (a)(i) above and provides the 

Exchange with written notice of such termination, the Floor Broker will be responsible for any and all 

trades submitted to ETS by such Clerk. 

(b) A Clearing Member is obligated to accept for clearance on the Trade date all Trades executed and 

allocated to such Clearing Member by each Floor Broker or his Registered Operator authorized by the 

Clearing Member to have Direct Access to ETS.

***

Rule 4.13. eBadges and Responsible Individuals

(a) Each Clearing Member and Person with Direct Access [(other than a Floor Broker)] shall request 

one (1) or more eBadges as it deems necessary to accommodate the nature and volume of its business.

(b) At least one (1) Responsible Individual must be registered with the Exchange for each eBadge 

issued. The Exchange, in its sole discretion, may limit the number of, or require additional, eBadges and 

Responsible Individuals. Whenever a Responsible Individual is absent and therefore not able to be 
contacted, a Backup Responsible Individual must be registered with the Exchange to fulfill the role of a 

Responsible Individual.

(c) A Responsible Individual or, in his absence, a Backup Responsible Individual, must be reachable 

via telephone by the Exchange at all times that any of the eBadges as to which he is registered with the 

Exchange are in use.

(d) A Responsible Individual may be a trader or supervisor of other individuals who are traders.

[REMAINDER OF RULE UNCHANGED]

***

Rule 4.18. Order Entry

(a) A Registered Operator entering an order, other than in a clerical capacity, on behalf of a Customer 

Account, other than an order for the Registered Operator’s own account must have appropriate industry 

registration.

(b) A Registered Operator who is registered with the CFTC as an [Floor Broker,] associated person or 

in a comparable capacity under applicable law may enter discretionary or non-discretionary orders on behalf 

of any account of a Clearing Member with the prior approval of the Clearing Member. [A Registered 

Operator who is registered as a Floor Broker may enter discretionary or non-discretionary orders on behalf 

of any Customer Account with the prior approval of such Customer.]

I A Registered Operator who is not registered as [a Floor Broker or] an associated person, or in a 

comparable capacity under applicable law, may enter non-discretionary orders on behalf of a Customer 

Account. Such Registered Operator may enter discretionary or non-discretionary orders for the account of 

his or her employer or for his or her own account if he or she is authorized by his employer to do so and 

does not enter or handle Customer orders. [A Registered Operator who is a clerk employed by a Floor 

Broker may not enter orders for an account in his or her own name or any account in which he or she has a 

direct or indirect interest.]

[(d) Registered Operators of a Floor Broker, who are not registered as associated persons with the 

CFTC, may enter orders on a non-discretionary basis from trading terminals located in the Floor Broker’s 

booth on the Trading Floor using the Floor Broker’s eBadge, the Registered Operator’s Log-In ID and, if 

applicable, authorized trader ID.]

I(d) Orders for a Customer Account, other than an order entered by a Customer for its own account, 

may only be entered from:

(i) [the Trading Floor of the Exchange by a Registered Operator in accordance with paragraphs (b) 

and (d) above; or

(ii)] the premises of an entity appropriately registered to conduct Customer business or any other 

location designated by such entity by a Registered Operator who is also registered with such entity as 

an associated person or in a comparable capacity under applicable law.

(fe) It shall be the duty of each Registered Operator to:

(i) submit orders that include his Log-In ID and, if applicable, authorized trader ID; and

(ii) input the price, quantity, Exchange Commodity Contract, expiration month, correct CTI code and 

appropriate account designation for each order.

(gf) The account designation must be an account number, account name or other identifying notation 

that is uniquely tied to a specific account owner for whom the order is placed.

(i) A suspense account may be utilized at the time of order entry for bunched orders that are eligible 

for post-trade allocation and which are made, time-stamped and executed pursuant to and, in accordance 

with, Rule 6.08 and CFTC Regulation 1.35(a-1) (5), provided that the appropriate account designation 
is entered by the end of the Trading Session into ACT or such other system as may be designated by 

the Exchange from time to time.

(ii) A suspense account may be utilized at the time of order entry for any other order, provided, 

however, that a contemporaneous written order ticket containing the correct account designation is 

made, time-stamped and maintained in accordance with Rule 6.08 and the appropriate account 

designation is entered, by the end of the Trading Session into ACT or such other system as may be 

designated by the Exchange from time to time.

[ (h) A Floor Broker receiving an order for electronic execution on the Trading Floor shall immediately 

upon receipt thereof prepare a written record of such order in non-erasable ink, including the account 

identification, order number, the notation “ETS”, and shall record thereon, by time-stamp or other timing 

device, the date and time, to the nearest minute, the order is received on the Trading Floor, except that such 

written record shall not be required if, and to the extent that, such order is in the form of a written record 

containing all information (except for the time of report of execution) specified herein. Corrections or 

additions to the information recorded on the written record of the order shall be made in a manner that does 

not obliterate or otherwise make illegible the originally recorded information.]

(ig) With respect to orders received by a Registered Operator [who is not a Floor Broker, or a Floor 

Broker’s Registered Operator,] which are immediately entered in ETS and for which a suspense account is 

not utilized, no separate record need be made. However, if a Registered Operator receives an order that is 

not immediately entered into ETS, an order ticket which includes the order instructions, account 

designation, date, time of receipt and any other information that is required by the Exchange must be made 

in accordance with Rule 6.08. The order must be entered into ETS when it becomes executable.

***

Rule 4.38. Discretionary Account

(a) No Floor Broker shall execute any Transaction for any account over which the Floor Broker has 

discretionary trading authority to originate orders or execute Transactions. For the purposes of this Rule, 

discretion only as to time and price of a Transaction shall not be deemed to constitute a discretionary trading 

authority.

