55 East 52nd Street

New York, New York 10055

Submission No. 19-259

August 29, 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 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future and Related

Amendments (6 of 24)

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.B.351-18.B.360, 18.D.052-18.D.056, 19.A.42-19.A.46, 19.C.118-

19.C.120, and 19.F.36, 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 23 new futures contracts

and one new options on futures contracts, which will be listed on or about September 16, 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 Power Fixed Price Futures Contracts

The Exchange is listing four new Financial Power fixed price futures based on the day-ahead and realtime electricity prices at ERCOT Panhandle hub for both peak and off-peak times. The products enhance

the existing suite of Financial Power products related to ERCOT offered by the Exchange. The ERCOT

Panhandle 345KV Day-Ahead Peak Fixed Price Future, ERCOT Panhandle 345KV Day-Ahead Off-Peak

Fixed Price Future, ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future, and ERCOT

Panhandle 345KV Real-Time Off-Peak Fixed Price Future are monthly cash settled futures based on the

mathematical average of either day-ahead or real-time peak or off-peak, where applicable, electricity

prices at ERCOT Panhandle hub. The last trading day for the four contracts will be the last business day

of the contract period. A deliverable supply analysis detailing the methodology the Exchange used to

determine spot month position limits for the ERCOT Panhandle hub futures contracts is attached to this

submission as Exhibit B.

Additionally, the Exchange is listing four daily real-time fixed price futures contracts based on electricity

prices in the PJM BGE Zone and PJM PPL Zone for peak and off-peak time periods. The contracts will

settle based on the mathematical average of peak or off-peak hourly electricity prices published by PJM

for the BGE and PPL zones. The last trading day for the two peak daily products is: for Monday through

Friday contract periods, excluding NERC holidays, if the following calendar day is a business day, the

business day following the contract period with a closing time of 11:00pm EPT the night before; if the

following calendar day is not a business day, the business day equal to the contract period with a closing

time equal to the end of the trading session for each Saturday, Sunday, and NERC holiday contract
period, the last business day prior to the contract period with a closing time equal to the end of the trading

session. And the for the off-peak contracts, the last trading day will be the last business day prior to the

contract period. For the PJM BGE Zone Real-Time Peak Daily Fixed Price Future, PJM BGE Zone RealTime Off-Peak Daily Fixed Price Future, PJM PPL Zone Real-Time Peak Daily Fixed Price Future, PJM

PPL Zone Real-Time Off-Peak Daily Fixed Price Future contracts, the Exchange has set spot month

position limits, and single and all month accountability levels consistent with similar Financial Power

contracts that reference the PJM BGE and PJM PPL pricing zones.

Lastly, the Exchange is listing two monthly day-ahead cash settled futures contracts based upon price of

electricity at the CAISO NP-15 and SP-15 price hubs. The CAISO SP-15 Day-Ahead HE 0900-1600

Fixed Price Future, 7X and CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X are monthly

cash settled futures based on the mathematical average of daily prices calculated by averaging the hourly

electricity prices published by CAISO for all hours ending 0900-1600 (PPT). The last trading day for the

contracts will be the last business day prior to the contract period. For the CAISO SP-15 Day-Ahead HE

0900-1600 Fixed Price Future, 7X and CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X,

the Exchange has set spot month position limits, and single and all month accountability levels consistent

with similar Financial Power contracts that reference the CAISO NP-15 and SP-15 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 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.351-

18.B.360 list the new futures contracts. For the CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price

Future, 7X, CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X, PJM BGE Zone RealTime Peak Daily Fixed Price Future, PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future

PJM PPL Zone Real-Time Peak Daily Fixed Price Future, PJM PPL Zone Real-Time Off-Peak Daily

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 or

zones. A deliverable supply analysis detailing the methodology the Exchange used to determine spot

month position limits for the ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future, ERCOT

Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future, ERCOT Panhandle 345KV Real-Time Peak

Fixed Price Future, ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future contracts is

attached to this submission as Exhibit B.

Physical Environmental Futures Contracts

The Exchange is listing five new monthly Physical Environmental physically delivered futures contracts

calling for delivery of prior year Renewable Energy Credits (REC), Solar Renewable Energy Credits

(SREC), Alternative Energy Credits, or Solar Alternative Energy Credits at expiration.

For the Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future, the last trading day for

the contract will be three business days prior to the last business day of the delivery month, at which time

the contracts will call for physical delivery of Maryland Tier 1 RECs that meet the Tier 1 renewable

energy requirement (as defined in the Maryland Renewable Energy Portfolio Standard promulgated under

7-701 of the Public Utilities Article of the Annotated Code of Maryland and issued by PJM Generation

Attribute Tracking System (GATS) having a vintage year designation that corresponds to the specified

vintage of the expiring contract. The RECs eligible for the delivery are consistent with other Physical

Environmental futures referencing delivery of Maryland Tier I RECs.

