ICE SWAP TRADE, LLC

Swap Execution Facility Rulebook

Version: 2.31

EFFECTIVE DATE:   April 23, 2021

   

This material may not be reproduced or redistributed in whole or in part without the express,

prior written consent of ICE Swap Trade, LLC.

© Copyright ICE Swap Trade, LLC 2013‐2021.

All Rights Reserved.

EXHIBIT C
2

CHAPTER 1: DEFINITIONS....................................................................................................... 15

CHAPTER 2: OWNERSHIP AND GOVERNANCE ........................................................................ 32

Rule 201. Management..................................................................................................... 32

Rule 202. Committees....................................................................................................... 32

Rule 203. Participation Committee................................................................................... 33

Rule 204. Regulatory Oversight Committee. .................................................................... 33

Rule 205. Nominating Committee. ................................................................................... 34

Rule 206. Chief Compliance Officer. ................................................................................. 34

Rule 207. Conflicts of Interest of Named Persons............................................................ 36

Rule 208. Emergency Actions. .......................................................................................... 37

Rule 209. Conflict of Interest in Emergencies................................................................... 40

Rule 210. Reporting to the CFTC....................................................................................... 41

Rule 211. Information‐Sharing Agreements..................................................................... 41

Rule 212. Services Agreement with a Regulatory Services Provider................................ 42

Rule 213. Use of Data Collected from Market Participants and Clearing Members........ 42

Rule 214. Dissemination of Transaction Data................................................................... 43

Rule 215. Prohibited Use of Certain Property and Data................................................... 44

CHAPTER 3: ACCESS ............................................................................................................... 46

Rule 301. Applicability of Rules; Jurisdiction. ................................................................... 46

Rule 302. Impartial Access................................................................................................ 46

Rule 303. Criteria for Becoming a Participant. ................................................................. 46

Rule 304. Additional Criteria for Participants Trading for Customers.............................. 48
3

Rule 305. ISVs.................................................................................................................... 50

Rule 306. Authorized Traders. .......................................................................................... 51

Rule 306.A.  Compliance with the Commodity Exchange Act .......................................... 51

Rule 307. Application, Withdrawal and Termination of Status........................................ 52

Rule 308. Participant User Administrators; Passwords. ................................................... 53

Rule 309. Trading Privileges/Limitations. ......................................................................... 55

Rule 310. Dues, Assessments and Fees. ........................................................................... 56

Rule 311. General Notices to Participants........................................................................ 56

Rule 312. Communications Between the SEF and Participants........................................ 56

Rule 313. Activities of Non‐Participant Brokers. .............................................................. 57

CHAPTER 4: OBLIGATIONS OF PARTICIPANTS ........................................................................ 58

Rule 401. Duties of Participants........................................................................................ 58

Rule 402. Required Disclosures. ....................................................................................... 59

Rule 403. Right of Inspection............................................................................................ 59

Rule 404. Financial Notices............................................................................................... 60

Rule 405. Customers. ........................................................................................................ 60

Rule 406. Trading Limitations, Termination, Suspension. ................................................ 61

Rule 407. Certain Acknowledgements of Market Participants......................................... 62

Rule 408. Books and Records of ISVs................................................................................ 62

Rule 409. Access to Position Information......................................................................... 63

CHAPTER 5: TRADING PRACTICES AND BUSINESS CONDUCT.................................................. 64

Rule 501. Business Days and Trading Hours. .................................................................... 64
4

Rule 502. Rule Violations; Prohibited Trading Activity; Prohibitions on Fictitious

Transactions, Fraudulent Activity and Manipulation.................................... 64

Rule 503. Messaging Abuse. ............................................................................................. 65

Rule 504. Use of Trading Privileges................................................................................... 66

Rule 505. Supervision........................................................................................................ 66

Rule 506. Misuse of the Platform. .................................................................................... 66

Rule 507. Mishandling of Customer Orders...................................................................... 66

Rule 508. Withholding Orders Prohibited. ....................................................................... 66

Rule 509. Priority of Customers’ Orders........................................................................... 66

Rule 510. Trading Against Customers’ Orders.................................................................. 67

Rule 511. Disclosing Orders Prohibited. ........................................................................... 67

Rule 512. Cross Trades; Simultaneous Buy And Sell Orders............................................. 67

Rule 513. Execution of Required Transactions. ................................................................ 68

Rule 514. Execution of Permitted Transactions................................................................ 68

Rule 514.A. Post‐Trade Name Give‐Up............................................................................. 69

Rule 514.B. Package Transactions.................................................................................... 69

Rule 515. Written Record of the Terms of Transactions. ................................................. 69

Rule 516. Pre‐Execution Limit Checks............................................................................... 70

Rule 517. Position Limits................................................................................................... 71

Rule 518. Exemptions from Position Limits. ..................................................................... 72

Rule 519. Position Accountability. .................................................................................... 72

Rule 520. Aggregation of Positions................................................................................... 73
5

Rule 521. Orders Eligible for Post‐Execution Allocation................................................... 73

Rule 522. Orders Entered Prior to SEF Opening. .............................................................. 74

Rule 523. Rejection of Orders; Cancellation..................................................................... 74

Rule 524. Pre‐Execution Communications........................................................................ 74

Rule 525. Acceptable Orders. ........................................................................................... 75

Rule 526. Revising Orders. ................................................................................................ 78

Rule 527. Deactivating and Deleting Orders..................................................................... 78

Rule 528. Execution of Orders. ......................................................................................... 78

Rule 529. Order Entry. ...................................................................................................... 80

CHAPTER 6: INTENTIONALLY OMITTED.................................................................................. 82

CHAPTER 7: BLOCK TRADES, BROKERED TRADES AND NONCOMPETITIVE TRANSACTIONS.... 83

Rule 701. Block Trades...................................................................................................... 83

Rule 702. Brokered Trades................................................................................................ 85

CHAPTER 8: DISCIPLINARY RULES .......................................................................................... 87

Rule 801. General.............................................................................................................. 87

Rule 802. Notice of Charges.............................................................................................. 89

Rule 803. Answer to Notice of Charges; Reply. ................................................................ 90

Rule 804. Settlement. ....................................................................................................... 90

Rule 805. Disciplinary Panel.............................................................................................. 91

Rule 806. Hearing (Disciplinary Procedures & Sanctions). ............................................... 92

Rule 807. Respondent Review of Evidence....................................................................... 92

Rule 808. Conducting Hearings......................................................................................... 92
6

Rule 809. Decision of Disciplinary Panel........................................................................... 93

Rule 810. Sanctions; Expenses.......................................................................................... 94

Rule 811. Summary Fines.................................................................................................. 95

Rule 812. Effective Date of Penalties................................................................................ 96

Rule 813. Publication and Written Notice of Disciplinary Actions. .................................. 96

CHAPTER 9: ARBITRATION..................................................................................................... 98

Rule 900. Jurisdiction........................................................................................................ 98

Rule 901. Definitions......................................................................................................... 99

Rule 902. Quorum and Disqualification.......................................................................... 100

Rule 903. Procedure........................................................................................................ 100

Rule 904. Withdrawal of Claims...................................................................................... 106

Rule 905. Modification of Award.................................................................................... 106

Rule 906. Compensation of Arbitrators.......................................................................... 107

Rule 907. Failure to Comply With Award........................................................................ 107

CHAPTER 10: CLEARING AND FINANCIAL RESPONSIBILITY; REPORTING................................109

Rule 1001. Designation of Clearing Houses.................................................................... 109

Rule 1002. Cleared Swaps............................................................................................... 109

Rule 1003. Uncleared Swaps........................................................................................... 109

Rule 1004. Transaction Reporting. ................................................................................. 110

CHAPTER 11: MISCELLANEOUS .............................................................................................111

Rule 1101. Governing Law. ............................................................................................. 111

Rule 1102. Transaction Terms. ....................................................................................... 111
7

Rule 1103. Limitation on Liability. .................................................................................. 111

Rule 1104. Limitation on Damages................................................................................. 113

Rule 1105. Indemnification............................................................................................. 113

Rule 1106. Disclaimer of Warranties. ............................................................................. 116

Rule 1107. Arbitration and Venue. ................................................................................. 117

Rule 1108. Suspension and Waiver of Rules................................................................... 118

Rule 1109. Trading by Employees Prohibited................................................................. 118

Rule 1110. Forms; Transmission of Data. ....................................................................... 119

Rule 1111. Amendments to the Rules. ........................................................................... 119

CHAPTER 12: CREDIT CONTRACTS TERMS AND CONDITIONS ................................................120

Rule 1201. Scope............................................................................................................. 120

Rule 1202. Definitions..................................................................................................... 120

Rule 1203. Reserved ....................................................................................................... 120

Rule 1204. Reserved ....................................................................................................... 120

Rule 1205. Contract Months........................................................................................... 120

Rule 1206. Price Basis ..................................................................................................... 121

Rule 1207. Last Trading Day............................................................................................ 122

Rule 1208. Daily and Final Settlement Price................................................................... 123

Rule 1209. Position Limits............................................................................................... 123

Rule 1210. Trading Hours................................................................................................ 123

Rule 1211. Reserved ....................................................................................................... 123

Rule 1212. Reserved ....................................................................................................... 123
8

Rule 1213. Reserved ....................................................................................................... 123

Rule 1214. Reserved ....................................................................................................... 123

Rule 1215. Reserved ....................................................................................................... 123

Rule 1216. Reserved ....................................................................................................... 123

Rule 1217. Reserved ....................................................................................................... 123

Rule 1218. Reserved ....................................................................................................... 123

Rule 1219. Reserved ....................................................................................................... 123

Rule 1220. Reserved ....................................................................................................... 123

Rule 1221. Markit CDX.NA.IG.......................................................................................... 124

Rule 1222. Markit CDX.NA.HY......................................................................................... 126

Rule 1223. Markit CDX.NA.IG.HIVOL .............................................................................. 128

Rule 1224. Markit CDX.EM.............................................................................................. 130

Rule 1225. Markit iTraxx Europe Main ........................................................................... 132

Rule 1226. Markit iTraxx Crossover................................................................................ 134

Rule 1227. Markit iTraxx Main HiVol .............................................................................. 136

Rule 1228. Markit iTraxx® Europe Senior Financials Index............................................. 138

Rule 1229. Markit iTraxx® Europe Subordinated Financials Index................................. 140

Rule 1230. Markit CDX® North American Investment Grade Index Option................... 141

Rule 1231. Markit CDX® North American High Yield Index Option ................................ 143

Rule 1232. Markit iTraxx® Europe Main Option ............................................................. 145

Rule 1233. Markit iTraxx® Crossover Index Option ........................................................ 147

Rule 1234. Markit iTraxx® Europe Senior Financials Index Option ................................ 149
9

Rule 1235. Markit CDX® North American Investment Grade Index Tranche ................. 151

Rule 1236. Markit CDX® North American High Yield Index Tranche .............................. 153

Rule 1237. Markit iTraxx® Europe Main Index Tranche ................................................. 155

Rule 1238. Markit iTraxx Asia Ex‐Japan .......................................................................... 157

Rule 1239. Markit iTraxx Japan....................................................................................... 159

Rule 1240. Markit iTraxx Australia.................................................................................. 161

Rule 1241. Markit iTraxx® Corp CEEMEA........................................................................ 163

Rule 1242. Markit ITraxx® Sovx CEEMEA........................................................................ 165

Rule 1243. Markit iTraxx® Sovx CEEMEA EXEU............................................................... 167

Rule 1244. Markit CDX® EM EX‐EU................................................................................. 169

Rule 1245. Markit® iBoxx® EUR Corporates ................................................................... 171

Rule 1246. Markit® iBoxx® EUR Liquid High Yield........................................................... 173

Rule 1247. Markit® iBoxx® USD Liquid High Yield .......................................................... 175

Rule 1248. Markit® iBoxx® USD Liquid Investment Grade ............................................. 177

Rule 1249. Markit® iTraxx® Crossover Index Tranche .................................................... 179

CHAPTER 13: COMMODITIES CONTRACT TERMS AND CONDITIONS .....................................181

Rule 1301. Scope............................................................................................................. 181

Rule 1302. Definitions..................................................................................................... 181

Rule 1303. Trading Hours................................................................................................ 182

Rule 1304. ‐ Rule 1369. Reserved ................................................................................... 182

Rule 1370. Daily CFD ‐ Dated Brent vs First Month BFOE Swap..................................... 183

Rule 1371. Weekly CFD ‐ Dated Brent vs First Month BFOE Swap................................. 184
10

Rule 1372. Weekly CFD ‐ Dated Brent vs Second Month BFOE Swap ............................ 185

Rule 1373. Fuel Oil 1% FOB NWE Cargoes Swap ............................................................ 186

Rule 1374. Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Swap ......... 187

Rule 1375. Fuel Oil 180 CST Singapore Swap.................................................................. 188

Rule 1376. Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Swap....... 189

Rule 1377. Fuel Oil 3.5% FOB Rotterdam Barges Swap.................................................. 190

Rule 1378. Fuel Oil 380 CST Singapore Swap.................................................................. 191

Rule 1379. Fuel Oil 1% FOB NWE Cargoes Balmo Swap ................................................. 192

Rule 1380. Fuel Oil 1% FOB NWE Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges

Balmo Swap ................................................................................................. 193

Rule 1381. Fuel Oil 180 CST Singapore Balmo Swap ...................................................... 194

Rule 1382. Fuel Oil 3.5% FOB Med Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges

Balmo Swap ................................................................................................. 195

Rule 1383. Fuel Oil 380 CST Singapore Balmo Swap ...................................................... 196

Rule 1384. Marine Fuel 0.5% FOB Rotterdam Barge Swaps........................................... 197

Rule 1385. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Swap.............................. 198

Rule 1386. Fuel Oil 180 CST Singapore  vs. 3.5% FOB Rotterdam Barges Swap............. 199

Rule 1387. Fuel Oil 380 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap.............. 200

Rule 1388. Singapore Gasoil Swap.................................................................................. 201

Rule 1389. Singapore Gasoil Balmo Swap ...................................................................... 202

Rule 1390. Marine Fuel 0.5% FOB Singapore Swap........................................................ 203

Rule 1391. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Balmo Swap .................. 204

Rule 1392. Reserved ....................................................................................................... 205
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Rule 1393. Reserved ....................................................................................................... 206

Rule 1394. Marine Fuel 0.5% FOB Rotterdam Barges vs Fuel Oil 3.5% FOB Rotterdam

Barges Swap ................................................................................................ 207

Rule 1395. Marine Fuel 0.5% FOB USGC Barges Swap ................................................... 208

Rule 1396. Marine Fuel 0.5% FOB USGC Barges vs USGC HSFO Swap ........................... 209

Rule 1397. Singapore Mogas 95 Unleaded Swap ........................................................... 210

Rule 1398. Singapore Mogas 95 Unleaded Balmo Swap................................................ 211

Rule 1399. Singapore Jet Kerosene Swap....................................................................... 212

Rule 13100. Singapore Jet Kerosene Balmo Swap.......................................................... 213

Rule 13101. Reserved ..................................................................................................... 214

Rule 13102. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Swap.......................... 215

Rule 13103. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Balmo Swap............... 216

Rule 13104. Singapore Mogas 92 Unleaded Swap ......................................................... 217

Rule 13105. Reserved ..................................................................................................... 218

Rule 13106. Naphtha CIF NWE Cargoes Swap................................................................ 219

Rule 13107. Naphtha CIF NWE Cargoes Balmo Swap..................................................... 220

Rule 13108. Naphtha CIF NWE Cargoes vs Brent 1st Line Swap .................................... 221

Rule 13109. Naphtha CIF NWE Cargoes vs Brent 1st Line Balmo Swap ......................... 222

Rule 13110. Eurobob Oxy FOB Rotterdam Barges Swap................................................ 223

Rule 13111. Platts LNG Derivatives Swap....................................................................... 224

Rule 13112. 180cst Middle East FOB Arab Gulf Swap .................................................... 225

Rule 13113. 380cst Middle East FOB Arab Gulf Swap .................................................... 226
12

Rule 13114. 180cst Middle East FOB Arab Gulf Balmo Swap......................................... 227

Rule 13115. Reserved ..................................................................................................... 228

Rule 13116. Reserved ..................................................................................................... 229

Rule 13117. Reserved ..................................................................................................... 230

Rule 13118. Reserved ..................................................................................................... 231

Rule 13119. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Swap .................. 232

Rule 13120. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Balmo Swap....... 233

Rule 13121. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap.......... 234

Rule 13122. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo

Swap ............................................................................................................ 235

Rule 13123. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap.......... 236

Rule 13124. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo

Swap ............................................................................................................ 237

Rule 13125. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap ........... 238

Rule 13126. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Balmo Swap 239

Rule 13127. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap............... 240

Rule 13128. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap ... 241

Rule 13129. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap........................ 242

Rule 13130. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap............. 243

Rule 13131. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap........ 244

Rule 13132. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Balmo Swap .... 245

Rule 13133. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap........ 246
13

Rule 13134. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo

Swap ............................................................................................................ 247

Rule 13135. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap ....... 248

Rule 13136. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo

Swap ............................................................................................................ 249

Rule 13137. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line

Swap ............................................................................................................ 250

Rule 13138. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line

Balmo Swap ................................................................................................. 251

Rule 13139.  Urals NWE vs Dated Brent Balmo Swap .................................................... 252

Rule 13140.  Urals NWE  vs Dated Brent Swap............................................................... 253

Rule 13141.  Urals NWE  vs Dated Brent Half Monthly Swap......................................... 254

Rule 13142.  Urals Med vs Dated Brent Balmo Swap..................................................... 255

Rule 13143.  Urals Med  vs Dated Brent Swap ............................................................... 256

Rule 13144.  Urals Med  vs Dated Brent Half Monthly Swap ......................................... 257

Rule 13145.  Singapore Mogas 92 Unleaded Balmo Swap............................................. 258

Rule 13146.  Reserved .................................................................................................... 259

Rule 13147.  Reserved .................................................................................................... 260

Rule 13148.  Reserved .................................................................................................... 261

Rule 13149.  Fuel Oil 1% FOB Rotterdam Barges Swap.................................................. 262

Rule 13150.  Fuel Oil 1% FOB Rotterdam Barges Balmo Swap....................................... 263

Rule 13151.  Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Swap ......... 264

Rule 13152.  Fuel Oil 1% FOB Rotterdam Barges vs Fuel Oil 1% FOB NWE Cargoes

Balmo Swap ................................................................................................. 265
14

Rule 13153.  New York 1% Fuel Oil Swap ....................................................................... 266

Rule 13154.  New York 1% Fuel Oil Balmo Swap ............................................................ 267

Rule 13155.  New York 1% Fuel Oil vs Brent 1st Line Swap............................................ 268

Rule 13156.  New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Swap.................. 269

Rule 13157.  New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap ...... 270

Rule 13158.  New York 1% Fuel Oil vs USGC HSFO Fuel Oil Swap .................................. 271

Rule 13159.  New York 1% Fuel Oil vs USGC HSFO Fuel Oil Balmo Swap....................... 272

Rule 13160.  USGC HSFO Fuel Oil Swap.......................................................................... 273

Rule 13161.  USGC HSFO Fuel Oil Balmo Swap............................................................... 274

Rule 13162.  USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Swap.......... 275

Rule 13163.  USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo

Swap ............................................................................................................ 276

Rule 13164.  Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap.................................... 277

Rule 13165.  USAC HSFO vs USGC HSFO Fuel Oil Swap .................................................. 278

Rule 13166.  New York 1% Fuel Oil vs WTI 1st Line Swap .............................................. 279

Rule 13167.  USGC HSFO Fuel Oil vs Brent 1st Line Swap .............................................. 280

Rule 13168.  USGC HSFO Fuel Oil vs. WTI 1st Line Swap................................................ 281

Rule 13169.  Gasoil 0.1% FOB ARA Barges vs Brent 1st Line Swap ................................ 282

Rule 13170.  Reserved .................................................................................................... 283

Rule 13171.  Naphtha C+F Japan Cargo Swap ................................................................ 284

Rule 13172.  Naphtha C+F Japan Cargo Balmo Swap ..................................................... 285

Rule 13173.  Platts Dubai Swap ...................................................................................... 286
    

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CHAPTER 1: DEFINITIONS

Except where the context requires otherwise, as used herein, (i) use of the singular shall include

the plural and vice versa; (ii) the term “include” means “include without limitation”; (iii) reference

to the masculine, feminine or neuter gender includes each other gender; (iv) any reference to a

number of days shall mean calendar days unless Business Days are specified; (v) any reference to

a time shall mean the local time in New York, New York unless otherwise specified; (vi) any

reference to dollars, $ or USD shall mean U.S. dollars; (vii) any reference to a Rule, Chapter,

Appendix or Exhibit refers to a Rule, Chapter, Appendix or Exhibit of these Rules; and (viii) any

reference to these Rules, and the words herein, hereof, hereto and hereunder and words of

similar import refer to these Rules as a whole and not to any particular Rule.

The following terms shall have the following meanings when used herein:

AAA Rules

The meaning specified in Rule 1107.

Access Privileges

The meaning specified in Rule 309.

Account Manager

A Person other than an Authorized Trader that is authorized to act and acts as an agent

to enter into Transactions on the SEF or subject to the Rules in the name of and on behalf

of another Person that is a Participant or a Customer.  An Account Manager that executes

the relevant Participant Documentation is deemed to be a Participant under the Rules.    

Advisory Committees

The meaning specified in Rule 202.

Affiliate

With respect to a particular Person, any other Person that directly or indirectly through

one or more intermediaries Controls, is Controlled by or is under common Control with,

that particular Person.

Answer

The meaning set forth in Rule 803.
    

16

Applicable CFTC Regulations

Rules promulgated by the CFTC that are applicable to the SEF, including but not limited to

Parts 37, 40, 43 and 45 of the CFTC’sregulations, together with any interpretations, policy

statements or other publicly stated positions of the CFTC or its staff with respect thereto.

Applicable Law

Any and all applicable U.S. and non‐U.S. governmental laws, rules and regulations

(including but not limited to Applicable CFTC Regulations), judicial orders or decisions,

and applicable interpretations and protocols, as amended from time to time, and unless

the context otherwise requires, applicable rules, policies and procedures of any relevant

Clearing House or other applicable self‐regulatory organization.    For the avoidance of

doubt, the SEF is deemed to be a self‐regulatory organization under Applicable CFTC

Regulations.

Appropriate Minimum Block Size

The minimum notional or principal amount of a category of a Credit Contract that qualifies

as a Block Trade pursuant to CFTC Regulation 43.6 and asfurther described in Rule 701(k).

Authorized Jurisdiction

The United States of America and such other jurisdictions in which the SEF may be

authorized under Applicable Law to provide services from time to time, as identified by

Circular.

Authorized Trader

A natural person who is either employed by or is an agent of a Participant,  Customer or

an Account Manager and who is duly authorized by such entity to access the SEF and

transact on the SEF or subject to the Rules of the SEF on behalf of such Participant,

Customer or Account Manager, as applicable.

Available to Trade Contract

Any Contract that has been designated by a swap execution facility (including the SEF) or

designated contract market as “available to trade” in accordance with CFTC Rule 37.10 or

38.12, as applicable.
    

17

Block Trade

A Transaction that is a “block trade” in accordance with Applicable CFTC Regulations,

including the definition in Part 43 of the CFTC Regulations1,    and is entered into in

accordance with Rule 701.   

Board

The Board of Managers of the SEF.

Broker

Collectively, a Non‐Participant Broker and a Participant Broker.

Brokered Trade

The meaning set forth in Rule 702.

Business Day

Any day on which the SEF is open for trading, as determined by the SEF from time to time.

CEA

The U.S.  Commodity Exchange Act, as amended from time to time.

                                                       

1 Pursuant to Part 43 of the CFTC Regulations, Block Trade means a publicly reportable swap

transactions that (i) involves a swap that is listed on a registered swap execution facility or

designated contract market; (ii) occurs away from the registered swap execution facility’s or

designated contract market’s trading system or platform and is executed pursuant to the

registered swap execution facility’s or designated contract market’s rules and procedures; (iii)

has a notional or principal amount at or above the appropriate minimum block size applicable to

such swap; and (iv) is reported subject to the rules and procedures of the registered swap

execution facility or designated contract market and the rules described in Part 43 of the CFTC

Regulations, including the time delay requirements set forth in CFTC Regulation §43.5.
    

18

CFTC

The U.S.  Commodity Futures Trading Commission.

Chief Compliance Officer or CCO

The individual appointed by the President as the SEF’s chief compliance officer.

Circular

The meaning specified in Rule 311.

Cleared Swap

A Contract that is a Swap that is to be submitted for clearing to a Clearing House under

the applicable Contract Specifications (either on a mandatory or voluntary basis).

Clearing House

One or more clearing organizations (including, as applicable, registered derivatives

clearing organizations, registered securities clearing agencies, and clearing organizations

exempt from such registration) designated by the SEF as such with respect to particular

Contracts in accordance with the Rules and relevant Contract Specifications.

Clearing Member

A member of or participant in a Clearing House that is authorized pursuant to the rules of

such Clearing House to clear Transactions in Contracts on its own behalf or on behalf of a

Participant or Customer and if such Clearing Member is not a Participant, such Clearing

Member has entered into and has in effect an ICE Swap Trade Clearing Member

Agreement.

Commodity or Commodities Contract

Any Contract, agreement or Transaction listed for trading on the SEF or trading subject to

these Rulesfrom time to time relating to a commodity, assuch term is defined in the CEA,

and as reflected in Chapter 13 of the Rulebook.

Confirmation Supplement

The meaning specified in Rule 515.
    

19

Contract

Means collectively, all Credit Contracts and Commodity Contracts, as well as any other

contract, agreement or transaction listed for trading on the SEF or trading subject to these

Rules from time to time.

Contract Specifications

The terms and conditions of any Contract, as specified by the SEF pursuant to Rule 1102.

Control

With respect to the relationship between or among two or more Persons, the possession,

directly or indirectly, of the power to direct or cause the direction of the affairs or

management of a Person, whether through the ownership of voting securities, astrustee,

personal representative or executor, by contract, credit arrangement or otherwise.

Credit Contract

Credit Contract means those Contracts listed for trading by the SEF and reflected in

Chapter 12 of the Rulebook.

Cross

When the bid exceeds the offer.

Customer

A Person that is (i) an Eligible Contract Participant and is either a (ii) customer of a

Participant that enters into Transactions on its behalf or authorizes it to enter into

Transactions or (iii) customer of a Clearing Member for whom the Clearing Member

provides clearing services for Transactions.

Designated Contract

The meaning specified in Rule 503.

Disciplinary Panel

The SEF’s three or five‐member panel, as determined and selected by the Chief

Compliance Officer pursuant to Chapter 8 of these Rules to conduct hearings relating to

any alleged Violation.
    

20

Dispute

The meaning specified in Rule 1107.

Eligible Account Manager

The meaning specified in Rule 521.

Eligible Contract Participant

An “eligible contract participant” as defined in Section 1a of the CEA.

Emergency

Means any occurrence or circumstance which, in the opinion of the Board or an individual

or individuals duly authorized to issue such an opinion on behalf of the Board and

pursuant to procedures that are specified by rule, requires immediate action and

threatens or may threaten such things as the fair and orderly trading in, or the liquidation

of or delivery pursuant to, any agreements, Contracts, Swaps or Transactions orthe timely

collection and payment of funds in connection with clearing and settlement by a

derivatives clearing organization, including: (a) any manipulative or attempted

manipulative activity; (b) any actual, attempted or threatened corner, squeeze,

congestion or undue concentration of positions; (c) any circumstances which may

materially affect the performance of agreements, Contracts, Swaps or Transactions,

including failure of the payment system or the bankruptcy or insolvency of any

Participant; (d) any action taken by any governmental body, or any other registered

entity, board of trade, market or facility which may have a direct impact on trading or

clearing and settlement; and (e) any other circumstance which may have a severe,

adverse effect upon the functioning of the SEF.

Emergency Action

The meaning specified in Rule 208.

Error Trade Policy

The SEF’s error trade policy as in effect from time to time, as published on the SEF’s

website at https://www.theice.com/swap‐trade.

Exchange Act

The U.S.  Securities Exchange Act of 1934, as amended from time to time.
    

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Executed Anonymously

Shall include a Swap that is pre‐arranged or pre‐negotiated anonymously, including by a

Market Participant.

Family Relationship

The meaning specified in Rule 207.

Fees

The meaning specified in Rule 310.

Force Majeure Event

A delay or failure that is the result of acts of God, lightning, earthquake, fire, epidemic,

landslide, drought, hurricane, tornado, storm, explosion, flood, nuclear radiation, act of a

public enemy or blockade, insurrection, riot or civil disturbance, strike or labor

disturbance, or any other cause beyond the SEF’s reasonable control (whether or not

similar to any of the foregoing).

ICE Swap Trade Clearing Member Agreement  

An agreement or other documentation that the SEF requires a Clearing Member to

execute or provide to the SEF in order to act as a Clearing Member pursuant to the Rules

with respect to the SEF’s Participants and Customers for Transactions executed on the

SEF or subject to the Rules.

Insolvency Event

The meaning specified in Rule 402.

IST’s Off‐Facility Block Trade Workflow

The meaning specified in Rule 701(d).

ISV

An independentsoftware vendor, including an orderrouting system or automated trading

system, that has entered into an ISV Development and Maintenance Agreement with the

SEF.
    

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ISV Development and Maintenance Agreement

An agreement that an ISV must execute in order to have access to the SEF, in the form

specified by the SEF from time to time.

Locks

When a bid and offer are the same Price.

Major Swap Participant

A “major swap participant” registered as such under the CEA and CFTC Regulations.

Manager

A member of the Board.

Manual Order Ticket

A trading function provided by the SEF that allows a Market Participant (or a Non‐

Participant Broker on behalf of a Market Participant) to send an Order to another Market

Participant for the purposes of executing a Transaction.

Market Data

The meaning specified in Rule 214.

Market Maker

A Participant that has agreed to act as a market maker or liquidity provider pursuant to a

Market Maker Program and is acting in such capacity.

Market Maker Program

One or more market maker, liquidity provider or incentive programs that the SEF may

establish from time to time.

Market Participant

Means collectively or individually, as the context requires, a Participant, Non‐Participant

Broker, Customer, Account Manager, Authorized Trader or any other Person with the
    

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ability to enter, whether directly or indirectly through an intermediary, into any Order or

submit any Transaction into the SEF.

Minimum Period

The meaning specified in Rule 512.

Named Party in Interest

The meaning specified in Rule 207.

Nominating Committee

The standing committee established pursuant to Rule 205.

Non‐Participant Broker

A Person that (i) is not a Participant, (ii) is registered as a futures commission merchant,

introducing broker and/or broker or dealer or in another appropriate capacity, or is

exempt from such registration, and (iii) has executed the Non‐Participant Broker

Agreement allowing such Non‐Participant Broker to solicit and/or enter Orders    or

otherwise execute Transactions on the SEF or subject to the Rules on behalf of one or

more Participants.

Non‐Participant Broker Agreement

An agreement or other documentation, in the form specified by the SEF from time to

time, that the SEF may require a Non‐Participant Broker to execute or provide to the SEF

in order for the Non‐Participant Broker to act in such capacity in accordance with the SEF’s

Rules.

Notice of Charges

The meaning set forth in Rule 802.

OCO

The meaning specified in Rule 525(l).

OFAC

The meaning specified in Rule 303.
    

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Officer

The meaning set forth in Rule 201.

Operating Agreement

The limited liability company agreement of ICE Swap Trade, LLC, as amended from time

to time.

Order

An actionable bid or offer of an eligible type entered into the Order Book, or with respect

to another execution method for Permitted Transactions, a bid, offer or response as

specified by the SEF.  The SEF may specify different types of eligible Orders for particular

Contracts and/or execution methods from time to time in these Rules or by Circular.

Order Book

One or more trading methods operated by the SEF that constitute an “order book” as

defined in CFTC Rule 37.3(a)(3) (or any successor regulation).

