55 East 52nd Street

New York, New York 10055

Submission No. 23-89

June 7, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: New Biofuel Outright - D4 RINs (OPIS) Balmo Future and Related Amendments (10 of 18)

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

Dear Mr. Kirkpatrick:

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

Regulations 40.2, ICE Futures U.S., Inc. (“Exchange”) submits, by written certification, new Rules

19.A.73-19.A.78, 19.B.19, 19.C.145-19.C.149, and 19.F.38-19.F.41, amendments to Rules 18.D.011 and

18.E.155, and amendments to Resolutions 1 and 2 of Chapters 18 and 19. The new rules and amendments

provide for 18 new futures and option on futures contracts, which will be listed on or about June 26, 2023,

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.

Physical Environmental Futures and Option on Futures Contracts

a. Regional Greenhouse Gas Initiative Vintage 2024 Futures and Option on Futures

The Exchange is listing one new futures contract calling for the delivery of Regional Greenhouse Gas

Initiative CO2 Allowances having a vintage of 2024 and allowances having a vintage of any year prior to

the 2024 vintage year. The amendments to Exchange Rule 18.D.011 include the new 2024 vintage to the

tradable futures markets. The contract specifications are similar to other Physical Environmental futures

contracts currently listed by the Exchange, which prescribe that the Last Trading Day for the contracts shall

be the third business day prior to the last business day of the delivery month, at which time the contracts

will settle based on physical delivery of the underlying RGGI allowances. The last weekday of December

is not considered a business day, unless otherwise specified by the Exchange.

Additionally, the Exchange is listing one new option on futures contract calling for the delivery of Regional

Greenhouse Gas Initiative (“RGGI”) CO2 Allowances having a vintage of 2024 and allowances having a

vintage of any year prior to the 2024 vintage year. The amendments to Exchange Rule 18.E.155 include the

new 2024 vintage to the tradeable markets. The options are European-style and are based on Vintage 2024

futures contracts noted previously. The new contract will be margined based on futures-style margining,

for which the premium for the contracts will be paid in full at maturity, as opposed to equity-style

margining. The options will expire 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, consistent with other RGGI options contracts.
The contract sizes, minimum price fluctuations, Interval Price Limits (IPLs) and IPL recalculation times,

where applicable, 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

aforementioned Physical Environmental futures and option on futures contracts are similar to other Physical

Environmental futures and option on futures contracts listed by the Exchange. The listing cycle and other

relevant specifications are provided in the contract specifications in Exhibit A. Each of the new contracts

are block eligible. The minimum block trade sizes have been set consistent with existing Physical

Environmental contracts. Amendments to Exchange Rules 18.D.011 and 18.E.155 list the new vintage of

the futures and option on futures contracts. The Exchange has set spot month position limits and single and

all-months-combined accountability levels for the futures contract at levels identical to those of existing

contracts listed by the Exchange for Regional Greenhouse Gas Initiative futures contracts. Positions held

in the new option on futures contract will be aggregated with the underlying futures contract (RJ4) for

position limits and single and all-month accountability purposes. Additionally, it is the Exchange’s good

faith belief that neither of the contracts meet the definition of referenced contract as prescribed in CFTC

Regulation §150.1.1

Oil Americas Futures and Option on Futures Contracts

a. Argus Bakken (Patoka) Crude Oil Trade Month Future

The Exchange is listing one monthly cash settled futures contract, the Crude Diff - Argus Bakken (Patoka)

Crude Oil Trade Month Future (“PAB”), which is based on the average of the daily prices published by

Argus for crude oil streams at Bakken Patoka basis WTI Calendar Month Average (CMA NYMEX).

Generally, the BPA futures contract will reflect the value of crude streams originating from the Bakken

formation with a delivery point at Patoka, IL. The relevant market consists of any crude oil stream meeting

the prevailing grade and quality specifications of Bakken crude oil. The contract supplements the existing

suite of Oil Americas and crude oil contracts currently listed by the Exchange. 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 will settle to a price in USD and cents per

barrel based on the average of the specified daily prices published by Argus during the determination period.

b. ICE Midland WTI American Gulf Coast Trade Month vs WTI Trade Month Future

The Exchange is listing one monthly cash settled futures contract, the Crude Diff - ICE Midland WTI

American Gulf Coast Trade Month vs WTI Trade Month Future (“HOI”), which is based on the ICE

settlement price for Midland WTI American Gulf Coast Trade Month Future and the settlement price for

WTI Cushing Trade Month Future. The contract generally represents the difference in prices of crude oil

between Houston, TX and Cushing, OK during the relevant trade month. The contract supplements the

existing suite of Oil Americas and crude oil contracts currently listed by the Exchange. The contract will

cease trading at the close of trading at the end of the designated settlement period on the third Business Day

prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar

day of the month is not a business day, trading shall cease at the end of the designated settlement period on

the third business day prior to the last business day preceding the twenty-fifth calendar day. The contract

will settle to a price in USD and cents per barrel based on the average of the specified daily prices published

by ICE during the determination period.