(b) The foregoing requirement shall not apply with respect to orders originated by a Floor Broker on 

behalf of any one (1) or all of the following:

(i) members of the Floor Broker's immediate family;

(ii) the proprietary accounts of Members.

provided that Customers’ orders, including orders granting the Floor Broker discretion as to the price, 

time and contract month, are executed before the orders referred to in paragraphs (a) and (b).

(c) Orders referred to in paragraphs (a) and (b) may be placed with another Floor Broker for execution.

Rule 4.39. Hours Exchange and Trading Floor is Open

Unless otherwise provided in the Rules or by the Board, the Trading Floor shall be open for business 

daily, except on Saturdays, Sundays and Exchange Holidays, during such hours as the Board shall direct 

from time to time.
Rule 4.40. Trading Floor Access; Trading Restrictions; and Authorized Representation

(a) Access: Unless otherwise provided under the Rules, only the following individuals shall have 

access to the Trading Floor:

(i) A Member who has been granted floor trading privileges and wears his assigned Floor Broker 

identification badge in a prominent position at all times;

(ii) An employee of a Member who has been granted floor trading privileges duly registered as a 

Clerk by such Member, in accordance with procedures established by the Board, and wearing an 

authorized Exchange identification badge in a prominent position at all times while on the Trading 

Floor;

(iii) A guest of a Member who has been granted floor trading privileges wearing an authorized 

visitor's pass in a prominent position at all times while on the Trading Floor; provided, however, that 

such guest shall not be permitted to make any Transaction, enter any order or execute any Trade during 

the course of any visit to the Exchange or its premises; provided, however, that, if any Senior Vice 

President of the Exchange or the Chief Regulatory Officer determines that the presence of such guest 

on the Trading Floor is not in the best interests of the Exchange, such Senior Vice President or Chief 

Regulatory Officer may deny access to such guest.

(iv) An Exchange employee wearing an authorized Exchange identification badge in a prominent 

position at all times while on the Trading Floor; and

(v) CFTC officials and staff upon request wearing an authorized CFTC or Exchange identification 

badge in a prominent position at all times;

(b) Trading Restrictions: No one shall execute or attempt to execute any Transaction on the Floor of 

this Exchange except a Floor Broker of the Exchange who has been granted floor trading privileges pursuant 

to the Rules. 

(c) Member Responsibility: A Member shall be subject to disciplinary action for any violation of the 

Rules committed by such Member's employees or guests.

Rule 4.41. Clerk Qualification Requirements, Registration Procedures, and Trading Prohibitions

The following Clerk qualification, registration procedures and trading prohibitions apply to all clerical 

staff of Members or Member Firms trading in Commodity Contracts on the Trading Floor of the Exchange:

(a)(i) Qualification Requirements: Unless otherwise provided under the Rules, clerical staff shall:

(A) include every Person a Member or Member Firm employs or wishes to employ on the Trading 

Floor of the Exchange, whether on a temporary or permanent basis, and regardless of whether such 

Person is a Member of another exchange;

(B) on an annual basis or as otherwise required by the Exchange, provide proof of employment by 

a Member or Member Firm for the previous year in a form acceptable to the Exchange;

(C) attend a Sexual Harassment Awareness Course sponsored by or acceptable to the Exchange as 

may be determined by the President, in his sole discretion; and

(D) not consist of any other Member whose rights and privileges of Membership are suspended or 

any individual who has been expelled from Membership, where such employment or registration is in 

contravention of any term or condition of such suspension or expulsion which the Exchange, the Board 

or any Committee may impose or to which the suspended Member or expelled Person may have agreed.
(ii) Additional Requirements for trade data entry Clerks: A Clerk who enters trade data shall:

(A) be registered with the Exchange by and for the Floor Broker for whom the Clerk enters the 

greatest number of transactions; provided, however, if a Clerk enters the greatest number of 

transactions for Floor Brokers associated with a Member Firm or Broker Association, the Clerk shall 

be registered by and for a Floor Broker associated with such Member Firm or Broker Association; 

(B) only enter trade data for Members or Member Firms involving Exchange Transactions; and

(C) enter trade data for no more than fifteen (15) Floor Brokers on any Business Day.

(b) Registration Procedure: All clerical staff must file with the Exchange an application for Clerk 

registration in the form supplied by the Exchange and consent to such background investigation as may be 

required from time to time. All applicants must be approved by the Exchange before they will be permitted 

on the Trading Floor. Each applicant shall furnish such additional information as the Exchange may request 

regarding any matter revealed in the background investigation or the application for registration as a Clerk. 

Applicants shall also be required to disclose, among other things, whether the applicant:

(i) has ever been or is suspended or expelled from any commodity or securities exchange, clearing 

organization, registered futures association, the National Association of Securities Dealers, Inc., or any 

other self-regulatory organization or other business or professional association for violation of any rule 

of such organization; or

(ii) has been convicted of any felony or misdemeanor involving, arising from, or related to, the 

purchase or sale of any commodity, commodity contract, security or option, or is or has been 

permanently or temporarily enjoined by order, judgment or decree of any court of competent 

jurisdiction or the CFTC from engaging in or continuing any conduct or practice in connection with the 

purchase or sale of commodities or securities or is or has been subject to an order of the CFTC denying 

trading privileges on any contract market to such Person, or suspending or expelling such Person from 

membership on any contract market, or has been convicted of any felony involving or arising from 

fraud or moral turpitude; or

(iii) has a disciplinary record at any exchange; or

(iv) has any unsatisfied debts to Members; or

(v) had his Membership terminated pursuant to the sale of Membership provisions of Rule 21.36.

Every Clerk registered with the Exchange shall provide prompt written notice to the Managing Director 

or an officer of the Membership Department, if any of the events specified in paragraphs (b)(i) through (v) 

above occurs.