Package Transaction2

Means a Transaction involving two or more Contracts:

(1)  that is executed between two or more counterparties;

(2) that is Priced or quoted as one economic transaction with simultaneous or   

near simultaneous execution of all components;

(3) that has at least one component that is a Contract that is made available to

trade and therefore is subject to the CEA section 2(h)(8) trade execution

requirement; and

                                                       

2 The definition of Package Transaction is intended to follow the meaning assigned to such term in CFTC §

37.9(a)(4).
    

25

(4) where the execution of each component is contingent upon the execution of

all other components.

Participant

A Person that satisfies the Participant criteria as described in Rule 303 and has entered

into and has in effect the applicable Participant Documentation.

Participant Broker

A Person that (i) is a Participant, (ii) is registered as a futures commission merchant,

introducing broker and/or broker or dealer or in another appropriate capacity, or is

exempt from such registration, and (iii) solicits and/or enters Orders or executes

Transactions on the SEF or subject to the Rules on behalf of one or more Participants or

their Customers.

Participant Documentation

An agreement or other documentation that the SEF may require a Participant to execute

or provide to the SEF in order to have access to the SEF for purposes of executing

Transactions or accessing its services, in the form specified by the SEF from time to time.

Participant User Administrator

The individual or individuals designated as such pursuant to Rule 308.

Participation Committee

The standing committee established in Rule 203.

Permitted Transaction

A Transaction other than a Required Transaction.

Person

An individual, sole proprietorship, partnership, limited liability company, association,

firm, trust, corporation or other entity, as the context may require.
    

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Platform

The SEF’s proprietary electronic trading and price dissemination platforms and underlying

proprietary systems that are used for trading Contracts, in the form in which they may

exist from time to time.

Platts

S&P Global Platts, a division of S&P Global Inc.

Pre‐Execution Communication

The meaning set forth in Rule 524.

Pre‐Execution Limit Checking Service

Means any third party pre‐execution credit or limit checking service that the SEF may

utilize for the purpose of confirming that the designated Clearing Member on an  Order

will accept the resulting Transaction in a Cleared Swap for clearing, prior to such Order

being accepted by the SEF for execution.

President

The individual appointed by the Board as the SEF’s president.

Price

The rate or amount that a Participant or Customer is willing to pay or receive for entering

into a Transaction or group of related Transactions, based on the applicable pricing or

quoting convention for the relevant Contract.

Proprietary Data

The meaning specified in Rule 213.

Public Director

A Manager that has been found on the record by the Board to have no material

relationship with ICE Swap Trade, LLC and that satisfies the requirements for a “public

director” as defined in Part 40 of the CFTC regulations.

Regulatory Oversight Committee or ROC
    

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The standing committee established pursuant to Rule 204.

Regulatory Services Provider

Such regulator services provider as the SEF may designate from time to time.

Reply

The meaning specified in Rule 803.

Reporting Counterparty

Shall have the meaning set forth in Part 45 of the CFTC Regulations.  The general hierarchy

for determining the Reporting Counterparty is set forth as:

 If one party is a Swap Dealer, the Swap Dealer is the Reporting Counterparty.

 If both parties are a Swap Dealer, the selling Swap Dealer is the Reporting

Counterparty.

 If one party is a Major Swap Participant, the Major Swap Participant is the

Reporting Counterparty.

 If both parties are a Major Swap Participant, the selling Major Swap Participant is

the Reporting Counterparty.

 If neither party is a Swap Dealer or Major Swap Participant and only one party is

a financial entity (as defined in CEA Section 2(h)(7)(C)), the financial entity is the

Reporting Counterparty.

 If neither party is a Swap Dealer, Major Swap Participant nor a financial entity and

one party is a US Person, the US Person will be the Reporting Counterparty.

 If neither party is a Swap Dealer, Major Swap Participant, a financial entity nor a

US Person, the parties will agree which party will be the Reporting Counterparty.

Representatives

An entity’s directors, managers, officers, employees, members of any standing or ad hoc

committee formed by that entity, shareholders, board members, agents, consultants and

licensors.
    

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Required Transaction

A transaction in a Contract that is required to be executed on a swap execution facility or

designated contract market pursuant to CEA Section 2(h)(8).  For the avoidance of doubt,

a Required Transaction does not include a transaction that is a Block Trade, or    a

transaction that is exempt from mandatory execution pursuant to the end‐user exception

from clearing under CEA Section 2(h)(7) and Applicable CFTC Regulations or that is not an

Available to Trade Contract.

For the avoidance of doubt, a Package Transaction with a component leg that is a

Required Transaction is eligible for relief from Section 2(h)(8) of the CEA under CFTC §

37.9(a)(4), or under any subsequent temporary or permanent CFTC rule, guidance or

other action.

Respondent

Any Market Participant, Clearing Member or Supervised Persons who is charged with a

Violation.

Rules

Any relevant Participant Documentation, and the rules of this rulebook, resolutions,

trading protocols, interpretations, circulars, statements of policy, to include the Error

Trade Policy and Messaging Policy, decisions, directives and orders of the SEF.

SDR

A registered swap data repository under the CEA.

SEF

Means ICE Swap Trade, LLC or any successor thereto, a registered swap execution facility,

including the Trading System thereof.

SEF Activity

Activity conducted on the SEF or subject to the Rules, including the submission of Orders,

submission of Block Trades, and execution of Transactions.

SEF Confirmation

The meaning specified in Rule 515.
    

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SEF Messaging Policy

The meaning specified in Rule 503.

Standing Committee

The meaning specified in Rule 202.

Statutory Disqualification

Statutory disqualification under Section 8a(2) or 8a(3) of the CEA, CFTC Regulation

1.63(b)(1)‐(6) or other Applicable Law.

Supervised Persons

With respect to a Participant, any directors, managers, officers, employees, agents or

representatives thereof.

Swap

A Swap as defined in the CEA and CFTC regulations.

Swap Dealer

A “swap dealer” registered as such under the CEA and CFTC regulations.

Swap Intermediary

A Participant that is a registered Swap Dealer (or a dealer not subject to such registration)

and has in that capacity entered into a Swap Intermediation Arrangement with one or

more other Participants or Customers.

Swap Intermediation Arrangement

A swap prime brokerage or similar arrangement pursuant to which a Swap Intermediary

agrees (either directly or through one or more Participant Brokers) that with respect to a

Transaction in an Uncleared Swap executed by a Participant or Customer (the “Executing

Party”), such Swap Intermediary will enter into any such Transaction with the relevant

counterparty and enter into an offsetting transaction with the Executing Party.

Terms Incorporated by Reference
    

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The meaning specified in Rule 515.

Trade Communication

The meaning specified in Rule 515.

Trading Hours

The meaning specified in Rule 501.

Trading Privileges

The meaning specified in Rule 309.

Trading System

All facilities and services provided by the SEF to permit trading, including, but not limited

to, data entry services, the Platform, all other computer‐based trading systems and

programs and price quotations and other market information services and applies to the

provision, use (direct or indirect), performance, maintenance or malfunction of the whole

or any part thereof.  For the avoidance of doubt, the Trading System does not include the

ICE Link® Platform provided by Intercontinental Exchange, Inc. or its subsidiaries or any

Pre‐Execution Limit Checking Service.  

Transaction or Trade

A transaction in a Contract that is executed on the SEF or otherwise executed subject to

the Rules.

Transaction Data

The meaning specified in Rule 214.

Uncleared Swap

A Contract other than a Cleared Swap.

User ID

With respect to an Authorized Trader, the identifier and/or password for access to the

SEF’s electronic systems that are provided for the use of such Authorized Trader by

the SEF.
    

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Violation

The meaning specified in Rule 502.

   
    

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CHAPTER 2: OWNERSHIP AND GOVERNANCE

Rule 201. Management.

(a) The SEF will be managed by or subject to the direction of the Board and such officers

(“Officers”) as are appointed by the Board, in each case in accordance with the Operating

Agreement.  Without limiting the rights, powers, privileges and obligations of the Board

as set forth in the Operating Agreement, the Board has the power to review, and to

approve, modify, suspend or overrule, any and all decisions of committees of the SEF

and any Officers, subject to Applicable Law.  Qualifications for Managers will be as set

forth in the Operating Agreement, CFTC Regulation 1.64(b)(1) and (3), and hereunder.  

No Manager may be subject to Statutory Disqualification.

(b) The Board shall at all times have at least 35% Public Directors or two Public Directors,

whichever results in a higher number of Public Directors.

(c) The compensation of Public Directors (Managers) and other non‐executive Managers

shall not be linked to the business performance of the SEF.

Rule 202. Committees.

(a) The SEF shall establish three standing committees of the Board (“Standing

Committees”): the “Participation Committee,” the “Regulatory Oversight Committee”

and the “Nominating Committee”.  The Board may from time to time constitute and

appoint such additional Standing Committees as it may deem necessary or advisable.

(b) The SEF may from time to time establish one or more advisory committees (“Advisory

Committees”) as it may deem necessary or advisable.  Each Advisory Committee may

consist of Managers, Officers, representatives of Participants and their Customers and

other Persons, as determined by the SEF.    Advisory Committees may make

recommendations to the Board or SEF Officers, but will not be authorized to make

decisions or act on behalf of the SEF.

(c) Each member of a Standing Committee or Advisory Committee shall serve until the due

appointment of his successor, or until his earlier resignation or removal, with or without

cause, as a member of such committee or as a Manager.

(d) Committeesshall meet on such schedules and with such frequency as may be established

by the Board or, subject to any direction by the Board, by such committee itself.
    

33

(e) No Person may serve on a Standing Committee or Advisory Committee if such Person is

subject to Statutory Disqualification.

Rule 203. Participation Committee.

(a) The Participation Committee shall consist of two Managers appointed from time to time

by the Board, all of which shall be Public Directors (Managers).

(b) The Participation Committee shall:

i. determine the standards and requirements for initial and continuing Participant

eligibility;

ii. review appeals of staff denials of Participant applications; and

iii. review and approve rules that would result in different categories or classes of

Participants receiving disparate access to the SEF.

(c) In reviewing appeals of staff denials of Participant applications, the Participation

Committee shall not uphold any staff denial if the relevant application meets the

standards and requirements established by the Participation Committee or the Board.

(d) The Participation Committee shall not, and shall not permit the SEF to, restrict access or

impose burdens on access in a discriminatory manner, within each category or class of

Participants or between similarly‐situated categories or classes of Participants.

(e) The Participation Committee shall report to the Board.

Rule 204. Regulatory Oversight Committee.

(a) The Regulatory Oversight Committee (“ROC”) shall consist of two Managers, all of which

shall be Public Directors (Managers).  The ROC shall report to the Board.

(b) The ROC shall oversee the regulatory program of the SEF on behalf of the Board.  The

Board shall delegate sufficient authority, dedicate sufficient resources and allow

sufficient time for the ROC to fulfill its mandate.

(c) The ROC shall:

i. oversee all facets of the SEF’s regulatory program, including trade practice and

market surveillance, audits, examinations, and other regulatory responsibilities

with respect to members (including ensuring compliance with, if applicable,
    

34

financial integrity, financial reporting, sales practice, recordkeeping and other

requirements), and the conduct of investigations, including any such actions

taken by a Regulatory Service Provider;

ii. review the size and allocation of the regulatory budget and resources, and the

number, hiring, termination, and compensation of regulatory personnel;

iii. monitor the regulatory program of the SEF for sufficiency, effectiveness and

independence;

iv. review the performance of the Chief Compliance Officer (in accordance with

Section 5h(f)(15) of the CEA) and make recommendations with respect to such

performance to the Board;

v. recommend changes that would ensure fair, vigorous and effective regulation;

and

vi. review all regulatory or compliance proposals prior to implementation and

advising the Board as to whether and how such changes may impact regulation

or compliance, as applicable.

Rule 205. Nominating Committee.

(a) The Nominating Committee will consist of two Managers appointed from time to time

by the Board, all of which shall be Public Directors (Managers).    One of the Public

Directors (Managers) will serve as chair of the Nominating Committee.  The Nominating

Committee will report to the Board.

(b) The Nominating Committee shall (i) identify individuals qualified to serve on the Board

consistent with the criteria approved by the Board and the requirements of Applicable

Law, and (ii) administer a process for the nomination of individuals to the Board.

Rule 206. Chief Compliance Officer.

(a) The President shall appoint the Chief Compliance Officer of the SEF and approve the

compensation of the Chief Compliance Officer.  The Chief Compliance Officershall report

directly to the President.    The Chief Compliance Officer can only be removed by a

majority of the Board.

(b) The Chief Compliance Officer shall have the authority and resources to develop and

enforce policies and procedures necessary to perform his duties hereunder and under
    

35

the CEA and CFTC regulations.  The Chief Compliance Officer shall have authority over all

staff acting at his direction.

(c) The Chief Compliance Officer shall be responsible for performing the following duties

and functions:

i. Overseeing and reviewing the SEF’s compliance with Section 5h of the CEA and

the related rules adopted by the CFTC, including the core principles in Part 37 of

the CFTC Regulations;

ii. In consultation with the President, resolving any conflicts of interest that may

arise, including (i) conflicts between business considerations and compliance

requirements; (ii) conflicts between business considerations and the

requirement that the SEF provide fair, open and impartial access as set forth in

CFTC Rule 37.202; and (iii) conflicts between the SEF’s management and

members of the Board.  In the event the Chief Compliance Officer determines

that the conflict of interest cannot be resolved after consultation with the

President, then the Chief Compliance Officershall resolve such conflict of interest

in consultation with the Board;

iii. Establishing and administering written policies and procedures reasonably

designed to prevent violations of the CEA and the rules of the CFTC;

iv. Taking reasonable steps to ensure compliance with the CEA and the rules of the

CFTC, including rules prescribed by the CFTC pursuant to Section 5h of the CEA;

v. Establishing procedures for the remediation of noncompliance issues identified

by the Chief Compliance Officer through compliance office reviews, look‐backs,

internal or external audit findings, self‐reported errors, or through validated

complaints;

vi. Establishing and following appropriate proceduresforthe handling, management

response, remediation, retesting and closing of noncompliance issues;

vii. Establishing and administering a compliance manual designed to promote

compliance with Applicable Law and a written code of ethics designed to prevent

ethical violations and to promote honesty and ethical conduct;

viii. Supervising the SEF’s self‐regulatory program with respect to trade practice

surveillance, market surveillance, real‐time market monitoring, compliance with

audit trail requirements, enforcement and disciplinary proceedings, audits,
    

36

examinations, and other regulatory responsibilities with respect to Market

Participants and Clearing Members (including ensuring compliance with, if

applicable, financial integrity, financial reporting, sales practice, recordkeeping

and other requirements);

ix. Supervising the effectiveness and sufficiency of any regulatory services provided

to the SEF by a Regulatory Service Provider in accordance with CFTC Rule 37.204;

x. Preparing and submitting an annual report in accordance with CFTC Rule

37.1500(d) and an annual compliance report in accordance with CFTC Rule

37.1501(e) and (f);

xi. Establishing any other policies or procedures required to be established, and

performing any other duties specified to be performed, by the Chief Compliance

Officer under CFTC Rules 37.1500 and 37.1501; and

xii. Performing such other duties not inconsistent with the foregoing as may be

designated by the Board from time to time.

(d) The Chief Compliance Officer will be required to meet with the Board at least annually

and with the Regulatory Oversight Committee at least quarterly, and shall provide any

information regarding the SEF’s self‐regulatory program that is requested by the Board

or such committee.

(e) The Chief Compliance Officer must not be subject to Statutory Disqualification.  The Chief

Compliance Officer must have the background and skills appropriate for fulfilling the

responsibilities of the position.

(f) Any compliance questions and concernsregarding the SEF may be submitted to the Chief

Compliance Officer at the address specified by the SEF from time to time.

(g) The SEF will maintain the records relating to the compliance function required by CFTC

Rule 37.1501(g).

Rule 207. Conflicts of Interest of Named Persons.

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

(i) The term “Family Relationship” shall mean a Person’s spouse, former spouse, parent,

stepparent, child, stepchild, sibling, stepbrother, stepsister, grandparent, grandchild,

uncle, aunt, nephew, niece or in‐law.
    

37

(ii) The term “Named Party in Interest” shall mean a Person that is identified by name as

a subject of any matter being considered by the Board or a committee.

(b) Prohibition.  No member of the Board or of any committee which has authority to take

action for and in the name of the SEF (not including any committee which is only

authorized to make recommendationsfor action by the Board orsome other committee)

shall knowingly participate in such body’s deliberations or voting in any matter involving

a Named Party in Interest where such member (i) is a Named Party in Interest, (ii) is an

employer, employee or fellow employee of a Named Party in Interest, (iii) is associated

with a Named Party in Interest through a Broker association, (iv) has a Family

Relationship with a Named Party in Interest or (v) has any other material, ongoing

business relationship with a Named Party in Interest, excluding relationships limited to

executing transactions opposite each other or to clearing transactions through the same

Clearing Member.

(c) Disclosure.  Prior to consideration of any matter involving a Named Party in Interest,

each member of the deliberating body shall disclose to the CCO, or his designee, whether

such member has one of the relationships listed in paragraph (b) of this Rule with a

Named Party in Interest.

(d) Procedure and Determination.  The CCO shall determine whether any member of the

deliberating body is subject to a conflict restriction under this paragraph (d).    Such

determination shall be based upon a review of the following information:

(i) information provided by the member pursuant to paragraph (b), above, and

(ii) any other source of information that is maintained by and reasonably available to

the SEF.

Rule 208. Emergency Actions.

(a) Upon the occurrence of an event that may lead to the determination of an Emergency,

pursuant to the procedures described in these Rules, the SEF’s Chief Compliance Officer

should be contacted initially by telephone at (770) 738‐2101 with a follow‐up

communication via Email at iceswapcompliance@theice.com. Following such

notification, and if in the opinion of the Chief Compliance Officer, or such other Officer

so authorized, an event has in fact occurred that may require the Board to take

Emergency Action, the Board shall be notified.  
    

38

(b) During an Emergency, the Board may take temporary emergency action and/or

implement temporary emergency procedures and rules, to include any such action,

procedures or rules described in Rule 208(d) (“Emergency Action”).   

(c) Besides the Board, Emergency Action may be taken by the following:

i. By the President in the case of an Emergency where it is impracticable, in the

opinion of the President, to call a meeting of the Board to deal with the

Emergency;

ii. If the President is unavailable to take Emergency Action, either due to incapacity

or unavailability, and it is otherwise impracticable, in the opinion of the Chief

Compliance Officer or the General Counsel, to call a meeting of the Board to deal

with the Emergency, then the Chief Compliance Officer may take such Emergency

Action or in the absence of the Chief Compliance Officer, then the General

Counsel may take such Emergency Action.   

iii. In the event that Emergency Action must be implemented with respect to an

Emergency before a meeting of the Board can reasonably be convened, then the

President or such other Officer that instituted the Emergency Action in the

President’s absence, shall promptly notify the Board of the Emergency Action,

and the President shall convene a Board meeting, including by teleconference,

and the Board shall take the necessary action assoon as practicable thereafter to

ratify, modify or rescind such Emergency Action.

(d) In the event of an Emergency, the SEF,subject to Applicable Law and in consultation with

the CFTC, is authorized to take such actions as necessary or appropriate to respond to

the Emergency, including, but not limited to, the following:

i. imposing or modifying position limits;

ii. imposing or modifying Price limits;

iii. imposing or modifying intraday market restrictions;

iv. extending or shortening the expiration date or the Trading Hours;

v. suspending or curtailing trading in any Contract;

vi. limiting access to the Trading System by any Market Participant, Clearing

Member, ISV or other Person;
    

39

vii. taking such other actions as may be directed by the CFTC or other regulatory

authority;  

viii. imposing special margin requirements;

ix. ordering the liquidation or transfer of open positions in any Contract;

x. ordering the fixing of a settlement Price;

xi. transferring Contracts and the margin associated therewith;  

xii. altering any Contract’s settlement terms or conditions; or  

xiii. if applicable, providing for the carrying out of such actions through its

agreements with a Clearing House or provider of regulatory services.

(e) The SEF will document the decision‐making process and the reasons for taking any

Emergency Action.  The SEF, through its President, Chief Compliance Officer or General

Counsel, will timely notify the CFTC in a certified rule pursuant to the requirements of

Part 40 of the CFTC’s regulations, of any Emergency Action, explaining the decision‐

making process, the reasons for taking such action, and how conflicts of interest were

minimized, including the extent to which the SEF considered the effect of its Emergency

Action on the underlying markets and on markets that are linked or referenced to the

Contracts traded on the SEF, including similar markets on other trading venues.  Such

documentation will be maintained in accordance with Applicable CFTC Regulations.

(f) Whenever the Board, the President or any other Officerso authorized to take Emergency

Action necessary or appropriate to respond to an Emergency (including the actions set

forth in paragraph (d) above), the SEF, through its President, Chief Compliance Officer or

General Counsel will post a notice in the manner provided in Rule 311 regarding such

Emergency, as soon as practicable. When the Board, the President or any other Officer

so authorized to take Emergency Action on behalf of the Board in the event of an

Emergency determines that the Emergency is no longer in effect and the SEF is capable

of resuming normal functioning, then any such Emergency Actions that were taken by

the SEF in responding to an Emergency will be terminated. Following the termination of

the Emergency Action, the President shall convene a Board meeting, including by

teleconference, and the Board shall take the necessary action as soon as practicable

thereafter to ratify, modify or rescind such Emergency Action.

(g) The SEF will use reasonable efforts to notify the CFTC prior to implementing, modifying

or terminating an Emergency Rule. Ifsuch prior notification is not possible or practicable,
    

40

the SEF will notify the CFTC as soon as possible or reasonably practicable, but in all

circumstances within twenty‐four (24) hours of the implementation, modification or

termination of such Emergency Rule.  Further, if any governmental body or regulator

other than the CFTC takes any action that is or purports to be an Emergency, or the SEF

receives notice or direction from any governmental body or regulator other than the

CFTC in connection with an Emergency, the SEF shallseek to coordinate itsresponse with

the CFTC.

Rule 209. Conflict of Interest in Emergencies.

Whenever any Emergency Action or other significant action which, in the judgment of the

deliberating body, is likely to have a material effect upon the price of any Contract or might

otherwise have a material impact on the market for such Contracts is being considered by the

Board or any committee which has authority to take action for and in the name of the SEF (not

including any advisory committee), the following procedures shall apply:

(a) Disclosure.    Prior to consideration of the matter, each member of the Board or

committee who desires to participate in deliberations or voting on such action shall

disclose to the Board or committee position information that is known to such member,

with respect to any particular Contracts that are under consideration, and any other

positions which the Board or committee reasonably expects could be affected by the

action under consideration.    The size of positions shall be disclosed by reference to

ranges as determined by the Board or committee and shall be made with respect to the

following categories:

(i) gross positions in Contracts carried in (1) accounts in which the member’s

ownership interest is 10% or greater, (2) “controlled accounts” as defined in CFTC

Regulation 1.3(j) and (3) accounts of any individual with whom the member has a

“Family Relationship” as such term is defined in Rule 207;

(ii) gross positions in Contracts carried in proprietary accounts, as defined in CFTC

regulations, at any Affiliated Participant of such member;

(iii) net positions in Contracts in “customer” accounts, as defined in CFTC regulations,

at any Affiliated Participant of such member; and

(iv) any other types of positions, whether maintained in Contracts or otherwise, that

the Board or committee reasonably expects could be affected by the action being

considered.
    

41

To the extent that a member desires to make the required disclosures but does not know

position information with respect to any of the foregoing categories, the President or his

designee shall make the disclosure for such member to the extent that such information

can be obtained from data and clearing records readily available to the SEF under the

exigency of the action being contemplated.

(b) Disqualification.  Any member who does not want to make position disclosures must

withdraw from the meeting before disclosure by other members begins and may not

participate in the discussion of, or voting on, the matter under consideration.    Any

member who has, or whose Affiliated Participant has, a position required to be disclosed

under paragraph (a)(i) (other than a position which the Board or committee has

determined to be de minimis), shall be disqualified from voting and must withdraw from

the room before a vote is taken.  If such withdrawal results in the lack of a quorum, the

Board or committee shall appoint an ad hoc committee comprised of those members

who are not disqualified from voting and shall delegate to such ad hoc committee all the

powers of the Board or relevant committee with respect to the matter under

consideration.  No member shall be disqualified from voting upon the appointment of

an ad hoc committee solely because of positions held by such member or an Affiliated

Participant of such member.

(c) Documentation.  The minutes of any meeting at which Emergency or other significant

action is considered shall reflect the following information:

(i) the names of all members who attended the meeting in person or by electronic

means;

(ii) the name of any member who voluntarily recused himself or was required to

abstain from deliberations or voting; and

(iii) information on the position disclosures made by each member.

Rule 210. Reporting to the CFTC.

If the Board rejects a recommendation or supersedes an action of the Regulatory Oversight

Committee or the Participation Committee, the SEF shall provide a written report to the CFTC

detailing (i) the recommendation of or action proposed to be taken by such committee; (ii) the

rationale for such recommendation or proposed action; (iii) the rationale of the Board for

rejecting such recommendation or superseding such action; and (iv) the course of action that the

Board decided to take contrary to such recommendation or action.

Rule 211. Information‐Sharing Agreements.
    

42

The SEF shall enter into information‐sharing arrangements as it determines necessary or

advisable to obtain any necessary information to perform any monitoring of trading or trade

processing, to provide information to the CFTC upon request and to carry out such international

information‐sharing agreements as the CFTC may require.  The SEF shall share information with

other regulatory organizations, data repositories and any other third‐party as required by the

CFTC or other regulatory authority to fulfill itsself‐regulatory and reporting responsibilities.  Such

information shall be provided in a form and manner acceptable to the regulatory authority to

which such information is being provided.

Furthermore, the SEF may enter into any arrangement with any other Person (including any

governmental authority, trading facility or clearing organization)  where the SEF determines that

such Person exercises a legal or regulatory function under any Applicable Law or considers such

arrangement to be in furtherance of the operation or duties of the SEF under Applicable Law.

Rule 212. Services Agreement with a Regulatory Services Provider.

The SEF has entered into an agreement with the Regulatory Services Provider to provide certain

regulatory services to the SEF, including certain surveillance, investigative and regulatory

functions.  Any such function specified in the Rulesto be performed by the SEF may be performed

by the Regulatory Services Provider in accordance with this Rule 212.  The SEF will be authorized

to provide information to the Regulatory Services Provider in connection with the performance

of those functions.  Consistent with Applicable Law, the SEF will retain ultimate decision‐making

authority with respect to any such functionsto be performed by the Regulatory Services Provider.

Rule 213. Use of Data Collected from Market Participants and Clearing Members.

The SEF shall not use for business or marketing purposes any proprietary or confidential data that

the SEF collects or receives from any Market Participant or Clearing Member for the purposes of

fulfilling the SEF’s regulatory obligations (“Proprietary Data”), unless the Market Participant or

Clearing Member from whom it collects or receives such data consents in writing to the SEF’s use

of such data in such manner.  For the avoidance of doubt, Proprietary Data does not include

Transaction Data as defined in Rule 214 below.  The SEF shall not condition access to the SEF or

its services on a Market Participant’s or Clearing Member’s written consent to the SEF’s use of

Proprietary Data for business or marketing purposes.  Where necessary for regulatory purposes,

the SEF may share Proprietary Data with one or more other swap execution facilities, designated

contract markets, derivatives clearing organizations or other trading facilities or clearing

organizations.

Notwithstanding anything to the contrary herein or in any Participant Documentation, the SEF

may make available to Participants and Customers from time to time, for purposes of facilitating
    

43

trading on the SEF or subject to the Rules or in connection with such other services that the SEF

may offer from time to time, a list of the identities of all Participants and Customers notified to

the SEF atsuch time, provided thatsuch listshall not disclose any businesstransactions or market

positions of any Participant or Customer.  

Rule 214. Dissemination of Transaction Data.

(a) The SEF shall be entitled, in its sole discretion, to use all Orders and other information

concerning Transactions, including all information and content displayed or distributed

on the Trading System or otherwise provided to the SEF by a Market Participant

(collectively, the “Transaction Data”), to develop and compile market data that the SEF,

or a third‐party service provider that the SEF may utilize for such purpose (including an

Affiliate of the SEF), may disseminate to third parties (including through a market data

feed) for business purposes without further consent of any Market Participant, and the

SEF shall be entitled to any and all revenue derived therefrom (“Market Data”).  For the

avoidance of doubt, Transaction Data is not considered Proprietary Data.   

Notwithstanding the foregoing, and subject to the requirements of Applicable Law, the

SEF shall not use (or permit any other Person to use) Transaction Data to replicate or

reverse engineer a Market Participant’s trading strategies.  By its use of the SEF, each

Market Participant consentsto such use by the SEF of Transaction Data.  Any such Market

Data disseminated by the SEF, or its third‐party service provider, shall be disseminated

in an anonymous and aggregated fashion and shall not identify the Market Participant

who provided or entered into such Orders, bids, offers or Transactions, except for when

such Market Data is used as the basis for price assessments by Platts in connection with

its publication of prices and price indices including without limitation bids, offers,

requests for quotation, and Transactions, in non‐anonymous Commodity Contract

markets.  Participant specifically acknowledges that, with regard to any activity in non‐

anonymous Commodity Contract markets: (i) Participant’s identity and, if applicable, its

Broker’s identity, will be displayed publicly on the Platform and (ii) its bids, offers,

requests for quotation, and Transactions may be reported to the public, including the

CFTC or other regulatory authority, by SEF or Platts, and taken into account by Platts in

determining publicly reported prices or price indices.  For the avoidance of doubt, these

non‐anonymous Commodity Contract markets are in addition to, and will be clearly

differentiated from, anonymous and confidential markets that are also available for

trading on the Platform.   Notwithstanding anything to the contrary in these Rules or

otherwise, it is understood and agreed that any and all Market Data is the exclusive

property of ICE Swap Trade or its Affiliates constituting their trade secrets.
    

44

(b) Without limiting subsection (a), each Market Participant acknowledges and consents to

the reporting to an SDR of all Transaction Data or other data required to be so reported

under Applicable Law.

Rule 215. Prohibited Use of Certain Property and Data.

No Person with access to the SEF may do the following (i) copy, modify, create derivative works

from, reverse engineer, reverse assemble or reverse compile any technology used to provide the

Trading System or the Transaction Data displayed on, accessed through or derived from the

Trading System; (ii) remove or alter any copyright, trademark, patent or other notices on the SEF;

(iii) except as may be provided herein or as otherwise provided in any ICE Swap Trade Participant

Documentation or Clearing Member Agreement or any other agreement, distribute, rent, sell,

retransmit, redistribute, release or license the Trading System, Transaction Data, Market Data,

or any part thereof to any third party or otherwise allow access by a third party (other than to its

Authorized Traders, Account Managers and Customers subject to and in strict accordance with

the Rules), to include its Affiliates and their Representatives; (iv) take or authorize any action that

could detrimentally interfere with the proper workings of the Trading System, use any robot,

spider or other device or process to monitor or copy the Trading System, or knowingly transmit

any virus or other potentially harmful device in connection with its use of the Trading System; or

(v) assist or encourage any third party in engaging in any activity prohibited under the Rules.  No

Person with access to the SEF may, other than as provided in any ICE Swap Trade Participant

Documentation, Clearing Member Agreement or the Rules, (i) communicate, disclose,

redistribute, or otherwise furnish (or permit to be communicated, disclosed, redistributed or

otherwise furnished) all or any portion of the Transaction Data, or Market Data in any format, to

any third party (other than to its Authorized Traders, Account Managers or Customers in strict

accordance with these Rules), including its Affiliates; (ii) use the Transaction Data for the

purposes of constructing or calculating the value of any index or indexed products or for the

purpose of creating any derivative works; or (iii) make any use whatsoever at any time of the

Transaction Data that could compete with the business of the SEF or its provision of the Trading

System or any related services.  Each Participant, Customer and Account Manager will use its

commercially reasonable efforts to ensure that its Authorized Traders maintain sole control and

possession of, and sole access to, Transaction Data obtained through its access to the Trading

System.  Notwithstanding the foregoing, it is understood and agreed that any and all Transaction

Data submitted to the Trading System by a Participant or Customer shall be the joint and non‐

exclusive property of the SEF and such submitting Participant or Customer, as the case may be,

and the SEF shall have the right to use, sell, retransmit or redistribute such information, on an

anonymous and aggregated basis, subject to the provisions of Rule 214.  For the avoidance of

doubt, nothing in this Rule 215 shall prevent or restrict the Participant, Customer or Non‐

Participant Broker from using its own Transaction Data.
    

