55 East 52nd Street

New York, New York 10055

Submission No. 19-236

July 12, 2019

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: New Crude Outright - Permian WTI Trade Month Future and Related Amendments (44 of 

48)

Submission Pursuant to Section 5c(c)(1) of the Act and Regulation 40.2 

Dear Mr. Kirkpatrick:

Pursuant to Commission Regulations 40.2, ICE Futures U.S., Inc. (“Exchange”) submits, by 

written certification, new Rules 18.A.234-18.A.248, 18.B.348-18.B.350, 18.E.133-18.E.141, 19.A.38-

19.A.41, 19.B.16-19.B.18, 19.C.111-19.C.117, amendments to Rules 18.D.011, 18.D.022, 18.D.024, 

18.E.047, 18.E.067, and 18.E.072, amendments to Resolutions 1 and 2 of Chapter 18, and amendments to 

Resolutions 1 and 2 of Chapter 19. The new rules and amendments provide for 35 new futures contracts 

and 13 new options on futures contracts, which will be listed on or about July 29, 2019, or such other date 

as the Exchange shall determine which shall be no sooner than the second business day following the 

business day on which this submission is received by the Commission.

New Financial Gas Futures Contracts

The Exchange is listing four new basis futures and four new index futures that complement its existing 

suite of Financial Gas contracts for the El Paso West Texas, Tennessee Zone 4 200 Leg, and Tennessee 

Zone 6 200 Leg North and South price hubs. The basis futures are monthly cash settled futures based 

upon the difference between the monthly price for natural gas at the various hubs published by Platts for 

Inside FERC and the NYMEX Henry Hub Natural Gas Futures contract. The contracts will reach expiry 

at the close of business on the last business day prior to the first calendar day of the contract period. The 

index futures are monthly cash settled futures based on the difference between the monthly price for 

natural gas at the various price hubs published by Platts for Inside FERC and the average of daily prices 

published by Platts in Gas Daily for the relevant contract period. The contracts will cease trading on the 

last business day prior to the first calendar day of the contract period.

The Exchange is listing seven new swing futures that complement its existing suite of Financial Gas 

contracts for the Cheyenne, Consumers, El Paso West Texas, Kern Delivered, Tennessee Zone 4 200L, 

Tennessee Zone 6 200 Leg North and South price hubs. The swing futures are daily cash settled futures 

based upon the price for natural gas at the various price hubs. The contract will reach expiry on the 

business day prior to the contract period. The futures will cash settle to the price published by Platts in 

Gas Daily for the relevant contract period for natural gas at the various price hubs.
The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contracts are 

similar to other Financial Gas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 18.A.234-

18.A.248 list the new futures contracts. The Exchange has set spot month position limits, and single and 

all month accountability levels consistent with similar Financial Gas contracts. A deliverable supply 

analysis detailing the methodology the Exchange used to determine spot month position limits for the 

Cheyenne, Consumers, El Paso West Texas, Kern Delivered, Tennessee Zone 4 200 Leg, Tennessee Zone 

6 200 Leg North and South price hub-related basis, index, and/or swing futures contracts is attached to 

this submission as Exhibit B.

New Financial Power Fixed Price Futures Contracts

The Exchange is listing three new Financial Power fixed price futures. First, the ISO New England 

Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future, a daily cash settled future based 

upon the mathematical average peak hourly day-ahead electricity prices published by ISO New England 

for the Massachusetts Hub. The contract’s last trading day will be the last business day prior to the 

contract period. Positions in the ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed 

Price Future will be positively aggregated with and subject to the position limits and single and allmonths-combined accountability levels of the ISO New England Massachusetts Hub Day-Ahead Peak 

Fixed Price Future.

The Exchange is also listing two new Financial Power fixed price futures, the PJM 

COMED_RESID_AGG Day-Ahead Peak Fixed Price Future and the PJM COMED_RESID_AGG DayAhead Off-Peak Fixed Price Future, monthly cash settled futures based upon the mathematical average of 

peak or off-peak hourly electricity prices related to residual metered load prices published by PJM for the 

COMED_RESID_AGG hub. The contracts’ last trading day will be the last business day of the contract 

month.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contracts are 

similar to other Financial Power contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 18.B.348-

18.B.350 list the new futures contracts. For the ISO New England Massachusetts Hub Day-Ahead Peak 

Daily Mini Fixed Price Future, the Exchange has set spot month position limits, and single and all month 

accountability levels consistent with similar Financial Power contracts that reference the price hubs. A 

deliverable supply analysis detailing the methodology the Exchange used to determine spot month 

position limits for the PJM COMED_RESID_AGG Peak Fixed Price Future and PJM 

COMED_RESID_AGG Off-Peak Fixed Price Future contracts is attached to this submission as Exhibit 

B.

Physical Environmental Futures and Options Contracts

a. Regional Renewable Energy Certificate and Solar Renewable Energy Certificate Options 

The Exchange is listing nine new European-style options contracts calling for the delivery of Renewable 

Energy Certificates and Solar Renewable Energy Certificates (“RECs” or “SRECs”) based on existing 

REC and SREC futures contracts listed by the Exchange. The options will reach expiry at 4:00 p.m. 

(EPT) on the 15th calendar day of the delivery month. If the 15th calendar day is not a business day, then 

the expiry day will be the first business day following the 15th calendar day of the delivery month. New 
Exchange Rules 18.E.133-18.E.141 list the new options on futures contracts. Positions held in the options 

contract will be aggregated with the underlying future for purposes of position limits and accountability.

b. California Carbon Allowance Vintage and Vintage Specific Futures and Options

California Carbon Allowance Vintage Specific (“CCAVS”) futures contracts are carbon emission 

allowance contracts. The Exchange currently lists vintage-specific futures contracts for the 2017 through 

2022 vintage-years. The term “vintage” identifies the compliance year for which an allowance is 

designated. The deliverable instruments for the existing CCAVS contracts are California Carbon 

Allowances equal to the contract size, delivered through the California MTS, which have a vintage 

corresponding to the specific vintage year only. The CCAVS futures contract is for vintage year 2023. 

Amendments to Exchange Rule 18.D.024 list the 2023 Vintage Specific futures contract, while 

amendments to Exchange Rule 18.E.072 list the 2022 Vintage Specific option on futures contract.

California Carbon Allowance (“CCA”) futures contracts are carbon emission allowance contracts. The 

Exchange currently lists futures contracts for the 2013 through 2022 vintage-years. The deliverable 

instruments for the existing CCA contracts are California Carbon Allowances equal to the contract size, 

delivered through the California MTS, which have a vintage corresponding to the specific vintage year or 

prior to the specific vintage year. Amendments to Exchange Rule 18.D.022 list the 2023 vintage-year for 

the futures, while amendments to Exchange Rule 18.E.067 list the 2023 vintage-year for the options.

The contract size, minimum price fluctuation, Interval Price Limit (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the California 

Carbon Allowance Vintage and Vintage Specific Futures and Options contracts are similar to other 

Physical Environmental contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. Position limits and accountability 

levels have been set at levels consistent with existing Physical Environmental futures contracts currently 

listed by the Exchange. Additionally, options positions in the contracts listed above will be aggregated for 

position limit and accountability purposes with the futures contracts underlying the option.

c. Regional Greenhouse Gas Initiative Future and Option

The Exchange is listing one new future and option contract calling for the delivery of Regional

Greenhouse Gas Initiative CO2 Allowances having a vintage of 2023 and allowances having a vintage of 

any year prior to the 2023 vintage year. The amendments to Exchange Rule 18.D.011 include the new 

2023 vintage to the tradable futures markets available. Additionally, the Exchange is listing one 

European-style option on the new future. The option will reach expiry at 4:00 p.m. (EPT) on the 15th

calendar day of the delivery month. If the 15th calendar day is not a business day, then the expiry day will 

be the first business day following the 15th calendar day of the delivery month. Amendments to Exchange 

Rule 18.E.047 include the new 2023 vintage to the tradable options markets available. Positions held in 

the options contract will be aggregated with the underlying future for purposes of position limits and 

accountability.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the futures and 

options contracts are similar to other Physical Environmental contracts listed by the Exchange. The listing 

cycle and other relevant specifications are provided in the contract specifications in Exhibit A. 

Amendments to Exchange Rules 18.D.011 and 10.E.047 list 2023 vintage for the futures and options 

contracts, respectively. Position limits and accountability levels are similar to other futures and options 

contracts referencing the delivery of Regional Greenhouse Gas Initiative Allowances.
Oil Americas Futures and Options Contracts

a. NYH ULSHO 1st Line Outright and Differential Futures

The Exchange is listing one outright monthly cash settled futures contract, Heating Oil Outright - NYH 

ULSHO 1st Line Future, based on the daily settlement price for the ICE NYH ULSHO Futures traded on 

ICE Futures Europe. The futures contract will cease trading on the last trading day of the contract month 

and cash settle (USD and cents per barrel) to the average of the settlement prices as made public by ICE 

for the front month NYH ULSHO Future for the month of production. The future will have a contract size 

of 1,000 barrels, which is consistent with other Oil Americas futures.