c. D3-D6 RIN Balmo Futures and Monthly Option on Futures

The Exchange is listing four new balance of the month (“Balmo”) cash settled futures contracts, the Biofuel

Outright - D3 RINs (OPIS) Balmo Future (“ROT”), Biofuel Outright - D4 RINs (OPIS) Balmo Future

1 17 C.F.R. § 150.1 (October 15, 2020) (providing for referenced contract definition).
(“ROD”), Biofuel Outright - D5 RINs (OPIS) Balmo Future (“ROF”), and Biofuel Outright - D6 RINs

(OPIS) Balmo Future (“ROS”), which are based on the daily assessment prices published by OPIS for D3,

D4, D5 and D6 RINs. The contracts generally represent the price of the relevant RIN during the Balmo

period. The Balmo futures contracts supplement the existing suite of RIN and biofuel contracts currently

listed by the Exchange. The contracts will cease trading on the last trading day of the contract month, at

which time the contracts will settle to a price in USD and cents per RIN based on the average of the mean

of the high and low quotations appearing in the “OPIS Ethanol and Biodiesel Information Service” report

under the heading “Ethanol & Gasoline Component Spot Market Prices” subheading “U.S. RINs” for

“Current Yr” for each business day in the determination period for the applicable RIN designation (“U.S.

Cellulosic RINs”, “U.S. Biodiesel RINs”, “U.S. Advanced Biofuel RINs”, or “U.S. Ethanol RINs”).

Additionally, the Exchange is listing four new monthly European-style option on futures contracts, the

Biofuel Outright - D3 RINs (OPIS) Average Price Option (“BFH”), Biofuel Outright - D4 RINs (OPIS)

Average Price Option (“RIK”), Biofuel Outright - D5 RINs (OPIS) Average Price Option (“BFI”), and

Biofuel Outright - D6 RINs (OPIS) Average Price Option (“RIN”), which are based on the relevant

underlying futures contracts and generally represent the price of the relevant RIN in USD and cents during

the contract month. The contracts supplement the existing suite of RIN and biofuel contracts currently listed

by the Exchange. The contracts will cease trading on the last trading day of the contract month, at which

time the contract will exercise based on the reference price in USD and cents per RIN equal to the final

settlement price of the underlying futures contracts. The resulting futures contracts cash settle based on the

average price of RINs in USD and cents during the contract month for the applicable RIN designation

(“U.S. Cellulosic RINs”, “U.S. Biodiesel RINs”, “U.S. Advanced Biofuel RINs”, or “U.S. Ethanol RINs”),

as published by OPIS. No manual exercise prior to last trading day is permitted.

d. Marine Fuel 0.5% USGC Barges (Platts) Differential Futures

The Exchange is listing one new Balmo cash settled futures contract, the Fuel Oil Diff - Marine Fuel 0.5%

USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Balmo Future (in Bbls)

(“MGH”), which is based on the difference between the Platts daily assessment price for 0.5% FOB US

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

Marine Fuel. The contract generally represents the difference in price of US Gulf Coast and European

marine fuels during the determination period. The Balmo futures contract supplements the existing suite of

marine fuel contracts currently listed by the Exchange. The contract will cease trading on the last trading

day of the contract month, at which time the contract will settle to a price in USD and cents per barrel based

on the difference between the average of the “$/barrel” quotations appearing in the “Platts US Marketscan”

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

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

Rotterdam barge” for each business day in the determination period. Where the publication days for the

Platts US Marketscan and Platts European Marketscan do not align, non-common pricing applies.

Additionally, the Exchange is listing one new monthly cash settled futures contract, the Fuel Oil Crack -

Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st Line Balmo Future (“MGG”), which is based

on the difference between the Platts daily assessment for 0.5% FOB US Gulf Coast Barges Marine Fuel

and the ICE settlement price for Brent 1st Line Futures. The contract generally represents the difference in

price of US Gulf Coast marine fuel and the global price of crude oil during the contract month. The monthly

futures contract supplements the existing suite of marine fuel contracts currently listed by the Exchange.