45

   
    

46

CHAPTER 3: ACCESS

Rule 301. Applicability of Rules; Jurisdiction.

EACH MARKET PARTICIPANT, CLEARING MEMBER, ISV AND SUPERVISED PERSON OR ANY OTHER

PERSON ENTERING, WHETHER DIRECTLY OR INDIRECTLY THROUGH AN INTERMEDIARY, INTO

ANY ORDER OR SUBMITTING ANY TRANSACTION INTO THE SEF (I) SHALL BE BOUND BY AND

SUBJECT TO, AND AGREES TO COMPLY WITH, THE RULES RELATING TO SUCH STATUS OR ITS

ACTIONS OR OMISSION WITH RESPECT TO SUCH STATUS OR USE OR ACCESS TO THE SEF; (II)

CONSENTS TO AND SHALL BE SUBJECT TO THE JURISDICTION OF THE SEF WITH RESPECT TO ALL

MATTERS ARISING OUT OF OR RELATING TO SUCH STATUS OR ITS ACTIONS OR OMISSIONS WITH

RESPECT TO SUCH STATUS AND USE OF OR ACCESS TO THE SEF; (III) SHALL ASSIST THE SEF IN

COMPLYING WITH ITS LEGAL AND REGULATORY OBLIGATIONS AND COOPERATE WITH THE SEF,

REGULATORY SERVICES PROVIDER AND ANY REGULATORY AUTHORITY IN ANY INQUIRY,

INVESTIGATION, AUDIT, EXAMINATION OR PROCEEDING; AND (IV) AUTHORIZES THE SEF (AND

ITS REGULATORY SERVICES PROVIDER, AS APPLICABLE) TO PROVIDE INFORMATION WITH

RESPECT TO IT TO THE REGULATORY SERVICES PROVIDER OR ANY GOVERNMENT, REGULATORY

OR SELF‐REGULATORY ORGANIZATION.

Rule 302. Impartial Access.

Consistent with Applicable Law, the SEF provides access to Market Participants and ISVs on a fair,

non‐discriminatory and open basis.  Market Participant and ISV status, and access to, and usage

of, the Trading System in such capacity is available to all Market Participantsthat meet the criteria

set forth herein and validly engage in Transactions.

Rule 303. Criteria for Becoming a Participant.

No Person shall be admitted as a Participant, or permitted to remain a Participant, unless it

satisfies the following criteria:

(a) It is an Eligible Contract Participant at such time as it is admitted as a Participant and on

an ongoing basis with respect to each Transaction that it enters into either for its own

account or the account of a customer, and it provides written confirmation ofsuch status

or otherwise reasonably demonstrates such status to the satisfaction of the SEF.

(b) It demonstrates business integrity and sound reputation satisfactory to the SEF.

(c) It demonstrates, in a manner satisfactory to the SEF, that it has sufficient financial

resources to perform its obligations in connection with an Uncleared Swap, or has the

financial capability to ensure a Cleared Swap will be cleared by the Participant or by a
    

47

third‐party Clearing Member that, in either case, has sufficient financial resources to

perform the obligations thereunder.

(d) It has legal capacity and authority to enter into Transactions.

(e) It is organized in an Authorized Jurisdiction.  If it is organized in a jurisdiction other than

the United States, it maintains an agent for service of process in the United States

suitable to the SEF and providessuch other information and makessuch representations

or certifications as the SEF determines necessary.

(f) It is not subject to Statutory Disqualification.

(g) If it enters into Transactions in Cleared Swaps for its own account, it is either a Clearing

Member of each relevant Clearing House for such Contracts, or it has in effect an

arrangement with such a Clearing Member to clear all such Transactions (and such

Clearing Member has so confirmed to the SEF).

(h) If it enters into Transactions that are Uncleared Swaps for its own account, it is either a

Swap Dealer or it has in effect a Swap Intermediation Arrangement with a Swap

Intermediary; provided that this subsection (viii) shall not apply to any Uncleared Swap

involving a Commodity Contract.

(i) If it is required to be registered in any capacity under Applicable Law, it has duly

registered in such capacity and such registration is in effect and has not lapsed or been

revoked, suspended or withdrawn.   

(j) It is not legally or otherwise prohibited from using the SEF or entering into Transactions

on the SEF or subject to the Rules.

(k) It demonstrates operational capacity to execute Transactions.

(l) If it is a Swap Dealer or a Major Swap Participant, it is capable of complying (and will

comply with) with (i) any pre‐trade disclosure obligationsit may owe to any other Person

when engaging in a Transaction on the SEF or subject to the Rules on a disclosed basis

and (ii) any due diligence and analysis obligations it may owe to its counterparty.

(m) It is not an officer, employee or affiliate of the SEF or one of its Affiliates.

(n) It is not an ISV; unless such ISV participates in the SEF’s Market Maker Program.
    

48

(o) It complies with the applicable technical access standards, security protocols and

technicalspecificationsfor connection to the SEF’s electronic system as may be specified

by the SEF from time to time.

(p) It is not subject to any economic or trade sanctions programs administered by the Office

of Foreign Assets Control of the U.S.   Department of the Treasury (“OFAC”) or other

relevant U.S. or non‐U.S. authority, and is not listed on OFAC’s List of Specially

Designated Nationals and Blocked Persons.

(q) It is not a swap execution facility, designated contract market or other trading facility.

(r) It is accessing the SEF solely for purposes of entering into Transactions for itself or for

Customers.

(s) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule

302 and Applicable Law.

(t) It shall be responsible for promptly informing the SEF of any material changes to its

satisfaction of the above described eligibility criteria.   

Rule 304. Additional Criteria for Participants Trading for Customers.

Each Participant that will enter into Transactions for or on behalf of Customers or otherwise

permits Customers to access the Trading System must satisfy the following criteria, in addition to

those set forth in Rule 303:

(a) By executing the Participant Documentation, such Participant expressly represents that

each of its Customers is an Eligible Contract Participant at all relevant times.

(b) Each of its Customers that enters into Transactions in Cleared Swaps is either a Clearing

Member of each relevant Clearing House for such Contracts or has in effect an

arrangement with such a Clearing Member to clear all such Transactions (and such

Clearing Member has so confirmed to the SEF for such Customer).

(c) Each of its Customers that enters into Transactions in Uncleared Swaps is either a Swap

Dealer or hasin effect a Swap Intermediation Arrangement with a Swap Intermediary for

such Transactions (and such Swap Intermediary has so confirmed to the SEF for such

Customer).

(d) It is in compliance with all applicable registration and regulatory requirements under

Applicable Law with respect to its acting on behalf of Customers.
    

49

(e) If it is subject to the U.S. Bank Secrecy Act, the USA PATRIOT Act and the regulations

thereunder, or similar legislation in any jurisdiction, it has implemented a written anti‐

money laundering program that has been approved in writing by its senior management

and is reasonably designed to promote and monitor its compliance with the applicable

requirements of such laws.

(f) It will screen Customers for compliance with economic or trade sanctions programs

administered by OFAC or other relevant U.S.  or non‐U.S.  authority, including screening

Customer names against OFAC’s List of Specially Designated Nationals and Blocked

Persons.

(g) It will identify all of its Customersto the SEF in the manner, at the times and in such detail

as is specified by the SEF.   

(h) Each Participant that is an Account Manager will (i) cause its Customers to become

subject to the jurisdiction of the SEF and (ii) provide to the SEF, upon request, evidence

of its authority to act on behalf of its Customers satisfactory to the SEF.

(i) To the best of its knowledge, after reasonable inquiry, each Customer is not legally or

otherwise prohibited from using the SEF or entering into Transactions on the SEF or

subject to the Rules.

(j) To the best of its knowledge, after reasonable inquiry, each Customer trading on the SEF

or subject to the Rules is only trading for its own account (or the account of a Person

managed by the Customer).

(k) If its Customer is a “special entity” as defined in the CEA or is otherwise subject to law or

regulation affecting the Customer’s ability to enter into Transactions or the liabilities or

responsibilities of other Persons with respect thereto, to the best of the Participant’s

knowledge, after reasonable inquiry, the Customer’s use of the SEF in accordance with

the Rules is in compliance with such law or regulation and any related requirements of

its constituent or other documents.

(l) To the best of its knowledge, after reasonable inquiry, each Customer is located in an

Authorized Jurisdiction.

(m) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule

302 and Applicable Law.
    

50

Rule 305. ISVs.

Each ISV that enters into an ISV Development and Maintenance Agreement with the SEF must

satisfy the following criteria:

(a) If required to be registered in any capacity under Applicable Law, it has duly registered

in such capacity and such registration is in effect and has not lapsed or been revoked,

suspended or withdrawn.

(b) It complies with the applicable technical access standards, security protocols and

technicalspecificationsfor connection to the SEF’s electronic system as may be specified

by the SEF from time to time.

(c) It must ensure that each Person that usesthe ISV to accessthe SEF is a Market Participant

authorized as such by the SEF in accordance with these Rules, to include Rule 303 and

Rule 304.

(d) It may provide Market Data obtained from the SEF solely to Participants and/or

Customers in connection with such Participants’ and/or Customers’ actual and proposed

trading activity in Contracts on the SEF and related or similar contracts on any other

trading facility operated by ICE Swap Trade, LLC or an Affiliate. The ISV shall not provide

Market Data to any other swap execution facility, security‐based swap execution facility,

designated contract market, national securities exchange or other trading facility or

system without the prior written consent of the ICE Swap Trade, LLC.   

(e) With respect to Contracts listed on the SEF, the ISV shall only accept an Order from a

Participant or Customer when such Participant or Customer designates a registered swap

execution facility to which the Participant or Customer instructs the ISV to direct the

respective Order. The ISV shall transmit such Order directly to the designated swap

execution facility, and shall not disclose such Order to any internal party or other Person,

including Affiliates of the ISV or a swap execution facility other than the swap execution

facility specified on the Order, except to the extent thatsuch internal party, other Person

or Affiliate is engaged in activities supporting the transmission of such Orders from the

ISV to the designated swap execution facility, and only to the limited extent that such

disclosure is necessary for such support activities.   

(f) Except for Orders and Transactions subject to rule 701, an ISV may not facilitate, directly

or indirectly, trading off of the SEF.  

(g) It must disclose to the SEF and each Participant and Customer (i) the identity of any other

swap execution facility, security‐based swap facility, designated contract market,
    

51

national securities exchange or other trading facility or system to which it connects and

(ii) what market data the ISV uses and for what purpose.  

(h) In the case of any Order submitted to the SEF through an ISV, the ISV will provide

sufficient detail to identify the Participant (and, in the case of a Customer transaction,

the Customer) as required by the SEF.

(i) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule

302 and Applicable Law.

Rule 306. Authorized Traders.

(a) Each Participant shall designate from time to time one or more Authorized Traders for

itself and one or more Authorized Traders for each of its Customers.  Such designated

Authorized Traders will be the sole Persons authorized to enter into Transactions on

behalf of the Participant or such Customer, as applicable.

(b) Each Authorized Trader must satisfy the following criteria:

(i) It must be a natural person located in an Authorized Jurisdiction.

(ii) It is an Authorized Trader only for one Participant or group of affiliated

Participants (and, if applicable, its or their respective Customer(s)).

(iii) It must be an employee of or otherwise designated as an agent of the relevant

Participant(s) or Customer(s).

(iv) It must comply with such technical access procedures and security protocols

(including identification requirements) as the SEF may specify from time to time.

(v) It is not subject to Statutory Disqualification.

(vi) It meets such standards of technical proficiency and business integrity as are

satisfactory to the SEF.

(vii) It mustsatisfy such other criteria asthe SEF may specify from time to time,subject

to Applicable Law.

Rule 306.A.  Compliance with the Commodity Exchange Act
    

52

Each Person entering into any Order or submitting any Transaction into the SEF shall comply with

all relevant provisions of the CEA and the regulations duly issued pursuant thereto by the CFTC,

including the filing of reports, and the maintenance of books and records.

Rule 307. Application, Withdrawal and Termination of Status.

(a) A Person that wishes to become a Participant, Non‐Participant Broker, Clearing Member

ISV or Authorized Trader must satisfy the following:

(i) Provide such information and documentation as may be requested by the SEF or

its Regulatory Services Provider acting on behalf of the SEF.

(ii) Follow the application procedures designated by the SEF with respect to the status

being requested.

(iii) In the case of an applicant requesting to access the SEF as a Participant, Non‐

Participant Broker, Clearing Member or ISV, execute the applicable access

documentation relevant to the requested status and any other documentation

that may be required by the SEF from time to time.

(iv) In the case of an applicant for Participant or Non‐Participant Broker status,

designate one or more Participant User Administrators, and such Participant User

Administrator shall identify to the SEF and, if desired, one or more initial

Authorized Traders.

(b) The SEF may conduct such investigations or inquiries as it determines appropriate in

connection with an application to become a Participant, Authorized Trader or ISV or any

Customer of a Participant or as relates to the termination of such status by the SEF in

accordance with these Rules.

(c) If the SEF determines to admit a Participant, Authorized Trader or ISV, it shall promptly

notify the applicant and specify the date as of which such status will be effective.  The

SEF may accept a Participant, Authorized Trader or ISV subject to conditions as it

determines, subject to Rule 302 and Applicable Law (in which case the SEF shall notify

the applicant of such conditions).

(d) The SEF may deny or terminate the status of a Participant, Authorized Trader or ISV if (i)

such Person is unable to demonstrate its ability to satisfy the applicable criteria set forth

in Chapter 3 of these Rules, (ii) such Person is unable to demonstrate its compliance with

all other applicable Rules, (iii) such Person’s acting or continued acting as such would

bring the SEF into disrepute or cause the SEF to fail to be in compliance with Applicable
    

53

Law, as determined by the SEF; (iv) such Person (or any of its Supervised Persons, if

applicable) has committed a Violation; or (v) other good cause is shown as the SEF may

reasonably determine.

(e) If the SEF denies an application for Participant, Authorized Trader or ISV status or

terminates such status in accordance with the provisions of 307(d), it shall promptly

notify such Person thereof in writing, stating the reasons for such denial or termination.

Within 10 Business Days thereafter, such Person may request the SEF to reconsider such

decision (and may provide any relevant statements or information in connection

therewith) and/or request that the Participation Committee review such denial or

termination.

(f) Any Participant, ISV or Authorized Trader may withdraw from its status as such, by filing

a request therefor with the SEF in the form specified by the SEF.  Such withdrawal shall

not affect the obligations of such Person incurred prior to the effective date of such

withdrawal or affect the jurisdiction of the SEF over such Person with respect to matters

occurring or arising prior to the effective date of such withdrawal.  

Rule 308. Participant User Administrators; Passwords.

(a) Each Participant and Non‐Participant Broker shall have at all times one or more

“Participant User Administrators,” and each Customer with direct accessto the Platform

shall have at all times one or more “Customer User Administrators” (together with

Participant User Administrators, “User Administrators”).    The SEF will issue to each

Participant or Customer requesting    access to the Platform and its/their Authorized

Traders or Account Managers, a User ID enabling access to the Platform.    The User

Administrator shall be responsible for requesting User IDs for Authorized Traders and

Account Managers and notifying the SEF of the need to terminate any previously issued

User IDs to Authorized Traders and Account Managers for that Participant or Customer.

(b) The User Administratorshall be responsible for all communications between the SEF and

Participant or Customer, as applicable, with respect to User IDs and access to the

Platform, and any notices or other communications sent to the User Administrator by

the SEF relating to User IDs and other related administrative matters shall be binding on

Participant or Customer, as applicable.  The Participant or Customer will promptly notify

the SEF of any change in its User Administrators.

(c) Each Participant and Customer with direct access to the Platform acknowledges and

agrees that it will be bound by any actions taken through the use of User IDs of any of its

Authorized Traders or Account Managers, whether or not such actions were actually
    

54

authorized (except if such action was the result of the willful misconduct, fraud   or gross

negligence of the SEF).  In addition, each Participant and Customer with access to the

Platform acknowledges that the SEF may rely upon, and will be fully released and

discharged by Participant or Customer for acting upon, any information, data,

Transaction details, Orders, acknowledgements or instructions that are (i) entered,

imported, transmitted or otherwise communicated under its Authorized Trader’s or

Account Manager’s User ID (whether or not such action was actually authorized by such

Participant or Customer), or (ii) are otherwise reasonably believed by the SEF to be

genuine and to have been communicated or presented on behalf of Participant or

Customer by an Authorized Trader or Account Manager, whether via the Platform or

otherwise. Each Participant and Customer with accessto the Platform acknowledges and

agrees that in no event will such Participant or Customer provide a User ID to anyone

other than an Authorized Trader or Account Manager of Participant or its Customer with

authority to access the Platform.    Each User ID must be assigned to a single, unique

Authorized Trader or Account Manager of Participant or its Customer with access to the

Platform, or, if the User ID is associated with an automated trading strategy/system, the

User ID must be assigned to the individual who administers and/or monitors the

automated trading strategy/system.  In no event may a Person enter an Order or permit

the entry of an Order by a Person other than the Person assigned to such User ID.  Each

Participant and Customer are solely responsible for controlling and monitoring the use

of the User IDs issued to them.  Each Participant and Customer agrees to immediately

notify the SEF of any unauthorized disclosure, unauthorized use of the User ID or access

to the Platform, or of the need to deactivate any User ID.  In the event the SEF becomes

aware that a Participant, Authorized Trader, Account Manager or Customer’s User ID has

become lost,stolen, or compromised, the SEF shall promptly cancel orsuspend such User

ID and notify the party of such action.      

(d) Any request for the deactivation of a User ID received by the SEF from a User

Administrator shall be deemed effective no later than the end of the next business day

after the SEF receives written notice ofsuch request. Deactivation of a User ID may occur

either (i) pursuant to the provisions of this Section 308(d) or (ii) due to the service of

notice to withdraw by the Participant, ISV or Authorized Trader pursuant to the

provisions of Section 307.    For the purposes of this Section 308(d), any request to

deactivate a User ID shall be in writing and sent by a User Administrator to

ICESwapoperations@theice.com.    Such request shall be deemed received by the SEF

when sent from the User Administrator’s electronic email address reflected in the

records of the SEF.

(e) By requesting and receiving a User ID, each Market Participant agrees that it will only

use a User ID to access and use the Platform from an Authorized Jurisdiction.  For the
    

55

avoidance of doubt, no Participant or Customer shall have the right to permit access to

the Platform to any Authorized Traders, Account Managers, Customers or other

individuals who are located in jurisdictions outside an Authorized Jurisdiction, even if

Participant or such Customer is based in an Authorized Jurisdiction.

(f) Participant agrees to provide the SEF with information related to Participant’s,

Customer’s and their Authorized Traders’ and Account Managers’ use of the Platform

upon the SEF’s written request.

(g) Upon request, the SEF agrees to provide the Participant with either (a) a report, to the

Participant User Administrator, or such other individual(s) identified by the Participant

User Administrator, with a list of all active and inactive (only as relates to any User IDs

deactivated since the last provided report) Participant User IDs, or (b) a system by which

the Participant User Administrator can access or download the same information as

provided in (a).   

Rule 309. Trading Privileges/Limitations.

(a) At any time, the SEF, acting through its Chief Compliance Officer after consulting with

the Regulatory Oversight Committee (if practicable under the circumstances), may

revoke, suspend, limit, restrict, condition or qualify the privileges of any Market

Participant to enter Orders and Transactions on the SEF or subject to these Rules

(“Trading Privileges”), with or without advance notice to the Market Participant, if such

action is necessary or advisable for the protection of the SEF or otherwise in the best

interests of the SEF, to include for failure to pay the SEF Fees as provided in Rule 310, in

each case as determined by the SEF.

(b) At any time, the SEF, acting through its Chief Compliance Officer after consulting with

the Regulatory Oversight Committee (if practicable under the circumstances), may

revoke,suspend, limit, restrict, condition or qualify the privileges of any ISV to accessthe

Trading System (“Access Privileges”), with or without advance notice to the ISV, if such

action is necessary or advisable for the protection of the SEF or otherwise in the best

interests of the SEF, in each case as determined by the SEF.

(c) Admission as a Participant, Authorized Trader or ISV does not confer any right of

ownership in, or right to direct the management of or attend or vote at meetings of, the

SEF or right to share in the profits or revenues of the SEF.

(d) A Participant, Authorized Trader or ISV shall not be entitled to assign or transfer itsstatus

as such without the prior written consent of the SEF.
    

56

(e) All Orders entered into on behalf of a Customer must be entered by an Authorized Trader

designated for such Customer by the relevant Participant; provided that a Participant

may also permit its Customers to access the SEF through an ISV that provides an order

routing system, where the Participant maintains appropriate controls to facilitate the

Participant’s management of the financial risk from such activities by its Customers.  The

foregoing will not prohibit a Participant from trading on behalf of another Participant.

(f) Market Participants are required to comply with the applicable provisions of the CEA and

the CFTC regulations in connection with their access to and use of the trading facilities

offered by the SEF.

Rule 310. Dues, Assessments and Fees.

(a) The SEF may establish transaction fees and other charges (“Fees”) for its services from

time to time.  The SEF will notify Market Participants of changes in the Fees schedule by

Circular.

(b) Each Participant shall be responsible for paying all such Fees with respect to its SEF

Activity (including SEF Activity by or on behalf of its Customers and Authorized Traders

and Account Managers).

(c) The SEF will provide each Participant an invoice of all such Fees on a monthly or other

basis determined by the SEF from time to time, which amounts shall be due and payable

as set forth in such invoice.    In addition and notwithstanding anything herein to the

contrary, in the event of any failure by a Participant to pay such Fees and without

limitation of any other remedy, the SEF may temporarily or permanently limit, suspend

or terminate such Participant’s Trading Privileges and/or access to the SEF without prior

notice to Participant.

Rule 311. General Notices to Participants.

The SEF may issue notices to Persons subject to the SEF’s jurisdiction, pursuant to Rule 301,

(including of matters arising under the Rules or the operation of the Platform) from time to time

in a form and manner reasonably designed to enable each Person to become aware of the

matters set forth therein.  Without limiting the foregoing, the SEF may provide such notice by

way of a published circular (“Circular”) posted on the SEF’s website at

https://www.theice.com/swaptrade.

Rule 312. Communications Between the SEF and Participants.
    

57

(a) The SEF may send any notices hereunder (other than notices provided under Rule 311)

to a specific Participant, Authorized Trader or ISV in writing and either (i) hand‐delivered

or sent by registered or certified mail or (ii) sent by electronic mail, in either case to the

relevant address provided by such Person forsuch purpose.  Each Participant, Authorized

Trader and ISV shall provide to the SEF and maintain a current electronic mail address

for the receipt of all such notices.

(b) All notices, except as may relate to the deactivation of a User ID which is governed by

the provisions of Rule 308(e), to the SEF hereunder shall be sent by electronic mail to the

following address:  ICESwaplegal@theice.com or to such other address or by such other

means as the SEF may specify by Circular from time to time.

Rule 313. Activities of Non‐Participant Brokers.

(a) A Non‐Participant Broker shall only be entitled to act on the SEF or subject to the Rules

on behalf of a Participant (or Customer) where such Participant (or Customer) has so

authorized the Non‐Participant Broker and notified the SEF in the form and manner

specified by the SEF from time to time.

(b) If so authorized, a Non‐Participant Broker may enter any Order, submit a Block Trade, a

Package Transaction or Brokered Trade, or execute any Transaction otherwise

permissible under the Rules on behalf of such Participant (or its Authorized Trader or

Customer).

(c) In engaging in any such activity, a Non‐Participant Brokershall comply with the Rules and

be subject to the jurisdiction of the SEF to the same extent as the Participant, Customer

or Authorized Trader for which it acts.

   
    

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CHAPTER 4: OBLIGATIONS OF PARTICIPANTS

Rule 401. Duties of Participants.

Each Participant shall, and shall cause its Authorized Traders and Account Managers to:

(a) Ensure that the Platform and the Trading System are used in a responsible manner and

not for any improper purpose.

(b) Ensure that all activity, to include Transaction related activity, conducted by it on the SEF

or subject to the Rules is performed in a manner consistent with the Rules.

(c) Observe high standards of commercial integrity, market conduct, fair dealing and just

and equitable principles of trade while conducting any activity on the SEF or subject to

the Rules.

(d) Solely with respect to Participants and subject to the SEF’s Error Trade Policy in each

instance, be fully liable for all Orders and Transactions effected by it on the SEF orsubject

to the Rules, whether for its own account or for the account of its Customer.

(e) If such Participant is a Swap Dealer or Major Swap Participant, such Participant shall be

responsible for compliance with the mandatory trading requirement of CEA Section

2(h)(8) with respect to any Required Transaction.

(f) RESERVED

(g) Comply with the SEF’s Rules and technical standards for access to the SEF’s systems,

including security protocols.

(h) Keep books and records of its trading on the SEF (including trading on behalf of any

Customer), including records of its activity in the index or instrument used as a reference

price, the underlying commodity and related derivatives markets, and make such records

available, upon request, to the SEF (or its Regulatory Service Provider) and the CFTC or

other regulatory authority.

(i) Without limiting  clause (h), and to the extent required by Applicable Law, maintain an

audit trail in a form and manner as may be designated by the SEF from time to time of

all SEF Activity by it, its Customers and its Authorized Traders and make such audit trail

available to the SEF (or its Regulatory Service Provider) upon request.  
    

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Rule 402. Required Disclosures.

Each Participant, or its Supervised Persons, as applicable, shall notify the SEF via email at

iceswapcompliance@theice.com immediately following the occurrence or, if applicable, upon

becoming aware of any of the following events:

(a) Any failure of Participant to timely perform its obligations under or in connection with

any Transactions entered into by such Participant (or any Customer) on or subject to the

rules of the SEF.

(b) Participant or any Authorized Trader or Account Manager becomes subject to Statutory

Disqualification.

(c) Participant ceases to be an Eligible Contract Participant.

(d) Any material system failure or damage to its systems, facilities or equipment used to

effect Transactions on the SEF or subject to the Rules.

(e) Any expulsion from or withdrawal by the Participant under threat of expulsion,

suspension or other penalty from membership in any self‐regulatory organization,

designated contract market, trading facility, swap execution facility or clearing

organization.

(f) RESERVED.

(g) The receipt by the Participant from, or filing by the Participant with, a self‐regulatory

organization of a notice of material inadequacy.

(h) Participant becoming insolvent or the subject of a voluntary or involuntary bankruptcy

or similar petition or proceeding, or the appointment of a receiver, conservator, trustee

or administrator for the Participant or all or a substantial portion of its assets, or the

presenting of a petition or passing a resolution or commencement of a proceeding for

the winding up or dissolution of Participant (an “Insolvency Event”).

Rule 403. Right of Inspection.

(a) Subject to Applicable Law, each Participant agrees that the SEF (or its representative,

including the Regulatory Services Provider) shall be entitled, upon reasonable prior

notice, in connection with determining whether the Rules and obligations of the
    

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Participant are being, will be or have been complied with by the Participant, to (i) inspect

or examine the systems, equipment and software operated or used by Participant in

connection with activity on the SEF or subject to the Rules, (ii) have access to the books

and records of the Participant, (iii) have access to the systems, equipment and software

operated or used by Participant in connection with activity on the SEF, and the premises

where the same is located, and any data stored therein, and (iv)copy or reproduce any

data to which the SEF has access under this Rule.

(b) Upon request of the SEF, a Participant shall provide such information concerning the

Participant’s (and any of its Customers’ and Authorized Traders’) use of and activities on

the SEF or subject to the Rules and open trading positions as the SEF may reasonably

designate.  A Participant shall submit timely, accurate information/records upon request

from the SEF in a form and manner as may be designated by the SEF from time to time.   

(c) The SEF shall treat information provided under Rule 403(b) above as Proprietary Data,

subject to Applicable Law and the SEF’s authority under these Rules.

(d) At any time upon request of the SEF, Participant agrees that it shall provide sufficient

written evidence that the Participant continues to qualify as Eligible Contract

Participants as required by CFTC Rule 37.703.

Rule 404. Financial Notices.

Each Market Participant or Clearing Member or any other Person subject to the SEF’sjurisdiction,

under Rule 301, that is registered with the CFTC shall notify the SEF of any matter required to be

notified to the CFTC under CFTC Rule 1.12 (or any similar rule), within the time and in the manner

specified in that rule.  Each Participant that is registered with the SEC shall notify the SEF of any

matter required to be notified to the SEC under Rule 17a‐11 or to FINRA under FINRA Rule

4530(a)(1)(A), (C), (E) and 4530(b) (or any similar rules), within the time and in the manner

specified in those rules.

Rule 405. Customers.

(a) Each Participant that acts for a Customer, and each Clearing Member that provides

clearing services to a Customer that does not access the SEF through a Participant, shall

enter into a written agreement with such Customer setting forth the relationship

between them.  No such Participant or Clearing Member shall submit an Order on behalf

of any Customer, or allow such Customer to submit an Order, to the Trading System

unless such Customer (i) is an Eligible Contract Participant at the time of execution of

any Transaction; (ii) consents to the jurisdiction of the SEF or otherwise agrees to be
    

61

bound by the Rules in connection with Transactions on the SEF or subject to the Rules,

and (iii) consents or is otherwise subject to the SEF’s(and its Regulatory Service Provider)

right to access the Customer’s books, records and personnel to the extent required

under Applicable Law or as otherwise required for the SEF to satisfy its regulatory

requirements.   

(b) Each Customer shall keep books and records of its trading on the SEF, including records

of its activity in the index or instrument used as a reference price, the underlying

commodity and related derivatives markets, and make such records available, upon

request, to the SEF (or its Regulatory Service Provider) and the CFTC or other regulatory

authority.

(c) Participantsthat are Swap Dealers or Major Swap Participants as defined in the CEA shall

receive a representation as to the status of each counterparty as an Eligible Contract

Participant to the extent required by Applicable CFTC Regulations, which representation

the Participant must believe can be reasonably relied upon.  Each such Participant shall

be responsible for compliance with the mandatory trading requirement of CEA Section

2(h)(8), to the extent applicable.

(d) Each Participant must comply with all disclosure requirements under Applicable Law in

connection with Transactions and any additional disclosure requirements imposed by

the Rules.

(e) Each Participant shall notify the SEF of the identity of any Customer on whose behalf an

Order is submitted to the SEF or a Transaction is executed, in the manner and in the

detail specified by the SEF.

Rule 406. Trading Limitations, Termination, Suspension.

Without limiting its rights under Rule 309, the SEF may, upon the occurrence of any of the

following events, impose limitations, conditions and restrictions on a Market Participant or ISV,

as applicable, or suspend or terminate any such status, including without limitation by (i)

declining to accept new Orders or Transactions from such Person, (ii) in conjunction with the

relevant Clearing House, causing existing Transactions or positions of such Person to be

transferred to another Person, (iii) in conjunction with the relevant Clearing House, requiring

such Person to close out its existing positions, (iv) limiting the types of Transactions that may be

entered into by such Person or (v) limiting the size or notional amount of positions that may be

entered into or maintained by such Person, if:
    

62

(a) such Person fails to satisfy the criteria for obtaining or retaining Participant, ISV,

Authorized Trader or Customer status, as applicable;

(b) such Person is in material breach of any agreements it may have entered into with the

SEF relating to its SEF activity or is in violation of any of the Rules;

(c) such Person is subject to Statutory Disqualification;

(d) such Person is in default to any Clearing House or other exchange, contract market,

trading facility, swap execution facility or clearing organization;

(e) such Person is subject to an Insolvency Event; or

(f) such Person is in default to a Clearing Member or Swap Intermediary.

Rule 407. Certain Acknowledgements of Market Participants.

(a) Without prejudice to the SEF’s Error Trade Policy, each Market Participant agrees that it

will not contest the legally binding nature, validity or enforceability of any Transaction

executed on the SEF or subject to the Rules based on the fact that it was entered,

executed and confirmed electronically, and expressly waives any and all rights it may

have to assert any such claim.

(b) Each Market Participant acknowledgesthat all bids, offers, and transactions entered into

the Platform or otherwise may be recorded by the SEF and monitored among the books

and records of the SEF.