Additionally, the Exchange is listing six monthly cash settled futures contracts based on the differential 

between the ICE NYH ULSHO 1st Line Future and various relevant heating oil, jet fuel, and diesel prices 

and assessments. The Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future is based 

on the difference between the Platts daily assessment for Gulf Coast Jet 54 Pipeline and the ICE 

settlement price for NYH ULSHO 1st Line Future. The Diesel Diff - Gulf Coast ULSH (Platts) vs NYH 

ULSHO 1st Line Future is based on the difference between the Platts daily assessment price for Gulf 

Coast ULSD and the ICE settlement price for NYH ULSHO 1st Line Future. The Heating Oil Arb - NYH 

ULSHO 1st Line vs Low Sulphur Gasoil 1st Line Future (in Bbls) is based on the difference between the 

ICE settlement price for NYH ULSHO 1st Line Future and the ICE settlement price for Low Sulphur 

Gasoil 1st Line Future. The Heating Oil Crack - NYH ULSHO 1st Line vs Brent 1

st Line Future (in Bbls) 

is based on the difference between the ICE settlement price for NYH ULSHO 1st Line Future and the ICE 

settlement price for Bren 1st Line Future (in Bbls). The Heating Oil Crack - NYH ULSHO 1st Line vs 

WTI 1st Line Future (in Bbls) is based on the difference between the settlement price for NYH ULSHO 1st

Line Future and the settlement price for WTI 1st Line Future. The Heating Oil Crack - NYH ULSHO 1st

Line vs Permian WTI 1st Line Future (in Bbls) is based on the difference between the settlement price for 

NYH ULSHO 1st Line Future and the settlement price for WTI 1st Line Future. Generally, the futures will 

cash settle to the difference (USD and cents per barrel) between the average of the settlement prices as 

made public by ICE for the front month NYH ULSHO 1st Line Future contract and the average of the 

settlement prices as made public by ICE for the various relevant heating oil, jet fuel, and diesel 1st line 

futures for each business day in the determination period. The contracts will cease trading on the last 

trading day of the contract month. The futures will all have a contract size of 1,000 barrels, which is 

consistent with other Oil Americas differential futures.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contract are 

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 19.A.38, 

19.B.16-19.B.18, and 19.C.111-19.C.113 list the new futures contracts. A Deliverable Supply Analysis 

detailing the methodology the Exchange used to determine the spot month position limits for the 

aforementioned contracts is attached hereto as Exhibit B.

b. Permian WTI 1st Line Differential Futures

The Exchange is listing three monthly cash settled futures based on the differential between the ICE 

Permian WTI 1st Line Future and various 1st line futures or price assessments. The Crude Diff - Permian 

WTI 1st Line vs Bren 1st Line Future is based on the difference between the ICE settlement price for 

Permian WTI 1st Line Future and the ICE settlement price for Brent 1st Line Future. The Crude Diff -

Permian WTI 1st Line vs WTI 1st Line Future is based on the difference between the ICE settlement price 

for the Permian WTI 1st Line Future and the ICE settlement price for the WTI 1st Line Future. The Crude 

Diff - Permian 1st Line vs Dubai 1st Line (Platts) Future is based on the difference between the ICE daily 

settlement price for Permian WTI 1st Line Future and the Platts daily assessment price for prompt Dubai. 
The Crude Diff - Permian WTI 1st Line vs Bren 1st Line Future and the Crude Diff - Permian WTI 1st Line 

vs WTI 1st Line Future will cash settle to the difference (USD and cents per barrel) between the average 

of the settlement prices as made public by ICE for the front month Permian WTI Future and the average 

of the settlement prices as made public by ICE for the front month ICE Brent Future and ICE WTI Future, 

respectively, for each business day in the determination period. The Crude Diff - Permian WTI 1st Line vs 

Dubai 1st Line (Platts) Future will cash settle to the difference (USD and cents per barrel) between the 

average of the settlement price as made public by ICE for the front month Permian WTI Future contract 

and the average of the “Mid” quotations appearing in Platts Crude Oil Marketwire for Dubai for each 

business day in the determination period. All three contracts will cease trading on the last trading day of 

the contract month. The futures will have a contract size of 1,000 barrels, which is consistent with other 

Oil Americas differential futures.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contract are 

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 19.C.114-

19.C.116 list the new futures contracts. The spot month position limit and single and all month 

accountability levels have been set consistent with the Crude Outright - Permian WTI 1st Line Future and 

for other Exchange futures that reference NYMEX WTI.

c. Permian WTI Trade Month Futures

The Exchange is listing two monthly cash settled futures contract based on the price of Permian WTI. The 

first, the Crude Outright - Permian WTI Trade Month Future, is a trade month cash settled future based on 

the daily settlement price for Permian WTI Futures. The contract will cash settle (in USD and cents per 

barrel) based on the average of the settlement prices as made public by ICE for the front month Permian 

WTI Futures contract for each business day in the determination period. The second, the Crude Diff -

Permian WTI Trade Month vs WTI Trade Month Future, is a trade month cash settled future baed on the 

ICE daily settlement price for Permian WTI Trade Month Future and the ICE daily settlement price for 

WTI Trade Month Future. The contract will cash settle (in USD and cents per barrel) based on the 

difference between the average of the settlement prices as made public by ICE for the front month 

Permian WTI Trade Month Future contract and the average of the settlement prices as made public by 

ICE for the front month ICE WTI Trade Month Future contract for each business day in the determination 

period. The contracts will cease trading at the close of trading on the last business day that falls on or 

before the 25th calendar day of the month prior to the contract month. If the 25th calendar day is a 

weekend or holiday, trading shall cease on the first business day prior to the 25th calendar day. The futures 

will have a contract size of 1,000 barrels, which is consistent with other Oil Americas futures.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contract are 

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 19.A.39 and 

19.C.117 list the new futures contracts. The spot month position limit and single and all month 

accountability levels have been set consistent with the Crude Outright - Permian WTI 1st Line Future and 

with other Exchange futures that reference NYMEX WTI.

d. Argus WTI Houston Futures and Options

The Exchange is listing one monthly cash settled futures contract and one European-style monthly 

average price options contract based on the price of the Argus daily assessment price for WTI Houston 

(1st Month). The future, the Crude Outright - Argus WTI Houston Future, is a monthly future that will 
cash settle based on the average of the quotations appearing in the Argus Crude report under the heading 

“US Gulf Coast and Midcontinent”, subheading “Weighted Average” for “WTI Houston” for each 

business day in the determination period. The contract will cease trading on the last trading day of the 

contract month. The options contract, the Crude Outright - Argus WTI Houston Average Price Option, is 

an average price option based on the underlying Crude Outright - Argus WTI Houston Future and will 

automatically exercise into the Crude Outright - Argus WTI Houston Future at 19:30 London Time 

(14:30 EST) on the day of expiry, the last trading day of the contract month. The future and option will 

have a contract size of 1,000 barrels, which is consistent with other Oil Americas futures.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL rec alculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contract are 

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 19.A.40 and 

19.F.35 list the new futures and options on futures contracts, respectively, for trading. A Deliverable 

Supply Analysis detailing the methodology the Exchange used to determine the spot month position 

limits for the aforementioned futures contract is attached hereto as Exhibit B. The option contract’s spot 

month position limits and single and all month accountability levels have been set at levels consistent 

with the underlying future and will be aggregated for position limit and accountability purposes.

e. WTI Cushing Trade Month Future

The Exchange is listing one monthly cash settled future based on the daily settlement prices for NYMEX 

WTI Futures. The trade month future will cash settle (in USD and cents per barrel) based on the average 

of the settlement prices as made public by NYMEX for the front month WTI Futures contract for each 

business day in the determination period. The contract will cease trading at the close of trading on the last 

business day that falls on or before the 25th calendar day of the month prior to the contract month. If the 

25th calendar day is a weekend or holiday, trading shall cease on the first business day prior to the 25th

calendar day. The contract’s size is 1,000 barrels, which is consistent with other Oil Americas futures.

The contract size, minimum price fluctuation, Interval Price Limits (IPLs) and IPL recalculation times, 

No-Cancellation Ranges (NCRs), spot month position limits and single and all month accountability 

levels are provided in relevant documents attached as Exhibit A. All relevant terms of the contract are 

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rule 19.A.41 lists 

the new future. The position limits and accountability levels have been set at levels consistent with similar 

Oil Americas futures contracts currently listed by the Exchange that reference WTI crude oil.

New Options Contracts

As indicated above, the Exchange is listing 13 new options contracts based on the price of an underlying 

futures contract currently listed by the Exchange or included in this submission. The contract sizes, 

minimum price fluctuations, No-Cancellation Ranges (NCRs), spot month position limits and single and 

all month accountability levels are provided in relevant documents attached as Exhibit A. All relevant 

terms of the contracts are similar to other Physical Environmental and Oil Americas options contracts 

currently listed by the Exchange. The listing cycle and other relevant specifications are provided in the 

contract specifications in Exhibit A. New Exchange Rules 18.E.133-18.E.141 and 19.F.35, as well as 

amendments to Exchange Rules 18.E.047, 18.E.067, and 18.E.072 list the new options contracts. The 

position limits for the options contracts will be based on the position limits for the futures contracts 

underlying the options. Positions held in the options contracts will be aggregated with any positions held 

in the underlying futures market.

Certifications
The new rules and rule amendments will become effective with the listing of the new futures and options

contracts. The Exchange is not aware of any substantive opposing views to the new futures and options

contracts. The Exchange certifies that the new contract rules and rule amendments comply with the 

requirements of the Act and the rules and 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 listing of the contracts complies with the following relevant Core Principles:

COMPLIANCE WITH RULES

The terms and conditions of the new futures and options contracts are set forth in new Rules 

18.A.234-18.A.248, 18.B.348-18.B.350, 18.E.133-18.E.141, 19.A.38-19.A.41, 19.B.16-19.B.18, 

19.C.111-19.C.117, 19.F.35, amendments to Rules 18.D.011, 18.D.022, 18.D.024, 18.E.047, 

18.E.067, and 18.E.072, amendments to Resolutions 1 and 2 of Chapter 18, and amendments to 

Resolutions 1 and 2 of Chapter 19, and will be enforced by the Exchange. In addition, trading of 

the contracts are subject to all relevant Exchange rules which are enforced by the Market 

Regulation Department. 

CONTRACTS NOT READILY SUBJECT TO MANIPULATION

The new futures and options contracts are not readily subject to manipulation as they are based on 

established and liquid underlying cash markets. In addition, trading of the new contracts will be 

monitored by the Market Regulation Department. 

POSITION LIMITS OR ACCOUNTABILITY

Positions in the new futures and options contracts will be subject to position limits and 

accountability levels set by the Exchange. As described above, such position limits are based 

upon existing levels set for substantially similar products or are based upon the deliverable supply 

in the cash market. A Deliverable Supply Analysis is attached hereto as Exhibit B. Positions in 

the new options will be aggregated with the underlying futures contracts and subject to the 

position limits in place for the underlying futures contracts.

FINANCIAL INTEGRITY OF CONTRACTS

The new futures and options contracts will be cleared by ICE Clear Europe, a registered 

derivatives clearing organization subject to Commission regulation, and carried by registered 

futures commission merchants qualified to handle customer business. 

The Exchange further certifies that, concurrent with this filing, a copy of this submission was 

posted on the Exchange’s website and may be accessed at (https://www.theice.com/futures-us/regulation). 

If you have any questions or need further information, please contact me at 312-836-6745 or at 

patrick.swartzer@theice.com.

