55 East 52nd Street

New York, New York 10055

Submission No. 23-120

September 8, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: New Option on California Low Carbon Fuel Standard Credit (OPIS) Future and Related 

Amendments (1 of 6)

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

Dear Mr. Kirkpatrick:

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

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

18.E.159, 19.C.150-19.C.153, and 19.A.79, amendments to Rule 19.01, and amendments to Resolutions 1 

and 2 of Chapters 18 and 19. The new rules and amendments provide for five new futures and one new 

option on futures contracts, which will be listed on or about September 25, 2023, or such other date as the 

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

day on which this submission is received by the Commission.

Physical Environmental Option on Futures Contract

a. Option on California Low Carbon Fuel Standard Credit (OPIS) Future

The Exchange is listing one new option on futures contract calling for the delivery of California Low 

Carbon Fuel Standard Credits, as published by OPIS. The options are European-style and are based on the 

Exchange’s California Low Carbon Fuel Standard Credit (OPIS) Futures contracts. The new contract will 

be margined based on futures-style margining, for which the premium for the contracts will be paid in full 

at maturity, as opposed to equity-style margining. The options will cease trading at 4:00 p.m. (EPT) on the 

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

will be the first business day following the 15th calendar day of the delivery month, consistent with other 

Physical Environmental options contracts. Options will exercise at 5:30pm EPT on the contract’s last 

trading day.

The contract sizes, minimum price fluctuations, No-Cancellation Ranges (NCRs), spot month position 

limits and single and all month accountability levels are provided in relevant documents attached as Exhibit 

A. All relevant terms of the aforementioned Physical Environmental option on futures contract are similar 

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

other relevant specifications are provided in the contract specifications in Exhibit A. The new contract is

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

Environmental contracts. New Exchange Rule 18.E.159 lists the new option on futures contract. The 

Exchange has set spot month position limits and single and all-months-combined accountability levels for 
the option on futures contract at levels identical to those of existing contracts listed by the Exchange for 

LCFS futures contracts. Positions held in the new option on futures contract will be aggregated with the 

underlying futures contract (LFS) for position limits and single and all-month accountability purposes. 

Additionally, it is the Exchange’s good faith belief that the contract does not meet the definition of 

referenced contract as prescribed in CFTC Regulation §150.1.1

Oil Americas Futures and Option on Futures Contracts

a. Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future

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

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

Argus for crude oil streams at Bakken DAPL (or, Dakota Access Pipeline) basis WTI Calendar Month 

Average (CMA NYMEX). Generally, the DPL futures contract will reflect the value of crude streams 

originating from the Bakken formation with a delivery point near Patoka, IL. The relevant market consists 

of any crude oil stream meeting the prevailing grade and quality specifications of Bakken crude oil. The 

contract supplements the existing suite of Oil Americas and crude oil contracts currently listed by the 

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

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

or holiday, trading shall cease on the first business day prior to the 25th calendar day. The contract will settle

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

during the determination period.

b. Crude Diff - ICE HITAN EDM 1a Index Future

The Exchange is listing one monthly cash settled futures contract, the Crude Diff - ICE HITAN EDM 1a 

Index Future (“HTN”) is a monthly cash settled future based on the ICE HITAN Edmonton 1a Monthly 

Volume Weighted Average Price Index (ICE HITAN EDM 1a). Generally, the HTN futures contract will 

reflect the values of Canadian High TAN crude streams at Edmonton, Alberta. The crude streams included

in the index are Access Western Blend (“AWB”), Western Canadian Dilbit (“WDB”), Surmont Heavy 

Dilbit (“SHD”), and Kearl Lake (“KDB”). The contract supplements the existing suite of Oil Americas and 

crude oil contracts currently listed by the Exchange. Trading shall cease one Canadian business day prior 

to the Notice of Shipments (NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th 

calendar day of the month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS 

dates will be made publicly available by Enbridge Pipeline prior to the start of each year. The contract will 

settle to a price in USD and cents per barrel based on the ICE HITAN EDM 1a Index, as published by ICENGX. The index pricing period for each contract month begins on the first Canadian business day of the 

calendar month prior to the contract month and ends on the Canadian business day prior to the NOS date 

(as published by Enbridge) in the same calendar month.