An application for registration as a Clerk, shall be presented to a subcommittee of the Business Conduct 

Committee if the application or background investigation discloses that any of the events contained in 

subparagraphs (b)(i) through (b)(v) of this Rule has occurred or otherwise discloses any information which 

the Exchange believes warrants further review. The subcommittee of the Business Conduct Committee 

shall determine whether to permit registration of the applicant, in accordance with the procedures specified 

in paragraph (d)(iv) of this Rule.

Members and Member Firms are required to advise the Exchange of any changes in status of registered 

clerical staff, including additions and deletions of clerical staff.

It shall be the responsibility of each Member and Member Firm employing clerical staff to assure that 

identification badges issued to clerical staff are withdrawn promptly upon termination of employment.
(c) Access Restrictions, Suspension and Termination of Registration: The President or any Vice 

President of the Exchange or the Chief Regulatory Officer may restrict a Clerks’ access to the Exchange’s 

premises for a specified period of time, and suspend and/or terminate the registration of any Clerk if it 

determines, in its sole discretion, after notice and an opportunity to be heard, that the registration of such 

applicant or the continued registration of such Clerk is contrary to the best interests of the Exchange.

(d) Denial, Access Restriction, Suspension and Termination Procedures:

(i) Any action taken pursuant to paragraph (c) of this Rule shall be taken after notice to the applicant 

or Clerk against whom the action is taken and to the Member or Member Firm who or which seeks to 

register the applicant or has registered such Clerk on the Exchange and an opportunity for such 

applicant or Clerk to be heard.

(ii) The notice given to an applicant or Clerk shall state (A) the situation which it is believed may 

give rise to the need for action; and (B) the date, time and place of the hearing to be held before a 

subcommittee of the Business Conduct Committee. 

(iii) A hearing conducted under this Rule shall be before a subcommittee of the Business Conduct 

Committee appointed in accordance with Rule 21.04(b). The subcommittee of the Business Conduct 

Committee shall determine the procedures to be followed, except that the following shall apply in every 

case: (A) the case in support of the action or proposed action against the applicant or Clerk shall be 

presented by the Compliance staff; (B) the applicant or Clerk shall be allowed to be represented by 

legal counsel or any other representative of his choosing and, either personally or through such 

representative, to present witnesses and documentary evidence and to cross-examine witnesses; (C) no 

formal rules of evidence shall apply, and the subcommittee of the Business Conduct Committee shall 

be free to accept or reject any and all evidence it considers proper; (D) a substantially verbatim record 

capable of being accurately transcribed shall be made of the hearing, provided, however that such record 

need not be transcribed unless the decision is appealed by the applicant or registrant to the CFTC; and 

(E) the notice of the hearing, any stenographic transcript of the hearing, the documentary evidence and 

any other material presented by either party with notice to the other shall constitute the record of the 

hearing.

(iv) Promptly following any hearing, the subcommittee of the Business Conduct Committee shall 

render a written decision based on the weight of the evidence contained in the record of the hearing and 

shall provide a copy of the decision to the applicant or Clerk and the Member who or which sought to 

register or has registered such Person with the Exchange. The decision shall include: (A) a brief 

summary of the evidence produced at the hearing; (B) the findings and conclusions of the hearing body; 

and (C) a declaration of any action to be taken pursuant to the determination referred to in clause (B), 

hereof, the effective date and duration of such action and the date upon which such decision becomes 

final.

(v) Any action taken by the subcommittee of the Business Conduct Committee pursuant to paragraph 

(c) shall become effective and final fifteen (15) days after notice of the action taken is given to the 

applicant or Clerk. The decision of the subcommittee of the Business Committee shall constitute the 

final action of the Exchange. 

(e) Trading Prohibitions: Unless otherwise provided under the Rules:

(i) The clerical staff of a Member may not trade in any Commodity Contract either in his own name 

or in any account in which he has a direct or indirect interest.

(ii) No Member shall execute an order for, accept for clearance, or maintain a Position in any 

Commodity Contract if such Member knows, or with the exercise of reasonable care should know, that 
such order, clearance, or Position is for the direct or indirect benefit of any clerical staff registered 

hereunder.

(iii) The foregoing trading prohibitions shall not apply to individual Members in good standing of 

this Exchange.

Rule 4.42. Electronic Devices

(a) For purposes of this Rule, the following definitions shall apply:

(i) "Electronic Device" shall mean any type of voice or data communications interface, including but 

not limited to a computer, headset, hand-held device, microphone, telephone or two-way radio.

(ii) "Electronic Information" shall mean the data made available to each Member or Member Firm 

by virtue of such Member's or Member Firm’s access to any Electronic Device, including, without 

limitation, (A) the identity of other Persons transacting business on, with or through the Exchange and 

the price and quantity of pending or filled orders and (B) any database, software, programs, protocols, 

displays and manuals relating thereto, including the selection, arrangement and sequencing of the 

contents thereof.

(b) No Electronic Device may be used on the Trading Floor unless such device and/or use has been 

authorized by the Exchange and does not interfere with any Exchange system. The Exchange may, in its 

sole discretion, impose restrictions on the use of any authorized Electronic Device by a Member or Member 

Firm, and may limit, suspend or terminate any Person’s right to use an authorized Electronic Device at any 

time, without prior notice and without any liability therefore. The Exchange shall have the right, at any 

time, to audit the use of any authorized Electronic Device by a Member or Member Firm.

(c) Cell phones, personal digital assistants and other similar devices with instant message (“IM”) 

capabilities may be used only for non-business purposes and/or the placement of orders for the Member’s 

own account, from areas outside of the trading ring.