(c) Each Market Participant acknowledges that any telephone conversation and any

electronic messaging, whether via the Platform or otherwise, between it and the SEF will

be recorded, and expressly consents to such recording and agrees that, to the extent

permitted by Applicable Law, such recordings may be submitted in evidence in any

proceedings.    Each Participant shall obtain any necessary consent of, and give any

necessary notice of such recording to, its Authorized Traders, Account Managers and/or

Customers.

Rule 408. Books and Records of ISVs.

Each ISV shall keep and maintain, for at least five years, books and records of the access it

provides to the SEF, including records of the Orders routed by it to the SEF on behalf of a Market

Participant and make such records available, upon request, to the SEF (or its Regulatory Service

Provider) and the CFTC or other regulatory authority.
    

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Rule 409. Access to Position Information.

Without limiting any provision of these Rules, the SEF shall have the authority to obtain from any

Participant or Customer (and its Account Manager) information with respect to positions of such

Participant or Customer as required by Applicable Law.  This authority shall include the authority

to obtain information concerning positions maintained at other firms or venues.  In the event a

Participant or Customer (or its Account Manager) fails to provide the requested information, the

SEF, in addition to any other remedy available under these Rules, may order that the Participant

or Customer liquidate the positions that are related to the inquiry.    Any such information

requested by the SEF shall be provided in such form and manner as may be specified by the SEF.

   
    

64

CHAPTER 5: TRADING PRACTICES AND BUSINESS CONDUCT

Rule 501. Business Days and Trading Hours.

The SEF shall establish from time to time the hours for which the Platform is available for trading

(“Trading Hours”).  The SEF will notify Participants of the Trading Hours (and changes therein) by

Circular.

Rule 502. Rule Violations; Prohibited Trading Activity; Prohibitions on Fictitious Transactions,

Fraudulent Activity and Manipulation.

(a) The SEF shall have the power to discipline Market Participants, including by suspension

or revocation of Trading Privileges, for engaging in conduct inconsistent with just and

equitable principles of trade, acts detrimental to the welfare of the SEF or for any act or

practice, or the omission thereof, that violatesthe Rules or violatesthe CEA or Applicable

Law (together, “Violations”).

(b) The SEF shall have the power to assess fines or charges against a Market Participant for

engaging in Violations; provided that such fines or charges may be assessed only in

accordance with the process outlined in the Disciplinary Rules in Chapter 8 of these

Rules.

(c) No Person shall engage in any of the following activity in connection with or related to

any SEF Activity or other activity related to any Clearing House:

(i) any fraudulent act or attempted fraudulent act, or the use or attempted use of

any manipulative device, scheme or artifice to defraud, deceive, trick or mislead;

(ii) front running;

(iii) fraudulent trading or attempted fraudulent trading;

(iv) entry of Ordersfor the purpose of entering into Transactions without a net change

in either party’s open positions but a resulting profit to one party and a loss to the

other party, commonly known as a “money pass”;

(v) trading ahead of customers;

(vi) trading against a customer order or entering into a cross trade, except as

permitted by Rule 512;

(vii) accommodation trading;
    

65

(viii) fictitious transactions;

(ix) wash sales or wash transactions;

(x) pre‐arranged or non‐competitive transactions (except for block trades and other

Transactions specifically permitted under the Rules);

(xi) manipulation or attempted manipulation of the price of any Contract or

underlying commodity;

(xii) cornering, or attempted cornering, of any Contract;

(xiii) violations of bids or offers;

(xiv) spoofing;

(xv) making fictitious or trifling bids or offers, offering to enter into a Contract at a

price variation less than the minimum price fluctuation permitted for such

Contract under the Rules, or knowingly making any bid or offer for the purpose of

making a market price that does not reflect the true state of the market;

(xvi) other conduct that constitutes a disruptive trading practice, as such term is

described in Section 4c(a)(5) of the CEA or in interpretive guidance issued by the

CFTC, or is otherwise prohibited under the CEA or Applicable CFTC Regulation,

including, without limitation, under Section 9(a)(2) of the CEA or Sections 180.1(a)

and 180.2 of the CFTC’s Regulations.

(d) Orders entered into the Platform for the purpose of upsetting the equilibrium of the

market in any Contract or creating a condition in which Prices do not or will not reflect

fair market values are prohibited, and any Market Participant who makes or assists in

entering any such Order with knowledge of the purpose thereof or who, with such

knowledge, in any way assists in carrying out any plan or scheme for the entering of any

such Order, will be deemed to have engaged in an act detrimental to the welfare of the

SEF.

Rule 503. Messaging Abuse.

(a) The SEF retains the right to levy a surcharge on any Market Participant whose system

usage, as configured on the Platform, exceeds specified thresholds, as set forth in the

SEF Messaging Policy, which can be found on the SEF’s website at

https://www.theice.com/swaptrade.   
    

66

(b) This Rule 503 applies to those Contracts designated from time to time by the SEF (the

“Designated Contracts”) and will apply to Market Participants with direct access and that

enter more than 2,000 messages in any such Contract on a particular Business day.

Rule 504. Use of Trading Privileges.

Market Participants are prohibited from using their Trading Privileges or access to the SEF in any

way that could be expected to bring disrepute upon such Market Participant or the SEF.   

Rule 505. Supervision.

A Participant shall be responsible for establishing, maintaining and administering reasonable

supervisory procedures to ensure that its Authorized Traders, if any, Account Managers and

Supervised Persons comply with Applicable Law and the Rules, and such Participant may be held

accountable for the actions of such Authorized Traders and Supervised Persons with respect to

the SEF.

Rule 506. Misuse of the Platform.

Misuse of the Platform is prohibited.  It shall be deemed an act detrimental to the welfare of the

SEF to engage in unauthorized use of the Platform, to assist any Person in obtaining unauthorized

access to the Platform, to alter the equipment associated with the Platform, to interfere with the

operation of the Platform, to intercept or interfere with information provided thereby, or in any

way to use the SEF in a manner contrary to the Rules.

Rule 507. Mishandling of Customer Orders.

Any Participant or Customer that mishandles any Order isresponsible for all remedial actions and

potential losses incurred with respect to such Order.

Rule 508. Withholding Orders Prohibited.

Any Participant entering Orders on the SEF for its Customer shall not withhold or withdraw from

the market any Order, or any part of an Order, for the benefit of any Person other than such

Customer.

A Participant must enter into the Platform all Orders received from its Customers that are

immediately acceptable as soon as practicable following receipt for submission to the SEF.

Rule 509. Priority of Customers’ Orders.
    

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(a) No Person shall knowingly enter an Order into the SEF for its own account, an account in

which it has a direct or indirect financial interest or an account over which it has

discretionary trading authority, including, without limitation, an Order allowing

discretion as to time and price, when such Person is in possession of any competing

Order for another Person that the SEF is capable of accepting.

(b) For purposes of this Rule, a Person will not be deemed to knowingly enter an Order if (i)

such Person is a corporate or other legal entity consisting of more than one individual

trader, (ii) such Person has in place appropriate “firewall” or separation of function

procedures and (iii) the Authorized Trader entering the Order in question has no direct

knowledge of the competing Order.

Rule 510. Trading Against Customers’ Orders.

(a) Except as provided in (b) below, no Person in possession of a Customer’s Order shall

knowingly take, directly or indirectly, the opposite side ofsuch Order for its own account,

an account in which it has a direct or indirect financial interest, or an account over which

it has discretionary trading authority.

(b) The foregoing restriction shall not apply to the following:

i. Transactions executed pursuant to Rule 701.   

ii. Transactions executed pursuant to Rule 512.

Rule 511. Disclosing Orders Prohibited.

No Market Participantshall disclose another Person’s Order without that Person’s consent except

(1) in furtherance of executing the Order, (2) to a designated SEF official or the applicable

regulator, or (3) pursuant to Rule 524.

Rule 512. Cross Trades; Simultaneous Buy And Sell Orders.

(a) Any Participant, Customer or Broker that seeks to execute a Required Transaction in the

Order Book following pre‐arrangement or pre‐negotiation (in the manner specified in

Rule 524) of such Orders may knowingly do so only if one Order is first exposed to the

Order Book for the Minimum Period (as defined below). With respect to such pre‐

arranged/negotiated Orders, one party isrequired to enter its Order into the Order Book

first and following the expiration of the Minimum Period the second party may then

enter its Order into the Order Book.  
    

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The “Minimum Period” shall be 15 seconds for all Contracts.

(b) For the avoidance of doubt, independently initiated Orders on opposite sides of the

market for different beneficial account owners that are immediately executable against

each other may be entered without delay provided that the Orders did not involve pre‐

execution communications as defined in Rule 524.

Rule 513. Execution of Required Transactions.

(a) Required Transactions (other than Block Transactions) must be executed on the Order

Book.

(b) Order Book

The Order Books will operate pursuant to one or more matching algorithms designated

by the SEF from time to time.  If the Order Book for a particular Contract permitsindicative

bids, a Participant must indicate if a bid or offer posted on the Order Book is firm or

indicative.   

Rule 514. Execution of Permitted Transactions.

The SEF may provide various execution methods for Permitted Transactions in addition to the

Order Book.  The SEF will notify Participants by Circular ofsuch available execution methodsfrom

time to time.    At this time the SEF offers the following execution methods for Permitted

Transactions:

(a) Order Book

The Order Book will operate pursuant to one or more matching algorithms designated

by the SEF from time to time.    If the Order Book for a particular Contract permits

indicative bids, a Participant must indicate that a bid or offer posted in the Order Book

is firm or indicative.

(b) Brokered Trade

The SEF will accept Brokered Trades in accordance with Rule 702.  

(c) Manual Order Ticket

Transactions may be submitted to the SEF for execution utilizing a Manual Order Ticket.
    

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Rule 514.A. Post‐Trade Name Give‐Up

For all Required Transactions, no Person shall directly or indirectly, including through a third‐

party service provider, disclose the identity of a counterparty to a Swap that is Executed

Anonymously, and intended to be cleared.

Rule 514.B. Package Transactions

In reliance on the relief provided by CFTC No‐Action Letter No. 17‐553 (October 31, 2017), a

Package Transaction or a component of a Package Transaction that is a Required Transaction may

be executed by any means of execution that the SEF may provide for Permitted Transactions.

For a Package Transaction that includes a component Transaction that is not a Swap intended to

be cleared, disclosing the identity of a counterparty shall not violate Rule 514.A.

Rule 515. Written Record of the Terms of Transactions.

(a) The SEF will confirm each Transaction at the same time as execution of the Transaction.     

(b) With respect to a Transaction in a Cleared Swap, the SEF will provide each Participant (or

Customer) that is a party to such Transaction a written record of all of the terms thereof.  

Such terms shall legally supersede any previous agreement and serve as a confirmation

of the Transaction.  The SEF will not include specific customer identifiers for accounts

included in bunched Ordersif the relevant Transaction is not allocated prior to execution

and the applicable requirements of CFTC Regulation 1.35(b)(5) are met forsuch bunched

Order.

(c) With respect to a Transaction in an Uncleared Swap, the trade communication sent by

the SEF to each Participant (or Customer) that is a party to such Transaction on the SEF

(the “Trade Communication”), together with the documents and agreements(including,

without limitation, ISDA master agreements, other master agreements, terms

supplements, master confirmation agreements, and incorporated industry definitions)

                                                       

3 See supra text accompanying note 5.
    

70

governing such Transaction existing at the time of such commitment to which the

Participants (or Customers) are a party  (the “Terms Incorporated by Reference”) shall,

taken together, for purposes of CFTC Regulation 37.6(b) comprise all of the terms ofsuch

Transaction and serve as a confirmation of such Transaction (the Trade Communication

and Terms Incorporated by Reference, together, the “SEF Confirmation”), in accordance

with the relief granted in CFTC No‐Action Letter 14‐108 (August 14, 2014)4 and as

extended by CFTC No‐Action Letter 17‐17 (March 24, 2017)5.   The SEF Confirmation shall

legally supersede any previous agreement entered into between the counterparties

relating to a respective Transaction entered into on or pursuant to the Rules of the SEF

and shall serve as a confirmation of the Transaction.   

(d) In satisfaction of the obligations imposed on the SEF under CFTC Regulation 37.6(b), (i)

the SEF Confirmation is deemed to incorporate the TermsIncorporated by Reference set

forth in this Rule 515, and (ii) the Participants (or Customers) hereby agree that in the

event of any conflict between (x) the SEF Confirmation and (y) the Terms Incorporated

by Reference, the SEF Confirmation shall prevail to the extent of any inconsistency.

(e) Upon request of the SEF, a Participant (or Customer) shall provide copies of the Terms

Incorporated by Reference to the SEF and/or the CFTC with respect to a Transaction in

an Uncleared Swap. The SEF will provide such copies of the Terms Incorporated by

Reference that were collected according to a CFTC request to the CFTC as soon as they

are available.

Rule 516. Pre‐Execution Limit Checks.

(a) With respect to a Cleared Swap, the SEF will not accept an Order, including an Order

underlying a Block Trade or a Package Transaction, unless the Participant (or its

Customer) has first designated a Clearing Member to clear such Transaction.  The SEF

will then, promptly upon receipt of such Order, facilitate pre‐execution screening by the

                                                       

4 Staff No‐Action Position Regarding SEF Confirmations and Recordkeeping Requirements under Certain Provisions

Included in Regulations 37.6(b) and 45.2 ‐ Extended by the CFTC through No‐Action Letter 17‐17 (Issue Date March

24, 2017).

5 Extension of No‐Action Relief for Swap Execution Facility Confirmation and Recordkeeping Requirements under

Commodity Futures Trading Commission Regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a) (Issue Date March

14, 2016) ‐ Expiration Date being the earlier of 11:59 pm (EST) on March 31, 2017 or the effective date of any changes

in the regulation.
    

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Clearing Member identified by the Participant (or its Customer).  If the SEF (i) receives

confirmation (either an applicable, established risk‐based limit of sufficient size, or a

discrete approval in respect of a particular Order or Transaction, including from a Pre‐

Execution Limit Checking Service, as described below) from the designated Clearing

Member that it will accept for clearing any Transaction resulting from such Order

through such Clearing Member at the relevant Clearing House, and (ii) has not been

notified by the relevant Clearing House that the Clearing Member is at such time not

eligible to submit such Transaction (or Transactions generally) for clearing at such

Clearing House, then and only then, may the SEF    accept the Order into the Trading

System.

The SEF shall not require or otherwise conduct pre‐execution screening with respect to

an Order where the Participant (or its Customer) is itself the Clearing Member and the

Order has been designated for the Clearing Member’s own account.

In making the determination whether to accept an Order from or on behalf of any

Participant (or its Customer) pursuant to this Rule 516(a), the SEF will be entitled to rely

on information provided to the SEF by a trade processing platform, a credit hub or pre‐

execution credit or limit checking service provided by one or more third parties (a “Pre‐

Execution Limit Checking Service”), and the SEF will not be responsible for any losses to

a Clearing Member, Participant, Customer or other Person arising from a failure, error or

communication delay caused by any Pre‐Execution Limit Checking Service.  Subject to

Rule 1104, and notwithstanding any other provision of the Rules to the contrary, the SEF

will be responsible for actual losses of Clearing Members where such losses directly

result from (i) an Order that was incorrectly accepted by the SEF under this Rule 516(a)

because of a failure or error of the Trading System; or (ii) the failure of the SEF to comply

with its obligations described in this Rule 516(a).  

(b) With respect to an Uncleared Swap to be executed in the Order Book, the SEF will not

accept an Order from or on behalf of any Participant (or its Customer) that is not itself a

Swap Dealer if the Swap Intermediary for such Participant or Customer has not

committed, pursuant to one or more procedures to be adopted by the SEF, that it will

accept any Transaction resulting from such Order under the relevant Swap

Intermediation Arrangement; provided that this subsection (b) shall not apply to any

Transaction in a Commodity Contract.

Rule 517. Position Limits.

(a) To reduce the potential threat of market manipulation or congestion, the SEF shall adopt

for each Contract, as is necessary and appropriate, position limitations or position
    

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accountability levelsfor speculators.  Where the CFTC has established a position limit for

any Contract, the SEF’s position limit for that Contract shall not be higher than such limit

established by the CFTC.  Such limits will apply only with respect to trading on the SEF or

subject to the Rules.

(b) Except as otherwise provided by the Rules, no Person, including a Participant, may

establish, hold or control a position in excess of such position limits and a Participant

may not maintain a position in excess of such position limits for a Customer if such

Participant knows, or with reasonable care should know, that such position will cause

such Customer to exceed the applicable position limits.

Rule 518. Exemptions from Position Limits.

The SEF may grant exemptions from the position limits under Rule 517 for bona fide hedging

positions and risk management positions and otherwise on good cause shown and to the extent

permitted by Applicable Law.  Any Person seeking such an exemption must file an application

with the SEF in the manner and within the time limits prescribed by the SEF.  The SEF may approve

an exemption subject to limitations and conditions.  The decision of the SEF on such a request

shall be final.

Rule 519. Position Accountability.

The SEF may establish from time to time a daily position accountability level for any Contract.  

Such accountability levels will apply only with respect to trading on the SEF or subject to the

Rules.    Any Person, including a Participant, who owns or controls Contracts with a notional

amount in excess of the applicable daily position accountability level, or as ordered by the SEF,

shall be subject to the following provisions:  

(a) Such Person shall immediately notify the SEF and provide, in a timely manner upon

request by the SEF, information regarding the nature of the position, trading strategy,

and hedging information, if applicable.

(b) Such Person shall, if so ordered by the SEF, acting in its sole discretion, liquidate any or

all of the positions, or not increase further the positions which exceed such levels, or

otherwise manage the position.

(c) Such positions must be managed and liquidated in an orderly manner within the time

period specified by the SEF, and such Person shall notify the SEF upon completion ofsuch

actions.
    

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(d) This Rule 519 shall not limit the jurisdiction of the SEF to take action that it determines

necessary or appropriate in respect of any positions on the SEF.

(e) Upon request, Participants must provide the SEF with information, in a form and manner

acceptable to the SEF, identifying the owner, any controlling parties and any additional

required information for each reportable account.

Rule 520. Aggregation of Positions.

For purposes of position limits and position accountability levels with respect to trading on the

SEF or subject to the Rules, positions in Contracts will be aggregated as required by Applicable

Law.

Rule 521. Orders Eligible for Post‐Execution Allocation.

(a) Only the following categories of Account Managers (each, an “Eligible Account

Manager”) may place a bunched Order on the SEF or that is subject to the Rules:

(i) a commodity trading advisor registered with the CFTC pursuant to the Act or

excluded or exempt from registration under the Act or the CFTC Regulations,

except for entities exempt under CFTC Regulation 4.14(a)(3);

(ii) an investment adviser registered with the SEC pursuant to the Investment

Advisers Act of 1940 or with a state pursuant to applicable state law or excluded

or exempt from registration under the Investment Advisers Act of 1940 or

applicable state law or rule;

(iii) a bank, insurance company, trust company, orsavings and loan association subject

to federal or state regulation;

(iv) a foreign adviser that exercises discretionary trading authority solely over the

accounts of non‐U.S.  persons, as defined in CFTC Regulation 4.7(a)(1)(iv);

(v) a futures commission merchant registered with the CFTC pursuant to the CEA; or

(vi) an introducing broker registered with the CFTC pursuant to the CEA.

(b) Bunched Orders must be allocated and recorded in accordance with CFTC Regulation

1.35(b)(5).    Bunched Orders may be entered using an account series designation or

suspense account number; provided that the Order is being placed by an Eligible Account

Manager for multiple accounts eligible for post‐execution allocation.
    

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Additionally, for all such bunched Orders executed on the SEF or subject to the Rules, the

final account‐specific allocations must be provided to the Clearing Member no later than

the end of trading on the same trading day.

Rule 522. Orders Entered Prior to SEF Opening.

The SEF will not accept, or act upon, Orderssubmitted prior to the opening of the trading session.  

Any such submissions will be disregarded by the SEF.

Rule 523. Rejection of Orders; Cancellation.

(a) The SEF may reject any Order submitted to the SEF (whether for the Order Book or

another means of execution) consistent with Applicable Law.

(b) In order to ensure fair and orderly markets, the SEF may cancel any Order and may cancel

or adjust any Transaction pursuant to its Error Trade Policy which can be found on the

SEF’s website at https://www.theice.com/swaptrade.

(c) Actions taken under this Section 523 shall be without prejudice to the rights of the SEF

to take other actions (including Emergency Actions) under the Rules.

Rule 524. Pre‐Execution Communications.

A Participant or Customer (or its Account Manager) may engage in Pre‐Execution

Communications with respect to Transactions to be executed on the SEF or subject to the Rules

where the Participant or Customer wishes to be assured that another Participant or Customer

will take the opposite side of an Order under the following circumstances:

(i) A Person may not engage in Pre‐Execution Communications on behalf of another

Person unless such Person has previously consented to permit such

communications;

(ii) Any Person engaged in Pre‐Execution Communications shall not (A) disclose to a

Person not involved in such communications the details of such communications

or (B) enter an Order to take advantage of information conveyed during such

communications, except in accordance with this Rule; and

(iii) If entered into the Order Book, each Order for a Required Transaction that results

from Pre‐Execution Communications will be subject to Rule 512.

This Rule 524 shall not limit communications in respect of Permitted Transactions.
    

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As used herein, “Pre‐Execution Communications” shall mean communications between two

Participants (or, if applicable, their Customers) for the purpose of discerning interest in the

execution of a Transaction prior to the entry of an Order with respect to such Transaction on the

SEF, which include any discussion of the size,side of the market or Price of an Order or potentially

forthcoming Order.

Rule 525. Acceptable Orders.

The following Order types are supported and shall be available in such Contracts as determined

by the SEF from time to time (listed in no particular order):

(a) “Limit Orders” – Limit Orders are Orders to buy or sell a stated quantity at a specified

Price, or at a better Price, if obtainable.  Unless otherwise specified, any residual volume

from an incomplete Limit Order is retained in the central Order Book until the end of the

day unless it is withdrawn or executed.

(b) “Market Orders” – Market Orders are executed at the best Price or Prices available in

the Order Book at the time the Order is received by the SEF until the Order has been

filled in its entirety.    However, a Market Order will not trade outside of any Price

reasonability limits (“Reasonability Limits”) established pursuant to the SEF’s Error

Trade Policy.

(c) “Index Roll Spread Orders” – Index Roll Spread Orders are Ordersto purchase a specified

notional of one Contract and sell a specified notional of another Contract at a stated

Price difference, where the index and maturity referenced by each Contract is the same,

but the series of the index referenced by each Contract is different.

Index Roll Spread Orders may only trade against other matching Index Roll Spread Orders and

the Prices of the legs, which may exceed the daily price limit for the respective product, will be

generated by an algorithm determined by the SEF.

An Index Roll Spread Order to buy is defined as an Order to buy the greater maturity Contract

and sell the lesser maturity Contract, and an Index Roll Spread Order to sell is defined as an Order

to sell the greater maturity Contract and buy the lesser maturity Contract.

The ratio of notional traded on each leg of an Index Roll Spread Order isset by the SEF in advance,

and may either be equal notional on each leg, or weighted according to the relative duration

values of each Contract, such that the notional on the lower duration leg of the Index Roll Spread

Order is defined as the duration of the higher duration leg of the Index Roll Spread Order divided

by the duration of the lower duration leg of the Index Roll Spread Order.  When placing an Index
    

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Roll Spread Order, the notional specified by the Authorized Trader is always the notional

associated with the higher duration leg of the Index Roll Spread Order.

(d) “Calendar Spread Orders” – Calendar Spread Orders are Orders to purchase a specified

notional of one Contract and sell a specified notional of another Contract in the same

index, and same series of index, but with a different maturity date, at a stated Price

difference.  Calendar Spread Orders may either trade against other matching Calendar

Spread Orders or may be traded against outright Contracts.    When traded against

outright Contracts, the outright Contract Prices are always used for each of the legs of

the Calendar Spread Order.  When traded against another Calendar Spread Order, the

Prices of the legs of such Transactions will be generated by a calendar spread algorithm

determined by the SEF and the Prices of the legs of such Transactions may exceed the

daily Price limit for the respective Contract.

A buy Calendar Spread Order is defined as buying the Contract with the greater maturity and

selling the lesser maturity Contract and a sell Calendar Spread Order is defined as selling the

Contract with the greater maturity and purchasing the lesser maturity Contract.

The ratio of notional traded on each leg of a Calendar Spread Order is set by the SEF in advance,

and may either be equal notional on each leg, or weighted according to the relative duration

values of each Contract, such that the notional on the lower duration leg of the Calendar Spread

Order is defined as the duration of the higher duration leg of the Calendar Spread Order divided

by the duration of the lower duration leg of the Calendar Spread Order.  When placing a Calendar

Spread Order, the notional specified by the Authorized Trader is always the notional associated

with the higher duration leg of the Calendar Spread Order.

(e) “Cross Index Calendar Spread Orders” – Cross Index Calendar Spread Orders are Orders

to purchase a specified notional of a Contract referencing one index and series and sell

a specified notional of another Contract in a different index or index series, at a stated

Price difference.  Cross Index Calendar Spread Orders may either trade against other

matching Cross Index Calendar Spread Orders or may be traded against outright

Contracts.   When traded against outright Contracts, the outright Contract prices are

always used for each of the legs of the Cross Index Calendar Spread Order.  When traded

against another Cross Index Calendar Spread Order, the Prices of the legs of such

Transactions will be generated by a cross index calendar spread algorithm determined

by the SEF and the Prices of the legs ofsuch Transactions may exceed the daily Price limit

for the respective Contract.

A buy Cross Index Calendar Spread Order is defined as buying the Contract with the greater

maturity Contract and selling the lesser maturity Contract, and a sell CrossIndex Calendar Spread
    

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Order is defined as selling the Contract with the greater maturity and purchasing the lesser

maturity Contract.

The ratio of notional traded on each leg of a Cross Index Calendar Spread Order is set by the SEF

in advance, and may either be equal notional on each leg, or weighted according to the relative

duration values of each Contract, such that the notional on the lower duration leg of the Cross

Index Calendar Spread Order is defined as the duration of the higher duration leg of the Cross

Index Calendar Spread Order divided by the duration of the lower duration leg of the Cross Index

Calendar Spread Order.    When placing a Cross Index Calendar Spread Order, the notional

specified by the Authorized Trader is always the notional associated with the higher duration leg

of the Cross Index Calendar Spread Order.

(f) “Brokered Order” – Brokered Orders may only be placed by a Non‐Participant Broker for

Brokered Trades.  A Brokered Order shall be a pair of Orders (one Order to buy, one

Order to sell) where the Prices and notionals of each Order are the same   

(g) “Mid‐Market Order” – Mid‐Market Orders are Orders to purchase or sell a specified

notional of a Contract at either (i) the average of the prevailing best bid and offer present

on the Trading System at any time, or (ii) a Price determined by the SEF, which can be

based on market information, last trade in the market, or information derived from third

party sources. The SEF will indicate to all Market Participants with access to the Trading

System, when there are one or more Mid‐Market Orders present on a Contract.  

An order may contain one (1) or more of the following functionalities:

(h) “Reserve Quantity Orders” – An Order may specify a maximum disclosure volume to be

shown to the market for an Order enabling the Order to be released gradually without

revealing the full size.  The unrevealed part of the Order is released only when the first

part of such Order is completely filled.  When each portion of the Order is released, it is

placed in its entirety at the end of the Order priority queue. Reserve Quantity Orders

may be submitted for those Contracts as determined by the SEF from time to time.

(i) “Good For Day Orders” – Good For Day Orders (“GFD”) are Orders to buy or sell a stated

quantity at a stated Price which remain active in the Order Book until such Orders are

either executed, canceled by an Authorized Trader, or the market in which the Order has

been placed closes.  GFD Orders may be submitted for those Contracts as determined by

the SEF.

(j) “Good Until” – Good Until Orders (“GU”) are Orders to buy or sell a stated quantity at a

stated Price which remain active in the Order Book untilsuch Orders are either executed,
    

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canceled by an Authorized Trader, or a period of time,specified by the Authorized Trader

has elapsed.  GU Orders may be submitted for those Contracts as determined by the SEF

from time to time.

(k) “Immediate or Cancel” – Immediate or Cancel Orders (“IOC”) are Orders to buy or sell a

stated quantity at a stated Price which must immediately be transacted as best as

possible against the resting Orders in the Order Book. Any quantity that cannot be

immediately transacted is cancelled and will not constitute a resting Order in the Order

Book. IOC Orders may be submitted for those Contracts as determined by the SEF from

time to time.

(l) “Order Cancels Orders” ‐ Order Cancels Orders (“OCO”) are a pair of linked Orders (two

Orders to buy, or two Orders to sell) in two different Contracts that remain active in the

Order Book until one of the Orders is filled or partially filled, at which time the other

Order will be immediately cancelled. OCOs may be submitted for Commodity Contracts

as determined by the SEF from time to time.

(m) “Non‐Disclosed Order” ‐ Non Disclosed Order (“NDO”) is an Order to buy or sell that is

placed by an Authorized Trader in the Order Book, but is not otherwise visible to other

Authorized Traders. An NDO is only visible to Authorized Traders belonging to the same

Market Participant from which the NDO originates. Trade execution will occur when an

Order opposite the NDO is entered into the Order Book, and such Order either Crosses

or Locks with the NDO.  If the Order Crosses the NDO, a Trade will be executed at the

average Price of the intended Order and the NDO.  If an Order Locks with the NDO, then

the Trade will be executed at that Price.  In any event, whenever a Trade execution occurs

involving an NDO, the Trade Price will become public.      

Rule 526. Revising Orders.

The price or volume of an Order that has not fully traded may be revised.    If the volume is

reduced, the time priority originally assigned to the Order does not change.  Revising the price or

increasing the volume will change the Order’s time priority in the queue to the time the Platform

receives the revision.

Rule 527. Deactivating and Deleting Orders.

When an Authorized Trader logs off, all of their Orders are deactivated except for Orders

designated as GFD.  If for any reason the connection to the Trading System is lost, all Orders

entered from that location are deactivated including Orders designated as GFD.

Rule 528. Execution of Orders.
    

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(a) A Transaction is executed when the following conditions occur:

(i) one Order is a bid and the other is an offer;

(ii) the two Orders are for the same Contract and, if an option Order, the same strike

Price and option type, if available; and

(iii) the Price of the bid (offer) equals or is greater (less) than the Price of the offer

(bid).

(b) All orders entered and activated are queued by the time of acceptance by the Order Book

as a valid Order and matched on a first‐in‐first‐out price and time priority basis.

(c) Details of each Transaction executed on the SEF or subject to the Rules will be recorded

by the SEF, and confirmation of the Transaction will be displayed on the Platform for

each Authorized Trader who is a party to the Transaction.

(d) Failure of the SEF to broadcast any message in respect of a Transaction on the SEF or

subject to the Rules shall not invalidate such Transaction.

(e) In the event that the Trading System or any part of the Trading System fails, the SEF’s

determination that a Transaction has or has not been made shall be conclusive and

binding.

(f) For certain Contracts, a workup session (known as “Volume Clearing”) may commence

after a Transaction is executed in the Order Book. During a Volume Clearing session, any

Market Participants that have the appropriate authorization to trade the respective

Contract are invited to buy or sell any permitted quantity of the Contract that has just

been transacted at the previously executed Price. The initial parties to a Transaction,

upon which the Volume Clearing session istriggered, will be provided with priority during

the initial part of a Volume Clearing session. During a Volume Clearing session, any

Orders (either already in the Order Book, arriving in the Order Book during the Volume

Clearing session, or entered directly into the Volume Clearing window) that are equal to

or better than the Price of the Transaction that triggered the Volume Clearing session

will be automatically included in that Volume Clearing session. Orders in the Order Book

that are not filled during the Volume Clearing session will remain in the Order Book

unless and until cancelled or expired. Orders entered into the Volume Clearing window

that are not filled during the Volume Clearing session will be cancelled, unless otherwise

specified by the Market Participant at the time the Order is entered. The SEF will

determine the duration of a respective Volume Clearing session on a Contract by

Contract basis and Market Participants will be notified that a Volume Clearing session
    

80

has been initiated upon the appearance of a visible countdown clock, which will indicate

the duration and the time remaining in the respective Volume Clearing session. If a

Transaction occurs in the Order Book while a Volume Clearing session is in progress, the

existing Volume Clearing session will be immediately terminated, and a new Volume

Clearing session will be initiated at the most recently transacted price from the Order

Book. Any Orders from the initial Volume Clearing session that could receive Price

improvement if executed in the new Volume Clearing session will automatically be

transferred to the new Volume Clearing Session.