Sincerely,

Patrick Swartzer

Manager

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

Rule Contract Name Commodity Code

Contract 

Size Unit of Trading

Minimum 

Tick [1]

IPL 

Amount

IPL Recalc

Time 

(Seconds)

IPL Hold 

Period 

(Seconds) NCR

18.A.234 Cheyenne Hub Swing Future CVQ 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.235 Consumers Swing Future CVR 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.236 EP West Texas Basis Future EWB 2,500 MMBtu 0.0001 $4.00 3 5

20% of Basis/Spread FMV up to 0.05 

Minimum: 0.02; Maximum: 0.05

18.A.237 EP West Texas Index Future EWI 2,500 MMBtu 0.0001 $0.20 3 5 $0.02

18.A.238 EP West Texas Swing Future EWS 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.239 Kern Delivered Swing Future KSS 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.240 Tennessee Zone 4 200L Basis Future TNC 2,500 MMBtu 0.0001 $4.00 3 5

20% of Basis/Spread FMV up to 0.05 

Minimum: 0.02; Maximum: 0.05

18.A.241 Tennessee Zone 4 200L Index Future TND 2,500 MMBtu 0.0001 $0.20 3 5 $0.02

18.A.242 Tennessee Zone 4 200L Swing Future TNE 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.243 Tennessee Zone 6 200L North Basis Future TNJ 2,500 MMBtu 0.0001 $4.00 3 5

20% of Basis/Spread FMV up to 0.05 

Minimum: 0.02; Maximum: 0.05

18.A.244 Tennessee Zone 6 200L North Index Future TNK 2,500 MMBtu 0.0001 $0.20 3 5 $0.02

18.A.245 Tennessee Zone 6 200L North Swing Future TNL 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.A.246 Tennessee Zone 6 200L South Basis Future TNQ 2,500 MMBtu 0.0001 $4.00 3 5

20% of Basis/Spread FMV up to 0.05 

Minimum: 0.02; Maximum: 0.05

18.A.247 Tennessee Zone 6 200L South Index Future TNR 2,500 MMBtu 0.0001 $0.20 3 5 $0.02

18.A.248 Tennessee Zone 6 200L South Swing Future TNS 2,500 MMBtu 0.0001 $4.00 3 5 $0.05

18.B.348 ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future NEZ 16 MWh 0.01 $120.00 3 5 $5.00

18.B.349 PJM COMED_RESID_AGG Day-Ahead Peak Fixed Price Future COM 1 MW 0.01 $30.00 3 5 $5.00

18.B.350 PJM COMED_RESID_AGG Day-Ahead Off Peak Fixed Price Future COO 1 MW 0.01 $30.00 3 5 $5.00

18.D.022 California Carbon Allowance Vintage 2023 Future CB1 1,000

California 

Carbon 

Allowances

0.01 $2.50 3 5 $0.25

18.D.024 California Carbon Allowance Specific Vintage 2023 Future CC3 1,000

California 

Carbon 

Allowances

0.01 $2.50 3 5 $0.25

18.D.011 Regional Greenhouse Gas Initiative Vintage 2023 Future RJ3 1,000 RGGI CO2

Allowances 0.01 $1.00 3 5 $0.10

18.E.067 Option on California Carbon Allowance Vintage 2023 Future CB1 1

California 

Carbon 

Allowances 

0.001 N/A N/A N/A 20% of Premium FMV up to 0.25

Minimum: 0.01; Maximum: 0.25
Futures

18.E.072 Option on California Carbon Allowance Vintage Specific 2023 Future CC31

California 

Carbon 

Allowances 

Futures

0.001 N/A N/A N/A 20% of Premium FMV up to 0.25

Minimum: 0.01; Maximum: 0.25

18.E.047 Option on Regional Greenhouse Gas Initiative Future Vintage 2023 RJ31 RGGI Futures 0.01 N/A N/A N/A 20% of Premium FMV up to 0.10

Minimum: 0.05; Maximum: 0.10

18.E.133 Option on Connecticut Compliance Renewable Energy Certificate Class I Future CTT1

Connecticut 

Compliance 

Renewable 

Energy 

Certificate 

Class I Future

0.01 N/A N/A N/A 20% of Premium FMV up to 1.00

Minimum: 0.05; Maximum: 1.00

18.E.134 Option on Maryland Compliance Renewable Energy Credit Tier 1 Future MDE1

Maryland 

Compliance 

Renewable 

Energy Credit 

Tier 1 Future

0.01 N/A N/A N/A 20% of Premium FMV up to 0.25

Minimum: 0.05; Maximum: 0.25

18.E.135 Option on Maryland Solar Renewable Energy Credit Future MDX1

Maryland Solar 

Renewable 

Energy Credit 

Future

0.01 N/A N/A N/A 20% of Premium FMV up to 5.00

Minimum: 0.50; Maximum: 5.00

18.E.136 Option on Massachusetts Compliance Renewable Energy Certificate Class I Future MCL1

Massachusetts 

Compliance 

Renewable 

Energy 

Certificate 

Class 1 Future

0.01 N/A N/A N/A 20% of Premium FMV up to 1.00

Minimum: 0.05; Maximum: 1.00

18.E.137 Option on Massachusetts Solar Renewable Energy Certificate Carve Out I Future MSF1

Massachusetts 

Solar 

Renewable 

Energy 

Certificate 

Carve Out I 

Future

0.01 N/A N/A N/A 20% of Premium FMV up to 5.00

Minimum: 0.50; Maximum: 5.00

18.E.138 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future MS21

Massachusetts 

Solar 

Renewable 

Energy 

Certificate 

Carve Out II 

Future

0.01 N/A N/A N/A 20% of Premium FMV up to 5.00

Minimum: 0.50; Maximum: 5.00

18.E.139 Option on New Jersey Compliance Renewable Energy Certificate Class I Future NJN1

New Jersey 

Compliance 

Renewable 

Energy 

Certificate 

Class I Future

0.01 N/A N/A N/A 20% of Premium FMV up to 0.25

Minimum: 0.05; Maximum: 0.25
18.E.140 Option on Pennsylvania Compliance Alternative Energy Credit Tier I Future PAR 1

Pennsylvania 

Compliance 

Alertnative 

Energy Credit 

Tier I Future

0.01 N/A N/A N/A 20% of Premium FMV up to 0.25

Minimum: 0.05; Maximum: 0.25

18.E.141 Option on Pennsylvania Solar Alternative Energy Credit Future PAX 1

Pennsylvania 

Solar 

Alternative 

Energy Credit 

Future

0.01 N/A N/A N/A 20% of Premium FMV up to 5.00

Minimum: 0.50; Maximum: 5.00

19.A.38 Heating Oil Outright - NYH ULSHO 1st Line Future NYF 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.C.111 Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future NYJ 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.C.112 Diesel Diff - Gulf Coast ULSD (Platts) vs NYH ULSHO 1st Line Future NYD 1,000 Barrels 0.0001 $6.25 3 5 $0.008

19.C.113 Heating Oil Arb - NYH ULSHO 1st Line vs Low Sulphur Gasoil 1st Line Future (in 

Bbls) NYG 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.B.16 Heating Oil Crack - NYH ULSHO 1st Line vs Brent 1st Line Future (in Bbls) NYH 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.B.17 Heating Oil Crack - NYH ULSHO 1st Line vs WTI 1st Line Future (in Bbls) NYW 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.B.18 Heating Oil Crack - NYH ULSHO 1st Line vs Permian WTI 1st Line Future (in Bbls) NYP 1,000 Barrels 0.0001 $6.25 3 5 $0.25

19.C.114 Crude Diff - Permian WTI 1st Line vs Brent 1st Line Future HOV 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.C.115 Crude Diff - Permian WTI 1st Line vs WTI 1st Line Future HOW 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.C.116 Crude Diff - Permian WTI 1st Line vs Dubai 1st Line (Platts) Future HOX 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.A.39 Crude Outright - Permian WTI Trade Month Future HOY 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.C.117 Crude Diff - Permian WTI Trade Month vs WTI Trade Month Future HOZ 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.A.40 Crude Outright - Argus WTI Houston Future AFW 1,000 Barrels 0.001 $6.25 3 5 $0.25

19.F.35 Crude Outright - Argus WTI Houston Average Price Option AFW 1,000 Barrels 0.001 N/A N/A N/A 25% of Premium up to 1.00

Minimum: 0.10; Maximum: 1.00

19.A.41 Crude Outright - WTI Cushing Trade Month Future WTC 1,000 Barrels 0.001 $6.25 3 5 $0.25

[1] The minimum fluctuation for the above futures and options contracts may differ depending on trade type.
Resolution No. 1 - Minimum Price Fluctuation Table

The following minimum price fluctuations shall be applicable to Energy Contracts.

Rule 

Number Product

Minimum Price 

Fluctuations

Screen

Blocks 

and 

other 

trades 

outside 

the 

central 

limit 

order 

book

* * *

18.A.234 Cheyenne Hub Swing Future 0.001 0.001

18.A.235 Consumers Swing Future 0.001 0.001

18.A.236 EP West Texas Basis Future 0.0005 0.0001

18.A.237 EP West Texas Index Future 0.0005 0.0001

18.A.238 EP West Texas Swing Future 0.001 0.001

18.A.239 Kern Delivered Swing Future 0.001 0.001

18.A.240 Tennessee Zone 4 200L Basis Future 0.0005 0.0001

18.A.241 Tennessee Zone 4 200L Index Future 0.0005 0.0001

18.A.242 Tennessee Zone 4 200L Swing Future 0.001 0.001

18.A.243 Tennessee Zone 6 200L North Basis Future 0.0005 0.0001

18.A.244 Tennessee Zone 6 200L North Index Future 0.0005 0.0001

18.A.245 Tennessee Zone 6 200L North Swing Future 0.001 0.001

18.A.246 Tennessee Zone 6 200L South Basis Future 0.0005 0.0001

18.A.247 Tennessee Zone 6 200L South Index Future 0.0005 0.0001

18.A.248 Tennessee Zone 6 200L South Swing Future 0.001 0.001

18.B.348 ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future 0.05 0.01

18.B.349 PJM COMED_RESID_AGG Day-Ahead Peak Fixed Price Future 0.05 0.01

18.B.350 PJM COMED_RESID_AGG Day-Ahead Off Peak Fixed Price Future 0.05 0.01

18.D.022 California Carbon Allowance Future - Vintage [2019-2021] 2019-2023 0.01 0.01

18.D.024 California Carbon Allowance Vintage Specific Future - Vintages [2017-2021] 2017-2023 0.01 0.01

18.D.011 Regional Greenhouse Gas Initiative Futures – Vintages [2009 – 2021] 2009 - 2023 0.01 0.01

18.E.067 Option on California Carbon Allowance Future - Vintage [2019-2022] 2019-2023 0.01 0.01

18.E.072 Option on California Carbon Allowance Vintage Specific Future - Vintages [2017-2022] 2017-2023 0.01 0.01

18.E.047 Option on Regional Greenhouse Gas Initiative Futures - Vintages [2013-2021] 2013-2023 0.01 0.01

18.E.133 Option on Connecticut Compliance Renewable Energy Certificate Class I Future 0.01 0.01

18.E.134 Option on Maryland Compliance Renewable Energy Credit Tier 1 Future 0.01 0.01

18.E.135 Option on Maryland Solar Renewable Energy Credit Future 0.01 0.01

18.E.136 Option on Massachusetts Compliance Renewable Energy Certificate Class I Future 0.01 0.01

18.E.137 Option on Massachusetts Solar Renewable Energy Certificate Carve Out I Future 0.01 0.01

18.E.138 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future 0.01 0.01

18.E.139 Option on New Jersey Compliance Renewable Energy Certificate Class I Future 0.01 0.01
18.E.140 Option on Pennsylvania Compliance Alternative Energy Credit Tier I Future 0.01 0.01

18.E.141 Option on Pennsylvania Solar Alternative Energy Credit Future 0.01 0.01

* * *
Resolution No. 1 - Minimum Price Fluctuation Table

The following minimum price fluctuations shall be applicable to Oil Contracts.