(d) An order transmitted through IM may not be bid, offered or executed until a separate, written order 

ticket is prepared in accordance with Rule 6.08 and all such orders shall be subject to all applicable audit 

trail requirements. All IMs relating to any Transaction or order must be retained for a minimum of (5) 

years in accordance with Commission Regulations and are subject to review by the Market Regulation 

Department.

(e) No Electronic Device may be used by any Person except in accordance with this Rule and such 

terms and conditions of use as may be established from time by the Board, any committee appointed by the 

Board or Exchange staff empowered to establish and review terms and conditions of use. Each Member 

and Member Firm shall pay any fees and/or other charges assessed by the Exchange for the use of an 

Electronic Device.

(f) In addition to the specific terms and conditions of use established for an Electronic Device pursuant 

to paragraph (e) above, the use of an Electronic Device that has been supplied by the Exchange to a Member 

or Member Firm for use on the Trading Floor shall be subject to the following terms and conditions:

(i) The Member or Member Firm shall properly secure and safeguard the Electronic Device so as to 

prevent damage, loss or theft, and shall be liable for any damage beyond normal wear and tear, until it 

is returned to the Exchange.

(ii) The Member or Member Firm shall implement appropriate procedures to ensure the only Persons 

authorized by the Member or Member Firm have access to and/or use of the Electronic Device.
(iii) Upon termination for any reason of a Member's or Member Firm's right to use an Electronic 

Device, it shall be returned to the Exchange in working condition. The Member or Member Firm shall 

pay to the Exchange the replacement cost for any Electronic Device that is lost, stolen, damaged or 

destroyed while in the Member's or Member Firm's possession or while it is otherwise responsible for 

the Electronic Device.

(iv) The Board and/or the relevant committee or Exchange staff responsible therefor may impose 

restrictions on the use of any Electronic Device by a Member or Member Firm without prior notice and 

without liability to any Person.

(v) Electronic Information that is disclosed to, or otherwise obtained by a Member or Member Firm 

while accessing an Electronic Device, shall be deemed to constitute a trade secret of the Exchange (or 

its licensors), as to which copyright and patent rights of the Exchange may also exist. The Member or 

Member Firm shall keep all such Electronic Information confidential, and shall utilize such Electronic 

Information solely for such Member's or Member Firm's own trading activities and the trading activities 

of Persons for whom the Member or Member Firm is authorized to act. All copies and expressions of 

such trade secrets, works, processes, and methods are the exclusive property of the Exchange, and shall 

be returned to the Exchange upon termination of such Member's or Member Firm's right to use the 

Electronic Device for any reason whatsoever. Each Member or Member Firm shall take all reasonable 

precautions to maintain the secrecy and confidentiality of such Electronic Information. Except as 

otherwise permitted elsewhere in the Rules, the Member or Member Firm shall not disclose and shall 

use reasonable efforts not to permit the disclosure of, any part of such Electronic Information to any 

other Person.

(vi) Except as authorized by the Board and/or the applicable committee or Exchange staff responsible 

for establishing the terms and conditions of use of any Electronic Device, a Member or Member Firm 

shall not make, and shall not permit others to make any alterations, additions, subtractions, upgrades or 

improvements to, or affix or attach any foreign object to, in or on, any Electronic Device.

(g) The Exchange accepts no responsibility for loss, theft or damage to any equipment or device 

authorized for use on Exchange premises.

INSTANT MESSAGE (IM) POLICY

In conjunction with ICE Futures U.S., Inc. (“Exchange”) Rule 4.18 – Electronic Devices, the following 

policy shall govern the use of Instant Message (“IM”) on Electronic Devices on the Trading Floor by 

Members and their employees to communicate with other Exchange Members, clerks, Exchange employees 

or parties outside of the Exchange, including customers: 

• The use of wireless communication devices is permitted on the Exchange’s Trading Floor as long 

as the Member has received authorization from the Exchange’s Department of Technology 

(“Department”). The Department will only approve those devices that receive live data feeds, 

enable two-way communication and have audit trail capability. Once authorization is received from 

the Department, the Member, when requested, must allow the Department and/or the Market 

Regulation Department to examine the wireless device to determine that it is being used 

appropriately. 
• MEMBERS HAVE A DUTY TO SUPERVISE THEIR EMPLOYEES’ IM USE AND ARE 

RESPONSIBLE FOR ENSURING THAT THEIR EMPLOYEES COMPLY WITH THE TERMS 

AND CONDITIONS OF THIS POLICY. 

• Each order transmitted by IM to the Trading Floor must have a separate order ticket 

prepared in accordance with Exchange Rule 6.08 before the order is bid, offered or executed. 

IMs are subject to all applicable audit trail requirements. AS SET FORTH BELOW, 

NEITHER THE EXCHANGE NOR ANY OF ITS OFFICERS, DIRECTORS, 

EMPLOYEES OR AGENTS SHALL BE LIABLE TO ANY PARTY FOR ANY LOSSES, 

DAMAGES, COSTS OR EXPENSES IN ANY WAY RELATING TO THE USE OF IM TO 

TRANSMIT ORDERS. 

• All IMs relating to any Transaction or order must be retained by the Member for a minimum of 

five (5) years in accordance with Commission Regulations and are subject to review by the Market 

Regulation Department or other authorized Exchange personnel. 

• Material that is fraudulent, harassing, embarrassing, sexually explicit, profane, obscene, 

intimidating, defamatory, or otherwise unlawful may not be sent through IM. 

• Disclosure of any Exchange confidential data or information to other parties via IM is strictly 

prohibited.

• Disclosure of any confidential or non-public information relating to customer orders is strictly 

prohibited as provided in Exchange Rule 4.02(k).

• The Member is fully responsible for his or her trading activity and communications, including but 

not limited to, compliance with all applicable laws, rules and regulations in addition to Exchange 

requirements. All violators of Exchange Rules and procedures will be subject to disciplinary action. 