Rule 529. Order Entry.

(a) An Authorized Trader entering an Order, other than in a clerical capacity, on behalf of a

Customer, other than an Order for the Authorized Trader’s own account, must have

appropriate industry registration, if required.

(b) An Authorized Trader, who does have the appropriate industry registration, if required,

or ability to act in a comparable capacity under Applicable Law, may enter non‐

discretionary Orders on behalf of a Customer.    Such Authorized Trader may enter

discretionary Orders or non‐discretionary Orders for the account of the Participant that

is their employer or for their own account if they are authorized by such Participant  to

do so and they do not enter or handle Customer Orders.

(c) Orders for a Customer, other than an Order entered by a Customer for its own account,

may only be entered from the premises of an entity appropriately registered to conduct

such Customer business.

(d) An Ordershall consist of an indication of buy orsell interest, the specific Contract related

to the Order, and the size of the Order.  For Cleared Swaps, a Clearing Member must also

be specified (unless the Participant is a Clearing Member).

(e) It shall be the duty of each Authorized Trader to:

i. Submit Orders that include their User ID;  

ii. Input the Price, quantity, SEF Contract code and appropriate account designation

for each Order; and

iii. Provide the SEF will the information required pursuant to CFTC Regulation

45.8(h)(1).
    

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

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

i. A suspense account may be utilized at the time of the Order entry for bunched

Orders that are eligible for post‐trade allocation and which are made pursuant to

and in accordance with Rule 521.

Rule 530.  Legal Certainty for SEF Trades

A Transaction entered into on or pursuant to the SEF Rules shall not be void, voidable, subject to

rescission, otherwise invalidated, or rendered unenforceable as a result of: (1) a violation by the

SEF of the provisions of section 5h of the CEA or Applicable CFTC Regulations; (2) any CFTC

proceeding to alter or supplement a rule, term, or condition under Section 8a(7) of the CEA or to

declare an emergency under Section 8a(9) of the CEA; or (3) any other proceeding the effect of

which is to: (i) alter or supplement a specific term or condition or trading rule or procedure; or

(ii) require the SEF to adopt a specific term or condition, trading rule or procedure, or to take or

refrain from taking a specific action.   
    

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CHAPTER 6: INTENTIONALLY OMITTED

   
    

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CHAPTER 7: BLOCK TRADES, BROKERED TRADES AND NONCOMPETITIVE TRANSACTIONS

Rule 701. Block Trades.

(a) Each Order underlying a Block Trade must (1) state explicitly that it is to be, or may be,

executed by means of a Block Trade, (2) satisfy such appropriate minimum block size for

the respective Contract as specified in Rule 701(k) and Applicable Law, (3) be entered

into solely between Eligible Contract Participants, and (4) comply with any other

Applicable CFTC Regulations governing Block Trades.

(b) Each party to a Block Trade must either be a Participant or a Customer, and shall comply

with all applicable Rules other than those which by their terms only apply to trading

through the Platform.  The SEF will only accept Block Trades for particular Contracts as

specified by the SEF and published by Circular.

(c) Block Trades must be reported to the SEF in a manner prescribed from time to time by

the SEF in a Circular.  Parties to a Block Trade are required to submit the Transaction to

the SEF as soon as technologically practicable after execution, but in no event shall the

Block Trade be submitted to the SEF later than 10 minutes after it has been arranged by

the parties.  For the purpose of this Rule 701(c) only, a Block Trade is deemed “arranged”

at such time that the parties have agreed to the Price, size and other relevant terms of

the Contract that is the subject of the Block Trade.   Upon request by the SEF, such

Participant shall produce satisfactory evidence that the Block Trade meets the

requirements set forth in this Rule 701.

(d) Parties to a Block Trade are required to submit such Transactions to the SEF through the

use of either a (i) third‐party affirmation platform (e.g. ICE Link®), or (ii)  graphical user

interface provided by ICE Data, LP (collectively, “IST’s Off‐Facility Block Trade

Workflow”).  IST’s Off‐Facility Block Trade Workflow allows parties to agree and affirm

the price,size and other relevant terms of a Block Trade.  Once the proposed Block Trade

is affirmed by the parties, a Clearing Member designated by each party is then required

to utilize IST’s Off‐Facility Block Trade Workflow to perform the required credit/limit

check of the proposed Block Trade prior to its execution and submission to the SEF for

reporting.  The SEF may accept a Block Trade if the details are complete and accurate,

are timely submitted, and otherwise comply with these Rules.

(e) Block Trade prices will not trigger unexecuted Orders in the Order Book.
    

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(f) Each Participant or Customer that is a party to a Block Trade must comply with the

recordkeeping requirements set forth in the Rules, to include the requirements of Rule

401(h).

(g) Participants or Customers (or their Account Managers) are not permitted to aggregate

Orders across multiple accounts or multiple Participants or Customers in order to meet

the Appropriate Minimum Block Size for a Block Trade, except that a Participant or

Customer (or its Account Manager) with more than $25,000,000 in total assets under

management and that is either: (1) a commodity trading advisor registered pursuant to

Section 4n of the CEA, or exempt from registration under the CEA, or a principal thereof,

who has discretionary trading authority or directs client accounts; (2) an investment

adviser who has discretionary trading authority or directs client accounts and satisfies

the criteria of § 4.7(a)(2)(v) of the CFTC Regulations; or(3) a foreign person who performs

a similar role or function asthe persons described in paragraphs(h)(6)(i)(A) or (h)(6)(i)(B)

of CFTC Regulation 43.6 and issubject assuch to foreign regulation can aggregate Orders

to meet the Appropriate Minimum Block Size for a Block Trade.

(h) Block Trades must be executed at a Price which is fair and reasonable in light of the (1)

size of such Block Trade, (2) Price and size of other Transactions in the same Contract on

the SEF at the relevant time; (3) Price and size of Transactions in other relevant markets,

at the relevant time; and (4) the circumstances of the markets or the Participants or

Customers to the Block Trade.

(i) The SEF will issue a written record of the terms of the Transaction resulting from the

Block Trade pursuant to Rule 515.   

(j) Block Trades between Affiliates will not be considered a wash transaction under Rule

502(c)(ix) if the following additional criteria are met:  (i) each party must have a separate

and independent legal bona fide business purpose for engaging in the Transactions; and

(ii) each party’s decision to enter into the Block Trade must be made by a separate and

independent decision‐maker.

(k) The following are the Appropriate Minimum Block Size (“MNR”) for Block Trades.   

ICE Swap Trade Appropriate Minimum Block Size Requirements for Block Trade Submissions in

USD Millions Notional

Tenor Spread (basis points running)

> <= >     175 350
    

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      <= 175 350    

0Y (0 days) 2Y (746 days)     320 140 66

2Y (746 days) 4Y (1,477 days)     200 82 41

4Y (1,477 days) 6Y (2,207 days)     110 32 26

6Y (2,207 days) 8Y 6M (3,120 days)     110 20 13

8Y 6M (3,120 days) 12Y 6M (4,581 days)     130 26 13

12Y 6M (4,581 days)        46 63 41

With respect to the above table:

 All MNR values are in U.S. Dollars in millions of notional amount. If a Contract is

denominated in a currency other than U.S. Dollars, the submitting Participant or

Customer must use a currency exchange rate that has been widely published within

the preceding two Business Days from the date of the execution of the Transaction to

determine whether the Transaction meets the MNR. The Participant or Customer is

required to maintain as part of its book and records the manner and method of

arriving at the U.S. Dollar calculation.  

 All days are calendar days from Transaction date.

 All basis points are basis points running. Transactions negotiated in a price quotation

convention other than basis points must be converted to basis points, using

reasonably prevailing marketstandard conversion models and assumptions regarding

inputs to the conversion model such as recovery rates and interest rates.

 For option and tranche Transactions, when determining the correct spread bucket to

apply to a Transaction, the spread level of the underlying index contract at the time

of arrangement of the Transaction must be used.

 For option Transactions, when determining the correct maturity bucket to apply, the

maturity of the underlying swap Contract must be used.  

Rule 702. Brokered Trades.

(a) With respect to a Permitted Transaction, a Non‐Participant Broker may arrange a

Transaction off the Platform between two parties, each of which is a Participant (or a

Customer), to be executed pursuant to the Rules (“Brokered Trades”).
    

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(b) A Participant Broker may direct an Order of a Participant (or a Customer) to the SEF to

be executed pursuant to the Rules. However, a Participant Broker is prohibited by these

Rules from arranging a Brokered Trade.

(c) The Non‐Participant Broker shall present the Orders to the SEF using technology

provided by the SEF and such Brokered Trades are required to be reported to the SEF in

a manner (and subject to the deadlines) prescribed from time to time by the SEF, after

price, size, and other relevant terms of the Brokered Trade have been agreed by the

parties thereto, and in any event within 15 minutes after such Brokered Trade is

arranged.

(d) A Brokered Trade will not be deemed an executed Transaction between the parties

thereto until it is received and accepted by the SEF and the SEF has confirmed such

Transaction.

(e) Within 10 minutes after a Brokered Trade has been executed, the parties to such

Brokered Trade must affirm the Transaction in a manner specified by the SEF from time

to time and published by Circular.  If the parties do not affirm the Transaction within the

required timeframe, the Brokered Trade will be rejected by the SEF.

   
    

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CHAPTER 8: DISCIPLINARY RULES

Rule 801. General.

(a) Jurisdiction.

i. The SEF, acting through its compliance department and Disciplinary Panels, shall

have the authority to initiate and conduct investigations and prosecute Violations

committed by Market Participants, Clearing Members and Supervised Persons

and to impose sanctions for such Violations as provided in the Rules.

ii. Each Participant, upon becoming a Participant, shall file with the SEF a written

notice designating an agent for receiving service of documents, and thereafter,

notify the SEF upon any change to the relevant agent.  If a Participant fails to

designate an agent, Participant consents to mailing service to its address on file

with the SEF, and delivery thereof shall be deemed to have occurred as of the

date of such mailing.

iii. The provisions of this Chapter 8 shall not apply to or limit the authority of the SEF

to limit Trading Privileges or take other actions under Rule 309 or 406 or to take

Emergency Actions.

(b) Enforcement Authority and Duties.

i. It shall be the duty of the CCO and the SEF’s compliance department personnel

under the direction of the CCO to enforce the Rules.  To the extent permitted by

Applicable Law the CCO shall have the authority to inspect the books and records

of all Market Participants, Clearing Members and Supervised Persons and to

require any Market Participants, Clearing Members and Supervised Persons to

appear before it to answer questions regarding possible Violations.

ii. The compliance department may delegate its authority under these Rules to

initiate and conduct investigations and prosecute Violations to the Regulatory

Services Provider.

iii. No member of the compliance department shall be a Market Participant or

Supervised Person, or operate under the direction or control of any Person or

Persons with Trading Privileges.

iv. The compliance department has the authority to:
    

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(A) initiate and conduct inquiries and investigations;

(B) prepare investigative reports and make recommendations concerning

initiating disciplinary proceedings;

(C) determine whether a reasonable basis exists for finding a Violation, and

for authorizing the issuance of Notices of Charges against Persons alleged to have

committed Violations if the CCO believes the matter should be adjudicated; and

(D) prosecute alleged Violations within the SEF’s disciplinary jurisdiction.

v. The CCO, upon a good faith determination that there are substantial reasons to

believe that such immediate action is necessary to protect the best interests of

the SEF, may order that any Person be denied access to the SEF for a period not

to exceed 60 days.  Notice shall promptly be given to the Person subject to the

access denial.  Such notice shall state the reasons for the denial, the effective

date, time and the duration of the denial and advise the Person of his right to an

expedited hearing before the Disciplinary Panel by filing a request with the CCO

within 10 Business Days after receiving the notice.

(c) Investigation.

i. The compliance department shall prepare a written investigative report with

respect to any matter investigated.    Where the compliance department

determinesthat no reasonable basis existsfor finding a Violation, the reportshall

include the reason the investigation was initiated, a summary of the complaint,

if any, the relevant facts, and the compliance department’s analysis and

conclusions.  Where the compliance department determines that a reasonable

basis exists for finding a Violation, the report shall include the reason the

investigation wasinitiated, a summary of the complaint, if any, the relevant facts,

the compliance department’s analysis and conclusion, and a recommendation as

to whether disciplinary action should be pursued.  The investigative report shall

then be provided to the CCO for decision.

ii. If the CCO concludes that a Violation has occurred, the CCO may:

(A) Issue a warning letter to the Person that is the subject of the investigation,

informing such Person that there has been a Violation and that such continued

activity may result in disciplinary sanctions.    Such a warning letter is neither a

penalty nor a finding of a Violation.    Issuance of such warning letters shall be

subject to the limitations in CFTC Rules 37.203 and 37.206;
    

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(B) Impose a summary fine under Rule 811, if appropriate;

(C) Negotiate and enter into a written settlement agreement with such

Person, whereby such Person, with or without admitting fault or guilt, may agree

to any of the sanctions set forth in Rule 810; or

(D) Determine to bring formal proceedings before a Disciplinary Panel under

this Chapter 8.

(d) The President, the Board, CCO, the Compliance staff, any committee or subcommittee

and any panel of any committee or subcommittee, engaged in any investigation of,

examination into, or hearing involving any matter pursuant to the Rules shall have the

power to summon any Person and any employee of any Participant to appear before him

or it, to give testimony under oath or in any other manner required by him or it and to

produce any documents, books or records.    If any Person or any employee of any

Participant fails to obey any such summons or to give any such testimony or to produce

any such documents, books or records, such failure shall constitute a violation of this

Rule and shall be reported to the Disciplinary Panel for appropriate action.

Rule 802. Notice of Charges.

(a) If the CCO determines that a matter should be adjudicated in a formal hearing before a

disciplinary panel, the compliance department shall serve a notice of charges (a “Notice

of Charges”) on the Respondent.

(b) Such Notice of Charges shall state:

i. the acts, practices or conduct that the Respondent is alleged to have engaged in;

ii. the Rule or provision of Applicable Law alleged to have been violated or about to

be violated;

iii. the proposed sanctions;

iv. the Respondent has a right to a hearing;

v. the Respondent has the right to be represented by legal counsel or any other

representative of its choosing in all succeeding stages of the disciplinary process;
    

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vi. the period of time within which the Respondent can request a hearing on the

Notice of Charges, which will not be less than 20 days after service of the Notice

of Charges;

vii. that any failure to request a hearing within the period stated, except for good

cause, will be deemed to constitute a waiver of the right to a hearing;

viii. that the failure of the Respondent to file an Answer within 20 days after service

of the Notice of Charges will be deemed an admission of all of the allegations in

the Notice of Charges; and

ix. that any allegation in the Notice of Charges that is not expressly denied will be

deemed to be admitted.

Rule 803. Answer to Notice of Charges; Reply.

(a) The Respondent shall serve on the compliance department a written answer (an

“Answer”) to the Notice of Charges and a written request for a hearing on the charges

within 20 days of the date of service of the Notice of Charges.

(b) An Answer shall be signed by the Respondent, or its representative, and contain a

statement specifying the allegations that the Respondent:

i. denies or admits; and

ii. does not have sufficient information to either deny or admit.

(c) Any failure by the Respondent to timely serve an Answer to a Notice of Charges will be

deemed to be an admission to the allegations in such Notice of Charges.  Any failure by

the Respondent to answer one or more allegationsin a Notice of Charges will be deemed

to be an admission of that allegation or those allegations.  Any allegation in a Notice of

Charges that the Respondent fails to expressly deny will be deemed to be admitted.  A

general denial by the Respondent, without more, will not satisfy the requirements of

paragraph (b) above.

(d) The compliance department may serve on the Respondent a reply to the Answer (a

“Reply”) within five days of the date of service of the Answer.  The Reply must be limited

to the matters set forth in the Answer.

Rule 804. Settlement.
    

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(a) A Respondent may at any time propose in writing an offer of settlement related to

anticipated or instituted disciplinary proceedings.

(b) Any offer of settlement should contain proposed findings and sanctions and be signed

by the Respondent and submitted to the Disciplinary Panel presiding over the matter.

(c) A Respondent may offer to settle disciplinary proceedings without admitting or denying

the findings contained in the order of the disciplinary proceedings but must accept the

jurisdiction of the SEF over it and over the subject matter of the proceedings and consent

to the entry of the findings and sanctions imposed.

(d) If a Respondent submits an offer of settlement in accordance with paragraph (a) above,

the relevant Disciplinary Panel will forward the offer to the CCO.    Any preliminary

determination by the CCO to accept the offer shall be submitted for review by the

Disciplinary Panel.    If the Disciplinary Panel agrees, then the CCO shall conditionally

accept an offer of settlement, and the settlement will become final upon the expiration

of 20 days after an order of the disciplinary proceedings consistent with the terms of the

offer of settlement is served on the Respondent.

(e) If an offer of settlement is accepted by the Disciplinary Panel, the Disciplinary Panel

accepting the offer must issue a written decision specifying the Violations it has reason

to believe were committed, including the basis or reasons for the Disciplinary Panel’s

conclusions, and any sanction to be imposed, which must include full Customer

restitution where Customer harm is demonstrated.  If applicable, the decision must also

include a statement that the respondent has accepted the sanctions imposed without

either admitting or denying the Rule Violations.

(f) If an offer of settlement is accepted and the related order of disciplinary proceedings

becomes final, the Respondent’s submission of the offer will be deemed to constitute a

waiver of the right to notice, opportunity for a hearing and review and appeal under the

Rules.

(g) If the offer of settlement of a Respondent is not accepted, fails to become final or is

withdrawn by the Respondent, the matter will proceed asif the offer had not been made

and the offer and all documentsrelating to it will not become part of the record.  Neither

a Respondent nor the relevant Disciplinary Panel may use an unaccepted offer of

settlement as an admission or in any other manner at a hearing of, or appeal from,

disciplinary proceedings.

Rule 805. Disciplinary Panel.
    

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(a) The Chief Compliance Officer shall appoint the members of the Disciplinary Panels.  The

Chief Compliance Officer or the Board may remove a member of a Disciplinary Panel for

cause. No member of a Disciplinary Panel shall be subject to Statutory Disqualification.

(b) Disciplinary Panels shall not include any members of the SEF’s compliance department

or any Person involved in adjudicating any other stage of the same proceeding.

(c) Disciplinary Panels must meet any applicable composition requirements under

Applicable Law, to include CFTC Regulation 1.64(c) and Part 40 of the CFTC Regulations.

(d) The Disciplinary Panel shall conduct hearings in connection with any disciplinary

proceedings, to make findings, render decisions, and impose sanctions (other than

summary fines under Rule 811) pursuant to this Chapter 8.

Rule 806. Hearing (Disciplinary Procedures & Sanctions).

(a) A fair hearing will be conducted before members of the Disciplinary Panel.

(b) Following receipt of an Answer from a Respondent, or failure of a Respondent to provide

an Answer, the Disciplinary Panel will promptly convene a hearing to conduct the

disciplinary proceedings with respect to such Respondent.    Parties to a disciplinary

proceeding include each Respondent and the compliance department.

(c) The chair of the Disciplinary Panel may continue, adjourn or otherwise conduct the

hearing, as he or she may deem appropriate.  The chair of the Disciplinary Panel will

determine all procedural and evidentiary matters and will not be bound by any

evidentiary or procedural rules or law.    Once admitted during the hearing, the

Disciplinary Panel may consider, and attach the weight it believes appropriate to,

evidence or other materials.

Rule 807. Respondent Review of Evidence.

Prior to the commencement of a hearing, each Respondent will be given the opportunity to

review all books, records, documents, papers, transcripts of testimony and other tangible

evidence in the possession or under the control of the SEF that the compliance department will

use to support the allegations and proposed sanctionsin the Notice of Charges or which the chair

of the Disciplinary Panel deems relevant to the disciplinary proceedings.  Notwithstanding the

foregoing, no Respondent will have the right to review, and the SEF will have no obligation to

disclose, any information protected by attorney‐client privilege.

Rule 808. Conducting Hearings.
    

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(a) At a hearing conducted in connection with any disciplinary proceedings, the compliance

department will present its case supporting the allegations and proposed sanctions in

the Notice of Charges to the Disciplinary Panel.    If a Respondent has timely filed an

Answer to the Notice of Chargesin accordance with the Rules, the Respondent is entitled

to attend and participate in the hearing.

(b) At a hearing conducted in connection with any disciplinary proceedings, the Disciplinary

Panel or the compliance department and each respondent may:

i. present evidence and facts determined relevant and admissible by the chair of

the Disciplinary Panel;

ii. call and examine witnesses; and

iii. cross‐examine witnesses called by other parties.

(c) Any Person entitled, or required or called upon, to attend a hearing before a Disciplinary

Panel pursuant to paragraph (b) above will be given reasonable notice, confirmed in

writing, specifying the date, time and place of the hearing, and the caption of the

disciplinary proceedings.  Any individual representing a Participant or Customer, and any  

Authorized Trader or Supervised Person called as witnesses is required to appear at the

hearing and, where applicable, produce evidence.  The SEF will make reasonable efforts

to secure the presence of all other Persons called as witnesses whose testimony would

be relevant.

(d) The Disciplinary Panel may summarily impose sanctions on any Person, subject to the

SEF’s jurisdiction pursuant to Rule 301, that impedes or delays the progress of a hearing.

(e) The SEF will arrange for any hearing conducted in connection with disciplinary

proceedings to be recorded verbatim, or substantially verbatim, in a manner capable of

accurate transcription.    If the Respondent requests a copy of all or portions of the

recording of a hearing, the chair of the Disciplinary Panel may within his or her sole

discretion require the Respondent to pay the costs for transcribing the recording of the

hearing.

(f) Upon request of the CFTC, the SEF will transcribe the record of any hearing conducted in

connection with a disciplinary proceeding and provide such transcript to the CFTC.

Rule 809. Decision of Disciplinary Panel.
    

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(a) As promptly as is reasonable following a hearing, the Disciplinary Panel will issue a

written order rendering its decision based on the weight of the evidence contained in

the record of the disciplinary proceedings.  A decision by a majority of the Disciplinary

Panel will constitute the decision of the Disciplinary Panel.

(b) The SEF will serve a copy of the order of the disciplinary proceedings on the respondent

and the compliance department.  The order will include:

i. the Notice of Charges or summary of the allegations;

ii. the Answer, if any, or a summary of the Answer;

iii. a summary of the evidence introduced at the hearing or, where appropriate,

incorporation by reference of the investigative report;

iv. findings of fact and conclusions concerning each allegation, including a complete

explanation of the evidentiary and other basis for such findings and conclusions

with respect to each allegation;

v. each specific Rule and/or provision of Applicable Law that the respondent is

found to have violated; and

vi. the  sanctions, if any,  imposed including  the  basis  for  such  sanctions  and  the

effective date of each sanction.

(c) The order of the disciplinary proceedings will become final upon the expiration of 20

days after the order is served on the Respondent and provided to the compliance

department.

(d) The Rules do not permit any appeal of a determination by the Disciplinary Panel.

Rule 810. Sanctions; Expenses.

(a) If the Disciplinary Panel determines that a Respondent has committed a Violation for

which the SEF has jurisdiction, the Disciplinary Panel may impose one or more of the

following sanctions or remedies:

(i) censure or reprimand,

(ii) restriction, suspension or termination of Trading Privileges,

(iii) a warning letter, subject to the limitations in Applicable CFTC Regulations,
    

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(iv) a cease and desist order,

(v) a fine,

(vi) restitution (which may, include full Customer restitution) or disgorgement, or

(vii) any other sanction or remedy determined to be appropriate under the

circumstances.

The SEF may impose a fine of up to $100,000 for each Violation.  Each Participant shall be

responsible for paying any fine or other amount imposed on, but not paid by, any of its

Authorized Traders, Customers or Supervised Persons.

(b) If the Disciplinary Panel determines that a respondent has violated the Rules or a

provision of Applicable Law for which the SEF has jurisdiction, the Disciplinary Panel may

also require the respondent to pay to the SEF an amount equal to any and all out‐of‐

pocket expenses incurred by the SEF in connection with the investigation and

prosecution of such Violations.

Rule 811. Summary Fines.

With respect to any Person’s use or access to the SEF, the Chief Compliance Officer may impose

summary fines of no more than ten thousand dollars ($10,000) for each violation, without the

need for a formal hearing under this Chapter 8, in any case in which it is concluded that there

may have been a violation of:

(a) Rule 303(t)  ‐ Criteria for Becoming a Participant

(b) Rule 308(c) ‐ Participant User Administrators; Passwords

(c) Rule 401 ‐ Duties of Participants

(d) Rule 402 ‐ Required Disclosures

(e) Rule 403(b) ‐ Right of Inspection

(f) Rule 404 ‐ Financial Notices

(g) Rule 405(b) ‐ Customers

(h) Rule 408 ‐ Books and Records of ISVs
    

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(i) Rule 512 ‐ Cross Trades; Simultaneous Buy And Sell Orders

(j) Rule 519(e) ‐ Position Accountability

(k) Rule 524 ‐ Pre‐Execution Communications

(l) Rule 529 ‐ Order Entry

(m) Rule 701 ‐ Block Trades

(n) Rule 702 ‐ Brokered Trades

The authority to impose such a summary fine does not limit the Chief Compliance Officer’s

authority to refer the matter to a Disciplinary Panel pursuant to the provisions of this Chapter 8

instead of imposing a summary fine.  A summary fine imposed in accordance with this Rule shall

become final and effective and payment shall become due and owing to the SEF fifteen (15) days

after receipt of the fine.

Rule 812. Effective Date of Penalties.

(a) If a Person enters into a settlement agreement with the SEF, any penalty included as a

part of such settlement agreement shall become final and effective on the date that the

CCO approves such settlement agreement.

(b) Any decision (including any penalty) by a Disciplinary Panel shall be the final decision of

the SEF and shall become effective fifteen (15) days, or such longer time as the

Disciplinary Panel may specify, after a copy of the written decision of the Disciplinary

Panel has been served on the Respondent and delivered to the CFTC; provided, however,

that, in any case where the Respondent has consented to the action taken and to the

timing of its effectiveness, the Disciplinary Panel may cause the decision involving any

disciplinary action (including any penalty) to become effective prior to the fifteen (15)

day period.

(c) If a Person fails to pay any fine imposed by the Disciplinary Panel on or before the date

on which such fine becomes due and payable, such Person shall be suspended

automatically without further action by the SEF and shall remain suspended until such

fine is paid in full and the Person is reinstated; provided, however, that on written

application received prior to such date, the Hearing Panel, in its sole discretion, may

postpone the date when payment is due.

Rule 813. Publication and Written Notice of Disciplinary Actions.
    

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(a) A brief summary of the disposition of a finding by the CCO, or the Disciplinary Panel, and

each hearing, settlement, and each imposition of any penalty, shall be kept permanently

in the Person’s file.  The record of any hearing, together with all of the papers, shall be

retained for a period of five (5) years.

(b) All proceedings conducted before the Disciplinary Panel shall be confidential and shall

not be disclosed to any Person except:

(i) as required by law or by the Rules;

(ii) in any action or proceeding brought by or against the SEF;

(iii) as may be determined from time to time by the Board.

(c) In any case where:

(i) a Person enters into any settlement agreement with the SEF; or

(ii) the Disciplinary Panel renders a decision finding a Person guilty of any Rule

violation;

the SEF shall make public its findings and the reason for its action, including any action taken or

penalty ordered and written notice of any suspension, expulsion, disciplinary action or denial of

access shall be given to the CFTC and to the Person who is suspended, expelled, disciplined or

denied access within thirty (30) days of the date such action becomes final, which notice shall

include the reasons for the action in the form and manner the CFTC prescribes.

   
    

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CHAPTER 9: ARBITRATION

Rule 900. Jurisdiction.

(a) Any Claim or grievance by a Customer against a Participant shall, if the Customer so

elects, be settled by arbitration in accordance with these Arbitration Rules unless the

Claim or grievance is capable of being settled by arbitration under the rules of a

registered futures association, as defined in the CEA, or a national securities association,

as defined in the Exchange Act.  If such a Claim or grievance is made in accordance with

these Arbitration Rules, any counterclaim permissible under subparagraph (a)(ii) of Rule

903 of these Arbitration Rules shall, if asserted by such Participant, likewise be settled

by arbitration in accordance with these Arbitration Rules.

(b) Any Allowable Claim by a Participant against another Participant, whether originating

before or during the period of time that the parties are Participants, shall be settled by

arbitration in accordance with these Arbitration Rules unlessthe claim is capable of being

settled by arbitration under the rules of a registered futures association, as defined in

the CEA, or a national securities association, as defined in the Exchange Act.  If such an

Allowable Claim is made in accordance with these Arbitration Rules, any Allowable Claim

which may be asserted as a counter‐claim under subparagraph (a)(ii) of Rule 903 shall

likewise be settled by arbitration in accordance with these Arbitration Rules.  Arbitration

proceedings invoked pursuant to this paragraph shall be independent of, and shall not

interfere with or delay the resolution of, a Customer’s Claims and grievances submitted

for arbitration pursuant to paragraph (a).

(c) All other disputes or controversies, regardless of their nature, between or among any

two (2) or more parties,shall, if agreed to by all partiesinvolved, be settled by arbitration

in accordance with these Arbitration Rules.  Arbitration proceedingsinvoked pursuant to

this paragraph shall be independent of, and shall not interfere with or delay the

resolution of, a Customer’s Claims and grievances submitted for arbitration pursuant to

paragraph (a).

(d) Notwithstanding the foregoing, any Panel or, in the absence of a Panel, any three (3)

members of the Arbitration Committee appointed by the Chairman of the Arbitration

Committee, in its sole and absolute discretion, may decline to take jurisdiction of, or,

having taken jurisdiction may at any time decline to proceed further with, any Claim or

grievance or any other dispute, controversy or counterclaim, other than such as may be

asserted under paragraph (a) of this Rule.
    

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(e) The commencement of an arbitration under these Rules by a Customer against a

Participant will not in itself preclude a Participant from exercising its rights and remedies

under its agreements with a Customer, nor will these Arbitration Rules be deemed to

permit a Customer to obtain any stay, injunction or similar relief that would preclude a

Participant from exercising such rights and remedies as a result of the commencement

of an arbitration under these Rules.

(f) Except as expressly set forth in this Chapter 9, the SEF shall have no responsibility with

respect to any Claim or grievance or dispute between or among two or more Participants

and/or their Customers, or any action, suit or proceeding arising therefrom or relating

thereto.

Rule 901. Definitions.

Unless otherwise indicated, the following terms shall, for the purposes of Chapter 9 of the Rules

(the “Arbitration Rules”), have the following meanings:

Claim or grievance

Any dispute which arises out of or relating to Transactions subject to the Rules by or

through a Participant, which dispute does not require for adjudication the presence of

essential witnesses or third parties over whom the SEF does not have jurisdiction or who

are otherwise not available.  The term “Claim or grievance” shall not include any claim or

grievance against the SEF or against a Clearing House.

Customer

Any Person with a Claim or grievance against a Participant; provided, however, that it

shall not include Participants.

Claimant

A Person who asserts a Claim pursuant to these Arbitration Rules.

Respondent

A Person against whom a Claim is asserted pursuant to these Arbitration Rules.
    

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Allowable Claim

A Claim for losses arising directly from or relating to a Transaction.  An Allowable Claim

shall not include legal or other incidental expenses incurred in connection with any such

losses or with the events giving rise to any such losses.

Rule 902. Quorum and Disqualification.