Rule Number Product

Minimum Price 

Fluctuations

Screen

Blocks and 

other trades 

outside the 

central limit 

order book

* * *

19.A.38 Heating Oil Outright - NYH ULSHO 1st Line Future 0.0005 0.0001

19.C.111 Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future 0.0005 0.0001

19.C.112 Diesel Diff - Gulf Coast ULSD (Platts) vs NYH ULSHO 1st Line Future 0.0005 0.0001

19.C.113 Heating Oil Arb - NYH ULSHO 1st Line vs Low Sulphur Gasoil 1st Line Future 

(in Bbls) 0.0005 0.0001

19.B.16 Heating Oil Crack - NYH ULSHO 1st Line vs Brent 1st Line Future (in Bbls) 0.01 0.01

19.B.17 Heating Oil Crack - NYH ULSHO 1st Line vs WTI 1st Line Future (in Bbls) 0.01 0.01

19.B.18 Heating Oil Crack - NYH ULSHO 1st Line vs Permian WTI 1st Line Future (in 

Bbls) 0.01 0.01

19.C.114 Crude Diff - Permian WTI 1st Line vs Brent 1st Line Future 0.01 0.01

19.C.115 Crude Diff - Permian WTI 1st Line vs WTI 1st Line Future 0.01 0.01

19.C.116 Crude Diff - Permian WTI 1st Line vs Dubai 1st Line (Platts) Future 0.01 0.01

19.A.39 Crude Outright - Permian WTI Trade Month Future 0.01 0.01

19.C.117 Crude Diff - Permian WTI Trade Month vs WTI Trade Month Future 0.01 0.01

19.A.40 Crude Outright - Argus WTI Houston Future 0.01 0.01

19.F.35 Crude Outright - Argus WTI Houston Average Price Option 0.01 0.01

19.A.41 Crude Outright - WTI Cushing Trade Month Future 0.01 0.01

* * *
Resolution No. 2 – Position Limit/Accountability Table

Rule Contract Name

Commodity

Code Contract Size Unit of Trading Spot Month Limit

Single Month 

Accountability 

Lev el

All Month 

Accountability 

Lev el

Aggregate 

1 (Positiv e 

Correlation)

Aggregate 

2 (Negativ e 

Correlation)

Exchange 

Reportable 

Lev el

18.A.234 Cheyenne Hub Swing Future CVQ 2,500 MMBtu 24,800 24,800 24,800 CVQ 1

18.A.235 Consumers Swing Future CVR 2,500 MMBtu 10,000 10,000 10,000 CVR 1

18.A.236 EP West Texas Basis Future EWB 2,500 MMBtu 25,700 25,700 25,700 EWB 25

18.A.237 EP West Texas Index Future EWI 2,500 MMBtu 25,700 25,700 25,700 EWS EWB 25

18.A.238 EP West Texas Swing Future EWS 2,500 MMBtu 25,700 25,700 25,700 EWS 1

18.A.239 Kern Delivered Swing Future KSS 2,500 MMBtu 6,200 6,200 6,200 KSS 1

18.A.240 Tennessee Zone 4 200L Basis Future TNC 2,500 MMBtu 8,400 8,400 8,400 TNC 25

18.A.241 Tennessee Zone 4 200L Index Future TND 2,500 MMBtu 8,400 8,400 8,400 TNE TNC 25

18.A.242 Tennessee Zone 4 200L Swing Future TNE 2,500 MMBtu 8,400 8,400 8,400 TNE 1

18.A.243 Tennessee Zone 6 200L North Basis Future TNJ 2,500 MMBtu 7,200 7,200 7,200 TNJ 25

18.A.244 Tennessee Zone 6 200L North Index Future TNK 2,500 MMBtu 7,200 7,200 7,200 TNL TNJ 25

18.A.245 Tennessee Zone 6 200L North Swing Future TNL 2,500 MMBtu 7,200 7,200 7,200 TNL 1

18.A.246 Tennessee Zone 6 200L South Basis Future TNQ 2,500 MMBtu 4,100 4,100 4,100 TNQ 25

18.A.247 Tennessee Zone 6 200L South Index Future TNR 2,500 MMBtu 4,100 4,100 4,100 TNS TNQ 25

18.A.248 Tennessee Zone 6 200L South Swing Future TNS 2,500 MMBtu 4,100 4,100 4,100 TNS 1

18.B.348 ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed 

Price Future NEZ 16 MWh 150,000 150,000 500,000 NEP 1

18.B.349 PJM COMED_RESID_AGG Day-Ahead Peak Fixed Price Future COM 1 MW 2,900 2,900 2,900 COM 1

18.B.350 PJM COMED_RESID_AGG Day-Ahead Off Peak Fixed Price Future COO 1 MW 2,800 2,800 2,800 COO 1

18.D.022 California Carbon Allowance Vintage 2023 Future CB1 1,000 California Carbon 

Allowances 25,000 25,000 30,000 CB1 25

18.D.024 California Carbon Allowance Specific Vintage 2023 Future CC3 1,000 California Carbon 

Allowances 4,500 4,500 4,500 CC3 25

18.D.011 Regional Greenhouse Gas Initiative Vintage 2023 Future RJ3 1,000 RGGI CO2 Allowances 25,000 25,000 25,000 RJ3 25

18.E.067 Option on California Carbon Allowance Vintage 2023 Future CB1 1

California Carbon 

Allowances Futures 25,000 25,000 30,000 CB1 25

18.E.072 Option on California Carbon Allowance Vintage Specific 2023 Future CC3 1

California Carbon 

Allowances Futures 4,500 4,500 4,500 CC3 25

18.E.047 Option on Regional Greenhouse Gas Initiative Future Vintage 2023 RJ3 1 RGGI Futures 25,000 25,000 25,000 RJ3 25
18.E.133 Option on Connecticut Compliance Renewable Energy Certificate Class I 

Future CTT

1

Connecticut 

Compliance Renewable 

Energy Certificate 

Class I Future

17,500 17,500 17,500 CTT 25

18.E.134 Option on Maryland Compliance Renewable Energy Credit Tier 1 Future MDE1

Maryland Compliance 

Renewable Energy 

Credit Tier 1 Future

62,500 62,500 62,500 MDE 25

18.E.135 Option on Maryland Solar Renewable Energy Credit Future MDX1

Maryland Solar 

Renewable Energy 

Credit Future

12,000 12,000 12,000 MDX 25

18.E.136 Option on Massachusetts Compliance Renewable Energy Certificate Class I 

Future MCL

1

Massachusetts 

Compliance Renewable 

Energy Certificate 

Class 1 Future

15,000 15,000 15,000 MCL 25

18.E.137 Option on Massachusetts Solar Renewable Energy Certificate Carve Out I 

Future MSF

1

Massachusetts Solar 

Renewable Energy 

Certificate Carve Out I 

Future

18,000 18,000 18,000 MSF 25

18.E.138 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II 

Future MS2

1

Massachusetts Solar 

Renewable Energy 

Certificate Carve Out II 

Future

6,250 6,250 6,250 MS2 25

18.E.139 Option on New Jersey Compliance Renewable Energy Certificate Class I 

Future NJN

1

New Jersey 

Compliance Renewable 

Energy Certificate 

Class I Future

47,500 47,500 47,500 NJN 25

18.E.140 Option on Pennsylvania Compliance Alternative Energy Credit Tier I Future PAR1

Pennsylvania 

Compliance Alertnative 

Energy Credit Tier I 

Future

57,500 57,500 57,500 PAR 25

18.E.141 Option on Pennsylvania Solar Alternative Energy Credit Future PAX1

Pennsylvania Solar 

Alternative Energy 

Credit Future

24,000 24,000 24,000 PAX 25

19.A.38 Heating Oil Outright - NYH ULSHO 1st Line Future NYF 1,000 Barrels 6,800 6,800 6,800 NYF 25

19.C.111 Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future NYJ 1,000 Barrels 3,700 3,700 3,700 NYJ 25

19.C.112 Diesel Diff - Gulf Coast ULSD (Platts) vs NYH ULSHO 1st Line Future NYD 1,000 Barrels 6,700 6,700 6,700 NYD 25

19.C.113 Heating Oil Arb 

- NYH ULSHO 1st Line vs Low Sulphur Gasoil 1st Line 

Future (in Bbls) NYG 1,000 Barrels 6,800 6,800 6,800 NYG 25

19.B.16 Heating Oil Crack - NYH ULSHO 1st Line vs Brent 1st Line Future (in Bbls) NYH 1,000 Barrels 6,800 6,800 6,800 NYH 25

19.B.17 Heating Oil Crack - NYH ULSHO 1st Line vs WTI 1st Line Future (in Bbls) NYW 1,000 Barrels 10,400 10,400 10,400 NYW 25

19.B.18 Heating Oil Crack 

- NYH ULSHO 1st Line vs Permian WTI 1st Line Future (in 

Bbls) NYP 1,000 Barrels 5,900 5,900 5,900 NYP 25

19.C.114 Crude Diff - Permian WTI 1st Line vs Brent 1st Line Future HOV 1,000 Barrels 5,900 5,900 5,900 HOV 25

19.C.115 Crude Diff - Permian WTI 1st Line vs WTI 1st Line Future HOW 1,000 Barrels 10,400 10,400 10,400 HOW 25
19.C.116 Crude Diff 

- Permian WTI 1st Line vs Dubai 1st Line (Platts) Future HOX 1,000 Barrels 5,900 5,900 5,900 HOX 25

19.A.39 Crude Outright - Permian WTI Trade Month Future HOY 1,000 Barrels 5,900 5,900 5,900 HOY 25

19.C.117 Crude Diff - Permian WTI Trade Month vs WTI Trade Month Future HOZ 1,000 Barrels 10,400 10,400 10,400 HOZ 25

19.A.40 Crude Outright - Argus WTI Houston Future AFW 1,000 Barrels 6,700 6,700 6,700 AFW 25