For the Maryland Solar Renewable Energy Credit Prior Year Future, the last trading day for the contract

will be three business days prior to the last business day of the delivery month, at which time the

contracts will call for physical delivery of Maryland SRECs representing solar photovoltaic sources
eligible to meet the Solar Carve Out requirement of the Maryland Renewable Energy Portfolio Standard

promulgated under 7-701 of the Public Utilities Article of the Annotated Code of Maryland and issued by

PJM GATS having a vintage year designation that corresponds to the specified vintage of the expiring

contract. The SRECs eligible for the delivery are consistent with other Physical Environmental futures

referencing delivery of Maryland SRECs.

For the New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future, the last trading

day for the contract will be three business days prior to the last business day of the delivery month, at

which time the contracts will call for physical delivery of New Jersey Class I RECs that meet the Class I

Renewable Energy minimum requirements specified in the N.J.A.C. 13:8-2-3 under the New Jersey

Renewable Energy Portfolio Standard promulgated under N.J.A.C. 14:8 verified and qualified by the NJ

Board of Public Utilities having a vintage year designation that corresponds to the specified vintage of the

expiring contract. The RECs eligible for the delivery are consistent with other Physical Environmental

futures referencing delivery of New Jersey Tier I RECs.

For the Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future, the last trading day

will be three business days prior to the last business day of the delivery month, at which time the

contracts will call for physical delivery of Pennsylvania Tier I RECs that meet the Tier I renewable

energy requirement in the state of Pennsylvania. The requirements are specified in Pennsylvania Statues

Title 73 Chapter 18F and issued by PJM GATS having a vintage year designation that corresponds to the

specified vintage of the expiring contract. The RECs eligible for the delivery are consistent with other

Physical Environmental futures referencing delivery of Pennsylvania Tier I RECs.

For the Pennsylvania Solar Alternative Energy Credit Prior Year Future, the last trading day will be three

business days prior to the last business day of the delivery month, at which time the contracts will call for

physical delivery of Pennsylvania SREC representing solar photovoltaic sources eligible to meet the Tier

I Alternative Energy Credit requirement of the Alternative Energy Portfolio Standard promulgated under

Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued by PJM GATS having a vintage year

designation that corresponds to the specified vintage of the expiring contract. The SRECs eligible for

delivery are consistent with other Physical Environmental futures referencing delivery of Pennsylvania

SRECs.

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. New Exchange Rules 18.D.052-

18.D.056 list the new futures products. All relevant terms of the prior year Physical Environmental

futures 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.

Oil Americas Futures and Options Contracts

a. Crude Diff - Argus WTL Midland vs WTI Trade Month Future

The Exchange is listing one outright monthly cash settled futures contract, Crude Diff - Argus WTL

Midland vs WTI Trade Month Future, based on the difference between the Argus daily assessment price

for WTL Midland (1st Month) and the Argus daily assessment price for the WTI Formula Basis (1st

Month). The futures contract will cease 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 and cash settle to a price in USD

and cents per barrel based on the average of the quotations appearing in the “Argus Crude” report under

the heading “Texas”, subheading “Diff weighted average” for “WTL Midland” (1st Month), for each
business day in the determination period. The average of the WTL Midland (1st Month) differential

weighted average (Diff weighted average) price is taken from Argus Media, is based upn the weighted

average floating price of WTL Midland minus the “WTI Formula Basis” price from Argus Media, for the

trade month period beginning with the first business day after the 25th calendar day two months prior to

the contract month through 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, the trade moth period shall

end on the first business day prior to the 25th calendar day. The future 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 Rule 19.C.118 lists

the new Crude Diff - Argus WTL Midland vs WTI Trade Month Future contract. A Deliverable Supply

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

aforementioned contract is attached hereto as Exhibit B.

b. Fuel Oil - Marine Fuel 0.5% Futures and Options

The Exchange is listing six outright monthly Marine Fuel futures contracts and two Marine Fuel

differential futures contracts. Additionally, the Exchange is listing one new option on futures contract

based on a new Marine Fuel future.

Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

The Exchange is listing one monthly cash settled futures and one balance of the month cash settle futures

contracts based on the Platts daily assessment for 0.5% Delivered US Atlantic Coast Marine Fuel barges.

The Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Future (in MTs) is

a monthly cash settled future with a last trading day on the last trading day of the contract month. The

contract will final settle to a price in USD and cents per metric tonnes based on the average “$/MT”

quotations appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for “0.5% Dlvd US

Atlantic Coast barge” for each business day of the determination period. The Fuel Oil Outright - Marine

Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Balmo Future (in MTs) is a balance of the month

cash settled future based on the Platts daily assessment for 0.5% Delivered US Atlantic Coast Marine

Fuel barges. The product will have a last trading day of the last trading day of the contract month and will

cash settled to a price in USD and cents per metric tonne based on the average “$/MT” quotations

appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for “0.5% Dlvd US Atlantic

Coast barge” for each business day in the determination period. Both contracts will have a contract size of

1,000 Metric Tonnes, consistent with other Marine Fuel futures contacts currently listed by the Exchange

or included in this submission.