c. Crude Diff - ICE CLK 1a Index Future

The Exchange is listing one new monthly contract, the Crude Diff - ICE CLK 1a Index Future (“CLK”) is 

a monthly cash settled future based on the ICE Cold Lake 1a Monthly Volume Weighted Average Price 

Index (ICE CLK 1a). Generally, the CLK contract will reflect the market premium (or discount) between 

the value of West Texas Intermediate (“WTI”), a US light sweet crude oil blend, and the value of crude oil 

extracted from oil sand deposits in the Cold Lake basin of Alberta, Canada destined to flow on Cold Lake 

pipelines at Edmonton and on Enbridge Transfer, Cold Lake, Gibson and Express pipelines at Hardisty. 

The contract supplements the existing suite of Oil Americas and crude oil contracts currently listed by the 

Exchange. Trading shall cease one Canadian business day prior to the Notice of Shipments (NOS) date on 

the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the month, subject to 

1 17 C.F.R. § 150.1 (October 15, 2020) (providing for referenced contract definition).
confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be made publicly available 

by Enbridge Pipeline prior to the start of each year. The contract will settle to a price in USD and cents per 

barrel based on the ICE CLK 1a Index, as published by ICE-NGX. The index pricing period for each 

contract month begins on the first Canadian business day of the calendar month prior to the contract month 

and ends on the Canadian business day prior to the NOS date (as published by Enbridge) in the same 

calendar month.

d. Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month Future

The Exchange is listing one new monthly cash settled futures contract, the Crude Diff - Argus Canadian 

High TAN (Houston) Crude Oil Trade Month Future (“ARX”) is a cash settled future based on the Argus 

daily assessment price for Canadian High TAN basis Houston. Generally, the ARX futures contract will 

reflect the value of Canadian High TAN crude streams with a delivery point of Houston, Texas. The relevant 

market consists of any crude oil stream meeting the prevailing grade and quality specifications of Canadian 

High TAN crude oil. The futures contract supplements the existing suite of Oil Americas contracts currently 

listed by the Exchange. The contract will cease trading at the close of trading on the last business day that 

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

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

contract will settle to a price in USD and cents per barrel based on the average of the “Diff weighted 

average” quotations appearing in the “Argus Crude” report under the heading "US Gulf Coast and 

Midcontinent" subheading “Texas” for “Canadian High TAN Houston”, basis CMA Nymex” for each 

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

e. Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future

The Exchange is listing one new monthly cash settled futures contract, the Biodiesel Outright - Soybean 

Oil (RBD) (Fastmarkets) 1st Line Future (“SRB”), which is a monthly cash settled future based on the 

Fastmarkets daily assessment price for Soybean Oil (RBD). The contract generally represents the price of 

refined, bleached, and de-odorized (RBD) soybean oil in central Illinois during the contract month. RBD 

soybean oil has been cleaned to remove impurities and has been degummed to remove lecithin and 

additional fatty acids. Additional refining removes pigmentation and odors from the oil. RBD soybean oil 

has various commercial and industrial uses, such as glues and adhesives and in the production of various 

food products. Increasingly, the oil is being utilized as an input in biodiesel fuel markets. The monthly 

futures contract supplements the existing suite of Oil Americas contracts currently listed by the Exchange. 

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

settle to a price in USD and cents per pound based on the average of daily prices made public by Fastmarkets 

for Soybean Oil (RBD) for each business day in the contract month. Further, amendments to Rule 19.01 

add Fastmarkets to the list of defined terms associated with the Exchanges’ futures and options products.

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

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

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

contracts are similar to other Oil Americas futures contracts listed by the Exchange. Each of the new 

contracts are block eligible. The minimum block trade size has been set consistent with existing Oil 

Americas futures contracts. The listing cycle and other relevant specifications are provided in the contract 

specifications in Exhibit A. New Exchange Rules 19.A.79 and 19.C.150-19.C.153 list the new futures 

contracts. Where applicable, a Deliverable Supply Analysis detailing the methodology the Exchange used 

to determine the spot month position limits for the Oil Americas contracts is attached hereto as Exhibit B. 