The contract will cease trading on the last trading day of the contract month, at which time the contract will

settle to a price in USD and cents per barrel based on the difference between the average of the “$/barrel”

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

Gulf Coast barge" and the average of the settlement prices as made public by ICE for the front month Brent

Future for each business day in the contract month.

e. USGC RBOB (Platts) Outright and Differential Futures
The Exchange is listing one new monthly cash settled futures contract, the Gasoline Outright - USGC

RBOB (Platts) Future (“GRF”), which is a monthly cash settled future based on the Platts daily assessment

price for Gulf Coast RBOB. The contract generally represents the price of US Gulf Coast RBOB during the

contract month. The monthly futures contract supplements the existing suite of Oil Americas and RBOB

contracts currently listed by the Exchange. The contract will cease trading on the last trading day of the

contract month, at which time the contract will settle to a price in USD and cents per gallon based on the

average of the “Mid” quotations appearing in “Platts US Marketscan” under the heading “Gulf Coast”

subheading “Houston” and “Prompt Pipeline” for “RBOB 83.7” for each business day in the contract

month.

The Exchange is listing one new Balmo cash settled futures contract, the Gasoline Outright - USGC RBOB

(Platts) Balmo Future (“GRD”), which is based on the Platts daily assessment price for Gulf Coast RBOB.

The contract generally represents the price of US Gulf Coast RBOB during the determination period. The

Balmo futures contract supplements the existing suite of Oil Americas and RBOB contracts currently listed

by the Exchange. The contract will cease trading on the last trading day of the contract month, at which

time the contract will settle to a price in USD and cents per gallon based on the average of the “Mid”

quotations appearing in “Platts US Marketscan” under the heading “Gulf Coast” subheading “Houston” and

“Prompt Pipeline” for “RBOB 83.7” for each business day in the determination period. Positions held in

GRD will be aggregate for position limits and accountability purposes.

The Exchange is also listing two gasoline differential futures, the Gasoline Diff - USGC RBOB (Platts) vs

RBOB Gasoline 1st Line Future (“RAB”) and the Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline

1st Line Balmo Future (“RAC”), which are based on the difference between the Platts daily assessment for

USGC RBOB gasoline and the ICE settlement price for RBOB Gasoline 1st Line Future. Generally, each

of the contracts represents the price difference between RBOB at the US Gulf Coast and New York Harbor.

The contracts supplement the existing suite of Oil Americas and RBOB contracts currently listed by the

Exchange. The monthly contract will cease trading on the last trading day of the contract month, at which

time the contract will settle to a price in USD and cents per gallon based on the difference between the

average of the “Mid” quotations appearing in “Platts US Marketscan” under the heading “Gulf Coast”

subheading “Houston” and “Prompt Pipeline” for “RBOB 83.7” and the average of the settlement prices as

made public by NYMEX for the front month RBOB Gasoline Future for each business day in the contract

month. The RAC contract will similarly cease trading on the last trading day of the contract month and will

cash settle to a price in USD and cents per gallon based on the difference between the average of the “Mid”

quotations appearing in “Platts US Marketscan” under the heading “Gulf Coast” subheading “Houston” and

“Prompt Pipeline” for “RBOB 83.7” and the average of the settlement prices as made public by NYMEX

for the front month RBOB Gasoline Future for each business day in the determination period. For purposes

of position limits and accountability, positions held in the RAC contract will be aggregated with positions

held in RAB.

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

where applicable, 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 futures and option on futures contracts listed by the Exchange.

Each of the new contracts are block eligible. The minimum block trade size has been set consistent with

existing Oil Americas futures and option on futures contracts. The listing cycle and other relevant

specifications are provided in the contract specifications in Exhibit A. New Exchange Rules 19.A.73-

19.A.78, 19.B.19, 19.C.145-19.C.149, and 19.F.38-19.F.41 list the new futures and option on futures

contracts. For each new product the Exchange has set spot month position limits, and single and all month

accountability levels consistent with similar Oil Americas futures and option on futures contracts that

reference WTI Midland American Gulf Coast crude oil, D3-D6 Renewable Identification Numbers (RINs),

and Marine Fuel 0.5% USGC Barges. Positions held in the balance of the month (“Balmo”) futures

contracts and option on futures contracts will be aggregated with the relevant monthly futures contracts for

position limit and accountability purposes. Where applicable, a Deliverable Supply Analysis detailing the
methodology the Exchange used to determine the spot month position limits for the aforementioned Bakken

Patoka crude oil and RBOB outright and differential contracts is attached hereto as Exhibit B. The Exchange

has set single and all month accountability levels for such contracts consistent with the spot month position

limits for the products. Additionally, it is the Exchange’s good faith belief that the above-referenced Oil

Americas futures and option on futures contracts do not meet the definition of referenced contract as

prescribed in CFTC Regulation §150.1.

Certifications

The rules and amendments establishing the new futures and option on futures contracts’ terms and

conditions are to become effective on the second business day following the business day on which this

submission is received by the Commission. The Exchange is not aware of any substantive opposing views

to the new futures and option on futures contracts. The Exchange certifies that the 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 option on futures contracts are set forth in new

Rules 19.A.73-19.A.78, 19.B.19, 19.C.145-19.C.149, and 19.F.38-19.F.41, amendments to Rules

18.D.011 and 18.E.155, and amendments to Resolutions 1 and 2 of Chapters 18 and 19, and will

be enforced by the Exchange. In addition, trading of the contracts is subject to all relevant

Exchange rules which are enforced by the Market Regulation Department.