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.42 and

19.A.43 list the new Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Future (in MTs) and Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Balmo Future (in MTs) 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.
Marine Fuel 0.5% FOB USGC Barges (Platts)

The Exchange is listing two monthly cash settled futures and one balance of the month cash settle futures

contracts based on the Platts daily assessment for 0.5% FOB USGC Barges. The Fuel Oil Outright -

Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs) is a monthly cash settled future with a last

trading day on the last trading day of the contract month. The contract will final settle to a price in USD

and cents per metric tonne based on the average “$/MT” quotations appearing in the “Platts US

Marketscan” under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge” for each business

day of the determination period. The Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts)

Mini Future is a monthly cash settled future with a last trading day on the last trading day of the contract

month. The contract will final settle to a price in USD and cents per metric tonnes based on the average

“$/MT” quotations appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for “0.5%

FOB US Gulf Coast barge” for each business day of the determination period. The Fuel Oil Outright -

Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in MTs) is a balance of the month cash

settled future based on the Platts daily assessment for 0.5% FOB USGC Barges. The product will have a

last trading day of the last trading day of the contract month and will cash settled to a price in USD and

cents per metric tonne based on the average “$/MT” quotations appearing in the “Platts US Marketscan”

under the heading “Marine Fuel” for “Marine Fuel” for “0.5% FOB US Gulf Coast barge” for each

business day in the determination period. The Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges

(Platts) Future (in MTs) and Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo

Future (in MTs) contracts will have a contract size of 1,000 Metric Tonnes, and the Fuel Oil Outright -

Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future will have a contract size of 100 Metric

Tonnes, consistent with other Marine Fuel futures contacts and size conventions for mini contracts

currently listed by the Exchange or included in this submission.

Additionally, the Exchange is listing one European-style option on futures contract, the Fuel Oil Outright

- Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option (in MTs), based on the underlying

Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs). The product’s last

trading day will be the last trading day of the contract month and the contract size will be 1,000 Metric

Tonnes, consistent with the underlying future. The reference price will be a price in USD and cents per

metric tonnes based on the average of the settlement prices of the Fuel Oil Outright - Marine Fuel 0.5%

FOB USGC Barges (Platts) Future for the contract month. Position held in the options contract will be

aggregated with positions held in the underlying future.

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.44-

19.A.46 list the new Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in

MTs), Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future, Fuel Oil Outright -

Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs) contracts. Additionally, new Exchange

Rule 19.F.36 lists the new Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average

Price Option (in MTs). The Exchange has set spot month position limits and single and all month

accountability levels for the products consistent with the previously-listed futures contracts referencing

the Platts Marine Fuel 0.5% FOB USGC Barges assessment. As noted above, positions held in the option

on futures contract will be aggregated with positons held in the underlying futures contract.

Marine Fuel 0.5% FOB USGC Barges (Platts) vs. Marine Fuel 0.5% FOB Rotterdam Barges (Platts)

The Exchange is listing one monthly cash settled futures and one balance of the month cash settle futures

contracts based on the difference between the Plats daily assessment price for Marine Fuel 0.5% FOB

USGC Barges and the Platts daily assessment price for Marine Fuel 0.5% FOB Rotterdam Barges. The
Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) (in MTs) is a monthly cash settled future with a last trading day of the last trading day of

the contract month. The contract will final settle to a price in USD and cents per metric tonne based on

the difference between the average of the “Mid” quotations appearing in the “Platts US Marketscan”

under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge” and “$/MT” and the average of

the “Mid” quotations appearing in the “Platts European Marketscan” under the heading “Marine Fuel” for

0.5% FOB Rotterdam barge” and “$/mt” for each business day in the determination period. The Fuel Oil

Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs. Marine Fuel 0.5% FOB Rotterdam Barges

(Platts) (in MTs) is a balance of the month cash settled future based on the difference between the Platts

daily assessment price for Marine Fuel 0.5% FOB USGC Barges and the Platts daily assessment price for

Marine Fuel 0.5% FOB Rotterdam Barges. The contract will have a last trading day of the last trading day

of the contract month and will cash settle to a price in USD and cents per metric tonne based on the

difference between the average of the “Mid” quotations appearing in the “Platts US Marketscan” under

the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge” and “$/MT” and the average of the

“Mid” quotations appearing in the “Platts European Marketscan” under the heading “Marine Fuel” for

“0.5% FOB Rotterdam barge” and “$/mt” for each business day in the determination period. Both

contracts will have a contract size of 1,000 Metric Tonnes, consistent with other Marine Fuel futures

contacts currently listed by the Exchange or included in this submission.

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.119 and

19.C.120 list the new Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5%

FOB Rotterdam Barges (Platts) Future (in MTs) and Fuel Oil Diff - Marine Fuel 0.5% FOB USGC

Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Balmo Future (in MTs) 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.