19.F.35 Crude Outright - Argus WTI Houston Average Price Option AFW 1,000 Barrels 6,700 6,700 6,700 AFW 25

19.A.41 Crude Outright - WTI Cushing Trade Month Future WTC 1,000 Barrels 10,400 10,400 10,400 WTC 25
17

SUBCHAPTER 18A -NATURAL GAS FUTURES CONTRACTS 

* * *

18.A.234 Cheyenne Hub Swing Future

18.A.235 Consumers Swing Future

18.A.236 EP West Texas Basis Future

18.A.237 EP West Texas Index Future

18.A.238 EP West Texas Swing Future

18.A.239 Kern Delivered Swing Future

18.A.240 Tennessee Zone 4 200L Basis Future

18.A.241 Tennessee Zone 4 200L Index Future

18.A.242 Tennessee Zone 4 200L Swing Future

18.A.243 Tennessee Zone 6 200L North Basis Future

18.A.244 Tennessee Zone 6 200L North Index Future

18.A.245 Tennessee Zone 6 200L North Swing Future

18.A.246 Tennessee Zone 6 200L South Basis Future

18.A.247 Tennessee Zone 6 200L South Index Future

18.A.248 Tennessee Zone 6 200L South Swing Future

* * *
18

18.A.234 Cheyenne Hub Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: CVQ

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-CHEYENNE HUB-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-CHEYENNE HUB-GAS DAILY" means that the price for 

a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): 

Rockies/Northwest, Cheyenne Hub: Midpoint” in the issue of Gas Daily that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
19

18.A.235 Consumers Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: CVR

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-CONSUMERS-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-CONSUMERS-GAS DAILY" means that the price for a 

Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): Upper 

Midwest, Consumers city-gate: Midpoint” in the issue of Gas Daily that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
20

18.A.236 EP West Texas Basis Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the price of the NYMEX Henry Hub Natural Gas Futures Contract, as defined in Reference Price B, from the 

monthly price published by Inside FERC for the location specified in Reference Price A.

Contract Symbol: EWB

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 84 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-EL PASO (WEST TEXAS)-INSIDE-FERC

a) Ref Price A - Description: “NATURAL GAS-EL PASO (WEST TEXAS)-INSIDE-FERC” means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): Southwest: El Paso, West Texas: Index" in the issue of Inside FERC that reports prices 

effective on that Pricing Date.

b) Ref Price A - Pricing Date:First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

REFERENCE PRICE B: NATURAL GAS-NYMEX

a) Ref Price B -Description: "NATURAL GAS-NYMEX" means that the price for a Pricing Date will be 

that day's Specified Price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas Futures 

Contract for the Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B -Pricing Date:Last scheduled trading day of the NYMEX Henry Hub Natural Gas Futures 

Contract for the Delivery Date

c) Ref Price B -Specified Price:Settlement price

d) Ref Price B -Pricing calendar: NYMEX

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED
21

Clearing Venue:ICEU
22

18.A.237 EP West Texas Index Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the monthly price published by Inside FERC, as defined in Reference Price B, from the average of the daily prices 

published by Gas Daily, as defined in Reference Price A.

Contract Symbol: EWI

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 120 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Average of the Reference Price A prices minus Reference Price B

REFERENCE PRICE A: NATURAL GAS-EL PASO (WEST TEXAS)-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-EL PASO (WEST TEXAS)-GAS DAILY" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): 

Southwest: El Paso, West Texas: Midpoint” in the issue of Gas Daily that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Each calendar day in the Contract Period

REFERENCE PRICE B: NATURAL GAS-EL PASO (WEST TEXAS)-INSIDE-FERC

a) Ref Price B -Description: “NATURAL GAS-EL PASO (WEST TEXAS)-INSIDE-FERC” means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): Southwest: El Paso, West Texas: Index" in the issue of Inside FERC that reports prices 

effective on that Pricing Date.

b) Ref Price B -Pricing Date:First publication date of Contract Period

c) Ref Price B -Specified Price:Index

d) Ref Price B -Pricing calendar:Inside FERC

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the last Business Day of the Contract 

Period.
23

MIC Code: IFED

Clearing Venue:ICEU
24

18.A.238 EP West Texas Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: EWS

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-EL PASO (WEST TEXAS)-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-EL PASO (WEST TEXAS)-GAS DAILY" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): 

Southwest: El Paso, West Texas: Midpoint” in the issue of Gas Daily that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
25

18.A.239 Kern Delivered Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: KSS

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-KERN, DELIVERED-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-KERN, DELIVERED-GAS DAILY" means that the price 

for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): Southwest, 

Kern River, delivered: Midpoint” in the issue of Gas Daily that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar: Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
26

18.A.240 Tennessee Zone 4 200L Basis Future

Description: A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the price of the NYMEX Henry Hub Natural Gas Futures Contract, as defined in Reference Price B, from the 

monthly price published by Inside FERC for the location specified in Reference Price A.

Contract Symbol: TNC

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 84 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 4 200 LEG-INSIDE-FERC

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 4 200 LEG-INSIDE-FERC” means 

that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery 

on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas 

Prices ($/MMBtu): Appalachia, Tennessee, zone 4-200 leg: Index" in the issue of Inside FERC that reports 

prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:First publication date of the Contract Period

c) Ref Price A - Specified Price:Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

REFERENCE PRICE B: NATURAL GAS-NYMEX

a) Ref Price B -Description: "NATURAL GAS-NYMEX" means that the price for a Pricing Date will be 

that day's Specified Price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas Futures 

Contract for the Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B -Pricing Date:Last scheduled trading day of the NYMEX Henry Hub Natural Gas Futures 

Contract for the Delivery Date

c) Ref Price B -Specified Price:Settlement price

d) Ref Price B -Pricing calendar:NYMEX

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED
27

Clearing Venue: ICEU
28

18.A.241 Tennessee Zone 4 200L Index Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the monthly price published by Inside FERC, as defined in Reference Price B, from the average of the daily prices 

published by Gas Daily, as defined in Reference Price A.

Contract Symbol: TND

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 120 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Average of the Reference Price A prices minus Reference Price B

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 4 200 LEG-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 4 200 LEG-GAS DAILY" means that 

the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): 

Appalachia, Tennessee, zone 4-200 leg: Midpoint” in the issue of Gas Daily that reports prices effective on 

that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Each calendar day in the Contract Period

REFERENCE PRICE B: NATURAL GAS-TENNESSEE ZONE 4 200 LEG-INSIDE-FERC

a) Ref Price B -Description: “NATURAL GAS-TENNESSEE ZONE 4 200 LEG-INSIDE-FERC” means 

that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery 

on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas 

Prices ($/MMBtu): Appalachia, Tennessee, zone 4-200 leg: Index" in the issue of Inside FERC that reports 

prices effective on that Pricing Date.

b) Ref Price B -Pricing Date:First publication date of Contract Period

c) Ref Price B -Specified Price:Index

d) Ref Price B -Pricing calendar:Inside FERC

e) Ref Price B -Delivery Date: Contract Period
29

Final Payment Date: The third Clearing Organization business day following the last Business Day of the Contract 

Period.

MIC Code: IFED

Clearing Venue:ICEU
30

18.A.242 Tennessee Zone 4 200L Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: TNE

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 4 200 LEG-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 4 200 LEG-GAS DAILY" means that 

the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the 

Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices ($/MMBtu): 

Appalachia, Tennessee, zone 4-200 leg: Midpoint” in the issue of Gas Daily that reports prices effective on 

that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
31

18.A.243 Tennessee Zone 6 200L North Basis Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the price of the NYMEX Henry Hub Natural Gas Futures Contract, as defined in Reference Price B, from the 

monthly price published by Inside FERC for the location specified in Reference Price A.

Contract Symbol: TNJ

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 84 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-INSIDE FERC

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-INSIDE FERC” 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot 

Gas Prices ($/MMBtu): Northeast, Tennessee, zone 6, del. North: Index" in the issue of Inside FERC that 

reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

REFERENCE PRICE B: NATURAL GAS-NYMEX

a) Ref Price B -Description: "NATURAL GAS-NYMEX" means that the price for a Pricing Date will be 

that day's Specified Price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas Futures 

Contract for the Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B -Pricing Date:Last scheduled trading day of the NYMEX Henry Hub Natural Gas Futures 

Contract for the Delivery Date

c) Ref Price B -Specified Price:Settlement price

d) Ref Price B -Pricing calendar:NYMEX

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED
32

Clearing Venue:ICEU
33

18.A.244 Tennessee Zone 6 200L North Index Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the monthly price published by Inside FERC, as defined in Reference Price B, from the average of the daily prices 

published by Gas Daily, as defined in Reference Price A.

Contract Symbol: TNK

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 120 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Average of the Reference Price A prices minus Reference Price B

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-GAS DAILY" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices 

($/MMBtu): Northeast, Tennessee, zone 6, del. North: Midpoint” in the issue of Gas Daily that reports 

prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Each calendar day in the Contract Period

REFERENCE PRICE B: NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-INSIDE-FERC

a) Ref Price B -Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-INSIDE-FERC” 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot 

Gas Prices ($/MMBtu): Northeast, Tennessee, zone 6, del. North: Index" in the issue of Inside FERC that 

reports prices effective on that Pricing Date.

b) Ref Price B -Pricing Date: First publication date of Contract Period

c) Ref Price B -Specified Price:Index

d) Ref Price B -Pricing calendar:Inside FERC

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the last Business Day of the Contract

Period.
34

MIC Code: IFED

Clearing Venue:ICEU
35

18.A.245 Tennessee Zone 6 200L North Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: TNL

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG NORTH-GAS DAILY" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices 

($/MMBtu): Northeast, Tennessee, zone 6, del. North: Midpoint” in the issue of Gas Daily that reports 

prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED

Clearing Venue:ICEU
36

18.A.246 Tennessee Zone 6 200L South Basis Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the price of the NYMEX Henry Hub Natural Gas Futures Contract, as defined in Reference Price B, from the 

monthly price published by Inside FERC for the location specified in Reference Price A.

Contract Symbol: TNQ

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 84 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-INSIDE FERC

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-INSIDE FERC” 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot 

Gas Prices ($/MMBtu): Northeast, Tennessee, zone 6, del. South: Index" in the issue of Inside FERC that 

reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price:Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

REFERENCE PRICE B: NATURAL GAS-NYMEX

a) Ref Price B -Description: "NATURAL GAS-NYMEX" means that the price for a Pricing Date will be 

that day's Specified Price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas Futures 

Contract for the Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B -Pricing Date:Last scheduled trading day of the NYMEX Henry Hub Natural Gas Futures 

Contract for the Delivery Date

c) Ref Price B -Specified Price: Settlement price

d) Ref Price B -Pricing calendar:NYMEX

e) Ref Price B -Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day.