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

month position limits for the products. The Exchange believes that the DPL contract is substantially the 

same as an existing contract (look-a-likes) currently listed on another designated contract market. Therefore, 

pursuant to CFTC Regulation 150.5(b)(3), the Exchange has set spot month position limits and single and 

all-months-combined accountability levels for DPL at levels identical to those of existing contracts listed 
by such designated contract market, in compliance with the requirement.2 Additionally, it is the Exchange’s 

good faith belief that the above-referenced Oil Americas futures contracts do not meet the definition of 

referenced contract as prescribed in CFTC Regulation §150.1.

Certifications

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

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

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

to the new futures and option on futures contracts. The Exchange certifies that the rule amendments comply 

with the requirements of the Act and the rules and regulations promulgated thereunder. The Exchange has 

reviewed the designated contract market core principles ("Core Principles") as set forth in the Act and has 

determined that the listing of the contracts complies with the following relevant Core Principles: 

COMPLIANCE WITH RULES

The terms and conditions of the new futures and option on futures contracts are set forth in new 

Rules 18.E.159, 19.A.79, and 19.C.150-19.C.153, amendments to Rule 19.01, and amendments to 

Resolutions 1 and 2 of Chapters 18 and 19, and will be enforced by the Exchange. In addition, 

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

Regulation Department. 

CONTRACTS NOT READILY SUBJECT TO MANIPULATION

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

based on established and liquid underlying cash markets. In addition, trading of the new contracts 

will be monitored by the Market Regulation Department. 

POSITION LIMITS OR ACCOUNTABILITY

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

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

existing levels set for substantially similar products at the Exchange or another designated contract 

market or based on the deliverable supply of the cash commodity underlying the contract. Positions 

held in the new option on futures contract will be aggregated with the futures contract underlying 

the option contract for purposes of position limits and accountability.

FINANCIAL INTEGRITY OF CONTRACTS

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

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

futures commission merchants qualified to handle customer business. 

The Exchange is not aware of any opposing views expressed by members or others regarding the listing of 

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

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

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

2 17 C.F.R. § 150.5(b)(3) (October 15, 2020) (relevant regulation providing that: “For any newly listed commodity 

derivative contract subject to paragraph (b) of this section that is substantially the same as an existing contract listed 

on a designated contract market or swap execution facility that is a trading facility, the designated contract market or 

swap execution facility that is a trading facility listing such newly listed contract shall adopt spot month, individual 

month, and all-months-combined speculative position limits comparable to those of the existing contract.”) Here, the 

DPL contract has nearly identical deliverable instruments and expiration schedules to those listed by CME Group in 

its Bakken DAPL (Argus) Monthly Futures (DAB). Therefore, the Exchange has determined to set spot month 

speculative position limits, single and all-months-combined accountability levels at 2,000 contracts for DPL, 

identical to those at CME Group. (https://www.cmegroup.com/markets/energy/crude-oil/bakken-dapl-argusmonthly.contractSpecs.html and https://www.cmegroup.com/rulebook/files/position-limits-nymex.xlsx)
If you have any questions or need further information, please contact the undersigned at 

patrick.swartzer@ice.com. 

Sincerely,

Patrick Swartzer

Director

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

Rule Contract Name 

Commodity 

Code

Contract 

Size

Unit of 

Trading

Minimum 

Tick [1]

IPL 

Amount

IPL 

Recalc 

Time 

(Seconds)

IPL Hold 

Period 

(Seconds) NCR

18.E.159 Option on California Low Carbon Fuel Standard Credit (OPIS) Future LFT 100 LCFS Credits 

(MT) 0.25 N/A N/A N/A

20% of Premium FMV up 

to 5.00

(Min.: 0.50/Max: 5.00)

19.C.150 Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future DPL 1,000 bbl 0.001 6.25 3 5 0.250

19.C.151 Crude Diff - ICE HITAN EDM 1a Index Future HTN 1,000 bbl 0.0001 6.25 3 5 0.250

19.C.152 Crude Diff - ICE CLK 1a Index Future CLK 1,000 bbl 0.0001 6.25 3 5 0.250

19.C.153 Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month Future ARX 1,000 bbl 0.001 6.25 3 5 0.250

19.A.79 Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future SRB 60,000 lbs 0.0001 1.00 3 5 0.100

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

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

Rule Number Product

Minimum Price 

Fluctuations

Screen

Blocks and 

other trades 

outside the 

central limit 

order book

* * *

18.E.159 Option on California Low Carbon Fuel Standard Credit (OPIS) Future 0.25 0.25