New Options Contracts

As indicated above, the Exchange is listing one new option on futures 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 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 Rule 19.F.36 lists the new Fuel Oil Outright - Marine Fuel 0.5% FOB

USGC Barges (Platts) Average Price Option (in MTs) contract. The position limits for the options

contract 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.B.351-18.B.360, 18.D.052-18.D.056, 19.A.42-19.A.46, 19.C.118-19.C.120, and 19.F.36,

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. Where applicable, a Deliverable Supply Analysis is attached hereto as

Exhibit B. Positions in the new option on futures contract 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.B.351 CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X CIJ 1 MW 0.01 $30.00 3 5 $5.00

18.B.352 CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X CIK 1 MW 0.01 $30.00 3 5 $5.00

18.B.353 ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future EQF 1 MW 0.01 $100.00 3 5 $5.00

18.B.354 ERCOT Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future EQG 1 MW 0.01 $100.00 3 5 $5.00

18.B.355 PJM BGE Zone Real-Time Peak Daily Fixed Price Future PBR 80 MWh 0.01 $120.00 3 5 $5.00

18.B.356 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future PBS 5 MWh 0.01 $120.00 3 5 $5.00

18.B.357 PJM PPL Zone Real-Time Peak Daily Fixed Price Future PBT 80 MWh 0.01 $120.00 3 5 $5.00

18.B.358 PJM PPL Zone Real-Time Off-Peak Daily Fixed Price Future PBU 5 MWh 0.01 $120.00 3 5 $5.00

18.B.359 ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future EQP 1 MW 0.01 $100.00 3 5 $5.00

18.B.360 ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future EQQ 1 MW 0.01 $100.00 3 5 $5.00

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future MPY 100 MWh 0.01 $2.50 3 5 $1.00

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future MSP 10 MWh 0.01 $10.00 3 5 $5.00

18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future NJP 100 MWh 0.01 $2.50 3 5 $0.25

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future PAY 100 MWh 0.01 $2.50 3 5 $0.25

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future PSP 10 MWh 0.01 $10.00 3 5 $5.00

19.C.118 Crude Diff - Argus WTL Midland vs WTI Trade Month Future MTD 1,000 bbl 0.001 $6.25 3 5 $0.25

19.A.42 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Future (in MTs) MFJ 1,000 mt 0.001 $18.75 3 5 $0.75

19.A.43 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Balmo Future (in MTs) MFK 1,000 mt 0.001 $18.75 3 5 $0.75

19.A.44 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in

MTs) MFL 1,000 mt 0.001 $18.75 3 5 $0.75

19.C.119 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5%

FOB Rotterdam Barges (Platts) Balmo Future (in MTs) MFO 1,000 mt 0.001 $18.75 3 5 $0.75

19.A.45 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future MFQ 100 mt 0.001 $18.75 3 5 $0.75

19.F.36 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price

Option (in MTs) MF9 1,000 mt 0.001 N/A N/A N/A

25% of premium up

to 1.00 (Min: 0.10;

Max: 1.00)

19.A.46 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs) MF9 1,000 mt 0.001 $18.75 3 5 $0.75
19.C.120 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5%

FOB Rotterdam Barges (Platts) Future (in MTs) MGB 1,000 mt 0.001 $18.75

35 $0.75

[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.B.351 CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X 0.05 0.01

18.B.352 CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X 0.05 0.01

18.B.353 ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future 0.05 0.01

18.B.354 ERCOT Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future 0.05 0.01

18.B.355 PJM BGE Zone Real-Time Peak Daily Fixed Price Future 0.05 0.01

18.B.356 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future 0.05 0.01

18.B.357 PJM PPL Zone Real-Time Peak Daily Fixed Price Future 0.05 0.01

18.B.358 PJM PPL Zone Real-Time Off-Peak Daily Fixed Price Future 0.05 0.01

18.B.359 ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future 0.05 0.01

18.B.360 ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future 0.05 0.01

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future 0.01 0.01

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future 0.01 0.01

18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future 0.01 0.01

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future 0.01 0.01

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year 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.42 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Future (in MTs) 0.01 0.01

19.A.43 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts)

Balmo Future (in MTs) 0.01 0.01

19.A.44 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future

(in MTs) 0.01 0.01

19.A.45 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future 0.01 0.01

19.A.46 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs) 0.01 0.01

19.C.118 Crude Diff - Argus WTL Midland vs WTI Trade Month Future 0.01 0.01

19.C.119 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel

0.5% FOB Rotterdam Barges (Platts) Balmo Future (in MTs) 0.01 0.01

19.C.120 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel

0.5% FOB Rotterdam Barges (Platts) Future (in MTs) 0.01 0.01

19.F.36 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price

Option (in MTs) 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

Level

All Month

Accountability

Level

Aggregate

1 (Positive

Correlation)

18.B.351 CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X CIJ 1 MW 7,143 7,143 17,857 SPM

18.B.352 CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X CIK 1 MW 4,762 4,762 8,333 NPM

18.B.353 ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future EQF 1 MW 1,250 1,250 1,250 EQF

18.B.354 ERCOT Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future EQG 1 MW 1,250 1,250 1,250 EQG

18.B.355 PJM BGE Zone Real-Time Peak Daily Fixed Price Future PBR 80 MWh 4,801 10,000 13,999 PBR

18.B.356 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future PBS 5 MWh 69,966 199,992 249,990 PBS