MIC Code: IFED
37

Clearing Venue:ICEU
38

18.A.247 Tennessee Zone 6 200L South Index Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the monthly price published by Inside FERC, as defined in Reference Price B, from the average of the daily prices 

published by Gas Daily, as defined in Reference Price A.

Contract Symbol: TNR

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 120 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement:Average of the Reference Price A prices minus Reference Price B

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-GAS DAILY" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices 

($/MMBtu): Northeast, Tennessee, zone 6, del. South: Midpoint” in the issue of Gas Daily that reports 

prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:Midpoint

d) Ref Price A - Pricing calendar:Gas Daily

e) Ref Price A - Delivery Date: Each calendar day in the Contract Period

REFERENCE PRICE B: NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-INSIDE FERC

a) Ref Price B -Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-INSIDE FERC” 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot 

Gas Prices ($/MMBtu): Northeast, Tennessee, zone 6, del. South: Index" in the issue of Inside FERC that 

reports prices effective on that Pricing Date.

b) Ref Price B -Pricing Date: First publication date of Contract Period

c) Ref Price B -Specified Price:Index

d) Ref Price B -Pricing calendar:Inside FERC

e) Ref Price B -Delivery Date: Contract Period
39

Final Payment Date: The third Clearing Organization business day following the last Business Day of the Contract 

Period.

MIC Code: IFED

Clearing Venue:ICEU
40

18.A.248 Tennessee Zone 6 200L South Swing Future

Description:A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: TNS

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation:The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 65 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-TENNESSEE ZONE 6 200 LEG SOUTH-GAS DAILY" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Final Daily Gas Indices 

($/MMBtu): Northeast, Tennessee, zone 6, del. South: Midpoint” in the issue of Gas Daily that reports 

prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price: Midpoint

d) Ref Price A - Pricing calendar: Gas Daily

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day

.

MIC Code: IFED

Clearing Venue:ICEU
41

SUBCHAPTER 18B -FINANCIAL POWER FUTURES CONTRACTS

* * *

18.B.348 ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future

18.B.349 PJM COMED_RESID_AGG Day-Ahead Peak Fixed Price Future

18.B.350 PJM COMED_RESID_AGG Day-Ahead Off Peak Fixed Price Future

* * *
42

18.B.348ISO New England Massachusetts Hub Day-Ahead Peak Daily Mini Fixed Price Future

Description:A daily cash settled Exchange Futures Contract based upon the mathematical average of peak hourly 

electricity prices published by ISO New England for the location specified in Reference Price A.

Contract Symbol: NEZ

Settlement Method: Cash Settlement

Contract Size: 16 MWh

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be one cent ($0.01) per MWh; minimum price 

fluctuationmay vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day prior to the Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A : ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD

a) Description: "ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD" means that the price 

for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery 

Date, stated in U.S. Dollars, published by the ISO New England at https://www.isone.com/isoexpress/web/reports/pricing/-/tree/lmps-da-hourly "Hourly Day-Ahead LMPs: 

4000_:_.H.INTERNAL_HUB: " or any successor headings, that reports prices effective on that Pricing 

Date.

b) Pricing Date:Each day that prices are reported for the Delivery Date

c) Specified Price:Average of LMPs for all hours ending 0800-2300 EPT

d) Pricing calendar:ISO New England

e) Delivery Date: Contract Period

Final Payment Date: The third Clearing Organization business day following the Last Trading Day

MIC Code: IFED

Clearing Venue:ICEU
43

18.B.349PJM COMED_RESID_AGG Day-Ahead Peak Fixed Price Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical average of peak 

hourly electricity prices published by PJM for the location specified in Reference Price A.

Contract Symbol: COM

Settlement Method: Cash settlement

Contract Size: 1 MW

Currency:USD

Min Price Flux: The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation 

may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 50 consecutive monthly contract periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day ofthe Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: ELECTRICITY-PJM-COMED_RESID_AGG-DAY AHEAD

a) Ref Price A - Description: "ELECTRICITY-PJM-COMED_RESID_AGG-DAY AHEAD" means that the 

price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the 

Delivery Date, stated in U.S. Dollars, published by PJM at 

http://dataminer2.pjm.com/feed/da_hrl_lmps/definition , under the headings "Day-Ahead Hourly LMPs: 

COMED_RESID_AGG" or any successor headings, that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each Monday through Friday, excluding NERC holidays, that prices are 

reported for the Delivery Date

c) Ref Price A - Specified Price:Average of LMPs for all hours ending 0800-2300 EPT

d) Ref Price A - Pricing calendar:PJM

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The second Clearing Organization business day following the Last Trading Day

MIC Code: IFED

Clearing Venue:ICEU
44

18.B.350PJM COMED_RESID_AGG Day-Ahead Off-Peak Fixed Price Future

Description:A monthly cash settled Exchange Futures Contract based upon the mathematical average of off-peak 

hourly electricity prices published by PJM for the location specified in Reference Price A.

Contract Symbol: COO

Settlement Method: Cash settlement

Contract Size: 1 MW

Currency:USD

Min Price Flux: The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation 

may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle:Up to 50 consecutive monthly contract periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day ofthe Contract Period

Final Settlement:Reference Price A

REFERENCE PRICE A: ELECTRICITY-PJM-COMED_RESID_AGG-DAY AHEAD

a) Ref Price A - Description: "ELECTRICITY-PJM-COMED_RESID_AGG-DAY AHEAD" means that the 

price for a Pricing Date will be that day's Specified Price per MWh of electricity for delivery on the 

Delivery Date, stated in U.S. Dollars, published by PJM at 

http://dataminer2.pjm.com/feed/da_hrl_lmps/definition , under the headings “Day-Ahead Hourly LMPs: 

COMED_RESID_AGG" or any successor headings, that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date:Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price:For each Monday through Friday, excluding NERC holidays, the average of 

LMPs for all hours ending 0100-0700, 2400 EPT; for each Saturday, Sunday, and NERC holiday, the 

average of LMPs for all hours ending 0100-2400 EPT

d) Ref Price A - Pricing calendar:PJM

e) Ref Price A - Delivery Date: Contract Period

Final Payment Date: The second Clearing Organization business day following the Last Trading Day

MIC Code: IFED

Clearing Venue:ICEU
45

SUBCHAPTER 18D-PHYSICAL ENVIRONMENTAL FUTURES CONTRACTS

* * *

18.D.011 Regional Greenhouse Gas Initiative Future

18.D.022 California Carbon Allowance Future -Vintage 2019 and After

18.D.024 California Carbon Allowance Vintage Specific Future

* * *
46

18.D.011 Regional Greenhouse Gas Initiative Future

Contract Description: Monthly physically delivered contract on Regional Greenhouse Gas Initiative 

("RGGI") CO2 allowances ("RGGI CO2 Allowances"). 

Contract Symbol: Vintage 2013: RGL, Vintage 2014: RGM, Vintage 2015: RGN, Vintage 2016: 

RGO, Vintage 2017: RGP, Vintage 2018: RGQ, Vintage 2019: RGR, Vintage 

2020: RGS, Vintage 2021: RGT, Vintage 2022: RGU, Vintage 2023: RJ3

Settlement Method: Physical delivery

Contract Size: 1,000 RGGI CO2 Allowances 

Currency: USD 

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI CO2

Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this 

Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: The deliverable instruments are RGGI CO2 Allowances equal to the contract 

size delivered through the RGGI CO2 Allowance Tracking System (“RGGI-COATS”). 

1. Contracts with a control period specific vintage: RGGI CO2 Allowances acceptable 

for delivery are those having a vintage usable for compliance in the control period 

associated with the calendar year of the contract expiration or RGGI CO2 Allowances 

having a vintage usable for compliance in any prior control period.

2. For vintages 2009, 2010, 2011, and 2012: RGGI CO2 Allowances acceptable for 

delivery are RGGI CO2 Allowances having a vintage corresponding to the specified 

vintage-year.

For Vintage 2013 and later vintages, RGGI C02 Allowances acceptable for delivery are 

RGGI C02 Allowances having a vintage corresponding to the specified vintage-year and 

allowances having a vintage of any year prior to the specified vintage-year.

Registry: RGGI-COATS

MIC CODE: IFED

CLEARING VENUE: ICEU
47

18.D.022 California Carbon Allowance Future - Vintage 2019 and After

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an 

allowance issued by the California Air Resources Board or a linked program (“California Carbon 

Allowance”) representing one metric ton of CO2 equivalent under California Assembly Bill 32 

"California Global Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade Program". 

Contract Symbol: CAX: Vintage 2019, CAY Vintage 2020, CAZ: Vintage 2021, CB0: Vintage 

2022, CB1: Vintage 2023

Settlement Method: Physical delivery

Contract Size: 1,000 California Carbon Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per Allowance; 

minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: The deliverable instruments are California Carbon Allowances equal to the 

contract size delivered through the California MTS.

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage 

corresponding to the specified vintage year and allowances having a vintage of any year prior to the 

specified vintage-year.

If the specified vintage year allowances do not exist in the California MTS at contract expiry, allowances 

of any prior vintage year or allowances of the earliest vintage year available in the California MTS shall 

be delivered. 

Registry: California MTS

MIC CODE: IFED

CLEARING VENUE: ICEU
48

18.D.024 California Carbon Allowance Vintage Specific Future

Contract Description: Physically delivered greenhouse gas emissions allowances where each is an 

allowance issued by the California Air Resources Board or a linked program (“California Carbon 

Allowance”) representing one metric ton of CO2 equivalent under California Assembly Bill 32 

"California Global Warming Solutions Act of 2006" and its associated regulations, rules and 

amendments, all together known as the "California Cap and Trade Program".

Contract Symbol: CA7: CCAS Vintage 2017, CA8: CCAS Vintage 2018, CA9: CCAS Vintage 

2019, CC0: CCAS Vintage 2020, CC1: Vintage 2021, CC2: Vintage 2022, CC3: 

Vintage 2023

Settlement Method: Physical delivery

Contract Size: 1,000 California Carbon Allowances

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per California 

Carbon Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 

to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Last Trading Day: Three Business Days prior to the last Business Day of the delivery month

Deliverable Instruments: The deliverable instruments are California Carbon Allowances equal to the 

contract size delivered through the California MTS. 

California Carbon Allowances acceptable for delivery are those issued as a limited authorization to emit 

up to one metric ton of CO2 or CO2 equivalent in the California Cap and Trade Program having a vintage 

corresponding to the specified vintage year only.