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

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

Rule Number Product

Minimum Price Fluctuations

Screen

Blocks and other 

trades outside the 

central limit order 

book

* * *

19.C.150 Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future 0.01 0.01

19.C.151 Crude Diff - ICE HITAN EDM 1a Index Future 0.01 0.01

19.C.152 Crude Diff - ICE CLK 1a Index Future 0.01 0.01

19.C.153 Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month Future 0.01 0.01

19.A.79 Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future 0.0001 0.0001

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

Rule Contract Name

Commodity 

Code

Contract 

Size

Unit of 

Trading

Spot Month 

Limit

Single Month 

Accountability 

Level

All Month 

Accountability 

Level

Aggregate 1 

(Positive 

Correlation)

Aggregate 2 

(Negative 

Correlation)

Exchange 

Reportable 

Level

CFTC 

Referenced 

Contract

18.E.159 Option on California Low Carbon Fuel Standard Credit (OPIS) Future LFT 100 LCFS Credits 

(MT) 5,000 5,000 5,000 LFS 25 N

19.C.150 Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future DPL 1,000 Barrels 2,000 2,000 2,000 DPL 25 N

19.C.151 Crude Diff - ICE HITAN EDM 1a Index Future HTN 1,000 Barrels 8,100 8,100 8,100 HTN 25 N

19.C.152 Crude Diff - ICE CLK 1a Index Future CLK 1,000 Barrels 3,300 3,300 3,300 CLK 25 N

19.C.153 Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month 

Future ARX 1,000 Barrels 5,200 5,200 5,200 ARX 25 N

19.A.79 Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future SRB 60,000 lbs 500 500 500 SRB 25 N
10

Subchapter 18E – Energy Options Contracts

Rule Subject

* * *

18.E.159 Option on California Low Carbon Fuel Standard Credit (OPIS) Future

* * *
11

18.E.159 Option on California Low Carbon Fuel Standard Credit (OPIS) Future

Description: An Option on the corresponding month of the California Low Carbon Fuel Standard Credit 

(OPIS) Future (LFS)

Contract Symbol: LFT

Settlement Method: Exercise into Underlying Futures Contract 

Contract Size: 1 California Low Carbon Fuel Standard Credit (OPIS) Future contract 

Currency: USD 

Minimum Price Fluctuation: The price quotation convention shall be Twenty Five cents ($0.25) per 

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

Chapter 18. 

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

month it determines for the current year and forward for up to 5 years.  

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

September, October, November and December 

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.25 above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.25 increments 

Last Trading Day: At 4:00 pm EPT on the 15th calendar day of the expiring month. Where the 15th 

calendar day is not a Business Day, the Last Trading Day shall be the first Business Day following the 

15th calendar day of the expiring month. 

Option Style: European 

Option Premium: Futures Style 

Exercise Method: Automatic 

Exercise procedure: Clearing Members shall provide exercise and abandon instructions to the Clearing 

Organization in accordance with the Clearing Organization rules 

Exercise time: 5:30 pm EPT on the Last Trading Day 

MIC Code: IFED 

Clearing Venue: ICEU
12

SUBCHAPTER 19A - OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.79 Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future

* * *
13

19.A.79 Biodiesel Outright - Soybean Oil (RBD) (Fastmarkets) 1st Line Future

Description: A cash settled future based on the daily settlement price for Soybean Oil (RBD) Futures

Contract Symbol: SRB

Contract Size: 60,000 lbs

Unit of Trading: Any multiple of 60,000 lbs

Currency: US Dollars and cents

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

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

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

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 pound based on the average of the settlement prices as made public by Fastmarkets for Soybean Oil 

(RBD).

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

Business Days: Fastmarkets Business Days

MIC Code: IFED

Clearing Venue: ICEU
14

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

PRODUCTS

* * *

19.C.150 Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future

19.C.151 Crude Diff - ICE HITAN EDM 1a Index Future

19.C.152 Crude Diff - ICE CLK 1a Index Future

19.C.153 Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month Future

* * *
15

19.C.150 Crude Diff - Argus Bakken (DAPL) Crude Oil Trade Month Future

Description: A cash settled future based on the Argus daily assessment price for Bakken DAPL. The 

Argus Bakken DAPL Crude Oil Trade Month Future is expressed as a differential to WTI Calendar 

Month Average (CMA NYMEX).