18.B.357 PJM PPL Zone Real-Time Peak Daily Fixed Price Future PBT 80 MWh 6,502 7,001 9,001 PBT

18.B.358 PJM PPL Zone Real-Time Off-Peak Daily Fixed Price Future PBU 5 MWh 90,012 90,012 99,996 PBU

18.B.359 ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future EQP 1 MW 1,250 1,250 1,250 EQP

18.B.360 ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future EQQ 1 MW 1,250 1,250 1,250 EQQ

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future MPY 100 MWh 62,500 62,500 62,500 MPY

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future MSP 10 MWh 12,000 12,000 12,000 MSP

18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future NJP 100 MWh 47,500 47,500 47,500 NJP

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future PAY 100 MWh 57,500 57,500 57,500 PAY

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future PSP 10 MWh 24,000 24,000 24,000 PSP

19.C.118 Crude Diff - Argus WTL Midland vs WTI Trade Month Future MTD 1,000 bbl 3,000 3,000 3,000 MTD

19.A.42 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Future (in MTs) MFJ 1,000 mt 157 157 157 MFJ

19.A.43 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Balmo Future (in MTs) MFK 1,000 mt 157 157 157 MFJ

19.A.44 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in MTs) MFL 1,000 mt 157 157 157 MF1

19.C.119 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Balmo Future (in MTs) MFO 1,000 mt 300 300 300 MFO

19.A.45 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future MFQ 100 mt 157 157 157 MF1

19.F.36 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option (in MTs) MF9 1,000 mt 157 157 157 MF1

19.A.46 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs) MF9 1,000 mt 157 157 157 MF1

19.C.120 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Future (in MTs) MGB 1,000 mt 300 300 300 MFO
13

SUBCHAPTER 18B - FINANCIAL POWER FUTURES CONTRACTS

* * *

18.B.351 CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X

18.B.352 CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X

18.B.353 ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future

18.B.354 ERCOT Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future

18.B.355 PJM BGE Zone Real-Time Peak Daily Fixed Price Future

18.B.356 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future

18.B.357 PJM PPL Zone Real-Time Peak Daily Fixed Price Future

18.B.358 PJM PPL Zone Real-Time Off-Peak Daily Fixed Price Future

18.B.359 ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future

18.B.360 ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future

* * *
14

18.B.351 CAISO SP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X

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

prices calculated by averaging the hourly electricity prices published by CAISO for the location specified in

Reference Price A.

Contract Symbol: CIJ

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 prior to the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-CAISO-SP15-DAY-AHEAD

a) Ref Price A - Description: “ELECTRICITY-CAISO-SP15-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 California ISO at http://oasis.caiso.com/mrioasis/logon.do, under

the headings "Prices: Locational Marginal Prices: Node ID: TH_SP15_GEN-APND: Market: DAM” 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: Average of LMPs for all hours ending 0900-1600 PPT

d) Ref Price A - Pricing calendar: CAISO

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
15

18.B.32 CAISO NP-15 Day-Ahead HE 0900-1600 Fixed Price Future, 7X

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

prices calculated by averaging the hourly electricity prices published by CAISO for the location specified in

Reference Price A.

Contract Symbol: CIK

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 prior to the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-CAISO-NP15-DAY-AHEAD

a) Ref Price A - Description: “ELECTRICITY-CAISO-NP15-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 California ISO at http://oasis.caiso.com/mrioasis/logon.do, under

the headings "Prices: Locational Marginal Prices: Node ID: TH_NP15_GEN-APND: Market: DAM” 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: Average of LMPs for all hours ending 0900-1600 PPT

d) Ref Price A - Pricing calendar: CAISO

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
16

18.B.353 ERCOT Panhandle 345KV Day-Ahead Peak Fixed Price Future

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

prices calculated by averaging the peak hourly electricity prices published by ERCOT for the location specified in

Reference Price A.

Contract Symbol: EQF

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 of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-DAY AHEAD

a) Ref Price A - Description: "ELECTRICITY-ERCOT-PANHANDLE 345KV 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 ERCOT at

http://www.ercot.com/content/cdr/html/dam_spp

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 SPPs for all hours ending 0700-2200 CPT

d) Ref Price A - Pricing calendar: ERCOT

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
17

18.B.354 ERCOT Panhandle 345KV Day-Ahead Off-Peak Fixed Price Future

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

prices calculated by averaging the off-peak hourly electricity prices published by ERCOT for the location specified

in Reference Price A.

Contract Symbol: EQG

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 of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-DAY AHEAD

a) Ref Price A - Description: "ELECTRICITY-ERCOT-PANHANDLE 345KV 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 ERCOT at

http://www.ercot.com/content/cdr/html/dam_spp

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

SPPs for all hours ending 0100-0600, 2300-2400 CPT; for each Saturday, Sunday, and NERC holiday, the

average of SPPs for all hours ending 0100-2400 CPT

d) Ref Price A - Pricing calendar: ERCOT

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
18

18.B.355 PJM BGE Zone Real-Time Peak Daily Fixed Price Future

Description: A daily 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: PBR

Settlement Method: Cash Settlement

Contract Size: 80 MWh

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 365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: For Monday through Friday Contract Periods, excluding NERC holidays, if the following

calendar day is a Business Day, the Business Day following the Contract Period with a closing time of 11:00pm

EPT the night before; If the following calendar day is not a Business Day, the Business Day equal to the Contract

Period with a closing time equal to the end of the Trading Session For each Saturday, Sunday, and NERC holiday

Contract Period, the last Business Day prior to the Contract Period with a closing time equal to the end of the

Trading Session.