Registry: California MTS

MIC CODE: IFED

CLEARING VENUE: ICEU
49

SUBCHAPTER 18E - ENERGY OPTIONS CONTRACTS

* * *

18.E.047 Option on Regional Greenhouse Gas Initiative Future

18.E.067 Option on California Carbon Allowance Future -Vintage 2019 and After

18.E.072 Option on California Carbon Allowance Vintage Specific Future

18.E.133 Option on Connecticut Compliance Renewable Energy Certificate Class I Future

18.E.134 Option on Maryland Compliance Renewable Energy Credit Tier 1 Future

18.E.135 Option on Maryland Solar Renewable Energy Credit Future

18.E.136 Option on Massachusetts Compliance Renewable Energy Certificate Class I Future

18.E.137 Option on Massachusetts Solar Renewable Energy Certificate Carve Out I Future

18.E.138 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future

18.E.139 Option on New Jersey Compliance Renewable Energy Certificate Class I Future

18.E.140 Option on Pennsylvania Compliance Alternative Energy Credit Tier I Future

18.E.141 Option on Pennsylvania Solar Alternative Energy Credit Future

* * *
50

Rule 18.E.047 Option on Regional Greenhouse Gas Initiative Future

Contract Description: An Option on the corresponding month of the Regional Greenhouse Gas Initiative 

Future. 

Contract Symbol: Vintage 2013: RGL Vintage 2014: RGM, Vintage 2015: RGN, Vintage 2016: 

RGO, Vintage 2017: RGP, Vintage 2018: RGQ, Vintage 2019: RGR, Vintage 

2020: RGS, Vintage 2021: RGT, Vintage 2022 : RGU, Vintage 2023 : RJ3

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 Regional Greenhouse Gas Initiative Futures Contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per RGGI 

allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this 

Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

Last Trading Day: At 4:00pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the delivery month.

Option Style: European 

Exercise Method: Automatic

Exercise Procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules

Exercise Time: 5:30 pm EPT on the Last Trading Day
51

18.E.067 Option on California Carbon Allowance Future - Vintage 2019 and After

Contract Description: An Option on the corresponding month of the California Carbon Allowance 

Future.

Contract Symbol: CAX: Vintage 2019, CAY: Vintage 2020, CAZ: Vintage 2021, CB0: Vintage 

2022, CB1 : Vintage 2023

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 California Carbon Allowance Futures Contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be one tenth of one cent ($0.001) per 

Allowance; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this 

Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the delivery month.

Option Style: European 

Exercise Method: Automatic

Exercise Procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules

Exercise Time: 5:30 pm EPT on the Last Trading Day

MIC Code: IFED

Clearing Venue: ICEU
52

18.E.072 Option on California Carbon Allowance Vintage Specific Future

Contract Description: An Option on the corresponding month of the California Carbon Allowance 

Vintage Specific Future.

Contract Symbol: CA7: CCAS Vintage 2017, CA8: CCAS Vintage 2018, CA9: CCAS Vintage 

2019, CC0: Vintage 2020; CC1: Vintage 2021; CC2 : Vintage 2022 ; CC3 : 

Vintage 2023

Trading Screen Product Name: CCA Futures

Trading Screen Hub Name: CC7: CCAS V17, CC8: CCAS V18, CC9: CCAS V19

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 California Carbon Allowance Futures Contract

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be one tenth of one cent ($0.001) per 

California Carbon Allowance; minimum price fluctuation may vary by trade type. Please see Table in 

Resolution 1 to this Chapter 18.

Listing Cycle: 1. The Exchange may list monthly contracts in the Standard Cycle or any other calendar 

month it determines for the current year and forward for up to ten years.

2. The Standard Cycle is: January, February, March, April, May, June, July, August, 

September, October, November and December 

Strike Price Listing: A minimum of ten Strike Prices in increments of $0.05 above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

Last Trading Day: At 4:00pm EPT on the 15th calendar day of the delivery month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the delivery month.

Option Style: European

Exercise Method: Automatic

Exercise Procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules

Exercise Time: 5:30 pm EPT on the Last Trading Day

MIC Code: IFED

Clearing Venue: ICEU
53

18.E.133 Option on Connecticut Compliance Renewable Energy Certificate Class I Future

Contract Description:An option on the corresponding month of the Connecticut Compliance Renewable Energy 

Certificate Class I Future.

Contract Symbol: CTT

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Connecticut Compliance Renewable Energy Certificate Class I Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:NEPOOL GIS

MIC Code: IFED

Clearing Venue:ICEU
54

18.E.134 Option on Maryland Compliance Renewable Energy Credit Tier 1 Future

Contract Description:An option on the corresponding month of the Maryland Compliance Renewable Energy 

Credit Tier 1 Future.

Contract Symbol: MDE

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Maryland Compliance Renewable Energy Credit Tier 1 Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:PJM GATS

MIC Code: IFED

Clearing Venue:ICEU
55

18.E.135 Option on Maryland Solar Renewable Energy Credit Future

Contract Description: An option on the corresponding month of the Maryland Solar Renewable Energy Credit 

Future.

Contract Symbol: MDX

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Maryland Solar Renewable Energy Credit Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:PJM GATS

MIC Code: IFED

Clearing Venue:ICEU
56

18.E.136 Option on Massachusetts Compliance Renewable Energy Certificate Class I Future

Contract Description:An option on the corresponding month of Massachusetts Compliance Renewable Energy 

Certificate Class I Future.

Contract Symbol: MCL

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Massachusetts Compliance Renewable Energy Certificate Class I Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:NEPOOL GIS

MIC Code: IFED

Clearing Venue:ICEU
57

18.E.137 Option on Massachusetts Solar Renewable Energy Certificate Carve Out I Future

Contract Description:An option on the corresponding month of Massachusetts Solar Renewable Energy 

Certificate Carve Out I Future.

Contract Symbol: MSF

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Massachusetts Solar Renewable Energy Certificate Carve Out I Future contract

Currency:USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule ast expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:NEPOOL GIS

MIC Code: IFED

Clearing Venue:ICEU
58

18.E.138 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future

Contract Description:An option on the corresponding month of Massachusetts Solar Renewable Energy 

Certificate Carve Out II Future.

Contract Symbol: MS2

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Massachusetts Solar Renewable Energy Certificate Carve Out II Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:NEPOOL GIS

MIC Code: IFED

Clearing Venue:ICEU
59

18.E.139 Option on New Jersey Compliance Renewable Energy Certificate Class I Future

Contract Description:An option on the corresponding month of New Jersey Compliance Renewable Energy 

Certificate Class I Future.

Contract Symbol: NJN

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 New Jersey Compliance Renewable Energy Certificate Class I Future contract

Currency: USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:PJM GATS

MIC Code: IFED

Clearing Venue:ICEU
60

18.E.140 Option on Pennsylvania Compliance Alternative Energy Credit Tier I Future

Contract Description:An option on the corresponding month of Pennsylvania Compliance Alternative Energy 

Credit Tier I Future.

Contract Symbol: PAR

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Pennsylvania Compliance Alternative Energy Credit Tier I Future contract

Currency:USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract s et.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:PJM GATS

MIC Code: IFED

Clearing Venue:ICEU
61

18.E.141 Option on Pennsylvania Solar Alternative Energy Credit Future

Contract Description:An option on the corresponding month of Pennsylvania Solar Alternative Energy Credit 

Future.

Contract Symbol: PAX

Settlement Method: Exercise into underlying Futures Contract

Contract Size: 1 Pennsylvania Solar Alternative Energy Credit Future contract

Currency:USD

Minimum Price Fluctuation:The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Strike Price Intervals:A minimum of ten Strike Prices in increments of $0.25 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.25 increments.

Listing Cycle: 1. Standard-cycle contract listings: Monthly contract sets through the current Year and forward up 

to 10 consecutive Years.

2. The Exchange may list any other calendar month contract set off the standard-cycle listing 

schedule through the last expiring contract set.

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the delivery month. Where the 15th calendar day is 

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style:European

Exercise Method: Automatic

Exercise Time: 5:30EPT on the Last Trading Day

Registry:PJM GATS

MIC Code: IFED

Clearing Venue:ICEU
62

SUBCHAPTER 19A -OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.38 Heating Oil Outright -NYH ULSHO 1st Line Future

19.A.39 Crude Outright -Permian WTI Trade Month Future

19.A.40 Crude Outright -Argus WTI Houston Future

19.A.41 Crude Outright -WTI Cushing Trade Month Future

* * *
63

19.A.38 Heating Oil Outright -NYH ULSHO 1st Line Future

Description:A monthly cash settled future based on the daily settlement price for ICE NY ULSHO Futures.

Contract Symbol: NYF

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One hundredth of one cent ($0.0001) per gallon

Settlement Price Quotation:One hundredth of one cent ($0.0001) per gallon

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per gallon

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per gallon 

based on the average of the settlement prices as made public by ICE for the front month NYH ULSHO Future for 

the month of production.

Contract Series:Up to 62 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
64

19.A.39 Crude Outright -Permian WTI Trade Month Future

Description:A trade month cash settled future based on the daily settlement price for Permian WTI Futures.

Contract Symbol: HOY

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Trading shall cease at the close of trading on the last business day that falls on or before the 

25th calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or holiday, trading 

shall cease on the first business day prior to the 25th calendar day

Final Settlement:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based 

on the average of the settlement prices as made public by ICE for the front month Permian WTI Futures contract for 

each business day (as specified below) in the determination period.

Contract Series:Up to 96 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business Days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
65

19.A.40 Crude Outright -Argus WTI Houston Future

Description:A monthly cash settled future based on the Argus daily assessment price for WTI Houston (1st 

Month).

Contract Symbol: AFW

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the average of the quotations appearing in the "Argus Crude" report under the heading "US Gulf Coast and 

Midcontinent", subheading “Weighted Average” for "WTI Houston” for each business day (as specified below) in 

the determination period.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:Publication days for Argus Crude

MIC Code: IFED

Clearing Venue:ICEU
66

19.A.41 Crude Outright -WTI Cushing Trade Month Future

Description:A trade month cash settled future based on the daily settlement price for WTI Futures.