(a) The Arbitration Committee shall consist of such number of Persons as the Board shall

determine from time to time.  The President shall appoint Public Directors of the Board

as the Chairman and Vice Chairman of the Arbitration Committee and shall appoint

employees of Participants and Persons who are not Participants to the Arbitration

Committee to serve until new committees are appointed.  The President may at any time

remove any member of the Arbitration Committee, with or without cause, and all

vacancies shall be filled as in the case of an original appointment.  A Person shall be

disqualified from taking any action as a member of the Arbitration Committee or as an

arbitrator prescribed in the Arbitration Rules if such Person or an Affiliate has an interest

in the Claim or dispute.    Any member of the Arbitration Committee may disqualify

himself or herself for any reason he or she deems appropriate.  Each member of the

Arbitration Committee or arbitrator appointed to hear and determine a Claim or

grievance shall conduct himself or herself in a manner consistent with the ABA/American

Arbitration Association’s “Code of Ethics for Arbitrators in Commercial Disputes” and

shall disclose to the Chairman of the Arbitration Committee, who shall thereafter advise

the parties to the arbitration, at any stage of the arbitration, any past or present, direct

or indirect financial, business, professional, family or social relationship which is likely to

affect an appearance or which might reasonably create an appearance of partiality or

bias.

(b) If the Chairman of the Arbitration Committee is disqualified or is unavailable, the Vice

Chairman of the Arbitration Committee shall act as Chairman.  If both the Chairman and

the Vice Chairman of the Arbitration Committee are disqualified or are unavailable, the

President shall appoint another member of the Arbitration Committee, who is not

affiliated with a Participant, to act as Chairman.

(c) The lesser of a majority or three (3) members of the Arbitration Committee shall

constitute a quorum for the transaction of business.  Any action taken by a vote of the

majority of the Arbitration Committee members present at a meeting at which a quorum

is present shall be deemed to be a valid action of the Arbitration Committee.

Rule 903. Procedure.
    

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(a) Claims Asserted Pursuant to Rules 902(a) and (b).

(i) A Person desiring to invoke the provisions of this paragraph (a) shall, within two

(2) years from the time the Claim or grievance arose, file with the SEF a Notice of

Arbitration.  The Notice of Arbitration shall set forth the name and address of the

party or parties against whom the Claim or grievance is being asserted, the nature

and substance of the Claim or grievance, the relief requested and the factual and

legal basis alleged to underlie such relief.  In the event of a Notice of Arbitration

submitted by a Customer, such Notice of Arbitration shall indicate whether the

Customer elects to have the Claim or grievance heard and determined by a Mixed

Panel, as provided in subparagraph (a)(iii) of this Rule.  Failure to so indicate will

be deemed a waiver of such election.

The Notice of Arbitration shall be accompanied by the Claimant’s non‐refundable

check payable to the SEF in payment of the arbitration fee.  The amount of the fee

shall be determined by the amount of the relief requested in the Notice of

Arbitration, as follows:

Relief Requested Amount of Fee

Up to $100,000 $1,000

$100,001 and above $1,000, plus 1/2% of excess over $100,000

   

(ii) Upon receipt, the SEF shall promptly deliver a copy of the Notice of Arbitration to

each Respondent and to the Chairman of the Arbitration Committee.    Each

Respondent shall, within twenty (20) days following the delivery of such Notice,

file an Answering Statement with the SEF, with a copy to the Claimant, setting

forth its position with respect to the Claimant’s Claim or grievance.  Any allegation

in the Notice of Arbitration not denied by a Respondent in its Answering

Statement shall be deemed admitted.

The Answering Statement may set forth one (1) or more counterclaims against the

Claimant, provided that any such counterclaims (A) arise out of the Trade or

occurrence that is the subject of the Claimant’s claim or grievance and (B) do not

require for adjudication the presence of essential witnesses, parties or third (3rd)

Persons over which the SEF does not have jurisdiction.  Other counterclaims are

permissible only if the Claimant agrees to the submission thereof after such

counterclaims have arisen.
    

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If an Answering Statement sets forth one (1) or more counterclaims, the Claimant

shall reply to such counterclaims within twenty (20) days following delivery of the

Respondent’s Answering Statement.  The Reply shall be filed with the SEF, with a

copy to the Respondent involved.

(iii) The Chairman of the Arbitration Committee, promptly after receipt by the SEF of

the Answering Statement, shall appoint a Panel of disinterested Persons to hear

and determine the Claim or grievance, selecting one (1) as the Chairman of the

Panel.  If the amount of relief requested is more than or equal to $100,001, the

Panel shall be composed of three (3) or more individuals.  If the amount of relief

requested is less than $100,001, a sole arbitrator may be appointed by the

Chairman of the Arbitration Committee in accordance with subparagraph (a)(viii)

of the Rule.  In a case where a Customer has, in its Notice of Arbitration, elected a

Mixed Panel, at least a majority of the Persons selected shall not be Participants,

clearing participant or clearing member of a Clearing House, or any employee

thereof, or otherwise associated with a Clearing House.  Promptly following such

appointment, the SEF shall forward copies of the Notice of Arbitration Answering

Statement and Reply, if there be one, to the Panel members selected.

(iv) The SEF shall notify the parties of the appointment of the members of the Panel.  

Any party objecting to all or any members of the Panel shall file such objection

with the Chairman of the Arbitration Committee within ten (10) days of the giving

of such notice by the SEF.  The Chairman of the Arbitration Committee shall then

determine whether changes in the composition of the Panel are appropriate, and

if so, shall make such changes.  Any vacancy occurring on the Panel for any reason

shall be filled by an individual appointed by the Chairman of the Arbitration

Committee.  The parties shall be notified of the filling of such vacancy and may file

objections to the new appointee to the Panel in accordance with the procedure

set forth above.

(v) (A) The parties shall, within a time specified by the Chairman of the Panel,

furnish each other and the Panel with a statement listing the witnesses

expected to be called and the documents expected to be introduced into

evidence, together with copies of such documents.    Unless the Panel

waives compliance with this requirement, no witness may testify and no

documentary evidence may be introduced at the hearing unless listed in

(and, in the case of documents, furnished with) such statement.

(B) After the exchange of documents, any party may notify another party and

the Chairman of the Panel of any pertinent documents and information it
    

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seeks from such other party that were not provided as part of the

document exchange.    The other party has five (5) days to provide the

requested documents or information or object to their production.  Any

objection to a request for the production of documents or other

information shall be resolved by the Chairman of the Panel, or his or her

designee.

(vi) The Panel shall establish, on not less than ten (10) days’ written notice to the

parties, the date, time and place of the hearing.  Each Panel shall determine the

procedures to be followed in any hearing before it, including the use of

preliminary hearings to resolve discovery disputes, simplify the issues, and

expedite the hearings, except that the following shall apply in every case:

(A) Each of the parties shall be entitled to appear personally at the hearing.

(B) Each of the parties, at their own expense, shall have the right to be

represented by counsel in any aspect of the proceeding.

(C) Each of the parties shall be entitled to (1) prepare and present all relevant

facts in support of the Claims or grievances, defenses or counterclaims,

and to present rebuttal evidence to such Claims or grievances, defenses or

counterclaims made by the other parties, (2) examine the other parties,

(3) examine any witnesses appearing at the hearing, and (4) examine all

relevant documents presented in connection with the Claim or grievance,

or any defense or counterclaim applicable thereto.

(D) The formal rules of evidence shall not apply.

(E) No verbatim record shall be made of the proceedings, unless requested by

a party who shall bear the cost of such record.  If such a request is made,

a stenographic transcript shall be taken, but not transcribed unless

requested by a party who shall bear the cost of such transcription.

(F) Ex parte contacts by any of the parties with members of the Panelshall not

be permitted.

(G) The Panel shall have the power, on the request of any party or on its own

motion, to require any Person to testify and/or to produce documentary

evidence in the proceedings as and to the extent provided for in Rule 904.
    

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(vii) The Panel shall, within sixty (60) days of the termination of the hearing, render its

award in writing and deliver a copy thereof either in person or by first‐class mail

to each of the parties.  The Panel, in its award, may grant any remedy or relief

which it deems just and equitable, including, without limitation, the awarding of

interest and the arbitration fee; provided, however, that any costs incurred as a

result of having a Mixed Panel shall be borne by the Participant unless the Panel

determines that the Customer acted in bad faith in initiating or conducting the

proceeding.  The award of the Panel shall be final and binding upon each of the

parties to the arbitration, and judgment upon such award may be entered by any

court having jurisdiction.  Any Participant who is a Respondent in an arbitration

conducted pursuant to the Rules shall notify the Legal Department of the SEF of

any judicial proceeding based on the award.    In addition, any award, if not

complied with within the time specified in the award, shall be enforceable by

disciplinary proceedings pursuant to the Rules.

(viii) Notwithstanding any other provision of this paragraph (a), including the right of a

Customer to elect a Mixed Panel pursuant to Rule 903(a)(iii), if a Notice of

Arbitration setsforth Claims or grievances aggregating lessthan $100,001, and the

Answering Statement submitted by the Respondent either does not raise

counterclaims or raises one (1) or more counterclaims aggregating less than

$100,001, the Chairman of the Arbitration Committee may, at the request of any

party or on his or her own motion, in his or hersole and absolute discretion, decide

that there shall not be a hearing, in which case the following procedures shall

apply:

(A) The Chairman of the Arbitration Committee shall notify both parties that

neither the Claims or grievances nor the counterclaims, if any, aggregate

to $100,001.

(B) The Claimant shall, within twenty (20) days of such notification, submit to

the SEF, with a copy to each of the Respondents, a memorandum (together

with such supporting documents, affidavits and other materials as the

Claimant deems pertinent) setting forth the bases upon which he or she

believes he or she is entitled to the relief requested in the Notice of

Arbitration.

(C) Each Respondent shall, within twenty (20) days of its or his or her receipt

of the Claimant’s memorandum and supporting documentation, submit to

the SEF, with a copy to the Claimant, a memorandum (together with such

supporting documents, affidavits and other materials as the respondent
    

105

deems pertinent) setting forth the bases upon which he or she believes

that the relief requested by the Claimant should be denied and, if said

Respondent has raised counterclaims in his or her Answering Statement,

the bases upon which he or she believes he or she is entitled to the relief

requested by such counterclaims.

(D) The Chairman of the Arbitration Committee may, on the request of any

party or on his or her own motion, in his or hersole and absolute discretion

determine whether to allow or require the submission of reply or

additional papers, unless a Respondent has asserted one (1) or more

counterclaims, in which case the Claimant shall be entitled to reply to such

counterclaims within ten (10) days of delivery of the Respondent’s

memorandum setting forth the bases thereof.

(E) The Chairman of the Arbitration Committee or his or her designee, acting

as sole arbitrator, shall, within thirty (30) days of his or her receipt of the

final papers filed, render an award in writing and deliver a copy thereof

either in person or by first‐class mail to each of the parties.    The sole

arbitrator in his or her award may grant any remedy or relief which he or

she deems just and equitable, including, without limitation, the awarding

of interest and the arbitration fee; provided, however, that any costs

incurred as a result of a Customer requesting a Mixed Panel shall be borne

by the Participant unless the sole arbitrator determines that the Customer

acted in bad faith in initiating or conducting the proceeding.  The decision

of the sole arbitrator shall be final and binding upon each of the parties to

the arbitration, and judgment upon such award may be entered by any

court having jurisdiction.    In addition, any award, if not complied with

within the time specified in the award, shall be enforceable by disciplinary

proceedings pursuant to the Rules.

(ix) The failure of any party to an arbitration to comply with any of the requirements

of this paragraph (a), or with any demand or request of either the Panel, the sole

arbitrator or the Chairman of the Arbitration Committee shall be deemed a

Violation and shall, in addition to any other action the SEF may take for any such

Violation, subject such party to such action by the Panel, the sole arbitrator or the

Chairman of the Arbitration Committee (including without limitation the entry of

an award against such party) as it or he or she shall deem appropriate under the

circumstances.
    

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(x) Notwithstanding the provisions of subparagraph (x) of this paragraph (a), either

the Panel, the sole arbitrator or the Chairman of the Arbitration Committee, may

for good cause shown extend any time limitation imposed by this paragraph (a)

(except the two (2) year and the thirty (30) day limitation periods set forth in

subparagraph (a)(i)) or may excuse any neglect to comply therewith or with any

other requirement of this paragraph (a) or demand or request of the Panel, the

sole arbitrator or the Chairman of the Arbitration Committee.

(b) Other Claims Asserted Pursuant to Rule 902(c).

(i) Any dispute or controversy between or among any two (2) or more parties may, if

all of the parties to such dispute or controversy so agree, be settled by arbitration

in accordance with this paragraph (b).  Such dispute or controversy shall be heard

and determined in accordance with the procedures set forth in paragraph (a) of

this Rule, except for the following:

(A) In lieu of the procedure set forth in the first sentence of subparagraph (i)

of paragraph (a), the provisions of this paragraph (b) shall be invoked by

the submission by all of the parties concerned of an agreement to submit

the dispute or controversy to arbitration in accordance with this paragraph

(b) and to be bound by the award of the arbitrators.    Following such

submission, the SEF shall forward to the party requesting relief the

information set forth in subparagraph (i) of paragraph (a) of this Rule,

whereupon all of the other procedures set forth in said subparagraph (i) of

paragraph (a) shall apply.

(B) None of the limitations on counterclaims set forth in subparagraph (ii) of

paragraph (a) shall apply.

Rule 904. Withdrawal of Claims.

Any Notice of Arbitration may be withdrawn at any time before an Answering Statement is filed

in accordance with these Rules.

If an Answering Statement has been filed, any withdrawal shall require consent of the party

against which the Claim or grievance is asserted.

Rule 905. Modification of Award.
    

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On written application to the Legal Department of the SEF by a party to an arbitration, within

twenty (20) days after delivery of the award to the applicant, the Panel or sole arbitrator may

modify the award if:

(a) there was a miscalculation of figures or a mistake in the description of any Person, thing,

or property referred to in the award; or

(b) the Panel orsole arbitrator has awarded upon a matter notsubmitted to it and the award

may be corrected without affecting the merits of the decision upon the issuessubmitted;

or

(c) the award is imperfect in a matter of form, not affecting the merits of the controversy.

Written notice of the application shall be given to the other parties to the arbitration.  Written

objection to the modification must be served on the SEF and the other parties to the arbitration

within ten (10) days of receipt of the application.  The Panel or sole arbitrator shall dispose of any

application made under this Rule in writing, signed and acknowledged by the Panel or sole

arbitrator, within thirty (30) days after either written objection to the modification has been

served on it or the time for serving said objection has expired, whichever is earlier.  The parties

may in writing extend the time for such disposition either before or after its expiration.

Rule 906. Compensation of Arbitrators.

The parties to an arbitration shall pay the arbitrators appointed in each matter compensation in

accordance with such fee schedule as the Board may from time to time determine.    The

arbitratorsin each such mattersshall determine the proportion in which such compensation shall

be paid by each of the parties.

Rule 907. Failure to Comply With Award.

(a) Any Participant in whose favor an award has been rendered pursuant to this Chapter

shall promptly notify the Legal Department of the SEF, in writing, if the award is not

complied with.  Any Participant, who failsto comply with the terms of an award rendered

against such Participant, shall be subject to the procedures set forth in this Rule.  

Specifically, upon receipt of a notice or information indicating that a Participant has

failed to comply with the terms of an award rendered against such Participant, the SEF

shall notify such Participant against whom or which the award was rendered of the SEF’s

intention to suspend its privileges as a Participant and afford the Participant an

opportunity to be heard by a panel of the Arbitration Committee appointed by the

Chairman for the sole purpose of proving that the award has been satisfied, provided

that the Legal Department of the SEF receives a written request from the Participant for
    

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such a hearing within five (5) Business Days afterreceipt ofsuch notice by the Participant.  

Failure to so request such a hearing shall be deemed an acknowledgment by the

Participant that the award has not been complied with.    Any such hearing shall be

conducted in accordance with such procedures as the Panel shall determine.  The Panel

shall consist of no less than three (3) members of the Arbitration Committee.  Following

any such hearing, the Panel shall determine whether the Participant has failed to timely

satisfy the award and shall promptly advise the SEF, and all parties in the proceeding, of

its determination.

(b) If the Panel shall find, or if a Participant shall acknowledge, that it has failed to comply

with any award rendered pursuant to this Chapter when and as provided by such award,

the Participant may be suspended, as provided in these Rules, and shall remain

suspended until the award is complied with and the suspended Participant is reinstated.
    

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CHAPTER 10: CLEARING AND FINANCIAL RESPONSIBILITY; REPORTING

Rule 1001. Designation of Clearing Houses.

As part of the Contract Specifications for each Contract that is eligible to be cleared or required

to be cleared, the SEF shall designate one or more Clearing Houses for clearing of such Contract.  

For the avoidance of doubt, the SEF may treat each Contract to be cleared at a different Clearing

House as being a different Contract for all purposes of the Rules.

Rule 1002. Cleared Swaps.

(a) Each Cleared Swap (including any Required Transaction) shall be cleared through a

Clearing House indicated in the applicable Contract Specifications that is a derivatives

clearing organization registered under the CEA or a derivatives clearing organization that

is exempt from registration under the CEA.

(b) For each Cleared Swap a Participant (or, if applicable, its Customer) expects to enter into

on the SEF or subject to the Rules, the Participant (or, if applicable, its Customer) must

be a Clearing Member of the applicable Clearing House or have established a clearing

relationship with a Clearing Member of the applicable Clearing House.

(c) Acceptance of Ordersfor a Cleared Swap will be subject to Rule 516.  Following execution

of a Transaction in a Cleared Swap, the SEF shall submit such Transaction to the

applicable Clearing House for each Participant (or, if applicable, its Customer) party

thereto, as applicable.

(d) If a Cleared Swap is affirmatively rejected by the relevant Clearing House, such

Transaction shall be deemed void ab initio. The SEF shall have the right to suspend

Trading Privileges of the Participant or Participants that executed the Transaction or the

account of the Customer on whose behalf the Participant executed the Transaction that

was rejected or take any other action permitted by the Rules.  The SEF will report the

cancellation of the Transaction as required by Part 43 and Part 45 of the CFTC

Regulations.

Rule 1003. Uncleared Swaps.

Any Participant (or its Customer, if applicable) that is not a Swap Dealer and is placing an Order

with respect to a Contract that is an Uncleared Swap, prior to placing such Order, shall have

designated a Swap Intermediary and entered into a Swap Intermediation Arrangement.  Such

Swap Intermediary shall have entered into a master agreement or other applicable agreement

that will govern the related Transaction following execution with the relevant counterparty, and
    

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such Participant (or Customer) shall have entered into a Swap Intermediation Arrangement

(including a master agreement or other applicable agreement that will govern the related

offsetting Transaction between the Participant (or Customer) and the Swap Intermediary).  Such

agreementsshall comply with all applicable swap trading documentation requirements and other

requirements under Applicable Law, including as to relevant credit support terms.  Acceptance

of an Order for an Uncleared Swap will be subject to Rule 516; provided that this Rule 1003 shall

not apply to any Transaction in a Commodity Contract.

Rule 1004. Transaction Reporting.

(a) The SEF will report all Transactions(including accepted Block Trades)subject to reporting

by the SEF under Applicable CFTC Regulations assoon astechnologically practicable after

the Transaction has been executed to ICE Trade Vault, LLC, with respect to a Cleared

Swap in a Credit Contract and Uncleared Swaps in Commodity Contracts, or DTCC Data

Repository (U.S.) LLC, with respect to an Uncleared Swap in a Credit Contract. However,

in limited circumstances the SEF reserves the right to submit a Cleared Swap in a Credit

Contract to the DTCC Data Repository (U.S.) LLC if necessary to satisfy the SEF’s or a

Market Participant’s reporting obligations under Part 43 and 45 of the CFTC Regulations.  

With respect to Transactions in Contracts, the SEF may disclose publicly reportable

Transaction and Pricing data to Market Participants prior to the public dissemination of

such data by an SDR; provided that, the SEF may only provide such Transaction and

Pricing data to Market Participants no earlier than the time the SEF transmits such

information to an SDR.

(b) The parties to a Transaction will be responsible for compliance with their own reporting

obligations, if any, with respect to such Transaction under Applicable CFTC Regulations.  

Notwithstanding the preceding sentence, the SEF will identify the Person that is the

Reporting Counterparty to a Transaction in accordance with CFTC Regulation 45.8.  If the

counterparties to a Transaction are of the same reporting designation, the SEF will

designate the seller as the Reporting Counterparty for such Transaction.     

(c) If a Market Participant that is a counterparty to a Transaction becomes aware of an error

or omission in the Transaction or Pricing data which was reported to an SDR by the SEF

with respect to such Transaction, either through its own initiative or through notice by

its counterparty to the Transaction, such Market Participant shall inform the SEF of such

error or omission and promptly submit corrected data to the SEF, to the extent that the

error or omission in reporting wasthe fault of the Market Participant or its counterparty.
    

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(d) The SEF will record and report to the CFTC all data required to be reported to the CFTC

under Part 16 of the CFTC Regulations, in the form and manner required by such

regulations.  

CHAPTER 11: MISCELLANEOUS

Rule 1101. Governing Law.

The Rules, and all matters arising out of or relating thereto, shall be governed by and construed

in accordance with the laws of the State of New York.

Rule 1102. Transaction Terms.

(a) The SEF may establish Contract Specifications for each Contract listed for trading on the

SEF or subject to the Rules.    Such Contract Specifications may be based on, or

incorporate, the applicable Contract Specifications of any relevant Clearing House for

such Contract.

(b) Upon execution of a Transaction in a Cleared Swap and acceptance thereof for clearing,

such Transaction (or any resulting Transactions) is deemed to be a legally binding

obligation of the Participant (or the relevant Customer) and will be subject to the rules

and regulations of the applicable Clearing House.

(c) Upon execution of a Transaction in an Uncleared Swap, solely as between the parties

thereto, such Transaction shall be deemed a legally binding obligation of the Participant

at the time the SEF provides notice of acceptance or execution of such Transaction and

shall be subject to the applicable master agreement or other documentation agreed

between such parties.  For the avoidance of doubt, no further action, other than that

described in the preceding sentence, need be taken or is otherwise required to be done,

in order for such Transaction in an Uncleared Swap to be deemed a legally binding

Transaction as between the parties thereto, and such Transaction will be deemed

“confirmed” for all purposes upon delivery of the written record of the Transaction

pursuant to Rule 515.

Rule 1103. Limitation on Liability.

(a) EXCEPT AS OTHERWISE SET FORTH IN THE RULES OR OTHERWISE UNDER APPLICABLE

LAW, NEITHER THE SEF NOR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’

REPRESENTATIVES SHALL BE LIABLE TO ANY PERSON, OR ANY PARTNER, DIRECTOR,
    

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OFFICER, AGENT, EMPLOYEE THEREOF, FOR ANY LOSS, DAMAGE, INJURY, DELAY, COST,

EXPENSE, OR OTHER LIABILITY OR CLAIM, WHETHER IN CONTRACT, TORT OR

RESTITUTION, OR UNDER ANY OTHER CAUSE OF ACTION, SUFFERED BY OR MADE

AGAINST THEM AS A RESULT OF THEIR USE OF SOME OR ALL OF THE TRADING SYSTEM

AND BY MAKING USE OF THE TRADING SYSTEM, SUCH PERSONS EXPRESSLY AGREE TO

ACCEPT ALL LIABILITY ARISING FROM THEIR USE OF SAME.

(b) EXCEPT AS OTHERWISE SET FORTH IN THE RULES OR OTHERWISE UNDER APPLICABLE

LAW, NEITHER THE SEF NOR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’

REPRESENTATIVES SHALL BE LIABLE TO ANY PERSON, OR ANY PARTNER, DIRECTOR,

OFFICER, AGENT, EMPLOYEE THEREOF, FOR ANY LOSS, DAMAGE, INJURY, DELAY, COST,

EXPENSE, OR OTHER LIABILITY OR CLAIM, WHETHER IN CONTRACT, TORT OR

RESTITUTION, OR UNDER ANY OTHER CAUSE OF ACTION, SUFFERED BY OR MADE

AGAINST THEM ARISING FROM: (A) ANY FAILURE OR NON‐AVAILABILITY OF THE

TRADING SYSTEM; (B) ANY ACT OR OMISSION ON THE PART OF THE SEF, ITS

REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES INCLUDING WITHOUT

LIMITATION A DECISION OF THE SEF TO SUSPEND, HALT, OR TERMINATE TRADING OR

TO VOID, NULLIFY OR CANCEL ORDERS OR TRADES IN WHOLE OR IN PART; (C) ANY

ERRORS OR INACCURACIES IN INFORMATION PROVIDED BY THE SEF, AFFILIATES OR THE

TRADING SYSTEM; (D) UNAUTHORIZED ACCESS TO OR UNAUTHORIZED USE OF THE

TRADING SYSTEM BY ANY PERSON; OR (E) ANY FORCE MAJEURE EVENT AFFECTING THE

SEF.  THIS LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF WHETHER OR NOT THE

SEF, ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES (OR ANY

DESIGNEE THEREOF) WAS ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE

POSSIBILITY OF SUCH DAMAGES.

(c) NO PARTICIPANT, CLEARING MEMBER, NON‐PARTICIPANT BROKER, CUSTOMER,

ACCOUNT MANAGER, AUTHORIZED TRADER, SUPERVISED PERSON OR ANY OTHER

PERSON SHALL BE ENTITLED TO COMMENCE OR CARRY ON ANY PROCEEDING AGAINST

THE SEF, ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES, IN

RESPECT OF ANY ACT, OMISSION, PENALTY OR REMEDY IMPOSED PURSUANT TO THE

RULES OF THE SEF.  THIS SECTION SHALL NOT RESTRICT THE RIGHT OF SUCH PERSONS

TO APPLY FOR A REVIEW OF A DIRECTION, ORDER OR DECISION OF THE SEF BY A

COMPETENT REGULATORY AUTHORITY.  

(d) NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, IN NO EVENT WILL THE SEF

OR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES BE

LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL

DAMAGES (WHETHER OR NOT THE SEF OR ANY SUCH PERSON HAD BEEN INFORMED OR

NOTIFIED OR WAS AWARE OF THE POSSIBILITY OF SUCH DAMAGES).   
    

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(e) THE LIMITATIONS ON LIABILITY IN THIS RULE 1103 SHALL NOT PROTECT ANY PARTY FOR

WHICH THERE HAS BEEN A FINAL DETERMINATION (INCLUDING EXHAUSTION OF ANY

APPEALS) BY A COURT OR ARBITRATOR TO HAVE ENGAGED IN WILLFUL OR WANTON

MISCONDUCT OR FRAUD.  ADDITIONALLY, THE FOREGOING LIMITATIONS ON LIABILITY

OF THIS RULE SHALL BE SUBJECT TO THE CEA AND THE REGULATIONS PROMULGATED

THEREUNDER, EACH AS IN EFFECT FROM TIME TO TIME.

Rule 1104. Limitation on Damages.

The maximum aggregate liability of the SEF, its Representatives, Affiliates and Affiliates’

Representatives to any Person or any partner, director, officer, agent, employee thereof, on an

aggregate basis, for any and all claims made in relation to the use of or failure of the Trading

System or any action or failure to act in any calendar year shall be two million dollars

($2,000,000), however that liability arises, including (without limitation) breach of contract, tort,

misrepresentation or breach of statutory duty.  This aggregate liability limit applies regardless of

whether a claim is allowed under Rule 1103 or the limitation in Rule 1103 is found by a court of

competent jurisdiction to be invalid, unlawful, or unenforceable.  Notwithstanding the foregoing,

to the extent that there has been a final determination (including exhaustion of any appeals) by

a court or arbitrator that the SEF, its Representatives, Affiliates and Affiliates’ Representatives

have engaged in willful or wanton misconduct or fraud, the limitations on damages described in

this Rule 1104 shall not apply to damages as a result thereof.

Rule 1105. Indemnification.

(a) In the event any legal proceeding is brought by a third party against the SEF which arises

directly or indirectly from the use of or access to the Trading System by a Participant,

Clearing Member, Customer or a Supervised Person, Authorized Trader, Account

Manager or Non‐Participant Broker acting for such Participant, Clearing Member or

Customer, such Participant, Clearing Member, Customer or Non‐Participant Broker, as

applicable, undertakes to hold the SEF harmless in respect of, and to reimburse to the

SEF all costs related to same including all legal fees and expenses; provided that the

foregoing reimbursement shall not apply to the extent that such costs arises out of (1) a

breach by the SEF of any of its obligations under the Rules, or (2) willful or wanton

misconduct or fraud by the SEF, its Representatives, Affiliates or Affiliates’

Representatives.

(b) Each Participant, Clearing Member, Customer or Non‐Participant Broker shall indemnify

and hold the SEF, its Representatives, Affiliates or Affiliates’ Representatives harmless

from and against all costs, including without limitation amounts paid to settle an action

or to satisfy a judgment, legal and professional fees, expenses for attending trials,
    

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hearings and meetings, that the SEF incurs in any civil, criminal or administrative action,

suit, proceeding, investigation, inquiry, hearing, appeal, or review that is threatened or

brought against the SEF, or in respect of which the SEF is compelled or requested to

participate, in respect of any act committed or permitted by the Participant, Clearing

Member, Customer, Authorized Trader, Account Manager, Supervised Person or Non‐

Participant Broker; provided that the foregoing indemnity shall not apply to the extent

that such costs arise out of or in connection with  (1) a breach by the SEF of any of its

obligations under the Rules, or (2) fraud, willful or wanton misconduct by the SEF, its

Representatives, Affiliates or Affiliates’ Representatives.   

(c) Any Participant, Clearing Member, Customer, Account Manager or Non‐Participant

Broker which institutes an action or proceeding against the SEF, its Representatives,

Affiliates or Affiliates’ Representatives, and which fails to prevail in such action or

proceeding, shall reimburse the SEF and its Representatives, Affiliates or Affiliate’s

Representatives, for any and all costs or expenses(including but not limited to attorneys’

fees, expenses of investigation and amounts paid by way of indemnifying any

Representatives or other Persons by the SEF) incurred in connection with the defense of

such action or proceeding.

(d) If the SEF issubject to any claim by a third party which would, if the claim were successful,

be likely to give rise to a right on the part of the SEF to make a claim under Rule 1105(a)

or (b) above against a Participant (or any Person identified therein):

(i) the SEF will:

(A) promptly provide such Participant, Clearing Member, Customer or Non‐

Participant Broker with notice of such claim and all documentation and

correspondence in its possession that is materially relevant to the claim

(except to the extent that the provision of such documentation or

correspondence to the Participant is restricted by a duty of confidentiality

or by any Applicable Law); and

(B) provide the Participant, Clearing Member, Customer or Non‐Participant

Broker with a reasonable opportunity to comment on correspondence and

documents proposed to be sent by the SEF to the claimant that is material

to the claim (except to the extent that the provision of any draft

correspondence is restricted by a duty of confidentiality or by any

Applicable Law);
    

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(ii) the Participant, Clearing Member, Customer or Non‐Participant Broker shall have

the right to defend against, negotiate, settle, or otherwise deal with a claim,

provided that:

(A) if the Participant, Clearing Member, Customer or Non‐Participant Broker

elects to defend against, negotiate, settle, or otherwise deal with a claim,

itshall, within thirty (30) calendar days(orsooner if the nature of the claim

so requires) from the date of receipt of notice from the SEF of the claim,

notify the SEF, the relevant officer, orthe relevant employee, as applicable,

of its intent to do so;

(B) the Participant, Clearing Member, Customer or Non‐Participant Broker will

at all times conduct itself with high standards of integrity and fair dealing

and with reference to the SEF’s good reputation and regulatory status; and

(C) the Participant, Clearing Member, Customer or Non‐Participant Broker will

consult with the SEF in connection with any document or proposed

document concerning the claim that relates to the SEF or makes

statements about the SEF's conduct, and will take into account any

reasonable suggestions or commentsreceived by it from the SEF in relation

to any such document or proposed document (and the reasonableness of

any comments of the SEF shall be interpreted, without limitation, with

reference to the principles set out in Rule 1105(d)(ii)(B));  

(D) the Participant, Clearing Member, Customer or Non‐Participant Broker

shall undertake, conduct and control, through reputable independent

counsel of its own choosing (which the SEF shall find reasonably

satisfactory) and at Participant’s sole cost and expense, the settlement or

defense thereof;

(E) the Participant, Clearing Member, Customer or Non‐Participant Broker will

not, without the prior written consent of the SEF, settle or compromise or

consent to the entry of any judgment with respect to the claim unless such

settlement includes an unconditional release and no admission of fault of

the SEF and any indemnified party from all liability arising out of such

claim; and

(iii) if the Participant, Clearing Member, Customer or Non‐Participant Broker does not

elect to itself defend against, negotiate, settle, or otherwise deal with a claim

within the period specified in Rule 1105(d)(ii)(A),
    

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(A) the Participant, Clearing Member, Customer or Non‐Participant Broker will

promptly provide the SEF with all documentation and correspondence in

its possession that is materially relevant to the claim (except to the extent

that the provision of such documentation or correspondence to the SEF is

restricted by a duty of confidentiality or by any Applicable Law); and

(B) the SEF will, in addition to its obligations in Rule 1105(d)(i):

(i) take into account any reasonable suggestions or comments

received by it from the Participant, Clearing Member, Customer or

Non‐Participant Broker in relation to proposed correspondence or

documents referred to in Rule 1105(d)(i)(B) above (and the

reasonableness of any comments shall be interpreted, without

limitation, with reference to the principles set out in Rule

1105(d)(ii)(B)); and

(ii) consult with the Participant, Clearing Member, Customer or Non‐

Participant Broker in respect of the resolution of the claim,

including, prior to any settlement, in respect of the terms of

settlement.