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-PJM-BGE ZONE-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-PJM-BGE ZONE-REAL TIME" 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 PJM at http://dataminer2.pjm.com/feed/rt_hrl_lmps/definition

under the headings "Locational Marginal Prices: Real-Time Hourly LMPs: BGE" 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: 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
19

18.B.356 PJM BGE Zone Real-Time Off-Peak Daily Fixed Price Future

Description: A daily 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: PBS

Settlement Method: Cash Settlement

Contract Size: 5 MWh

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 365 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: ELECTRICITY-PJM-BGE ZONE-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-PJM-BGE ZONE-REAL TIME" 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 PJM at http://dataminer2.pjm.com/feed/rt_hrl_lmps/definition

under the headings "Locational Marginal Prices: Real-Time Hourly LMPs: BGE" 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: Average of LMPs for all hours ending 0100-0700, 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
20

18.B.357 PJM PPL Zone Real-Time Peak Daily Fixed Price Future

Description: A daily 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: PBT

Settlement Method: Cash Settlement

Contract Size: 80 MWh

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 365 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: For Monday through Friday Contract Periods, excluding NERC holidays, if the following

calendar day is a Business Day, the Business Day following the Contract Period with a closing time of 11:00pm

EPT the night before; If the following calendar day is not a Business Day, the Business Day equal to the Contract

Period with a closing time equal to the end of the Trading Session For each Saturday, Sunday, and NERC holiday

Contract Period, the last Business Day prior to the Contract Period with a closing time equal to the end of the

Trading Session.

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-PJM-PPL ZONE-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-PJM-PPL ZONE-REAL TIME" 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 PJM at http://dataminer2.pjm.com/feed/rt_hrl_lmps/definition

under the headings "Locational Marginal Prices: Real-Time Hourly LMPS: PPL" 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: 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
21

18.B.358 PJM PPL Zone Real-Time Off-Peak Daily Fixed Price Future

Description: A daily 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: PBU

Settlement Method: Cash Settlement

Contract Size: 5 MWh

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 365 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: ELECTRICITY-PJM-PPL ZONE-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-PJM-PPL ZONE-REAL TIME" 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 PJM at http://dataminer2.pjm.com/feed/rt_hrl_lmps/definition

under the headings "Locational Marginal Prices: Real-Time Hourly LMPs: PPL" 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: Average of LMPs for all hours ending 0100-0700, 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
22

18.B.359 ERCOT Panhandle 345KV Real-Time Peak Fixed Price Future

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

prices calculated by averaging the peak hourly electricity prices published by ERCOT for the location specified in

Reference Price A.

Contract Symbol: EQP

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 of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-REAL TIME" 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 ERCOT at

http://www.ercot.com/content/cdr/html/real_time_spp

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 SPPs for all hours ending 0700-2200 CPT

d) Ref Price A - Pricing calendar: ERCOT

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
23

18.B.359 ERCOT Panhandle 345KV Real-Time Off-Peak Fixed Price Future

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

prices calculated by averaging the off-peak hourly electricity prices published by ERCOT for the location specified

in Reference Price A.

Contract Symbol: EQQ

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 of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-REAL TIME

a) Ref Price A - Description: "ELECTRICITY-ERCOT-PANHANDLE 345KV HUB-REAL TIME" 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 ERCOT at

http://www.ercot.com/content/cdr/html/real_time_spp

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

SPPs for all hours ending 0100-0600, 2300-2400 CPT; for each Saturday, Sunday, and NERC holiday, the

average of SPPs for all hours ending 0100-2400 CPT

d) Ref Price A - Pricing calendar: ERCOT

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
24

SUBCHAPTER 18D - PHYSICAL ENVIRONMENTAL FUTURES CONTRACTS

* * *

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future

18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future

* * *
25

18.D.052 Maryland Compliance Renewable Energy Credit Tier 1 Prior Year Future

Contract Description: Physically delivered Maryland Tier 1 Renewable Energy Credit (“Maryland Tier

1 REC”) where a Maryland Tier 1 REC is an electronic certificate issued by PJM GATS for qualifying

generation.

Contract Symbol: MPY

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Tier 1 RECs

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.

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: Maryland Tier 1 RECs eligible for delivery are those which are eligible to

meet the Tier 1 renewable energy requirement (as defined in the Maryland Renewable Energy Portfolio

Standard promulgated under 7-701 of the Public Utilities Article of the Annotated Code of Maryland and

issued by PJM GATS having a vintage year designation that corresponds to the specified vintage of the

expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
26

18.D.053 Maryland Solar Renewable Energy Credit Prior Year Future

Contract Description: Physically delivered Maryland Solar Renewable Energy Credit (“Maryland

SREC”) where a Maryland SREC is an electronic certificate issued by PJM GATS for qualifying

generation.