 

• THE USE OF IM INVOLVES CERTAIN RISKS. BY USING IM TO COMMUNICATE 

THE USER IS AGREEING TO ASSUME ALL SUCH RISKS, AND ACKNOWLEDGES 

THAT THE EXCHANGE IS NOT ENDORSING OR RECOMMENDING THE USE OF 

IM. THE USER AGREES THAT NEITHER THE EXCHANGE NOR ANY OF ITS 

OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS SHALL BE LIABLE TO ANY 

PARTY FOR ANY LOSSES, DAMAGES, COSTS OR EXPENSES IN ANY WAY 

RELATING TO THE USE OF IM, REGARDLESS OF THE CAUSE OF ANY SUCH LOSS, 

DAMAGE, COST OR EXPENSE. 
ICE Futures U.S.®, Inc.

MARGIN RULES

TABLE OF CONTENTS

Rule 5.01. Scope of Chapter and Definitions

Reasonable Time

Less than three (3) Business Days for Members holding floor trading privileges; less than five (5) 

Business Days for Customers and less than four (4) Business Days for Non-Customer and Omnibus 

Accounts. Note: Days are counted from and including the day the account became undermargined.

[REMAINDER OF CHAPTER UNCHANGED]
ICE Futures U.S.®

, Inc.

REGULATORY REQUIREMENTS

TABLE OF CONTENTS

***

Rule 6.41. Broker Associations

(a) The term "Associated Brokers" shall mean two (2) or more Members with floor trading privileges 

on the Exchange, at least one (1) of whom is handling Customer orders, who in the same market:

(i) engage in floor brokerage activity on behalf of the same employer;

(ii) have an employer and employee relationship which relates to floor brokerage activity;

(iii) share profits and/or losses associated with their brokerage or trading activity; or

(iv) regularly share a deck of orders.

For purposes of this definition the term "regularly share a deck of orders" shall mean that a Member with 

floor trading privileges, directly or indirectly discloses, or gives access to, two (2) or more Customer orders 

to another Member with floor trading privileges during the trading day; provided, however, that in the 

Financial and Index Contracts, the term “regularly share a deck of orders” shall mean that a Member with 

floor trading privileges directly or indirectly discloses, or gives access to, five (5) or more Customer orders 

to another Member with floor trading privileges, during the trading day.

(b) Not later than five (5) Business Days after the establishment of a broker association by formal 

agreement or otherwise, each broker association shall register with the Membership Department on such 

form as prescribed by the Exchange. Thereafter, the broker association shall provide the Exchange with all 

information which supersedes, modifies and/or amends the information in such notice, including the date 

of cessation of the broker association, as soon as practicable but in no event later than five (5) Business 

Days after the new information becomes effective. The information to be provided to the Exchange shall 

include:

(i) the name of the broker association;

(ii) the names of each Person or entity who is a member or otherwise has any direct beneficial interest 

in the broker association, whether or not such Person is a member of the Exchange;

(iii) all identifying badge symbols and/or numbers of the members belonging to the broker 

association;

(iv) account numbers for all accounts of any member of the broker association, accounts in which 

any member(s) of the broker association has any financial interest and any proprietary or customer 

accounts controlled by any member(s) of the broker association;

(v) identification of all other broker associations with which each member of the broker association 

is associated;

(vi) the legal form of the broker association;
(vii) the name of at least one (1) Member (who shall be a principal of the association) authorized to 

represent the broker association in connection with its registration requirements; and

(viii) such other information as the Exchange may require.

(c) A Member may file a request for Interpretation with the Vice-President of Market Regulation or his 

designee on a form prescribed by the Exchange, no later than five (5) Business Days after the establishment 

of any arrangement within the meaning of paragraph (a) hereof, for a determination as to whether 

registration as a broker association under paragraph (c) is required. A written determination shall be issued 

in response to the request.

(d) No member of a broker association may accept or execute an order unless his relationship to the 

broker association is registered with the Exchange in accordance with this Rule.

(e) All Transactions executed between members of a broker association must be executed pursuant to 

Rule 4.02(g), provided, however, only the selling Floor Broker shall be responsible for complying with 

Rule 4.02(g).

Rule 6.42. Floor Broker Registration

(a) No Member shall purchase or sell on the Trading Floor solely for such Member’s own account or 

for any other Person any Commodity Contract unless such Member is registered as a floor broker or floor 

trader with the CFTC, or any body to which the CFTC has delegated all or part of its responsibility for such 

registration.

(b) Any Member with floor trading privileges registered as a floor broker or floor trader with the CFTC, 

or any body to which the CFTC has delegated all or part of its responsibility for such registration shall 

notify the Exchange in writing, signed by the Member, whenever any information on his registration Form 

8-R or any supplement thereto becomes inaccurate.
ICE Futures U.S.®, Inc.

COFFEE "C"® RULES 

TABLE OF CONTENTS

***

Rule 8.55. Obligations of Option Purchasers

(a) [The Purchaser which purchases a Coffee Option [on the Floor of the Exchange shall cause such 

Option to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance 

with the Rules of the Clearing Organization.

(b)] The Purchaser which clears a Coffee Option shall pay in full the Premium to the Clearing 

Organization in accordance with the Rules of the Clearing Organization.

(c) (b) The Purchaser of a Coffee Option shall, upon exercising such Option in accordance with the 

Rules, enter into an Underlying Futures Contract to buy (in the case of a Call) or to sell (in the case of a 

Put) coffee for delivery in the Regular or Serial Option Month's Underlying Futures Contract, at the Strike 

Price specified in such Option; provided, however, that any such contract entered into upon exercise shall 

be entered into for the account of the Person having purchased the Coffee Option.