Rule 1106. Disclaimer of Warranties.

(a) THE SEF PROVIDES ANY LICENSED PRODUCTS, ACCESS TO THE PLATFORM, THE

EQUIPMENT AND ANY PART OR PARTS OF THE TRADING SYSTEM, ON AN “AS IS” BASIS.

(b) EXCEPT AS SPECIFICALLY PROVIDED IN ANY WRITTEN AGREEMENT, THE SEF AND ITS

AFFILIATES MAKE NO, AND HEREBY DISCLAIM ALL, WARRANTIES, CONDITIONS,

UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE,

COMMON LAW OR OTHERWISE, IN RELATION TO ANY LICENSED PRODUCTS,

EQUIPMENT OR ANY PART OR PARTS OF THE TRADING SYSTEM.    THE SEF AND ITS

AFFILIATES SPECIFICALLY DISCLAIM ALL IMPLIED WARRANTIES OF MERCHANTABILITY,

FITNESS FOR A PARTICULAR PURPOSE AND NON‐INFRINGEMENT.    THE SEF AND ITS

AFFILIATES FURTHER DISCLAIM ALL WARRANTIES, IMPLIED OR OTHERWISE, RELATING

TO ANY THIRD PARTY MATERIALS, TO INCLUDE ANY MATERIALS PROVIDED BY AN ISV,

THE ICE LINK PLATFORM OR ANY PRE‐EXECUTION LIMIT CHECKING SERVICE.

(c) THE SEF DOES NOT GUARANTEE THE SEQUENCE, TIMELINESS, ACCURACY OR

COMPLETENESS OF ANY OF THE SEF’s OR ITS AFFILIATE’S MARKET DATA OR GUARANTEE

THE ACCURACY, RESPONSIVENESS OR COMPLETENESS OF THE TRADING SYSTEM, THE
    

117

TRADING SYSTEM SOFTWARE, THE RELATED DOCUMENTATION, OR ANY SERVICES

PROVIDED BY ANY THIRD PARITIES, TO INCLUDE ANY ISV, THE ICE LINK PLATFORM OR

ANY PRE‐EXECUTION LIMIT CHECKING SERVICE.

Rule 1107. Arbitration and Venue.

(a) Any actions, suits or proceedings against the SEF, its Representatives, Affiliates or

Affiliates' Representatives must be brought within two (2) years from the time that a

cause of action, suit or proceeding has accrued.

(b) Any dispute, claim, difference or controversy between the SEF and any Participant or

other Person subject to the jurisdiction of the SEF arising out of or relating to these Rules

or any action or activity on the SEF (a “Dispute”) shall be referred to and finally resolved

by arbitration.

(c) Such arbitration shall be conducted in accordance with the International Arbitration

Rules of the American Arbitration Association – International Centre for Dispute

Resolution (the “AAA Rules”).  Capitalized terms in this Rule 1107 that are not otherwise

defined in the Rules shall have the meaning given to them in the AAA Rules.

(d) The Tribunal for purposes of such arbitration shall consist of three arbitrators, who shall

be appointed in accordance with the AAA Rules.  The members of the Tribunal will be

persons with experience with respect to the subject matter of the Dispute.   Tribunal

members shall not be current or former employees or directors of any Participant,

Customer, Authorized Trader or Supervised Person that is a party to the arbitration,

current or former employees of the SEF or any person or persons with a material interest

or conflict of interest in the outcome of the Dispute.

(e) The seat or legal place of such arbitration shall be New York, New York.

(f) The language used in the arbitral proceedings shall be English.

(g) The award of the arbitral Tribunal will be final and binding on the parties to the

arbitration from the day it is made.  Judgment upon the award may be entered or the

award enforced through any other procedure in any court of competent jurisdiction.

(h) This Rule 1107 shall be without prejudice to and shall not limit in any way the right of

the SEF to exercise any right or remedy or institute or conduct any proceeding (including

a disciplinary proceeding) under the Rules.
    

118

(i) To the extent that notwithstanding clause (b) any Dispute is not subject to or eligible for

arbitration under this Rule 1107,such Dispute shall be brought in the U.S. federal or New

York State courts located in the Borough of Manhattan in New York City, New York, and

the SEF and each Participant, Customer, Authorized Trader and Supervised Person

hereby expressly consents to the exclusive jurisdiction of such courts and waives any

objection to venue therein.  Furthermore, each such party hereby waives any right it may

have to trial by jury in any such Dispute.

Rule 1108. Suspension and Waiver of Rules.

The time frames fixed by these Rules, interpretations or policies of the SEF for the doing of any

act or acts may be extended, or the doing of any act or acts required by these Rules or any

interpretations or policies of the SEF may be waived, and any provision of these Rules or any

interpretations or policies of the SEF may be suspended by the Board or by any eligible officer

whenever, in the judgment of the Board or such eligible officer, as applicable, such extension,

waiver or suspension is necessary or expedient.  Any such extension, waiver or suspension under

this Rule may continue in effect after the event or events giving rise thereto butshall not continue

in effect for more than three business days after the date thereof unless it shall be approved by

the Board within such period.

Rule 1109. Trading by Employees Prohibited.

(a) No officer, director, manager, employee, representative or agent of the SEF shall:

(i) trade or participate directly or indirectly in any transaction in any Contract or

related commodity interest, except to the extent necessary to carry out the

provisions of any Rule, or as otherwise permitted pursuant to an exemption

granted in accordance with this Rule;  

(ii) trade or participate directly or indirectly in any transaction in a commodity

interest traded or cleared by a linked exchange, designated clearing organization

or contract market other than the SEF if the officer, director, manager, employee,

representative or agent of the SEF has access to material, non‐public information

concerning such commodity interest;

(iii) disclose any material, non‐public information obtained as a result ofsuch Person’s

employment or relationship with the SEF where such Person has or should have a

reasonable expectation that the information disclosed may assist another Person

in trading any Contract or any similar transaction, underlying asset or any other

interest in respect thereof; provided that an employee is not prohibited from
    

119

making disclosures in the course of the employee’s duties, or to another self‐

regulatory organization, court of competent jurisdiction or representative of any

agency or department of the federal or state government acting in his or her

official capacity; or  

(iv) trade for such Person’s own account, or for or on behalf of any other account, in

any commodity interest, on the basis of any material, non‐public information

obtained as a result of such Person’s employment or relationship with the SEF.

(b) From time to time, the SEF may adopt additional Rules which set forth circumstances

under which exemptions from the trading prohibition contained in paragraph (a)(i) will

be granted.  The effectiveness of such rules and the procedures for administration of

such rules shall be governed by Applicable Law.

Rule 1110. Forms; Transmission of Data.

(a) In connection with any transaction or matter handled through, with or by the SEF under

or pursuant to the Rules, the form of any required list, notice or other document shall

be as from time to time prescribed by the SEF, and additions to, changes in and

elimination of any such forms may be made by the SEF at any time in its discretion.

(b) Any Person that is required to deliver a document to the SEF or to any other Person

pursuant to these Rules may execute such document by means of a mechanically or

electronically reproduced facsimile signature of a representative of such Person;

provided that such Person shall have complied with such requirements as may be

prescribed by the SEF in connection with the use of such facsimile signatures.

Rule 1111. Amendments to the Rules.

The SEF shall be authorized to amend these Rules and any related procedures or other

documents from time to time with the approval of the Board and without the consent of any

other Person, subject to Applicable Law, and in connection therewith to determine the effective

date of any such amendment (which shall not be prior to the date the amendment is adopted)

and whether, and how, any such amendment may apply to existing Contracts as of the effective

date; provided that, no such Rule amendment shall materially affect existing Transactions or

disputes that arise prior to such Rule Amendment.  Notwithstanding anything to the contrary,

nothing in this Rule 1111 shall limit the SEF’s authority to take Emergency Actions under Rule

208. The SEF will notify Participants and Clearing Members of Rule changes by Circular.  Each

Participant, Customer, Authorized Trader and Supervised Person shall be bound by any such

amendment.
    

120

CHAPTER 12: CREDIT CONTRACTS TERMS AND CONDITIONS

Rule 1201. Scope

(a) The rules in this chapter govern the trading of Credit Contracts and Options on Credit

Contracts.    The Clearing Organization(s) for each contract is specified in the specifications

document for each Contract.   Any matters not specifically covered herein related to trading,

clearing, settlement or otherwise related to Transactions involving Credit Contracts and options

on Credit Contracts shall be governed by the Rules and the Clearing House rules.  In the event of

any inconsistency between the Rules in this chapter and any other SEF Rule, the Rules in this

chapter shall govern.

(b) The SEF shall list for trading hereunder Contracts and options on Contracts as may be

designated by the SEF from time to time.

Rule 1202. Definitions

As used in this chapter the following terms shall have the following meanings:

Index Administrator

Markit North America, Inc., or Markit Group Limited, or one of its subsidiaries or any

successor sponsor according to each index.

ICE Clear Credit

ICE Clear Credit, a Delaware limited liability company.

ICE Clear Europe

ICE Clear Europe, a company organized under the laws of England and Wales.

Index Roll Date

the date on which the Index Administrator, creates a new series on the respective credit

index.

Rule 1203. Reserved

Rule 1204. Reserved

Rule 1205. Contract Months
    

121

Trading shall be conducted in the months of March and September, or as otherwise specified by

the Board.  The number of months open for trading at any time shall be determined by the SEF.

Rule 1206. Price Basis

There shall be no price limits on any Contracts.  All bids and offers shall be quoted and minimum

price fluctuations shall be as follows:

Contract Name Price Basis

Minimum Price

Fluctuation

Markit® CDX® North American Investment Grade CDX

Index

Basis Points 0.0001

Markit® CDX® North American Investment Grade High

Volatility Index

Basis Points 0.25

Markit® CDX® North American High Yield CDX Index Price 0.0001

Markit® CDX® Emerging Markets Index Price 0.01

Markit® CDX® Emerging Markets EX‐EU Index Price 0.01

Markit® iTraxx® Europe Index Basis Points 0.0001

Markit® iTraxx® Crossover Index Basis Points 0.0001

Markit® iTraxx® Europe HiVol Index Basis Points 0.25

Markit® iTraxx® Europe Senior Financials Index Basis Points 0.25

Markit® iTraxx® Europe Subordinated Financials Index Basis Points 0.25

Markit® CDX North American Investment Grade Index

Option

Cents 0.25

Markit® CDX North American High Yield Index Option Cents 0.25

Markit® iTraxx® Europe Index Option Cents 0.25

Markit® iTraxx® Crossover Index Option Cents 0.25
    

122

Contract Name Price Basis

Minimum Price

Fluctuation

Markit ®iTraxx® Europe Senior Financials Index Option Cents 0.25

Markit® CDX® North American Investment Grade Index

Tranche

Basis Points or

Points Upfront

1 Basis Point or

0.01 points

upfront

Markit® CDX® North American High Yield Index

Tranche

Basis Points or

Points Upfront

1 Basis Point or

0.01 points

upfront

Markit® iTraxx® Europe Index Tranche Basis Points or

Points Upfront

1 Basis Point or

0.01 points

upfront

Markit iTraxx Asia Ex‐Japan Index Basis Points 0.0001

Markit iTraxx Japan Index Basis Points 0.0001

Markit iTraxx Australia Index Basis Points 0.0001

Markit® iTraxx® Corp CEEMEA Basis Points 0.0001

Markit® iTraxx® Sovx CEEMEA Basis Points 0.0001

Markit® iTraxx® Sovx CEEMEA EXEU Basis Points 0.0001

Markit® iBoxx® EUR Corporates Basis Points 0.125

Markit® iBoxx® EUR Liquid High Yield                             Basis Points 0.125

Markit® iBoxx® USD Liquid High Yield                             Basis Points 0.125

Markit® iBoxx® USD Liquid Investment Grade                      Basis Points 0.125

Markit® iTraxx® Crossover Index Tranche                            Basis Points or

Points Upfront

1 Basis Point or

0.01 points

upfront

Rule 1207. Last Trading Day  
    

123

The last trading day for each Contract shall be the maturity date of each Contract.

Rule 1208. Daily and Final Settlement Price

The relevant clearing house shall publish a daily and final settlement price.  Final settlement for

any contract month shall be made in accordance with the procedures of the relevant Clearing

Organization.

Rule 1209. Position Limits

Transactions in Credit Contracts shall be subject to the limitations on position and other

requirements set forth in chapter 5 of the Rules.

Rule 1210. Trading Hours

Trading hours for all Credit Contracts is Monday through Friday from 7:00 AM London time to 5:30

PM New York time.  Trading hours on the last trading day of any Credit Contracts end at 4:30 PM

London time for iTraxx Credit Contracts and 4:30 PM New York time for CDX Credit Contracts.

Rule 1211. Reserved

Rule 1212. Reserved

Rule 1213. Reserved

Rule 1214. Reserved

Rule 1215. Reserved

Rule 1216. Reserved

Rule 1217. Reserved

Rule 1218. Reserved

Rule 1219. Reserved

Rule 1220. Reserved
    

124

Credit Index Contract Specifications

Rule 1221. Markit CDX.NA.IG

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  1,000,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  100,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) of the most liquid North American

entities with investment grade credit ratings as published by Markit®

from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

125

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol CDX.NA.IG

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

126

Rule 1222. Markit CDX.NA.HY

Currency USD

Contract Minimum

Notional Amount

Order Book:  1,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  250,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  100,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred (100) liquid North American entities with high yield credit

ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Index Points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 index points; minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 27 (or the Business Day immediately thereafter) and March

27 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 27 shall have a maturity

date of December 27 (or the first Business Day thereafter if December

27 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol CDX.NA.HY

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None

Daily Price Limit None

Block Enabled Yes
    

127

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

128

Rule 1223. Markit CDX.NA.IG.HIVOL

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  250,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Thirty (30) entities in the IG Index with the widest 5‐year Average CDS

Spreads over the last 90 days prior to the HVol index composition as

published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol CDX.NA.IG.HIVOL

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None
    

129

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

130

Rule 1224. Markit CDX.EM

Currency USD

Contract Minimum

Notional Amount  

Order Book:  1,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  200,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  100,000

All other execution methods:  As agreed by counterparties

Contract

Description

Sovereign issuers from Latin America, Eastern Europe, the Middle East,

Africa and Asia as published by Markit from time to time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Index Price

Minimum Price

Fluctuation

The price quotation convention shall be .01 index points; minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol CDX.NA.EM

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None
    

131

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

132

Rule 1225. Markit iTraxx Europe Main

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  2,000,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) of the most liquid European entities

with investment grade credit ratings as published by Markit® from time

to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol ITRX EUR

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None
    

133

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

134

Rule 1226. Markit iTraxx Crossover

Currency EUR

Contract Minimum

Notional Amount

Order Book:  10,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  50,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  10,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Up to seventy‐five (75) European entities with non‐investment grade

credit ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol ITRX XOVER

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None
    

135

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

136

Rule 1227. Markit iTraxx Main HiVol

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  2,000,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Thirty (30) entities with the widest 5‐year CDS spreads from the Markit

iTraxx® Europe Non‐Financials Index as published by Markit® from time

to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol iTraxx Europe HiVol

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None
    

137

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

138

Rule 1228. Markit iTraxx® Europe Senior Financials Index

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Amount

Order Book:  1,500,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Twenty Five (25) financial entitiesfrom the Markit iTraxx® Europe index

referencing senior debt as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be 0.25 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol iTraxx Europe Senior Financials

Final Settlement

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house

daily settlement price of the cleared swap on the corresponding swap

series on the last trading day of the expiring contract

Final Settlement

Date

Last Trade Date

Position Limit None

Daily Price Limit None
    

139

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

140

Rule 1229. Markit iTraxx® Europe Subordinated Financials Index

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  350,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Twenty Five (25) financial entitiesfrom the Markit iTraxx® Europe index

referencing subordinated debt as published by Markit® from time to

time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol iTraxx Europe Subordinated Financials

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

141

Rule 1230. Markit CDX® North American Investment Grade Index Option

Currency USD

Contract Minimum

Notional Amount

Order Book:  50,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  750,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  50,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) of the most liquid North American

entities with investment grade credit ratings as published by Markit®

from time to time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Cents (option premium)

Minimum Price

Fluctuation

The price quotation convention shall be .25 cents; minimum price

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1 based on liquidity

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day

thereafter if the 20th Calendar day is not a business day

Option Style European

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise

Provisions

None

Strike Price Listing

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below

the at‐the‐money Strike Price.  Price boundaries are adjusted according

to the price of the underlying swap.

Symbol CDX.NA.IG Option

Position Limit None
    

142

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

143

Rule 1231. Markit CDX® North American High Yield Index Option

Currency USD

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred (100) liquid North American entities with high yield credit

ratings as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Cents (option premium)

Minimum Price

Fluctuation

The price quotation convention shall be 0.25 cents; minimum price

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day

thereafter if the 20th Calendar day is not a business day

Option Style European
    

144

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise

Provisions

None

Strike Price Listing

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below

the at‐the‐money Strike Price.  Price boundaries are adjusted according

to the price of the underlying swap.

Symbol CDX.NA.HY Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

145

Rule 1232. Markit iTraxx® Europe Main Option

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  500,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) liquid European entities with

investment grade credit ratings as published by Markit® from time to

time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price

Fluctuation

The price quotation convention shall be .25 cents; minimum price

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day

thereafter if the 20th Calendar day is not a business day

Option Style European
    

146

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise

Provisions

None

Strike Price Listing

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below

the at‐the‐money Strike Price.  Price boundaries are adjusted according

to the price of the underlying swap.

Symbol iTraxx Europe Main Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

147

Rule 1233. Markit iTraxx® Crossover Index Option

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  250,000,000   

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Up to seventy‐five (75) European entities with non‐investment grade

credit ratings as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price

Fluctuation

The price quotation convention shall be .25 cents; minimum price

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

Option Style European
    

148

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise

Provisions

None

Strike Price Listing

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below

the at‐the‐money Strike Price.  Price boundaries are adjusted according

to the price of the underlying swap.

Symbol iTraxx Europe Crossover Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

149

Rule 1234. Markit iTraxx® Europe Senior Financials Index Option

Currency EUR

Contract Minimum

Notional Amount

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  500,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Twenty Five (25) financial entitiesfrom the Markit iTraxx® Europe index

referencing senior debt as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price

Fluctuation

The price quotation convention shall be .25 cents; minimum price

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day

thereafter if the 20th Calendar day is not a business day

Option Style European
    

150

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise

Provisions

None

Strike Price Listing

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below

the at‐the‐money Strike Price.  Price boundaries are adjusted according

to the price of the underlying swap.

Symbol iTraxx Europe Senior Financials Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

151

Rule 1235. Markit CDX® North American Investment Grade Index Tranche

Currency USD

Contract Minimum

Notional Amount

Order Book:   25,000,000  

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000  

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:   25,000,000  

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) of the most liquid North American

entities with investment grade credit ratings as published by Markit®

from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01

points upfront; minimum price fluctuation may vary by trade type.

Attachment and

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

152

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol CDX.NA.IG Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

153

Rule 1236. Markit CDX® North American High Yield Index Tranche

Currency USD

Contract Minimum

Notional Amount

Order Book:  25,000,000  

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000  

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  25,000,000  

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred (100) liquid North American entities with high yield credit

ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01

points upfront; minimum price fluctuation may vary by trade type.

Attachment and

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

154

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol CDX.NA.HY Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

155

Rule 1237. Markit iTraxx® Europe Main Index Tranche

Currency EUR

Contract Minimum

Notional Amount

Order Book:  50,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  1,000,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  10,000,000   

All other execution methods:  As agreed by counterparties

Contract

Description

One hundred twenty five (125) of the most liquid European entities

with investment grade credit ratings as published by Markit® from time

to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01

points upfront; minimum price fluctuation may vary by trade type.

Attachment and

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

156

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol ITRX EUR Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

157

Rule 1238. Markit iTraxx Asia Ex‐Japan

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  300,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Forty (40) of the most liquid Asian entities with investment grade credit

ratings as published by Markit® from time to time, excluding entities

domiciled in Japan

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.
    

158

Symbol ITRX.ASIA.EXJAPAN

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

159

Rule 1239. Markit iTraxx Japan

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  9,000,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Fifty (50) of the most liquid Japanese entities with investment grade

credit ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis Points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis points; minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 27 (or the Business Day immediately thereafter) and March

27 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 27 shall have a maturity

date of December 27 (or the first Business Day thereafter if December

27 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol ITRX.JAPAN
    

160

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

161

Rule 1240. Markit iTraxx Australia

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  300,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Twenty five (25) of the most liquid Australian entities with investment

grade credit ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

162

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol ITRX.AUS

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

163

Rule 1241. Markit iTraxx® Corp CEEMEA

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  200,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Twenty five (25) of the most liquid corporate and quasi‐sovereign

entities from Central & Eastern European, Middle Eastern and African

countries, as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

164

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol ITRX.CORP.CEEMA

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

165

Rule 1242. Markit ITraxx® Sovx CEEMEA

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  200,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Eleven (11) of the most liquid sovereign entities from Central & Eastern

European, Middle Eastern and African countries, as published by

Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

166

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol ITRX.SOVX.CEEMA

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

167

Rule 1243. Markit iTraxx® Sovx CEEMEA EXEU

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  200,000,000

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Up to twelve (12) of the most liquid sovereign entities from Central &

Eastern European, Middle Eastern and African countries (excluding

countries that are European Union member states, or are expected to

become European Union member states during the 6 month period

following the creation of a new index series), as published by Markit®

from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points

Minimum Price

Fluctuation

The price quotation convention shall be .0001 basis point (bps);

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

168

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.

Symbol ITRX.SOVX.CEEMA.EXEU

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

169

Rule 1244. Markit CDX® EM EX‐EU

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods: As agreed by counterparties

Contract

Description

14 Sovereign issuers from Latin America, Eastern Europe, the Middle

East, Africa and Asia, excluding Hungary.

Contract Months March and  September; one or two months listed at all times

Price Quotation Index Points

Minimum Price

Fluctuation

The price quotation convention shall be .01 index points; minimum

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 18

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

170

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of March 20 shall have a maturity

date of June 20 (or the first Business Day thereafter if June 20 is not a

Business Day) occurring up to 10 years following the Roll Date. Each

index series with a Roll Date of September 20 shall have a maturity date

of December 20 (or the first Business Day thereafter if December 20 is

not a Business Day) occurring up to 10 years following the Roll Date.

Symbol CDX.EM.EX‐EU

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

171

Rule 1245. Markit® iBoxx® EUR Corporates

Currency USD

Contract Minimum 

Notional Amount 

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum 

Notional Amount 

Order Book:  100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment 

Order Book:  5,000,000

All other execution methods: As agreed by counterparties

Contract Description Total Return Swap referencing the Markit iBoxx EUR Corporate index.

Contract Months March, June, September and December; up to 16 months listed at all

times

Price Quotation Basis Points

Minimum Price 

Fluctuation 

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date) 

20th calendar day of the Contract Month.

Symbol IBOXX EUR Corp

Position Limit None
    

172

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

 
    

173

Rule 1246. Markit® iBoxx® EUR Liquid High Yield

Currency USD

Contract Minimum 

Notional Amount 

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum 

Notional Amount 

Order Book:  100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment 

Order Book:  5,000,000

All other execution methods: As agreed by counterparties

Contract Description Total Return Swap referencing the Markit iBoxx EUR Liquid high Yield

index.

Contract Months March, June, September and December; up to 16 months listed at all

times

Price Quotation Basis Points

Minimum Price 

Fluctuation 

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date) 

20th calendar day of the Contract Month.

Symbol IBOXX EUR LIQ HY Corp
    

174

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

 
    

175

Rule 1247. Markit® iBoxx® USD Liquid High Yield

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods: As agreed by counterparties

Contract

Description

Total Return Swap referencing the Markit iBoxx USD Liquid High Yield

index.

Contract Months March, June, September and December; up to 16 months listed at all

times

Price Quotation Basis Points

Minimum Price

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX USD LIQ HY
    

176

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

177

Rule 1248. Markit® iBoxx® USD Liquid Investment Grade

Currency USD

Contract Minimum

Notional Amount

Order Book:  5,000,000

Block Trades:  In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  5,000,000

All other execution methods: As agreed by counterparties

Contract

Description

Total Return Swap referencing the Markit iBoxx USD Liquid Investment

Grade index.

Contract Months March, June, September and December; up to 16 months listed at all

times

Price Quotation Basis Points

Minimum Price

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX USD LIQ IG
    

178

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.
    

179

Rule 1249. Markit® iTraxx® Crossover Index Tranche

Currency EUR

Contract Minimum

Notional Amount

Order Book:  10,000,000   

All other execution methods:  As agreed by counterparties

Contract Maximum

Notional Amount

Order Book:  1,000,000,000    

All other execution methods:  As agreed by counterparties

Contract Minimum

Notional Increment

Order Book:  10,000,000

All other execution methods:  As agreed by counterparties

Contract

Description

Up to seventy‐five (75) European entities with non‐investment grade

credit ratings as published by Markit® from time to time

Contract Months March and  September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01

points upfront; minimum price fluctuation may vary by trade type.

Attachment and

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
    

180

Last Trade Date

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity

date of December 20 (or the first Business Day thereafter if December

20 is not a Business Day) occurring up to 10 years following the Roll

Date.    Each index series with a Roll Date of March 20 shall have a

maturity date of June 20 (or the first Business Day thereafter if

December 20 is not a Business Day) occurring up to 10 years following

the Roll Date.

Symbol ITRX XOVER Tranche

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price.  See Error Trade Policy for more

details.

   
    

181

CHAPTER 13: COMMODITIES CONTRACT TERMS AND CONDITIONS

Rule 1301. Scope.

(a) The rules in this Chapter govern the trading of Commodity Contracts.    Any matters not

specifically covered herein related to trading, settlement or otherwise related to Transactions

involving Commodity Contracts shall be governed by the Rules of the SEF.  In the event of any

inconsistency between the Rules in this Chapter and any other SEF Rule, the Rules in this Chapter

shall govern.

(b) The SEF shall list for trading hereunder Commodity Contracts as may be designated by the

SEF from time to time.

Rule 1302. Definitions.

As used in this Chapter, the following terms shall have the following meanings:

Commodity Contract

The term “Commodity Contract” shall include Commodity Swaps, Option on Commodity

Swaps, and any other interests or instruments traded on or subject to the Rules.

Contract Period

The Term “Contract Period” shall mean the expiration month or date of the Contract.

Last Trading Day

The term “Last Trading Day” shall mean the last day on which trading is permitted for

swap in accordance with the Rules.

Platts Asia‐Pacific/Arab Gulf Marketscan

The Term “Platts Asia‐Pacific/Arab Gulf Marketscan” shall mean Platts Asia‐Pacific/Arab

Gulf Marketscan, or any successor publication, published by the McGraw‐Hill Companies

Inc. or its successor.

“Platts®” is a trademark of The McGraw‐Hill Companies, Inc. and has been licensed for

use by Intercontinental Exchange, Inc. Platts does not sponsor, endorse, sell or promote

the Contracts specified in this chapter and Platts makes no recommendations concerning

the advisability of investing in any Contracts.
    

182

Platts Crude Oil Marketwire 

The Term “Platts Crude Oil Marketwire” shall mean Platts Crude Oil Marketwire, or any

successor publication, published by the McGraw‐Hill Companies Inc. or its successor.

“Platts®” is a trademark of The McGraw‐Hill Companies, Inc. and has been licensed for

use by Intercontinental Exchange, Inc. Platts does not sponsor, endorse, sell or promote

the Contracts specified in this chapter and Platts makes no recommendations concerning

the advisability of investing in any Contracts.

Platts European Marketscan

The Term “Platts European Marketscan” shall mean Platts European Marketscan, or any

successor publication, published by The McGraw‐Hill Companies Inc. or its successor.   

“Platts®” is a trademark of The McGraw‐Hill Companies, Inc. and has been licensed for

use by Intercontinental Exchange, Inc.  Platts does not sponsor, endorse, sell or promote

the Contracts specified in this chapter and Platts makes no recommendations concerning

the advisability of investing in any Contracts.

Rule 1303. Trading Hours.

Trading in Commodity Contracts is available at all times except during system maintenance.

Maintenance windows are reserved each weekday from 6:05 PM ET through 7:25 PM ET and

Friday 6:05 PM ET through Sunday 5:00 PM ET.

Rule 1304. ‐ Rule 1369. Reserved
    

183

Rule 1370. Daily CFD ‐ Dated Brent vs First Month BFOE Swap

Contract Description:  A cash settled swap based on the difference between Platts Dated Brent

and the first listed Platts BFOE month.

Contract Symbol:  BSM

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

Last Trading Day:  Second Business Day after the nominal contract date

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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks ($/barrel)” for

“Brent (Dated)” and the average of the “Mid” quotations for the “Spot Crude Assessment” for

“Brent” for the first quoted month for each Business Day that both are determined during the

contract month.

Roll Adjust Provision:  N/A

Contract Series:  130 days, or as otherwise determined by the SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

184

Rule 1371. Weekly CFD ‐ Dated Brent vs First Month BFOE Swap

Contract Description:   A cash settled swap based on the difference between the Platts daily

assessment price for Dated Brent and the first listed Platts BFOE month.

Contract Symbol:  CFD

Contract Size:  200 barrels

Unit of Trading:  CFD’s will trade as weekly packages on the execution platform.  Each weekly

contract of 1,000 bbls will be divided into 5 daily contracts of 200 bbls each.  No holidays are

observed, and thus, holiday and publication interruptions, with regard to final settlement, will be

final settled at the average of the applicable daily prints within the relevant week.  Each day in

the CFD will settle independently and sequentially, once the final weekly average is determined.

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) per barrel

Last Trading Day:  Eight calendar days following the nominal contract 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks ($/barrel)” for

“Brent (Dated)” and  the average of the “Mid” quotations for the “Spot Crude Assessment” for

“Brent” for the first quoted month for each Business Day that both are determined during the

contract month.

Roll Adjust Provision:  N/A

Contract Series:  130 consecutive Days, or as otherwise determined by the SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

185

Rule 1372. Weekly CFD ‐ Dated Brent vs Second Month BFOE Swap

Contract Description:   A cash settled swap based on the difference between the Platts daily

assessment price for Dated Brent and the second listed Platts BFOE month.

Contract Symbol:  CFT

Contract Size:  200 barrels

Unit of Trading:  Any multiple of 200 barrels.

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) per barrel

Last Trading Day:  Eight calendar days following the nominal contract 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 “Mid” quotations

appearing in "Platts Crude Oil Marketwire" under the heading "Key benchmarks ($/barrel)" for

"Brent (Dated)" and the average of the “Mid” quotations for the "Spot Crude Assessment" for

"Brent" for the second quoted month for each Business Day that both are determined during the

contract period.