Contract Symbol: MSP

Settlement Method: Physical delivery

Contract Size: 10 MWh representing 10 qualifying SRECs

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.

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: Maryland SRECs eligible for delivery are those representing solar

photovoltaic sources eligible to meet the Solar Carve Out requirement of the Maryland Renewable Energy

Portfolio Standard promulgated under 7-701 of the Public Utilities Article of the Annotated Code of

Maryland and issued by PJM GATS having a vintage year designation that corresponds to the specified

vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
27

18.D.054 New Jersey Compliance Renewable Energy Certificate Class I Prior Year Future

Contract Description: Physically delivered New Jersey Class I Renewable Energy Certificates (“New

Jersey Class I REC”) where a New Jersey Class I REC is an electronic certificate issued by the PJM

Environmental Information System Generation Attribute Tracking System ("PJM GATS") for qualifying

generation.

Contract Symbol: NJP

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Class 1 RECs

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.

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: New Jersey Class I RECs eligible for delivery are those which are eligible to

meet the Class I Renewable Energy minimum requirements specified in N.J.A.C. 14:8-2-3 under the New

Jersey Renewable Energy Portfolio Standard promulgated under N.J.A.C. 14:8 verified and qualified by

the NJ Board of Public Utilities having a vintage year designation that corresponds to the specified

vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
28

18.D.055 Pennsylvania Compliance Alternative Energy Credit Tier I Prior Year Future

Contract Description: Physically delivered Pennsylvania Tier I Alternative Energy Credit

(“Pennsylvania Tier I REC”) where a Pennsylvania Tier I REC is an electronic certificate issued by PJM

GATS for qualifying generation.

Contract Symbol: PAY

Settlement Method: Physical delivery

Contract Size: 100 MWh representing 100 Tier I RECs

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.

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: Pennsylvania Tier I RECs eligible for delivery are those which are eligible to

meet the Tier 1 renewable energy requirement in the state of Pennsylvania. The requirements are

specified in Pennsylvania Statues Title 73 Chapter 18F and issued by PJM GATS having a vintage year

designation that corresponds to the specified vintage of the expiring contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
29

18.D.056 Pennsylvania Solar Alternative Energy Credit Prior Year Future

Contract Description: Physically delivered Pennsylvania Solar Alternative Energy Credit

(“Pennsylvania SREC”) where a Pennsylvania SREC is an electronic certificate issued by PJM GATS for

qualifying generation.

Contract Symbol: PSP

Settlement Method: Physical delivery

Contract Size: 10MWh representing 10 qualifying SRECs

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.

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: Pennsylvania SREC eligible for delivery are those representing solar

photovoltaic sources eligible to meet the Tier I Alternative Energy Credit requirement of the Alternative

Energy Portfolio Standard promulgated under Pennsylvania 2004 Act 213 P.L. 1672 No. 213 and issued

by PJM GATS having a vintage year designation that corresponds to the specified vintage of the expiring

contract.

Registry: PJM GATS

MIC Code: IFED

Clearing Venues: ICEU
30

SUBCHAPTER 19A - OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.42 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Future (in MTs)

19.A.43 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Balmo Future (in MTs)

19.A.44 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in MTs)

19.A.45 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future

19.A.46 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs)

* * *
31

19.A.42 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Future (in MTs)

Description: A monthly cash settled future based on the Platts daily assessment price for 0.5% Delivered US

Atlantic Coast Marine Fuel barges.

Contract Symbol: MFJ

Contract Size: 1,000 MT

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonnes based on the average “$/MT” quotations appearing in the “Platts US Marketscan” under the heading “Marine

Fuel” for “0.5% Dlvd US Atlantic Coast barge” 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

MIC Code: IFED

Clearing Venue: ICEU
32

19.A.43 Fuel Oil Outright - Marine Fuel 0.5% Delivered US Atlantic Coast Barges (Platts) Balmo Future (in

MTs)

Description: A balance of the month cash settled future based on the Platts daily assessment price for 0.5%

Delivered US Atlantic Coast Marine Fuel barges.

Contract Symbol: MFK

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonne based on the average “$/MT” quotations appearing in the “Platts US Marketscan” under the heading “Marine

Fuel” for “0.5% Dlvd US Atlantic Coast barge” for each business day (as specified below) in the determination

period.

Contract Series: Up to 2 consecutive months

Final Payment Dates: Two Clearing House Business Days following the Last Trading Day

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
33

19.A.44 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future (in MTs)

Description: A balance of the month cash settled future based on the Platts daily assessment price for Marine Fuel

0.5% FOB US Gulf Coast Barges.

Contract Symbol: MFL

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonne based on the average of the “$/MT” quotations appearing in the “Platts US Marketscan” under the heading

“Marine Fuel” for “0.5% FOB US Gulf Coast barge" for each business day (as specified below) in the determination

period.