Contract Symbol: DPL

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per barrel

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

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

Last Trading Day: Trading shall cease at the close of trading on the last business day that falls on or 

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

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

Final Settlement Price: In respect of final settlement, the Floating Price will be a price in USD and cents 

per barrel based on the “Diff weighted average” quotations appearing in the "Argus Crude" report under 

the heading "US Gulf Coast and Midcontinent", subheading “Midcontinent” for “Bakken DAPL”, basis 

“CMA NYMEX” for each business day (as specified below) in the determination period.

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

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

Business Days: Publication days for Argus Crude

MIC Code: IFED

Clearing Venue: ICEU
16

19.C.151 Crude Diff - ICE HITAN EDM 1a Index Future

Description: A monthly cash settled future based on the ICE HITAN Edmonton 1a Monthly Volume 

Weighted Average Price Index (ICE HITAN EDM 1a). The ICE HITAN EDM 1a Index is expressed as a 

differential to the NYMEX WTI 1st Line Future (Calendar Month Average).

Contract Symbol: HTN

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per barrel

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

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

Last Trading Day: Trading shall cease one Canadian business day prior to the Notice of Shipments 

(NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the 

month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be 

made publicly available by Enbridge Pipeline prior to the start of each year.

Final Settlement Price: A price in USD and cents per barrel based on the ICE HITAN EDM 1a Index, as 

published by ICE-NGX. The index pricing period for each contract month begins on the first Canadian 

business day of the calendar month prior to the contract month and ends on the Canadian business day 

prior to the NOS date (as published by Enbridge) in the same calendar month.

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

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

Business Days: Publication days for ICE-NGX Crude Oil Markets

MIC Code: IFED

Clearing Venue: ICEU
17

19.C.152 Crude Diff - ICE CLK 1a Index Future

Description: A monthly cash settled future based on the ICE Cold Lake 1a Monthly Volume Weighted 

Average Price Index (ICE CLK 1a). The ICE CLK 1a Index is expressed as a differential to the NYMEX 

WTI 1st Line Future (Calendar Month Average).

Contract Symbol: CLK

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per barrel

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

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

Last Trading Day: Trading shall cease one Canadian business day prior to the Notice of Shipments 

(NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the 

month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be 

made publicly available by Enbridge Pipeline prior to the start of each year.

Final Settlement Price: A price in USD and cents per barrel based on the ICE CLK 1a Index, as 

published by ICE-NGX. The index pricing period for each contract month begins on the first Canadian 

business day of the calendar month prior to the contract month and ends on the Canadian business day 

prior to the NOS date (as published by Enbridge) in the same calendar month.

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

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

Business Days: Publication days for ICE-NGX Crude Oil Markets

MIC Code: IFED

Clearing Venue: ICEU
18

19.C.153 Crude Diff - Argus Canadian High TAN (Houston) Crude Oil Trade Month Future

Description: A cash settled future based on the Argus daily assessment price for Canadian High TAN 

basis Houston. The Argus Canadian High TAN (Houston) Crude Oil Trade Month Future is expressed as 

a differential to WTI Calendar Month Average (CMA NYMEX).

Contract Symbol: ARX

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per barrel

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

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

Last Trading Day: Trading shall cease at the close of trading on the last business day that falls on or 

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

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

Final Settlement Price: In respect of final settlement, the Floating Price will be a price in USD and cents 

per barrel based on the average of the “Diff weighted average” quotations appearing in the "Argus Crude" 

report under the heading "US Gulf Coast and Midcontinent" subheading “Texas” for "Canadian High 

TAN Houston", basis CMA Nymex” for each business day (as specified below) in the determination 

period.

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

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

Business Days: Publication days for Argus Crude

MIC Code: IFED

Clearing Venue: ICEU
19

Rule 19.01 Definitions

The following capitalized terms shall have the meanings ascribed to them below:

* * *

Fastmarkets shall mean Fastmarkets Limited, or its 

successor. 

* * *

[REMAINDER OF RULEBOOK UNCHANGED]
20

EXHIBIT B

[REDACTED]