Rule 8.56. Obligations of Option Grantors

(a) [The Grantor which grants a Coffee Option on the Floor of the Exchange shall cause such Option 

to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the 

Rules of the Clearing Organization.

(b)] The Grantor which clears a Coffee Option shall make such Margin deposits as the Clearing 

Organization may require.

(c) (b) The Grantor of a Coffee Option shall, upon being assigned an Exercise Notice in accordance 

with the Rules of the Clearing Organization, enter into an Underlying Futures Contract to sell (in the case 

of a Call) or to buy (in the case of a Put) coffee for delivery in the Regular or Serial Option Month's 

Underlying Futures Contract, at the Strike Price specified in such Option; provided, however, that any such 

contract entered into upon assignment of an Exercise Notice shall be entered into for the account of the 

person having granted the Coffee Option.

***

Rule 8.66. Obligations of KCSO Purchasers

(a) The Purchaser which purchases a KCSO on the Floor of the Exchange shall cause such KCSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.
(b) The Purchaser which clears a KCSO shall pay in full the Premium to the Clearing Organization in 

accordance with the Clearing Organization Rules.

(c)(b) The Purchaser of a KCSO shall, upon exercising such KCSO in accordance with the Rules, enter 

into Underlying Futures Contracts to buy the first (1st) delivery month in the KCSO and sell the second 

(2nd) delivery month in the KCSO (in the case of a Call) or to enter into Underlying Futures Contracts to 

sell the first (1st) delivery month in the KCSO and buy the second (2nd) delivery month of the KCSO (in the 

case of a Put), at a Spread Price equal to the Strike Price specified in such KCSO; provided, however, that 

any such contracts entered into upon exercise shall be entered into the account of the Person having 

purchased the KCSO.

(d)(c) Futures contracts entered into by the Purchaser of a KCSO, as provided for in paragraph (c) 

herein, shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such KCSO. 

Rule 8.67. Obligations of KCSO Grantors

(a) The Grantor which grants a KCSO on the Floor of the Exchange shall cause such KCSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Grantor of a KCSO shall make such Margin deposits as the Clearing Organization may require.

(c)(b) The Grantor of a KCSO shall, upon being assigned an Exercise Notice in accordance with the 

Clearing Organization Rules, enter into Underlying Futures Contracts to sell the first (1st) delivery month 

of the KCSO and buy the second (2nd) delivery month of a KCSO (in the case of a Call) or to enter into 

Underlying Futures Contracts to buy the first (1st) delivery month of the KCSO and sell the second (2nd) 

delivery month in the KCSO (in the case of a Put), at a Spread Price equal to the Strike Price specified in 

such KCSO; provided, however, that any such contracts entered into upon assignment of an Exercise Notice 

shall be entered into for the account of the Person having granted the KCSO.

(d)(c) Futures contracts entered into by the Grantor of a KCSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such KCSO.
ICE Futures U.S.®, Inc.

COCOA RULES

TABLE OF CONTENTS

***

Rule 9.45. Obligations of Option Purchasers

(a) The Purchaser which purchases a Cocoa Option on the Floor of the Exchange shall cause such 

Option to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance 

with the Rules of the Clearing Organization.

(b) The Purchaser which clears a Cocoa Option shall pay in full the Premium to the Clearing 

Organization in accordance with the Rules of the Clearing Organization.

(c)(b)The Purchaser of a Cocoa Option shall, upon exercising such Option in accordance with the Rules, 

enter into an Underlying Futures Contract to buy (in the case of a Call) or to sell (in the case of a Put) Cocoa 

for delivery in the Regular or Serial Option Month's Underlying Futures Contract, at the Strike Price 

specified in such Option; provided, however, that any such contract entered into upon exercise shall be 

entered into for the account of the Person having purchased the Cocoa Option.

Rule 9.46. Obligations of Option Grantors

(a) The Grantor which grants a Cocoa Option on the Floor of the Exchange shall cause such Option to 

be submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Rules 

of the Clearing Organization.

(b) The Grantor which clears a Cocoa Option shall make such Margin deposits as the Clearing 

Organization may require.

(c) (b) The Grantor of a Cocoa Option shall, upon being assigned an Exercise Notice in accordance 

with the Rules of the Clearing Organization, enter into an Underlying Futures Contract to sell (in the case 

of a Call) or to buy (in the case of a Put) Cocoa for delivery in the Regular or Serial Option Month's 

Underlying Futures Contract, at the Strike Price specified in such Option; provided, however, that any such 

contract entered into upon assignment of an Exercise Notice shall be entered into for the account of the 

Person having granted the Cocoa Option.

***

Rule 9.66. Obligations of CCSO Purchasers

(a) The Purchaser which purchases a CCSO on the Floor of the Exchange shall cause such CCSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Purchaser which clears a CCSO shall pay in full the Premium to the Clearing Organization in 

accordance with the Clearing Organization Rules.

(c)(b) The Purchaser of a CCSO shall, upon exercising such CCSO in accordance with the Rules, enter 

into Underlying Futures Contracts to buy the first (1st) delivery month in the CCSO and sell the second (2nd) 
delivery month in the CCSO (in the case of a Call) or to enter into Underlying Futures Contracts to sell the 

first (1st) delivery month in the CCSO and buy the second (2nd) delivery month of the CCSO (in the case of 

a Put), at a Spread Price equal to the Strike Price specified in such CCSO; provided, however, that any such 

contracts entered into upon exercise shall be entered into the account of the Person having purchased the 

CCSO.

(d)(c) Futures contracts entered into by the Purchaser of a CCSO, as provided for in paragraph (c) 

herein, shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such CCSO. 

