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ICE Clear Europe Limited

Registered in England No.06219884

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

July 07, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

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

Part HH of its Delivery Procedures Amendments

Dear Mr. Kirkpatrick:

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

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

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

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

to its Delivery Procedures1 discussed herein. The amendments will become effective 

on the first business day following the tenth business day after submission, or such later 

date as ICE Clear Europe may determine. 

Concise Explanation and Analysis

ICE Clear Europe is amending Part O of its Delivery Procedures for ICE Futures Europe 

Financials and Softs Cocoa Futures Contracts (“Cocoa Contracts”) to provide for use 

of a new Softs Delivery Platform, make certain related changes to the delivery timetable 

and delivery documentation, and address certain matters relating to allocation and the 

conversion of lots.

The changes to Part O of its Delivery Procedures amend certain delivery specifications 

to reflect the implementation by the Clearing House of a new Softs Deliveries Platform 

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

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

Registered in England No.06219884

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

to be used for certain documentation, notice and other requirements in connection with 

deliveries under the Cocoa Contract. A conforming change will also be made in the 

introductory section of the Delivery Procedures. Certain other provisions in Part O 

relating to the delivery timetable and allocation and conversion of lots will also be 

amended, as described herein, in connection with the implementation of the Softs 

Delivery Platform. 

In the General Provisions section of the Delivery Procedures, in paragraph 21, 

references to the new Softs Delivery Platform as an electronic grading and delivery 

system used for making and taking delivery under certain softs contracts will be added 

(alongside the existing Guardian system). The amendments will also remove an 

incorrect reference to bonds (for which neither Guardian nor the new Softs Delivery 

Platform is used). 

The proposed amendments in Part O of the Delivery Procedures will replace relevant 

references to the Guardian delivery system throughout Part O with the new Softs 

Delivery Platform, such that applicable delivery notices and other specified delivery 

documentation relevant to Sellers and Buyers will be provided or made available 

through the Softs Delivery Platform. 

Procedures for allocations of cocoa, including notifications and reports relating to 

allocations will be reorganized and consolidated into a single provision. As proposed 

to be revised, reports relating to allocation details will be made available to both Sellers 

and Buyers through the Clearing House MFT system. 

The amendments also update the content of reports made available to Seller and Buyer 

to remove general references to “delivery details,” as the relevant information is 

provided in the specific referenced reports provided through the Softs Delivery 

Platform. The timing of the conversion of lots (and related notifications) will be moved 

from by 16:00 LPT to after 10:00 LPT. The amendments will also remove an incorrect 

reference about converting bulk or large delivery units into other large delivery units. 

The amendments will change the system used to send Sellers and Buyers information 

relating to LDU Conversion Notices from Guardian to MFT. Similarly, the amendments 

revise the information required to be provided to remove unnecessary references to 

delivery details. 

The amendments also update the summary of required delivery documentation. 

Specifically, amendments will clarify that invoices and account sales statements will be 

provided through MFT. References to provisional invoices in the case of conversion 

will be removed as unnecessary in light of other reports made available to Buyer and 

Sellers. In the context of settlement, references to transfer of warrants will be replaced 

with transfers of electronic warehouse receipts (EWRs) through the Softs Delivery 

Platform, which more precisely reflects the mechanism of transfer consistent with the 

relevant contract specifications.

Compliance with the Act and CFTC Regulations

The amendments to the Part O of the Delivery Procedures are potentially relevant to 

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

of the Commission thereunder. 
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ICE Clear Europe Limited

Registered in England No.06219884

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

• Settlement Procedures. The amendments are designed to revise ICE Clear 

Europe’s delivery procedures relating to Cocoa Contracts to reflect the 

implementation of the new Softs Delivery Platform for certain notices and 

delivery documentation. Notably, the amendments will replace references to 

use of existing Guardian system with references to use of the Softs Delivery 

Platform or MFT system, as appropriate. In connection with the 

implementation of the Softs Delivery Platform, the amendments revise and 

simplify the process for allocations and conversion of lots by the Clearing 

House and certain related delivery notification and delivery documentation 

requirements. The amendments do not otherwise change the terms of the 

Cocoa Contracts or the manner in which the contracts are cleared and settled, 

and will not affect the financial resources, risk management, systems and 

operational arrangements that support clearing of the contracts. The 

amendments thus appropriately clarify the role and responsibilities of the 

Clearing House and Clearing Members with respect to delivery documentation

for the Cocoa Contracts. As a result, ICE Clear Europe believes the 

amendments are consistent with the requirements of Core Principle E and 

Commission Rule 39.14. 

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

Procedures, a copy of which is attached hereto. 

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

Commission’s regulations thereunder. 

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

amendments.

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

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

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

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

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

Very truly yours,

George Milton

Head of Regulation & Compliance