CONTRACTS NOT READILY SUBJECT TO MANIPULATION

The new futures and option on futures 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 option on futures 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 at the Exchange or based on the deliverable

supply of the cash commodity underlying the contract. Positions held in the new option on futures

contracts will be aggregated with the futures contract underlying the option contract for purposes

of position limits and accountability.

FINANCIAL INTEGRITY OF CONTRACTS

The new futures and option on futures 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 is not aware of any opposing views expressed by members or others regarding the listing of

the new futures and option on futures contracts and the adoption of related amendments. The Exchange

further certifies that concurrent with this filing a copy of this submission was posted on the Exchange’s

website, which may be accessed at: (https://www.theice.com/futures-us/regulation#rule-filings).

If you have any questions or need further information, please contact the undersigned at

patrick.swartzer@theice.com.

Sincerely,
Patrick Swartzer

Director

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.D.011 Regional Greenhouse Gas Initiative Vintage 2024 Future RJ4 1,000 RGGI

Allowances 0.01 1.00 3 5 0.10

18.E.155 Option on Regional Greenhouse Gas Initiative Future Vintage 2024 RJ4 1,000 RGGI

Allowances 0.01 N/A N/A N/A 20% of premiumMin: 0.05 / Max: 0.10

19.C.145 Crude Diff - Argus Bakken (Patoka) Crude Oil Trade Month Future PAB 1,000 Barrels 0.001 6.25 3 5 0.25

19.C.146 Crude Diff - ICE Midland WTI American Gulf Coast Trade Month vs WTI Trade Month Future HOI 1,000 Barrels 0.001 6.25 3 5 0.25

19.F.38 Biofuel Outright - D6 RINs (OPIS) Average Price Option RIN 50,000 RINs 0.0001 N/A N/A N/A 25% of premium

Min: 0.10 / Max: 1.00

19.F.39 Biofuel Outright - D5 RINs (OPIS) Average Price Option BFI 50,000 RINs 0.0001 N/A N/A N/A 25% of premium

Min: 0.10 / Max: 1.00

19.F.40 Biofuel Outright - D4 RINs (OPIS) Average Price Option RIK 50,000 RINs 0.0001 N/A N/A N/A 25% of premium

Min: 0.10 / Max: 1.00

19.F.41 Biofuel Outright - D3 RINs (OPIS) Average Price Option BFH 50,000 RINs 0.0001 N/A N/A N/A 25% of premium

Min: 0.10 / Max: 1.00

19.A.73 Biofuel Outright - D6 RINs (OPIS) Balmo Future ROS 50,000 RINs 0.0001 0.20 3 5 0.02

19.A.74 Biofuel Outright - D4 RINs (OPIS) Balmo Future ROD 50,000 RINs 0.0001 0.20 3 5 0.02

19.A.75 Biofuel Outright - D3 RINs (OPIS) Balmo Future ROT 50,000 RINs 0.0001 0.20 3 5 0.02

19.A.76 Biofuel Outright - D5 RINs (OPIS) Balmo Future ROF 50,000 RINs 0.0001 0.20 3 5 0.02

19.B.19 Fuel Oil Crack - Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st Line Balmo Future MGG 1,000 Barrels 0.001 6.25 3 5 0.25

19.C.147 Fuel Oil Diff - Marine Fuel 0.5% USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Balmo

Future (in Bbls) MGH 1,000 Barrels 0.001 6.25 3 5 0.25

19.A.77 Gasoline Outright - USGC RBOB (Platts) Future GRF 1,000 Barrels 0.0001 6.25 3 5 0.25

19.A.78 Gasoline Outright - USGC RBOB (Platts) Balmo Future GRD 1,000 Barrels 0.0001 6.25 3 5 0.25

19.C.148 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Future RAB 1,000 Barrels 0.0001 6.25 3 5 0.25

19.C.149 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Balmo Future RAC 1,000 Barrels 0.0001 6.25 3 5 0.25

[1] The minimum fluctuation for the above futures and options contracts may differ depending on trade type and market.
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.D.011 Regional Greenhouse Gas Initiative Vintage 2024 Future 0.01 0.01

18.E.155 Option on Regional Greenhouse Gas Initiative Future Vintage 2024 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.C.145 Crude Diff - Argus Bakken (Patoka) Crude Oil Trade Month Future 0.01 0.01

19.C.146 Crude Diff - ICE Midland WTI American Gulf Coast Trade Month vs WTI Trade Month