Rule 9.67. Obligations of CCSO Grantors

(a) The Grantor which grants a CCSO on the Floor of the Exchange shall cause such CCSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Grantor of a CCSO shall make such Margin deposits as the Clearing Organization may require.

(c)(b)The Grantor of a CCSO shall, upon being assigned an Exercise Notice in accordance with the 

Clearing Organization Rules, enter into Underlying Futures Contracts to sell the first (1st) delivery month 

of the CCSO and buy the second (2nd) delivery month of a CCSO (in the case of a Call) or to enter into 

Underlying Futures Contracts to buy the first (1st) delivery month of the CCSO and sell the second (2nd) 

delivery month in the CCSO (in the case of a Put), at a Spread Price equal to the Strike Price specified in 

such CCSO; provided, however, that any such contracts entered into upon assignment of an Exercise Notice 

shall be entered into for the account of the Person having granted the CCSO.

(d)(c) Futures contracts entered into by the Grantor of a CCSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such CCSO.
ICE Futures U.S.®

, Inc.

COTTON NO. 2® RULES

TABLE OF CONTENTS

***

Rule 10.55. Obligations of Option Purchasers

(a) The Purchaser which purchases a Cotton No. 2 Option on the Floor of the Exchange shall cause 

such Option to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance 

with the Rules of the Clearing Organization.

(b) The Purchaser which clears a Cotton No. 2 Option shall pay in full the Premium to the Clearing 

Organization in accordance with the Rules of the Clearing Organization.

(c)(b)The Purchaser of a Cotton No. 2 Option shall, upon exercising such Option in accordance with 

the Rules, enter into an Underlying Futures Contract to buy (in the case of a Call) or to sell (in the case of 

a Put) cotton for delivery in the regular or serial Option Month's Underlying Futures Contract, at the Strike 

Price specified in such Option; provided, however, that any such contract entered into upon exercise shall 

be entered into for the account of the Person having purchased the Cotton No. 2 Option.

Rule 10.56. Obligations of Option Grantors

(a) The Grantor which grants a Cotton No. 2 Option on the Floor of the Exchange shall cause such 

Option to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance 

with the Rules of the Clearing Organization.

(b) The Grantor which clears a Cotton No. 2 Option shall make such Margin deposits as the Clearing 

Organization may require.

(c)(b)The Grantor of a Cotton No. 2 Option shall, upon being assigned an Exercise Notice in accordance 

with the Rules of the Clearing Organization, enter into an Underlying Futures Contract to sell (in the case 

of a Call) or to buy (in the case of a Put) Cotton for delivery in the regular or serial Option Month's 

Underlying Futures Contract, at the Strike Price specified in such Option; provided, however, that any such 

contract entered into upon assignment of an Exercise Notice shall be entered into for the account of the 

Person having granted the Cotton No. 2 Option.

***

Rule 10.74. Obligations of CTSO Purchasers

(a) The Purchaser which purchases a CTSO on the Floor of the Exchange shall cause such CTSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Purchaser which clears a CTSO shall pay in full the Premium to the Clearing Organization in 

accordance with the Clearing Organization Rules.

(c)(b)The Purchaser of a CTSO shall, upon exercising such CTSO in accordance with the Rules, enter 

into Underlying Futures Contracts to buy the first (1st) delivery month in the CTSO and sell the second (2nd) 
delivery month in the CTSO (in the case of a Call) or to enter into Underlying Futures Contracts to sell the 

first (1st) delivery month in the CTSO and buy the second (2nd) delivery month of the CTSO (in the case of 

a Put), at a Spread Price equal to the Strike Price specified in such CTSO; provided, however, that any such 

contracts entered into upon exercise shall be entered into the account of the Person having purchased the 

CTSO.

(d)(c)Futures contracts entered into by the Purchaser of a CTSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise, and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such CTSO.

Rule 10.75. Obligations of CTSO Grantors

(a) The Grantor which grants a CTSO on the Floor of the Exchange shall cause such CTSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Grantor of a CTSO shall make such Margin deposits as the Clearing Organization may require.

(c)(b) The Grantor of a CTSO shall, upon being assigned an Exercise Notice in accordance with the 

Clearing Organization Rules, enter into Underlying Futures Contracts to sell the first (1st) delivery month 

of the CTSO and buy the second (2nd) delivery month of a CTSO (in the case of a Call) or to enter into 

Underlying Futures Contracts to buy the first (1st) delivery month of the CTSO and sell the second (2nd) 

delivery month in the CTSO (in the case of a Put), at a Spread Price equal to the Strike Price specified in 

such CTSO; provided, however, that any such contracts entered into upon assignment of an Exercise Notice

shall be entered into for the account of the Person having granted the CTSO.

(d)(c)Futures contracts entered into by the Grantor of a CTSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such CTSO.
ICE Futures U.S.®

, Inc.

SUGAR NO. 11® RULES

TABLE OF CONTENTS

***

Rule 11.26. Obligations of Option Purchasers

(a) The Purchaser which purchases a Sugar Option on the Floor of the Exchange shall cause such Option 

to be submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the 

Clearing Organization Rules.

(b) The Purchaser which clears a Sugar Option shall pay in full the Premium to the Clearing 

Organization in accordance with the Clearing Organization Rules.

(c)(b) The Purchaser of a Sugar Option shall, upon exercising such Option in accordance with the Rules, 

enter into an Underlying Futures Contract to buy (in the case of a Call) or to sell (in the case of a Put) sugar 

for delivery in the Regular or Serial Option Month's Underlying Futures Contract, at the Strike Price 

specified in such Option; provided, however, that any such contract entered into upon exercise shall be 

entered into for the account of the Person having purchased the Sugar Option.

Rule 11.27. Obligations of Option Grantors

(a) The Grantor which grants a Sugar Option on the Floor of the Exchange shall cause such Option to 

be submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the 

Clearing Organization Rules.