Contract Symbol: WTC

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Trading shall cease at the close of trading on the last business day that falls on or before the 

25th calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or holiday, trading 

shall cease on the first business day prior to the 25th calendar day

Final Settlement:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based 

on the average of the settlement prices as made public by NYMEX for the front month WTI Futures contract for 

each business day (as specified below) in the determination period.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business Days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
67

SUBCHAPTER 19B -CRACKS – CRUDE OIL AND REFINED PRODUCTS

* * *

19.B.16 Heating Oil Crack - NYH ULSHO 1st Line vs Brent 1st Line Future (in Bbls)

19.B.17 Heating Oil Crack - NYH ULSHO 1st Line vs WTI 1st Line Future (in Bbls)

19.B.18 Heating Oil Crack - NYH ULSHO 1st Line vs Permian WTI 1st Line Future (in Bbls)

* * *
68

19.B.16 Heating Oil Crack -NYH ULSHO 1st Line vs Brent 1st Line Future (in Bbls)

Description:A monthly cash settled future based on the difference between the ICE settlement price for NYH 

ULSHO 1st Line Future and the ICE settlement price for Brent 1st Line Future (in bbls).

Contract Symbol: NYH

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation: One hundredth of one cent ($0.0001) per barrel

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

NYH ULSHO Future and the average of the settlement prices as made public by ICE for the front month Brent 

Crude Future for each business day (as specified below) in the determination period. 

conversion factor: 1 barrel = 42 gallons

Roll Adjust Provision:In order to use the correct Floating Price quotations, the nearby month quotation for ICE 

Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the 

commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be 

rolled to the following month's futures contract.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
69

19.B.17 Heating Oil Crack -NYH ULSHO 1st Line vs WTI 1st Line Future (in Bbls)

Description:A monthly cash settled future based on the difference between the settlement price for NYH ULSHO 

1st Line Future and the settlement price for WTI 1st Line Future.

Contract Symbol: NYW

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation: One hundredth of one cent ($0.0001) per barrel

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

NYH ULSHO Future and the average of the settlement prices as made public by ICE for the front month WTI 

Future for each business day (as specified below) in the determination period. 

conversion factor: 1 barrel = 42 gallons

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
70

19.B.18 Heating Oil Crack -NYH ULSHO 1st Line vs Permian WTI 1st Line Future (in Bbls)

Description:A monthly cash settled future based on the difference between thesettlement price for NYH ULSHO 

1st Line Future and the settlement price for Permian WTI 1st Line Future.

Contract Symbol: NYP

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One hundredth of one cent ($0.0001) per barrel

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

NYH ULSHO Future and the average of the settlement prices as made public by ICE for the front month Permian 

WTI Future for each business day (as specified below) in the determination period.

conversion factor: 1 barrel = 42 gallons

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
71

SUBCHAPTER 19C-DIFFERENTIAL FUTURES CONTRACTS – CRUDE OIL AND REFINED 

PRODUCTS

* * *

19.C.111 Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future

19.C.112 Diesel Diff - Gulf Coast ULSD (Platts) vs NYH ULSHO 1st Line Future

19.C.113 Heating Oil Arb - NYH ULSHO 1st Line vs Low Sulphur Gasoil 1st Line Future (in Bbls)

19.C.114 Crude Diff - Permian WTI 1st Line vs Brent 1st Line Future

19.C.115 Crude Diff - Permian WTI 1st Line vs WTI 1st Line Future

19.C.116 Crude Diff - Permian WTI 1st Line vs Dubai 1st Line (Platts) Future

19.C.117 Crude Diff - Permian WTI Trade Month vs WTI Trade Month Future

* * *
72

19.C.111 Jet Fuel Diff - Gulf Coast Jet Fuel (Platts) vs NYH ULSHO 1st Line Future

Description:A monthly cash settled future based on the difference between the Platts daily assessment price for 

Gulf Coast Jet 54 Pipeline and the ICE settlement price for NYH ULSHO 1st Line Future.

Contract Symbol: NYJ

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One hundredth of one cent ($0.0001) per gallon

Settlement Price Quotation: One hundredth of one cent ($0.0001) per gallon

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per gallon

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per gallon 

based on the difference between the average of the “Mid” quotations appearing in the "Platts US Marketscan" under 

the heading "Gulf Coast" subheading "Houston" and "Prompt Pipeline" for "Jet 54" and the average of the 

settlement prices as made public by ICE for the front month NYH ULSHO Future for each business day (as 

specified below) in the determination period.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days: Publication days for Platts US Marketscan and ICE

MIC Code: IFED

Clearing Venue:ICEU
73

19.C.112 Diesel Diff -Gulf Coast ULSD (Platts) vs NYH ULSHO 1st Line Future

Description:A monthly cash settled future based on the difference between the Platts daily assessment price for 

Gulf Coast ULSD and the ICE settlement price for NYH ULSHO 1st Line Future.

Contract Symbol: NYD

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One hundredth of one cent ($0.0001) per gallon

Settlement Price Quotation: One hundredth of one cent ($0.0001) per gallon

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per gallon

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per gallon 

based on the difference between the average of the ”Mid” quotations appearing in the “Platts US Marketscan” under 

the heading “Gulf Coast” subheading “Houston” and “Prompt Pipeline” for “Ultra low sulfur diesel” and the 

average of the settlement prices as made public by ICE for the front month NYH ULSHO Future for each business 

day (as specified below) in the determination period.

Contract Series:Up to 48 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:Publication days for Platts US Marketscan and ICE

MIC Code: IFED

Clearing Venue:ICEU
74

19.C.113 Heating Oil Arb - NYH ULSHO 1st Line vs Low Sulphur Gasoil 1st Line Future (in Bbls)

Description:A monthly cash settled future based on the difference between the ICE settlement price for NYH 

ULSHO 1st Line Future and the ICE settlement price for Low Sulphur Gasoil 1st Line Future.

Contract Symbol: NYG

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One hundredth of one cent ($0.0001) per gallon

Settlement Price Quotation: One hundredth of one cent ($0.0001) per gallon

Minimum Price Fluctuation:One hundredth of one cent ($0.0001) per gallon

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per gallon 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

NYH ULSHO Future and the average of the settlement prices as made public by ICE for the front month Low 

Sulphur Gasoil Future for each business day in the determination period. 

conversion factor: 1 metric tonne = 312.9 gallons

Roll Adjust Provision:In order to use the correct Floating Price quotations, the nearby month quotation for ICE 

Low Sulphur Gasoil Futures specified in the Floating Price terms above will be used except for the expiration date 

of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will 

be rolled to the following month's futures contract.

Contract Series:Up to 48 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
75

19.C.114 Crude Diff – Permian WTI 1st Line vs Brent 1st Line Future

Description:A monthly cash settled future based on the ICE settlement price for Permian WTI 1st Line Future and 

the ICE settlement price for Brent 1st Line Future.

Contract Symbol: HOV

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

Permian WTI Future and the average of the settlement prices as made public by ICE for the front month ICE Brent 

Future for each business day (as specified below) in the determination period.

Roll Adjust Provision:In order to use the correct Floating Price quotations, the nearby month quotation for ICE 

Brent Crude Futures specified in the Floating Price terms above will be used except for the expiration date of the 

commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be 

rolled to the following month's futures contract.

Contract Series:Up to 96 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
76

19.C.115 Crude Diff – Permian WTI 1st Line vs WTI 1st Line Future

Description:A monthly cash settled future based on the ICE settlement price for Permian WTI 1st Line Future and 

the ICE settlement price for WTI 1st Line Future.

Contract Symbol: HOW

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

Permian WTI Future contract and the average of the settlement prices as made public by ICE for the front month 

ICE WTI Future contract for each business day (as specified below) in the determination period.

Contract Series:Up to 96 consecutive months

Final Payment Dates: Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
77

19.C.116 Crude Diff – Permian WTI 1st Line vs Dubai 1st Line (Platts) Future

Description:A monthly cash settled future based on the ICE daily settlement price for Permian WTI 1st Line 

Future and the Platts daily assessment price for prompt Dubai.

Contract Symbol: HOX

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation: One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

Permian WTI Future contract and the average of the “Mid” quotations appearing in “Platts Crude Oil Marketwire” 

under the heading “Key benchmarks ($/barrel)” for “Dubai” for each business bay (as specified below) in the 

determination period.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:Publication days for Platts Crude Oil Marketwire and ICE

MIC Code: IFED

Clearing Venue:ICEU
78

19.C.117 Crude Diff – Permian WTI Trade Month vs WTI Trade Month Future

Description:A trade month cash settled future based on the ICE daily settlement price for Permian WTI Trade 

Month Future and the ICE daily settlement price for WTI Trade Month Future.

Contract Symbol: HOZ

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price:In respect of final settlement, the Floating Price will be a price in USD and cents per barrel 

based on the difference between the average of the settlement prices as made public by ICE for the front month 

Permian WTI Trade Month Future contract and the average of the settlement prices as made public by ICE for the 

front month ICE WTI Trade Month Future contract for each business day (as specified below) in the det ermination 

period.

Contract Series: Up to 96 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:ICE Business Days

MIC Code: IFED

Clearing Venue:ICEU
79

SUBCHAPTER 19F- OPTIONS

* * *

19.F.35 Crude Outright -Argus WTI Houston Average Price Option

* * *
80

19.F.35 Crude Outright - Argus WTI Houston Average Price Option

Description:The Argus WTI Houston Average Price Option is based on the underlying Argus WTI Houston Future 

and will automatically exercise into the Argus WTI Houston Future on the day of expiry of the options contract. 

Contract Symbol: AFW

Hedge Instrument: The delta hedge for the Argus WTI Houston Average Price Option is the Argus WTI Houston 

Future. 

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency:US Dollars and cents

Trading Price Quotation:One cent ($0.01) per barrel

Settlement Price Quotation:One tenth of one cent ($0.001) per barrel

Minimum Price Fluctuation:One tenth of one cent ($0.001) per barrel

Last Trading Day: Last Trading Day of the contract month

Option Style:Options are average priced and will be automatically exercised into the Argus WTI Houston Future 

on the expiry day if they are “in the money". The Future resulting from exercise immediately goes to cash settlement 

relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is 

"out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any 

other circumstances than the Last Trading Day. 

No manual exercise is permitted.

Expiry: 19:30 London Time (14:30 EST). 

Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more “in 

the money” with reference to the relevant reference price. Members cannot override automatic exercise settings or 

manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per barrel 

equal to the average of the settlement prices of the Argus WTI Houston 1st line Future for the contract month. When 

exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro rata basis

Strike Price:Minimum $0.50 increment strike prices. $1.00 Strikes from $20 to $240. $0.50 strikes 20 strikes 

above and below ATM. The “at the money” strike price is the closes interval nearest to the previous business day’s 

settlement price of the underlying contract.

Contract Series:Up to 60 consecutive months

Final Payment Dates:Two Clearing House Business Days following the Last Trading Day

business days:Publication days for Argus Crude

MIC Code: IFED

Clearing Venue:ICEU

[REMAINDER OF RULEBOOK UNCHANGED]
81

EXHIBIT B

[EXHIBIT REDACTED]