Future 0.01 0.01

19.F.38 Biofuel Outright - D6 RINs (OPIS) Average Price Option 0.25 0.25

19.F.39 Biofuel Outright - D5 RINs (OPIS) Average Price Option 0.25 0.25

19.F.40 Biofuel Outright - D4 RINs (OPIS) Average Price Option 0.25 0.25

19.F.41 Biofuel Outright - D3 RINs (OPIS) Average Price Option 0.25 0.25

19.A.73 Biofuel Outright - D6 RINs (OPIS) Balmo Future 0.0001 0.0001

19.A.74 Biofuel Outright - D4 RINs (OPIS) Balmo Future 0.0001 0.0001

19.A.75 Biofuel Outright - D3 RINs (OPIS) Balmo Future 0.0001 0.0001

19.A.76 Biofuel Outright - D5 RINs (OPIS) Balmo Future 0.0001 0.0001

19.B.19 Fuel Oil Crack - Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st Line Balmo

Future 0.01 0.01

19.C.147 Fuel Oil Diff - Marine Fuel 0.5% USGC Barges (Platts) vs Marine Fuel 0.5% FOB

Rotterdam Barges (Platts) Balmo Future (in Bbls) 0.01 0.01

19.A.77 Gasoline Outright - USGC RBOB (Platts) Future 0.0001 0.0001

19.A.78 Gasoline Outright - USGC RBOB (Platts) Balmo Future 0.0001 0.0001

19.C.148 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Future 0.0001 0.0001

19.C.149 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Balmo Future 0.0001 0.0001

* * *
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)

Aggregate 2

(Negative

Correlation)

Exchange

Reportable

Level

CFTC

Referenced

Contract

18.D.011 Regional Greenhouse Gas Initiative Vintage 2024 Future RJ4 1,000 RGGI

Allowances 25,000 25,000 25,000 RJ4 25 N

18.E.155 Option on Regional Greenhouse Gas Initiative Future Vintage 2024 RJ4 1,000 RGGI

Allowances 25,000 25,000 25,000 RJ4 25 N

19.C.145 Crude Diff - Argus Bakken (Patoka) Crude Oil Trade Month Future PAB 1,000 Barrels 3,400 3,400 3,400 PAB 25 N

19.C.146 Crude Diff - ICE Midland WTI American Gulf Coast Trade Month vs WTI

Trade Month Future HOI 1,000 Barrels 10,400 10,400 10,400 HOI 25 N

19.F.38 Biofuel Outright - D6 RINs (OPIS) Average Price Option RIN 50,000 RINs 6,300 6,300 6,300 RIN 25 N

19.F.39 Biofuel Outright - D5 RINs (OPIS) Average Price Option BFI 50,000 RINs 10,780 10,780 10,780 BFI 25 N

19.F.40 Biofuel Outright - D4 RINs (OPIS) Average Price Option RIK 50,000 RINs 1,500 1,500 1,500 RIK 25 N

19.F.41 Biofuel Outright - D3 RINs (OPIS) Average Price Option BFH 50,000 RINs 1,760 1,760 1,760 BFH 25 N

19.A.73 Biofuel Outright - D6 RINs (OPIS) Balmo Future ROS 50,000 RINs 6,300 6,300 6,300 RIN 1 N

19.A.74 Biofuel Outright - D4 RINs (OPIS) Balmo Future ROD 50,000 RINs 1,500 1,500 1,500 RIK 1 N

19.A.75 Biofuel Outright - D3 RINs (OPIS) Balmo Future ROT 50,000 RINs 1,760 1,760 1,760 BFH 1 N

19.A.76 Biofuel Outright - D5 RINs (OPIS) Balmo Future ROF 50,000 RINs 10,780 10,780 10,780 BFI 1 N

19.B.19 Fuel Oil Crack - Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st

Line Balmo Future MGG 1,000 Barrels 1,000 1,000 1,000 FOQ 1 N

19.C.147 Fuel Oil Diff - Marine Fuel 0.5% USGC Barges (Platts) vs Marine Fuel 0.5%

FOB Rotterdam Barges (Platts) Balmo Future (in Bbls) MGH 1,000 Barrels 1,000 1,000 1,000 MGH 1 N

19.A.77 Gasoline Outright - USGC RBOB (Platts) Future GRF 1,000 Barrels 1,500 1,500 1,500 GRF 25 N

19.A.78 Gasoline Outright - USGC RBOB (Platts) Balmo Future GRD 1,000 Barrels 1,500 1,500 1,500 GRF 1 N

19.C.148 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Future RAB 1,000 Barrels 1,500 1,500 1,500 RAB 25 N

19.C.149 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Balmo

Future RAC 1,000 Barrels 1,500 1,500 1,500 RAB 1 N
11

Subchapter 18D – Physical Environmental

Futures Contracts

Rule Subject

* * *

18.D.011 Regional Greenhouse Gas Initiative Future

* * *
12

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 2018: RGQ, Vintage 2019: RGR, Vintage 2020: RGS, Vintage 2021:

RGT, Vintage 2022: RGU, Vintage 2023 : RJ3, Vintage 2024: RJ4

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. The last

weekday of December is not considered a Business Day, unless otherwise determined and announced by

the Exchange.