(b) The Grantor which clears a Sugar Option shall make such Margin deposits as the Clearing 

Organization may require.

(c)(b) The Grantor of a Sugar Option shall, upon being assigned an Exercise Notice in accordance with 

the Clearing Organization Rules, enter into an Underlying Futures Contract to sell (in the case of a Call) or 

to buy (in the case of a Put) sugar for delivery in the Regular or Serial Option Month's Underlying Futures 

Contract, at the Strike Price specified in such Option; provided, however, that any such contract entered 

into upon assignment of an Exercise Notice shall be entered into for the account of the Person having 

granted the Sugar Option.

***

Rule 11.46. Obligations of SSO Purchasers

(a) The Purchaser which purchases a SSO on the Floor of the Exchange shall cause such SSO to be 

submitted by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Purchaser which clears a SSO shall pay in full the Premium to the Clearing Organization in 

accordance with the Clearing Organization Rules.

(c)(b) The Purchaser of a SSO shall, upon exercising such SSO in accordance with the Rules, enter 

into Underlying Futures Contracts to buy the first (1st) delivery month in the SSO and sell the second (2nd) 

delivery month in the SSO (in the case of a Call) or to enter into Underlying Futures Contracts to sell the 
first (1st) delivery month in the SSO and buy the second (2nd) delivery month of the SSO (in the case of a 

Put), at a Spread Price equal to the Strike Price specified in such SSO; provided, however, that any such 

contracts entered into upon exercise shall be entered into the account of the Person having purchased the 

SSO.

(d)(c) Futures contracts entered into by the Purchaser of a SSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such SSO. 

Rule 11.47. Obligations of SSO Grantors

(a) The Grantor which grants a SSO on the Floor of the Exchange shall cause such SSO to be submitted 

by a Clearing Member to the Clearing Organization for clearance in accordance with the Clearing 

Organization Rules.

(b) The Grantor of a SSO shall make such Margin deposits as the Clearing Organization may require.

(c)(b) The Grantor of a SSO shall, upon being assigned an Exercise Notice in accordance with the 

Clearing Organization Rules, enter into Underlying Futures Contracts to sell the first (1st) delivery month 

of the SSO and buy the second (2nd) delivery month of a SSO (in the case of a Call) or to enter into 

Underlying Futures Contracts to buy the first (1st) delivery month of the SSO and sell the second (2nd) 

delivery month in the SSO (in the case of a Put), at a Spread Price equal to the Strike Price specified in such 

SSO; provided, however, that any such contracts entered into upon assignment of an Exercise Notice shall 

be entered into for the account of the Person having granted the SSO.

(d)(c)Futures contracts entered into by the Grantor of a SSO, as provided for in paragraph (c) herein, 

shall have prices assigned to those futures contracts in the following manner:

(i) The first (1st) delivery month futures contract shall be assigned the price equal to the Settlement 

Price for that month on the day of exercise; and

(ii) The second (2nd) delivery month futures contract shall be assigned the price that is the 

mathematical result of the first (1st) delivery month futures contract Settlement Price, as provided for 

in subparagraph (d)(i) herein, minus the Spread Price specified in such SSO.
ICE FUTURES U.S.®

, INC.

STANDING RESOLUTIONS

R-1 Prohibition Against Harassment

WHEREAS, the Exchange is committed to a policy of providing a workplace where all employees are 

treated with dignity and respect; and

WHEREAS, the Exchange recognizes that its employees have the right to be free from racial or ethnic 

slurs, unwelcome sexual advances, or any other verbal or physical conduct which constitutes harassment; 

and

WHEREAS, for the purposes of this Resolution the Board defines harassment as unwelcome sexual 

advances and includes the following conduct:

(a) Any request or pressure for sexual favors where it is expressed or implied that an employee's 

cooperation or submission (or refusal thereof) will have any effect on the Person's employment, job 

assignment, wages, promotion, any other condition of employment, or future job opportunities, or

(b) Verbal or physical conduct of a sexual nature that is not welcomed by another, such as repeated 

sexual flirtation, advances, requests for sexual favors, innuendo, propositions, jokes or mockery, verbal 

abuse of a sexual nature, graphic verbal commentaries about an individual's body or sexually suggestive 

objects or pictures, where such conduct may reasonably have the purpose or effect of creating an 

intimidating, hostile or offensive work environment, or

(c) Any uninvited and unwelcome physical contact, or

(d) Any other conduct of a sexual nature that unreasonably interferes with an individual's work 

performance or which has the effect of creating an intimidating, hostile or offensive working 

environment.

NOW THEREFORE BE IT RESOLVED, that it shall be a violation of this Resolution to engage in any 

verbal or physical conduct against an Exchange employee contrary to this policy.

***

R-4 Sexual Harassment Awareness Course Attendance

WHEREAS, Membership Rule 2.18 and Trading Rule 4.41 provide that in order to retain floor trading 

privileges and Clerk registration, a Person must attend a Sexual Harassment Awareness Course within a 

specific period of time otherwise their privileges and registration would be suspended until such time as the 

Member or Clerk complies with the requirement; and

WHEREAS, the President is authorized to extend the period of time a Person has to satisfy this 

requirement; and

WHEREAS, a significant number of Clerks have failed to satisfy this requirement; and

WHEREAS, the Board wishes to provide an incentive for Members and Clerks who have failed to satisfy 

this requirement to do so while continuing to have access to the Trading Floor;

NOW, THEREFORE, BE IT RESOLVED, that effective June 10, 2004 any Member or Clerk who is 

granted an extension of time to satisfy the requirement to attend a Sexual Harassment Awareness Course 

shall pay a fee of $100 for each week of such extension that he wishes to gain access to the Trading Floor.