Roll Adjust Provision:  N/A

Contract Series:  130 consecutive Days

Final Payment Dates:  One Business Day following the Last Trading Day

Business Days:  UK Business Days

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

186

Rule 1373. Fuel Oil 1% FOB NWE Cargoes Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for 1% FOB NWE Cargoes Fuel Oil

Contract Symbol:  CAR

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe cargoes” subheading “FOB NWE”

for “Fuel oil 1.0%” for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

187

Rule 1374. Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 1% FOB NWE Cargoes Fuel Oil and the Platts daily assessment price for

3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol:  FOS

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

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 European Marketscan”  under the heading “Northwest Europe cargoes”

subheading “FOB NWE” for “Fuel oil 1.0%” and the average of the “Mid” quotations appearing in

the “Platts European Marketscan” under the heading “Northwest Europe barges” subheading

“FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the

determination period.  Non‐Common Pricing Applies

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

188

Rule 1375. Fuel Oil 180 CST Singapore Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for 180 CST Singapore Fuel Oil.

Contract Symbol:  SZS

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

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 “Mid” quotations appearing in the “Platts

Asia‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore”

and “FOB Singapore” for “HSFO 180 CST ($/mt)” for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

189

Rule 1376. Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily assessment price

for 3.5% FOB Rotterdam Barges  Fuel Oil

Contract Symbol:  NVS

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

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 European Marketscan” under the heading “Mediterranean cargoes”

subheading “FOB MED (Italy)” for “Fuel Oil 3.5%” and the average of the “Mid” quotations

appearing in the “Platts European Marketscan” under the heading “Northwest Europe barges”

subheading “FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in

the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

190

Rule 1377. Fuel Oil 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol:  BAR

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB

Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

191

Rule 1378. Fuel Oil 380 CST Singapore Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for 380 CST Singapore Fuel Oil

Contract Symbol:  SYS

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

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 “Mid” quotations appearing in the “Platts

Asia‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore”

and “FOB Singapore” for “HSFO 380 CST ($/mt)” for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

192

Rule 1379. Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol:  CAS

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe cargoes” subheading “FOB NWE”

for “Fuel Oil 1.0%” for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

193

Rule 1380. Fuel Oil 1% FOB NWE Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for 1% FOB NWE Cargoes Fuel Oil and the Platts daily

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol:  FOT

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

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 European Marketscan”  under the heading “Northwest Europe cargoes”

subheading “FOB NWE” for “Fuel oil 1.0%” and the average of the “Mid” quotations appearing in

the “Platts European Marketscan” under the heading “Northwest Europe barges” subheading

“FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the

determination period.   

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

194

Rule 1381. Fuel Oil 180 CST Singapore Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for 180 CST Singapore Fuel Oil.

Contract Symbol:  SZT

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

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 “Mid” quotations appearing in the “Platts

Asia‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore”

and “FOB Singapore ($/barrel)” for “HSFO 180 CST ($/mt)” for each business day (as specified

below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

195

Rule 1382. Fuel Oil 3.5% FOB Med Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo

Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily

assessment price for 3.5% FOB Rotterdam Barges  Fuel Oil

Contract Symbol:  NVT

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

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 European Marketscan” under the heading “Mediterranean cargoes”

subheading “FOB MED (Italy)” for “Fuel Oil 3.5%” and the average of the “Mid” quotations

appearing in the “Platts European Marketscan” under the heading “Northwest Europe barges”

subheading “FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in

the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

196

Rule 1383. Fuel Oil 380 CST Singapore Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for 380 CST Singapore Fuel Oil

Contract Symbol:  SYT

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

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 “Mid” quotations appearing in the “Platts

Asia‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore”

and “FOB Singapore ($/barrel)” for “HSFO 380 CST ($/mt)” for each business day (as specified

below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

197

Rule 1384. Marine Fuel 0.5% FOB Rotterdam Barge Swaps

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

FOB Rotterdam Barges Marine Fuel.

Contract Symbol: MF3

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

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 European Marketscan” under the heading “Marine Fuel” for “0.5% FOB Rotterdam

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

198

Rule 1385. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 3.5% CIF Med Cargoes Fuel Oil and the Platts daily assessment price

for 3.5% FOB Med Cargoes Fuel Oil

Contract Symbol: AIN

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

Last Trading Day: Last Trading Day of the contract month

Final Settlement: In respect of finalsettlement, 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 European Marketscan” under the heading “Mediterranean cargoes”

subheading “CIF Med (Genova/Lavera)” for “Fuel oil 3.5%” and the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the heading “Mediterranean

cargoes” subheading “FOB MED (Italy)” for “Fuel oil 3.5%” for each business day (as specified

below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Date: Five (5) New York Business Days after each settlement date via wire transfer

of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.

   
    

199

Rule 1386. Fuel Oil 180 CST Singapore  vs. 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 180 CST Singapore Fuel Oil and the Platts daily assessment price for

3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  SFS

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

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 Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products"

subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" and the average of the

"Mid" quotations appearing in the "Platts European Marketscan" under the heading "Northwest

Europe barges" subheading "FOB Rotterdam" for "Fuel Oil 3.5%" for each business day (as

specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication daysfor Platts Asia‐Pacific/Arab Gulf Marketscan and Platts European

Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

200

Rule 1387. Fuel Oil 380 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 380 CST Singapore Fuel Oil and the Platts daily assessment price for

3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  SJS

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

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 Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products"

subheading "Singapore" and "FOB Singapore" for "HSFO 380 CST ($/mt)" and the average of the

"Mid" quotations appearing in the "Platts European Marketscan" under the heading "Northwest

Europe barges" subheading "FOB Rotterdam" for "Fuel Oil 3.5%" for each business day (as

specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication daysfor Platts Asia‐Pacific/Arab Gulf Marketscan and Platts European

Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

201

Rule 1388. Singapore Gasoil Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Singapore Gasoil.

Contract Symbol:  GST

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia‐

Pacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore

($/barrel)” for “Gasoil” for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

202

Rule 1389. Singapore Gasoil Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for Singapore Gasoil.

Contract Symbol:  GSS

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts

Asia‐Pacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore

($/barrel)” for “Gasoil” for each business day (as specified below) in the determination period.  

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

203

Rule 1390. Marine Fuel 0.5% FOB Singapore Swap

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

FOB Singapore Marine Fuel.

Contract Symbol: MF4

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

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 Asia‐Pacific/Arab Gulf Marketscan” under the heading “Marine Fuel” for “0.5% FOB

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds.

Business days: Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

204

Rule 1391. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol:  FQJ

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

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 European Marketscan” under the heading “Mediterranean cargoes”

subheading “CIF Med (Genova/Lavera)” for “Fuel Oil 3.5%” and the average of the “Mid”

quotations appearing in the “Platts European Marketscan” under the heading “Mediterranean”

subheading “FOB MED (Italy) ” for “Fuel Oil 3.5%” for each business day (as specified below) in

the determination period.

Roll Adjust Provision: N/A

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

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

Business Days: Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

205

Rule 1392. Reserved   
    

206

Rule 1393. Reserved   
    

207

Rule 1394. Marine Fuel 0.5% FOB Rotterdam Barges vs Fuel Oil 3.5% FOB Rotterdam Barges

Swap

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

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

price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: MF5

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) 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 European Marketscan” under the heading “Marine Fuel” for “0.5% FOB Rotterdam

barge” and the average of “Mid” quotations appearing in the “Platts European Marketscan”

under the heading “Northwest Europe barges” subheading “FOB Rotterdam” for “Fuel Oil

3.5%” for each business day (as specified below) in the determination period.  

Roll Adjust Provision: N/A

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

Payment Dates: Five (5) New York Business Days after each settlement date via wire transfer

of Federal funds

Business days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling
    

208

Rule 1395. Marine Fuel 0.5% FOB USGC Barges Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price for

0.5% FOB USGC Marine Fuel.

Contract Symbol: MF1

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

Last Trading Day: Last Trading Day of the contract month

Final Settlement Price: In respect of final settlement, the Floating Price will be a price in USD and

cents per barrel based on the average of the “Mid” quotations appearing in the “Platts US

Marketscan” under the heading “Marine Fuel” for “0.5% FOB USGC Barges” for each business day

(as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds  

Business days: Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

209

Rule 1396. Marine Fuel 0.5% FOB USGC Barges vs USGC HSFO Swap

Contract    Description: A balance of the month cash settled swap 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 USGC HSFO Swap.

Contract Symbol: MF2

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

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 USGC

Barges” and the average of the “Mid” quotations appearing in the “Platts US Marketscan” under

the heading “Gulf Coast” subheading “Houston” and “$/barrel” for “USGC HSFO” for each

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds.

Business days: Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

210

Rule 1397. Singapore Mogas 95 Unleaded Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Singapore Mogas. 95 Unleaded

Contract Symbol:  SMF

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia‐

Pacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore

($/barrel)” for “Mogas” for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

211

Rule 1398. Singapore Mogas 95 Unleaded Balmo Swap

Contract Description:   A balance of the monthly cash settled swap based on the Platts daily

assessment price for Singapore Mogas 95 Unleaded

Contract Symbol:  SMG

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia‐

Pacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore

($/barrel)” for “Mogas” for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

212

Rule 1399. Singapore Jet Kerosene Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Singapore Jet Kerosene.

Contract Symbol:  SRS

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia

‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and

“FOB Singapore” for “Kerosene” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

213

Rule 13100. Singapore Jet Kerosene Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for Singapore Jet Kerosene.

Contract Symbol:  SBJ

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia

‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and

“FOB Singapore ($/barrel)” for “Kerosene” for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

214

Rule 13101. Reserved
    

215

Rule 13102. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Swap

Contract Description:  A monthly cash settled swap based on the difference of the Platts daily

assessment price for Jet FOB Rotterdam Barges and the Platts daily assessment price for Jet CIF

NWE Cargoes Swap

Contract Symbol:  JRJ

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

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 European Marketscan” under the heading “Northwest Europe barges”

subheading “FOB Rotterdam” for “Jet” and the average of the “Mid” quotations appearing in the

“Platts European Marketscan” under the heading “Northwest Europe cargoes” subheading “CIF

NWE/Basis ARA” for “Jet” for each business day (asspecified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

216

Rule 13103. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference of

the Platts daily assessment price for Jet FOB Rotterdam Barges and the Platts daily assessment

price for Jet CIF NWE Cargoes Swap

Contract Symbol: JCR

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

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 European Marketscan” under the heading “Northwest

Europe barges” subheading “FOB Rotterdam” for “Jet” and the average of the “Mid” quotations

appearing in the “Platts European Marketscan” under the heading “Northwest Europe cargoes”

subheading “CIF NWE/Basis ARA” for “Jet” for each business day (as specified below) in the

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates:   Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.   
    

217

Rule 13104. Singapore Mogas 92 Unleaded Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Singapore Mogas Gasoline 92 unleaded.

Contract Symbol:  SMT

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia‐

Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and

“FOB Singapore” for “Gasoline 92 unleaded” for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

218

Rule 13105. Reserved
    

219

Rule 13106. Naphtha CIF NWE Cargoes Swap

Contract Description:  A monthly cash settled swap  based on the Platts daily assessment price

for Naphtha CIF NWE Cargoes

Contract Symbol:  NEC

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest European cargoes” subheading “CIF  

NWE/Basis ARA” for “Naphtha” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

220

Rule 13107. Naphtha CIF NWE Cargoes Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for Naphtha CIF NWE Cargoes.

Contract Symbol:  NEH

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe cargoes” subheading “CIF  

NWE/Basis ARA” for “Naphtha” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

221

Rule 13108. Naphtha CIF NWE Cargoes vs Brent 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Naphtha CIF NWE Cargoes and the ICE daily settlement price for Brent

1st Line Future

Contract Symbol:  NOB

Contract Size:  1,000 metric tonnes (8,900 bbls)

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

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in the “Platts European Marketscan” under the heading “Northwest European

cargoes” subheading “CIF NWE/Basis ARA” for “Naphtha” and the average of the settlement

prices as made public by ICE for the front month Brent 1st Line Future for each business day (as

specified below) in the determination period.

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except

for the expiration date of the commodity’s underlying delivery month’sfutures contract.  On such

date, the applicable pricing quotation will be rolled to the following month’s futures contract.

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

222

Rule 13109. Naphtha CIF NWE Cargoes vs Brent 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Naphtha CIF NWE Cargoes and the ICE daily

settlement price for Brent 1st Line Future

Contract Symbol:  NCB

Contract Size:  1,000 metric tonnes (8,900 bbls)

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

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in the “Platts European Marketscan” under the heading “Northwest European

cargoes” subheading “CIF NWE/Basis ARA” for “Naphtha” and the average of the settlement

prices as made public by ICE for the front month Brent Crude Future for each business day (as

specified below) in the determination period.

Non‐Common Pricing applies.

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except

for the expiration date of the commodity’s underlying delivery month’sfutures 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 SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan and ICE

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

223

Rule 13110. Eurobob Oxy FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Eurobob Oxy FOB Rotterdam Barges.

Contract Symbol:  GDG

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

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 “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB

Rotterdam” for “Eurobob” for each business day (as specified below) in the determination

period.

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

224

Rule 13111. Platts LNG Derivatives Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for the LNG Japan/Korea Marker (JKM).  

Contract Symbol:  JKM

Contract Size:  10,000 MMBtu per contract month

Unit of Trading:  Any multiple of 10,000 MMBtus

Currency:  US Dollars and cents

Trading Price Quotation:  One tenth of one cent ($0.001) per MMBtu

Last Trading Day:  Trading shall cease on the 15th calendar day of the calendar month prior to

the contract month. If the 15th calendar day is not a business day, then trading shall cease on

the next preceding business day.

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per MMBtu based on the average of the relevant quotations appearing in “Platts LNG

Daily” under the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES Japan/Korea

Marker (JKM)" for “JKM (month)” for each business day (asspecified below) in the determination

period.

Non‐Common Pricing applies.

Contract Series:  Up to 12 consecutive months, or as otherwise determined by the SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts LNG Daily

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

225

Rule 13112. 180cst Middle East FOB Arab Gulf Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Middle East 180 CST FOB Arab Gulf Fuel Oil.

Contract Symbol:  MEA

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

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 “Mid” quotations appearing in the "Platts

Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 180 CST ($/mt)" for each

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

Contract Series:  Up to 72 consecutive months, or as otherwise determined by the SEF

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

226

Rule 13113. 380cst Middle East FOB Arab Gulf Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Middle East 380 CST FOB Arab Gulf Fuel Oil.

Contract Symbol:  ME2

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

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 “Mid” quotations appearing in the "Platts

Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 380 CST ($/mt)" for each

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

Contract Series:  Up to 72 consecutive months, or as otherwise determined by the SEF

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

227

Rule 13114. 180cst Middle East FOB Arab Gulf Balmo Swap

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

assessment price for Middle East 180 CST FOB Arab Gulf Fuel Oil.

Contract Symbol:  ME9

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

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 “Mid” quotations appearing in the "Platts

Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 180 CST ($/mt)" for each

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

Contract Series:  Up to two consecutive months, or as otherwise determined by the SEF

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract.  The

terms reflected in such contracts shall be controlling.
    

228

Rule 13115. Reserved
    

229

Rule 13116. Reserved
    

230

Rule 13117. Reserved
    

231

Rule 13118. Reserved

   
    

232

Rule 13119. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Premium Unleaded 10ppm FOB Med Cargoes

Contract Symbol:  UCC

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med

(Italy)" for "Prem Unl 10ppm" for each business day (as specified below) in the determination

period

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

233

Rule 13120. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Balmo Swap

Contract Description:  A balance of the month cash settled based on the Platts daily assessment

price for Premium Unleaded 10ppm FOB Med Cargoes

Contract Symbol:  UCC

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med

(Italy)" for "Prem Unl 10ppm" for each business day (as specified below) in the determination

period

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

234

Rule 13121. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Gasoil 0.1% CIF Med Cargoes and the ICE daily settlement price for

Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULQ

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Mediterranean cargoes"

subheading "CIF Med (Genova/Lavera)" for "Gasoil 0.1%" and the average of the settlement

prices as made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as

specified below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

235

Rule 13122. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Gasoil 0.1% CIF Med Cargoes and the ICE daily

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULW

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Mediterranean cargoes"

subheading "CIF Med (Genova/Lavera)" for "Gasoil 0.1%" and the average of the settlement

prices as made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as

specified below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling
    

236

Rule 13123. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Gasoil 0.1% CIF NWE Cargoes and the ICE daily settlement price for

Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULT

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe cargoes"

subheading "CIF NWE/Basis ARA" for "Gasoil 0.1%" and the average of the settlement prices as

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

237

Rule 13124. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Gasoil 0.1% CIF NWE Cargoes and the ICE daily

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULXContract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe cargoes"

subheading "CIF NWE/Basis ARA" for "Gasoil 0.1%" and the average of the settlement prices as

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling
    

238

Rule 13125. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily settlement price for ICE

Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULR

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below)

in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

239

Rule 13126. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily

settlement price for ICE Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULY

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below)

in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

240

Rule 13127. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference of the Platts daily

assessment price for Jet FOB Rotterdam Barges and the ICE daily settlement price for Low Sulphur

Gasoil 1st Line Future

Contract Symbol:  ULK

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Jet"and the average of the settlement prices as made public

by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below) in the

determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling   
    

241

Rule 13128. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:  A balance of the month cash settled swap based on the difference of the

Platts daily assessment price for Jet FOB Rotterdam Barges and the ICE daily settlement price for

Low Sulphur Gasoil 1st Line Future

Contract Symbol:  N/A

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Jet"and the average of the settlement prices as made public

by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below) in the

determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

242

Rule 13129. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference of the Platts daily

assessment price for Jet CIF NWE Cargoes and the ICE daily settlement price for Low Sulphur

Gasoil 1st Line Future

Contract Symbol:  ULJ

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe cargoes"

subheading "CIF NWE/Basis ARA" for "Jet" and the average of the settlement prices as made

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below)

in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

243

Rule 13130. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:  A balance of the month cash settled swap based on the difference of the

Platts daily assessment price for Jet CIF NWE Cargoes and the ICE daily settlement price for Low

Sulphur Gasoil 1st Line Future

Contract Symbol:  UME

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe cargoes"

subheading "CIF NWE/Basis ARA" for "Jet" and the average of the settlement prices as made

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (asspecified below)

in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

244

Rule 13131. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for the Diesel 10 ppm FOB ARA Barges and the ICE daily settlement price

for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULE

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Diesel 10 ppm" and the average of the settlement prices as

made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

245

Rule 13132. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for the Diesel 10 ppm FOB ARA Barges and the

ICEsettlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  UMA

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Diesel 10 ppm" and the average of the settlement prices as

made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period. Non‐Common Pricing applies

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan and ICE

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

246

Rule 13133. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for ULSD 10ppm CIF Med Cargoes and the ICE daily settlement price for

Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULI

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Mediterranean cargoes"

subheading "CIF Med (Genova/Lavera)" for "10ppm ULSD" and the average of the settlement

prices as made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as

specified below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

247

Rule 13134. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for ULSD 10ppm CIF Med Cargoes and the ICE daily

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  UMC

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Mediterranean cargoes"

subheading "CIF Med (Genova/Lavera)" for "10ppm ULSD" and the average of the settlement

prices as made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as

specified below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

248

Rule 13135. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for the ULSD 10 ppm CIF NWE Cargoes and the ICE daily settlement price

for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  ULF

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe cargoes"

subheading "CIF NWE/Basis ARA" for "ULSD 10 ppm" and the average of the settlement prices as

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

249

Rule 13136. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for the ULSD 10 ppm CIF NWE Cargoes and the ICE

daily settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: UMD

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 “Mid” quotations appearing in

the "Platts European Marketscan" under the heading "Northwest Europe cargoes" subheading

"CIF NWE/Basis ARA" for "ULSD 10 ppm" and the average of the settlement prices as made public

by ICE for the Low Sulphur Gasoil Future for each business day (as specified below) in the

determination period. Non‐Common Pricing applies

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan and ICE

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

250

Rule 13137. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Gasoil 50 ppm FOB Rotterdam Barges and the ICE daily settlement

price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  N/A

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 50 ppm" and the average of the settlement prices as

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

251

Rule 13138. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Gasoil 50 ppm FOB Rotterdam Barges and the ICE

daily settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol:  N/A

Contract Size:  1,000 metric tonnes

Unit of Trading:  Any multiple of 5,000 metric tonnes

Currency:  US Dollars and cents

Trading Price Quotation:  Twenty Five ($0.25) cents 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 European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 50 ppm" and the average of the settlement prices as

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified

below) in the determination period

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be

used except for the expiration date of the commodity's underlying delivery month's futures

contract. On such date, the applicable pricing quotation will be rolled to the following month's

futures contract

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling

   
    

252

Rule 13139.  Urals NWE vs Dated Brent Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Urals North and Platts daily assessment price for

Dated Brent (Mediterranean Dated strip).

Contract Symbol:  CFV

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent”

for “Mediterranean Dated strip” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

253

Rule 13140.  Urals NWE  vs Dated Brent Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Urals North and Platts daily assessment price for Dated Brent

(Mediterranean Dated strip).

Contract Symbol:  CFU

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent”

for “Mediterranean Dated strip” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

254

Rule 13141.  Urals NWE  vs Dated Brent Half Monthly Swap

Contract Description:  A half monthly cash settled swap based on the difference between the

Platts daily assessment price for Urals North and Platts daily assessment price for Dated Brent

(Mediterranean Dated strip).

Contract Symbol:  N/A

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent”

for “Mediterranean Dated strip” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

Contract Series:  Up to 4 consecutive months (8 half months), or as otherwise determined by the

SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

255

Rule 13142.  Urals Med vs Dated Brent Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for Urals Med and Platts daily assessment price for

Dated Brent.

Contract Symbol:  UCG

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO Spot

Assessments ($/barrel)” for “Urals RCMB (Recombined)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks

($/barrel)” for “Brent (Dated)” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

256

Rule 13143.  Urals Med  vs Dated Brent Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Urals Med and Platts daily assessment price for Dated Brent.

Contract Symbol:  UCF

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot

assessments” subheading “$/bbl” for “Urals RCMB (Recombined)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks

($/bbl)” for “Brent (Dated)” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

257

Rule 13144.  Urals Med  vs Dated Brent Half Monthly Swap

Contract Description:  A half monthly cash settled swap based on the difference between the

Platts daily assessment price for Urals Med and Platts daily assessment price for Dated Brent.

Contract Symbol:  N/A

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 100,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) 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 “Mid” quotations

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot

assessments” subheading “$/bbl” for “Urals RCMB (Recombined)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks

($/bbl)” for “Brent (Dated)” for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

Contract Series:  Up to 4 consecutive months (8 half months), or as otherwise determined by the

SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.

   
    

258

Rule 13145.  Singapore Mogas 92 Unleaded Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for Singapore Mogas Gasoline 92 unleaded.

Contract Symbol:  SMU

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts Asia‐

Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and

"FOB Singapore ($/barrel)" for "Gasoline 92 unleaded" for each business day (as specified below)

in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
    

259

Rule 13146.  Reserved
    

260

Rule 13147.  Reserved
    

261

Rule 13148.  Reserved

   
    

262

Rule 13149.  Fuel Oil 1% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for 1% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  FOB

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

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 “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Northwest Europe Barges" subheading "FOB

Rotterdam" for "Fuel Oil 1.0%" for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

263

Rule 13150.  Fuel Oil 1% FOB Rotterdam Barges Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for 1% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  FOC

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

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 “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Northwest Europe Barges" subheading "FOB

Rotterdam" for "Fuel Oil 1.0%" for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

264

Rule 13151.  Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for 1% FOB Rotterdam Barges Fuel Oil and the Platts daily assessment

price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol:  FBC

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

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 European Marketscan" under the heading "Northwest Europe Barges"

subheading "FOB Rotterdam" for "Fuel Oil 1.0%" and the average of the “Mid” quotations

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes"

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

265

Rule 13152.  Fuel Oil 1% FOB Rotterdam Barges vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for 1% FOB Rotterdam Barges Fuel Oil and the Platts

daily assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol:  FBD

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

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 European Marketscan" under the heading "Northwest Europe Barges"

subheading "FOB Rotterdam" for "Fuel Oil 1.0%" and the average of the “Mid” quotations

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes"

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

266

Rule 13153.  New York 1% Fuel Oil Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for New York 1% Fuel Oil.

Contract Symbol:  FOW

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US

Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and

"Cargo" for "No. 6 1%" for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

267

Rule 13154.  New York 1% Fuel Oil Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for New York 1% Fuel Oil.

Contract Symbol:  FOX

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US

Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and

"Cargo" for "No. 6 1%" for each business day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

268

Rule 13155.  New York 1% Fuel Oil vs Brent 1st Line Swap

Contract Description:    A monthly cash settled swap based on the difference the Platts daily

assessment price for New York 1% Fuel Oil and the ICE daily settlement price for Brent 1st Line

Future.

Contract Symbol:  NFB

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" underthe heading "Atlantic Coast New York" subheading

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the settlement prices as

made public by ICE for the front month Brent 1st Line Future for each business day (as specified

below) in the determination period.

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except

for the expiration date of the commodity's underlying delivery month's futures contract. On such

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

269

Rule 13156.  New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for New York 1% Fuel Oil and the Platts daily assessment price for 1% FOB

NWE Cargoes Fuel Oil.

Contract Symbol:  FOH

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" underthe heading "Atlantic Coast New York" subheading

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the “Mid” quotations

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes"

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the

determination period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

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

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

270

Rule 13157.  New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for New York 1% Fuel Oil and the Platts daily

assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol:  FOI

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" underthe heading "Atlantic Coast New York" subheading

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the “Mid” quotations

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes"

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the

determination period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

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

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

271

Rule 13158.  New York 1% Fuel Oil vs USGC HSFO Fuel Oil Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for New York 1% Fuel Oil and the Platts daily assessment price for US Gulf

Coast High Sulphur Fuel Oil.

Contract Symbol:  FOD

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast” subheading “New

York Harbor" subheading "Delivered cargo ($/bbl)" and for "No. 6 1%" and the average of the

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

subheading "Houston" and "$/bbl" for "USGC HSFO” for each business day (as specified below)

in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

272

Rule 13159.  New York 1% Fuel Oil vs USGC HSFO Fuel Oil Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for New York 1% Fuel Oil and the Platts daily

assessment price for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol:  FOE

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast” subheading “New

York Harbor" subheading "Delivered cargo ($/bbl)" and  for "No. 6 1%" and the average of the

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

subheading "Houston" and "$/bbl" for "USGC HSFO" for each business day (as specified below)

in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

273

Rule 13160.  USGC HSFO Fuel Oil Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol:  RBO

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US

Marketscan" under the heading "Gulf Coast" subheading "Houston" and "$/bbl" for "USGC HSFO”

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

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

274

Rule 13161.  USGC HSFO Fuel Oil Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol:  RBP

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

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US

Marketscan" under the heading "Gulf Coast" subheading "Houston" and "$/bbl" for "USGC HSFO”

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

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

275

Rule 13162.  USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the Platts daily assessment

price for 3.5% FOB Rotterdam Barges Fuel Oil (in mts).

Contract Symbol:  NVV

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

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 “Gulf Coast” subheading “Houston”

and “$/barrel” for “USGC HSFO” and the average of the “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB

Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the determination

period. conversion factor: 1 metric tonne = 6.35 barrels. Non‐Common Pricing Applies.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

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

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

276

Rule 13163.  USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the difference

between the Platts daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the Platts

daily assessment price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  GOD

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston"

and "$/bbl" for "USGC HSFO” the average of the “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Northwest Europe barges" subheading "FOB

Rotterdam" for "Fuel Oil 3.5%" for each business day (as specified below) in the determination

period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

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

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

277

Rule 13164.  Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol:  BAS

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

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 “Mid” quotations appearing in the "Platts

European Marketscan" under the heading "Northwest Europe barges" subheading "FOB

Rotterdam" for "Fuel Oil 3.5%" for each business day (as specified below) in the determination

period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

278

Rule 13165.  USAC HSFO vs USGC HSFO Fuel Oil Swap  

Contract Description:  A monthly  cash settled swap  based on the difference between the Platts

daily assessment price for New York 3% Fuel Oil and Platts daily assessment price for USAC HSFO

and the Platts daily assessment price for USGC HSFO.  

Contract Symbol:  

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

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 “Mid” quotations

appearing in the “Platts US Marketscan” under the heading “Atlantic Coast” subheading “New

York Harbor” and “Delivered cargo ($/barrel)” for “USAC HSFO” and the average of the “Mid”

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

“Houston” and “$/barrel” for “USGC HSFO” for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  N/A

Contract Series:  Up to 6 consecutive months, or as otherwise determined by the SEF

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

279

Rule 13166.  New York 1% Fuel Oil vs WTI 1st Line Swap

Contract Description:    A monthly cash settled swap based on the difference the Platts daily

assessment price for New York 1% Fuel Oil and the daily settlement price for WTI 1st Line Future.

Contract Symbol:  FOK

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" underthe heading "Atlantic Coast New York" subheading

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%"and the average of the settlement prices as

made public by ICE for the front month ICE WTI 1st Line Future contract for each business day (as

specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

280

Rule 13167.  USGC HSFO Fuel Oil vs Brent 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the ICE settlement price for

Brent 1st Line Future.

Contract Symbol:  GCS

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston"

and "$/bbl" for "USGC HSFO" and the average of the settlement prices as made public by ICE for

the front month Brent Crude Future for each business day (as specified below) in the

determination period.

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except

for the expiration date of the commodity's underlying delivery month's futures contract. On such

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

281

Rule 13168.  USGC HSFO Fuel Oil vs. WTI 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the ICEsettlement price for

WTI 1st Line Future.

Contract Symbol:  GUF

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

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 “Mid” quotations

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston"

and "$/bbl" for "USGC HSFO” 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.

Roll Adjust Provision:  N/A

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts US Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

282

Rule 13169.  Gasoil 0.1% FOB ARA Barges vs Brent 1st Line Swap

Contract Description:  A monthly cash settled swap based on the difference between the Platts

daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily settlement price for

Brent 1st Line Future.

Contract Symbol:  GRB

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

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 “Mid” quotations

appearing in "Platts European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made

public by ICE for the front month Brent 1st Line Future for each business day (as specified below)

in the determination period. Conversion factor: 1 metric tonne = 7.45 barrels.

Roll Adjust Provision:  In order to use the correct Floating Price quotations, the nearby month

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except

for the expiration date of the commodity's underlying delivery month's futures contract. On such

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates:    Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days:  Publication days for Platts European Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

283

Rule 13170.  Reserved

   
    

284

Rule 13171.  Naphtha C+F Japan Cargo Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Naphtha C+F Japan.

Contract Symbol:  NJC

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

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 “Mid” quotations appearing in the "Platts

Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Japan

physical oil assessments" and "C+F Japan" for the "Naphtha ($/mt)" quotation for each business

day (as specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

285

Rule 13172.  Naphtha C+F Japan Cargo Balmo Swap

Contract Description:    A balance of the month cash settled swap based on the Platts daily

assessment price for Naphtha C+F Japan

Contract Symbol:  NJD

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

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 “Mid” quotations appearing in the "Platts

Asia‐Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Japan

physical oil assessments" and "C+F Japan ($/mt)" for "Naphtha" for each business day (as

specified below) in the determination period.

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Asia‐Pacific/Arab Gulf Marketscan

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.   
    

286

Rule 13173.  Platts Dubai Swap

Contract Description:  A monthly cash settled swap based on the Platts daily assessment price

for Dubai Crude.

Contract Symbol:  N/A

Contract Size:  1,000 barrels

Unit of Trading:  Any multiple of 50,000 barrels

Currency:  US Dollars and cents

Trading Price Quotation:  One cent ($0.01) per barrel

Last Trading Day:  Last Trading Day of the contract month

Final Settlement Price:  I In respect of final settlement, the Floating Price will be a price in USD

and cents per barrel based on the average of the “Mid” quotations appearing in "Platts Crude Oil

Marketwire" under the heading "Key benchmarks ($/bbl)" for "Dubai" prompt month for each

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

Roll Adjust Provision:  N/A

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

Final Payment Dates:  Fourteen (14) Calendar Days after each settlement date via wire transfer

or Federal funds

Business Days:  Publication days for Platts Crude Oil Marketwire

Other Terms:  To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.