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
13

Subchapter 18E – Energy Options Contracts

Rule Subject

* * *

18.E.155 Option on Regional Greenhouse Gas Initiative Future - Vintage 2022 and after (Futures

Style Margining)

* * *
14

18.E.155 Option on Regional Greenhouse Gas Initiative Future Vintage 2022 (Futures Style

Margining)

Description: A Futures Style Margin (FSM) Option on the corresponding month of the Regional

Greenhouse Gas Initiative Future

Contract Symbol: RHA: Vintage 2022; RHB: Vintage 2023; RJ4: Vintage 2024

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 metric ton;

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.

Options Style: European

Options Premium: Futures Style

Exercise: 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
15

SUBCHAPTER 19A - OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.73 Biofuel Outright - D6 RINs (OPIS) Balmo Future

19.A.74 Biofuel Outright - D4 RINs (OPIS) Balmo Future

19.A.75 Biofuel Outright - D3 RINs (OPIS) Balmo Future

19.A.76 Biofuel Outright - D5 RINs (OPIS) Balmo Future

19.A.77 Gasoline Outright - USGC RBOB (Platts) Future

19.A.78 Gasoline Outright - USGC RBOB (Platts) Balmo Future

* * *
16

19.A.73 Biofuel Outright - D6 RINs (OPIS) Balmo Future

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

Physically Delivered D6 RINs.

Contract Symbol: ROS

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

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 RIN based on the average of the mean of the high and low quotations appearing in the “OPIS Ethanol

and Biodiesel Information Service” report under the heading " Ethanol & Gasoline Component Spot

Market Prices" subheading "U.S. RINs" and "U.S. Ethanol RINs" for “Current Yr” for each business day

(as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
17

19.A.74 Biofuel Outright - D4 RINs (OPIS) Balmo Future

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

Physically Delivered D4 RINs.

Contract Symbol: ROD

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

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 RIN based on the average of the mean of the high and low quotations appearing in the “OPIS Ethanol

and Biodiesel Information Service” report under the heading "Ethanol & Gasoline Component Spot

Market Prices" subheading "U.S. RINs" and "U.S. Biodiesel RINs" for “Current Yr” for each business

day (as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
18

19.A.75 Biofuel Outright - D3 RINs (OPIS) Balmo Future

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

Physically Delivered D3 RINs.

Contract Symbol: ROT

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 10,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

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 RIN based on the average of the mean of the high and low quotations appearing in the “OPIS Ethanol

and Biodiesel Information Service” report under the heading "Ethanol & Gasoline Component Spot

Market Prices" subheading "U.S. RINs" and "U.S. Cellulosic RINs" for “Current Yr” for each business

day (as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
19

19.A.76 Biofuel Outright - D5 RINs (OPIS) Balmo Future

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

Physically Delivered D5 RINs.

Contract Symbol: ROF

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

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 RIN based on the average of the mean of the high and low quotations appearing in the “OPIS Ethanol

and Biodiesel Information Service” report under the heading " Ethanol & Gasoline Component Spot

Market Prices" subheading "U.S. RINs" and "U.S. Advanced Biofuel RINs" for “Current Yr” for each

business day (as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
20

19.A.77 Gasoline Outright - USGC RBOB (Platts) Future

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

RBOB.

Contract Symbol: GRF

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels (42,000 gallons)

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 “Mid” quotations appearing in “Platts US Marketscan” under the

heading “Gulf Coast” subheading “Houston” and “Prompt Pipeline” for “RBOB 83.7” for each business

day (as specified below) in the determination period.

Contract Series: Up to 48 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
21

19.A.78 Gasoline Outright - USGC RBOB (Platts) Balmo Future

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

Gulf Coast RBOB.

Contract Symbol: GRD

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels (42,000 gallons)

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 “Mid” quotations appearing in “Platts US Marketscan” under the

heading “Gulf Coast” subheading “Houston” and “Prompt Pipeline” for “RBOB 83.7” for each business

day (as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
22

SUBCHAPTER 19B – CRACKS – CRUDE OIL AND REFINED PRODUCTS

* * *

19.B.19 Fuel Oil Crack - Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st Line Balmo Future

* * *
23

19.B.19 Fuel Oil Crack - Marine Fuel 0.5% USGC Barges (Platts) vs Brent Crude 1st Line Balmo

Future

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

assessment price for 0.5% FOB US Gulf Coast Barges Marine Fuel and the ICE settlement price for Brent

1st Line Future

Contract Symbol: MGG

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 “$/barrel” quotations appearing in the

“Platts US Marketscan” under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge" and the

average of the settlement prices as made public by ICE for the front month Brent Future for each business

day (as specified below) in the determination period.