Contract Series: Up to 2 consecutive months

Final Payment Dates: Two Clearing House Business Days following the Last Trading Day

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
34

19.A.45 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Mini Future (in MTs)

Description: A monthly cash settled mini future based on the Platts daily assessment price for 0.5% FOB US Gulf

Coast Barges Marine Fuel.

Contract Symbol: MFQ

Contract Size: 100 metric tonnes

Unit of Trading: Any multiple of 100 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonne based on the average of the “$/MT” quotations appearing in the “Platts US Marketscan” under the heading

“Marine Fuel” for “0.5% FOB US Gulf Coast barge" 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

MIC Code: IFED

Clearing Venue: ICEU
35

19.A.46 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MTs)

Description: A monthly cash settled future based on the Platts daily assessment price for 0.5% FOB US Gulf Coast

Barges Marine Fuel.

Contract Symbol: MF9

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonnes based on the average of the “$/MT” quotations appearing in the “Platts US Marketscan” under the heading

“Marine Fuel” for “0.5% FOB US Gulf Coast barge" 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 Day in the determination period.

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
36

SUBCHAPTER 19C - DIFFERENTIAL FUTURES CONTRACTS – CRUDE OIL AND REFINED

PRODUCTS

* * *

19.C.118 Crude Diff - Argus WTL Midland vs WTI Trade Month Future

19.C.119 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) Balmo Future (in MTs)

19.C.120 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) Future (in MTs)

* * *
37

19.C.118 Crude Diff - Argus WTL Midland vs WTI Trade Month Future

Description: A cash settled future based on the difference between the Argus daily assessment price for WTL

Midland (1st Month) and the Argus daily assessment price for WTI Formula Basis (1st Month).

Contract Symbol: MTD

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 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 "Texas", subheading

“Diff weighted average” for "WTL Midland" (1st month), for each business day (as specified below) in the

determination period.

The average of the WTL Midland (1st month) differential weighted average (Diff weighted average) price taken

from Argus Media, is based upon the weighted average floating price of WTL Midland minus the “WTI Formula

Basis” price from Argus Media, for the Trade month period beginning with the first business day after the 25th

calendar day two months prior to the contract month through 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, the Trade

month period shall end on the first business day prior to the 25th calendar day.

Common Pricing applies

Contract Series: Up to 72 consecutive months

Business Days: ICE Business Days

MIC Code: IFED

Clearing Venue: ICEU
38

19.C.119 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs. Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) Balmo Future (in MTs)

Description: A balance of the month cash settled future based on the difference between the Platts daily assessment

price for Marine Fuel 0.5% FOB USGC Barges and the Platts daily assessment price for Marine Fuel 0.5% FOB

Rotterdam Barges.

Contract Symbol: MFO

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonne based on the difference between the average of the “Mid” quotations appearing in the “Platts US Marketscan”

under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge" and “$/MT” and the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the heading “Marine Fuel” for “0.5% FOB

Rotterdam barge and “$/mt” 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 Platts European Marketscan

MIC Code: IFED

Clearing Venue: ICEU
39

19.C.120 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs. Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) Future (in MTs)

Description: A monthly cash settled future based on the difference between the Platts daily assessment price for

Marine Fuel 0.5% FOB USGC Barges and the Platts daily assessment price for Marine Fuel 0.5% FOB Rotterdam

Barges.

Contract Symbol: MGB

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

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 metric

tonne based on the difference between the average of the “Mid” quotations appearing in the “Platts US Marketscan”

under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge" and “$/MT” and the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the heading “Marine Fuel” for “0.5% FOB

Rotterdam barge and “$/mt” 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 Platts European Marketscan

MIC Code: IFED

Clearing Venue: ICEU
40

SUBCHAPTER 19F - OPTIONS

* * *

19.F.36 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option (in MTs)

* * *
41

19.F.36 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option (in MTs)

Description: The Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option is based on the underlying

Marine Fuel 0.5% FOB USGC Barges (Platts) Future (in MT) and will automatically exercise into the settlement

price of the Future on the day of expiry of the options contract.

Contract Symbol: MF9

Hedge Instrument: The delta hedge for the Marine Fuel 0.5% FOB USGC Barges (Platts) Average Price Option is

the Marine Fuel 0.5% FOB USGC Barges (Platts) Future

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Settlement Price Quotation: One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation: One tenth of one cent ($0.001) per metric tonne

Last Trading Day: Last Trading Day of the contract month

Option Type: Options are average priced and will be automatically exercised into the Marine Fuel 0.5% FOB

USGC Barges (Platts) 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 metric tonnes based on the average of the settlement prices

of the Marine Fuel 0.5% FOB USGC Barges (Platts) 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 Intervals: A minimum of 10 Strike Prices in increments of $0.01 per bbl above and below the at-themoney Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike

Prices are allowed in $0.01 increments

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

MIC Code: IFED

Clearing Venue: ICEU

[REMAINDER OF RULEBOOK UNCHANGED]
42

EXHIBIT B

[EXHIBIT REDACTED]