Roll Adjust Provision: The nearby month quotation for ICE Futures Europe Brent Futures 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 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan and ICE

MIC Code: IFED

Clearing Venue: ICEU
24

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

PRODUCTS

* * *

19.C.145 Crude Diff - Argus Bakken (Patoka) Crude Oil Trade Month Future

19.C.146 Crude Diff - ICE Midland WTI American Gulf Coast Trade Month vs WTI Trade Month Future

19.C.147 Fuel Oil Diff - Marine Fuel 0.5% USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam

Barges (Platts) Balmo Future (in Bbls)

19.C.148 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Future

19.C.149 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Balmo Future

* * *
25

19.C.145 Crude Diff - Argus Bakken (Patoka) Crude Oil Trade Month Future

Description: A cash settled future based on the Argus daily assessment price for the Bakken basis

Patoka. The Argus Bakken (Patoka) Crude Oil Trade Month Future is expressed as a differential to the

WTI Calendar Month Average (CMA NYMEX)

Contract Symbol: PAB

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 “Diff weighted average” appearing in the "Argus Crude" report under the heading

" US Gulf Coast and Midcontinent", subheading “Midcontinent” for “Bakken Patoka”, basis “CMA

Nymex” for each business day (as specified below) in the determination period.

Contract Series: Up to 60 consecutive months, or as otherwise determined by the Exchange

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
26

19.C.146 Crude Diff - ICE Midland WTI American Gulf Coast Trade Month vs WTI Trade Month

Future

Description: An ICE trade month cash settled future based on the ICE settlement price for Midland WTI

American Gulf Coast Trade Month Future and the settlement price for WTI Cushing Trade Month Future.

Contract Symbol: HOI

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 in the current delivery month shall cease at the end of the designated

settlement period on the third Business Day prior to the twenty-fifth calendar day of the month preceding

the delivery month. If the twenty-fifth calendar day of the month is a Non-Business Day, trading shall

cease at the end of the designated settlement period on the third Business Day prior to the last Business

Day preceding the twenty-fifth 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 difference between the average of the settlement prices as made public by ICE for

the front month Midland WTI American Gulf Coast Futures contract and the average of the settlement

prices as made public by NYMEX for the front month WTI Future contract for each business day (as

specified below) in the determination period.

Common pricing applies

Contract Series: Up to 96 consecutive months, or as otherwise determined by the Exchange.

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

Business Days: Nymex Business Days

MIC Code: IFED

Clearing Venue: ICEU
27

19.C.147 Fuel Oil Diff - Marine Fuel 0.5% USGC Barges (Platts) vs Marine Fuel 0.5% FOB

Rotterdam Barges (Platts) Balmo Future (in Bbls)

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

assessment price for 0.5% FOB US Gulf Coast Barges Marine Fuel and the Platts daily assessment price

for 0.5% FOB Rotterdam Barges Marine Fuel.

Contract Symbol: MGH

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 “$/barrel” quotations appearing in the

“Platts US Marketscan” under the heading “Marine Fuel” for “0.5% FOB US Gulf Coast barge" and the

average of the “$/mt” quotations appearing in the “Platts European Marketscan” under the heading

“Marine Fuel” for “0.5% FOB Rotterdam barge” for each business day (as specified below) in the

determination period.

Non-Common Pricing applies.

conversion factor: 1 metric tonne = 6.35 barrels

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan and Platts European Marketscan

MIC Code: IFED

Clearing Venue: ICEU
28

19.C.148 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Future

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

price for USGC RBOB and the ICE settlement price for RBOB Gasoline 1st Line Future.

Contract Symbol: RAB

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels (42,000 gallons)

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 “Platts US

Marketscan” under the heading “Gulf Coast” subheading “Houston” and “Prompt Pipeline” for “RBOB

83.7” and the average of the settlement prices as made public by NYMEX for the front month RBOB

Gasoline Future for each business day (as specified below) in the determination period.

Contract Series: Up to 48 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
29

19.C.149 Gasoline Diff - USGC RBOB (Platts) vs RBOB Gasoline 1st Line Balmo Future

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

assessment price for USGC RBOB and the ICE settlement price for RBOB Gasoline 1st Line Future.

Contract Symbol: RAC

Contract Size: 1,000 barrels (42,000 gallons)

Unit of Trading: Any multiple of 1,000 barrels (42,000 gallons)

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 “Platts US

Marketscan” under the heading “Gulf Coast” subheading “Houston” and “Prompt Pipeline” for “RBOB

83.7” and the average of the settlement prices as made public by NYMEX for the front month RBOB

Gasoline Future for each business day (as specified below) in the determination period.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the Exchange

Business Days: Publication days for Platts US Marketscan

MIC Code: IFED

Clearing Venue: ICEU
30

SUBCHAPTER 19F - OPTIONS

* * *

19.F.38 Biofuel Outright - D6 RINs (OPIS) Average Price Option

19.F.39 Biofuel Outright - D5 RINs (OPIS) Average Price Option

19.F.40 Biofuel Outright - D4 RINs (OPIS) Average Price Option

19.F.41 Biofuel Outright - D3 RINs (OPIS) Average Price Option

* * *
31

19.F.38 Biofuel Outright - D6 RINs (OPIS) Average Price Option

Description: The D6 RINs (OPIS) Average Price Option is based on the underlying D6 RINs (OPIS)

Future and will automatically exercise into the settlement price of the Future on the day of expiry of the

options contract.

Contract Symbol: RIN

Hedge Instrument: The delta hedge for the D6 RINs (OPIS) Average Price Option is the D6 RINs

(OPIS) Future (RIN)

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

Last Trading Day: Last Trading Day of the contract month

Option Type: Options are average priced and will be automatically exercised into the D6 RINs (OPIS)

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.

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 D6 RINs (OPIS) Future for the contract month.

The reference price will be a price in USD and cents per RIN equal to the Final Settlement price of the D6

RINs (OPIS) 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 20 Strike Prices in increments of $0.0001 per RIN 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 $0.0001 increments.

Contract Series: Up to 60 consecutive months, or as otherwise determined by the Exchange
32

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

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
33

19.F.39 Biofuel Outright - D5 RINs (OPIS) Average Price Option

Description: The D5 RINs (OPIS) Average Price Option is based on the underlying D5 RINs (OPIS)

Future and will automatically exercise into the settlement price of the Future on the day of expiry of the

options contract.

Contract Symbol: BFI

Hedge Instrument: The delta hedge for the D5 RINs (OPIS) Average Price Option is the D5 RINs

(OPIS) Future (RIN)

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

Last Trading Day: Last Trading Day of the contract month

Option Type: Options are average priced and will be automatically exercised into the D5 RINs (OPIS)

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.

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 D5 RINs (OPIS) Future for the contract month.

The reference price will be a price in USD and cents per RIN equal to the Final Settlement price of the D5

RINs (OPIS) 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 20 Strike Prices in increments of $0.0001 per RIN 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 $0.0001 increments.

Contract Series: Up to 60 consecutive months, or as otherwise determined by the Exchange
34

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

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
35

19.F.40 Biofuel Outright - D4 RINs (OPIS) Average Price Option

Description: The D4 RINs (OPIS) Average Price Option is based on the underlying D4 RINs (OPIS)

Future and will automatically exercise into the settlement price of the Future on the day of expiry of the

options contract.

Contract Symbol: RIK

Hedge Instrument: The delta hedge for the D4 RINs (OPIS) Average Price Option is the D4 RINs

(OPIS) Future (RIN)

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

Last Trading Day: Last Trading Day of the contract month

Option Type: Options are average priced and will be automatically exercised into the D4 RINs (OPIS)

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.

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 D4 RINs (OPIS) Future for the contract month.

The reference price will be a price in USD and cents per RIN equal to the Final Settlement price of the D4

RINs (OPIS) 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 20 Strike Prices in increments of $0.0001 per RIN 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 $0.0001 increments.

Contract Series: Up to 60 consecutive months, or as otherwise determined by the Exchange
36

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

Day

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
37

19.F.41 Biofuel Outright - D3 RINs (OPIS) Average Price Option

Description: The D3 RINs (OPIS) Average Price Option is based on the underlying D3 RINs (OPIS)

Future and will automatically exercise into the settlement price of the Future on the day of expiry of the

options contract.

Contract Symbol: BFH

Hedge Instrument: The delta hedge for the D3 RINs (OPIS) Average Price Option is the D3 RINs

(OPIS) Future (RIN)

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent ($0.0001) per RIN

Settlement Price Quotation: One hundredth of one cent ($0.0001) per RIN

Minimum Price Fluctuation: One hundredth of one cent ($0.0001) per RIN

Last Trading Day: Last Trading Day of the contract month

Option Type: Options are average priced and will be automatically exercised into the D3 RINs (OPIS)

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.

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 D3 RINs (OPIS) Future for the contract month.

The reference price will be a price in USD and cents per RIN equal to the Final Settlement price of the D3

RINs (OPIS) 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 20 Strike Prices in increments of $0.0001 per RIN 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 $0.0001 increments.

Contract Series: Up to 60 consecutive months, or as otherwise determined by the Exchange
38

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

Day

Business Days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU

[REMAINDER OF RULEBOOK UNCHANGED]
39

EXHIBIT B

[REDACTED]