55 East 52nd Street

New York, New York 10055

Submission No. 18-405

August 30, 2018

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 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future and Related 

Amendments (8 of 45)

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

Dear Mr. Kirkpatrick:

Pursuant to Commission Regulations 40.2, ICE Futures U.S., Inc. (“Exchange”) submits, by 

written certification, new Rules 18.A.190-18.A.199, 18.B.340-18.B.341, 18.E.095-18.E.110, 19.A.31-

19.A.34, 19.C.104, and 19.D.79-19.D.80, amendments to Resolutions 1 and 2 of Chapter 18, and 

amendments to Resolutions 1 and 2 of Chapter 19. The new rules and amendments provide for 19 new 

futures contracts and 26 new options on futures contracts, which will be listed on September 17, 2018.

New Financial Gas Futures and Options Contracts

The Exchange is listing seven new Financial Gas fixed price futures, the NWP Rockies Fixed Price 

Future, Waha Fixed Price Future, EP Permian Fixed Price Future, HSC Fixed Price Future, Michcon 

Fixed Price Future, TETCO M3 Fixed Price Future, and the AB NIT Fixed Priced Future, monthly cash 

settled futures based upon the monthly price for natural gas at NWP Rockies, Waha, El Paso Permian 

Basin, Houston Ship Channel, Michcon, TETCO M3, and Alberta Nova price hubs, respectively. The 

contracts will reach expiry at the close of business on the last business day prior to the first calendar day 

of the contract period. All new Financial Gas fixed price futures will cash settle to the Inside FERC price 

published by Platts, except the AB NIT Fixed Price Future, which will cash settle to the price published 

by ICE-NGX in its Canadian Gas Price Reporter.

The Exchange is listing one new Financial Gas basis future, the Trunkline Zone 1A Basis Future, a 

monthly cash settled future based upon the difference between the monthly price for natural gas at 

Trunkline Zone 1A price hub published by Platts for Inside FERC and the NYMEX Henry Hub Natural 

Gas Futures contract. The contract will reach expiry at the close of business on the last business day prior 

to the first calendar day of the contract period. 

The Exchange is listing one new Financial Gas swing future, the Tennessee 500L Swing Future, a daily 

cash settled future based upon the price for natural gas at Tennessee 500 Leg price hub. The contract will 

reach expiry on the business day prior to the contract period. The future will cash settle to the price 

published by Platts in Gas Daily for the relevant contract period for natural gas at the Tennessee 500 Leg 

price hub. Additionally, the Exchange is amending Resolution No. 2 to Chapter 18 to include the 

Tennessee 500L Swing Future as a positive aggregate with the existing Tennessee 500L Index Future.
The Exchange is listing one new Financial Gas future, the US EIA Financial Weekly Index (100 USD), a 

weekly cash settled future based upon the Weekly Natural Gas Storage Inventory Number as reported by 

the U.S. Energy Information Administration (EIA) in its Weekly Natural Gas Report. The futures contract 

will settle at 10:28 am (EPT) on the day of the EIA Storage Number corresponding to the contract period.

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

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

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

similar to other Financial Gas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. The Exchange has set spot month 

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

contracts. A deliverable supply analysis detailing the methodology the Exchange used to determined spot 

month position limits for the Trunkline Zone 1A Basis Future is attached to this submission as Exhibit B.

The Exchange is also listing seven European-style options on futures contracts based on the NWP 

Rockies Fixed Price Future, Waha Fixed Price Future, EP Permian Fixed Price Future, HSC Fixed Price 

Future, Michcon Fixed Price Future, TETCO M3 Fixed Price Future, and the AB NIT Fixed Priced 

Future, as described further below. The contracts will reach expiration at the end of the trading session on 

the last business day prior to the first calendar day of the contract period. These new options are subject 

to the position limit and accountability levels of the underlying futures contracts.

Financial Power Fixed Price Futures and Options Contracts

The Exchange is listing two new Financial Power fixed price futures, the CAISO NP-15 Day-Ahead Peak 

HE 0900-1600 Fixed Price Future and CAISO SP-15 Day-Ahead peak HE 0900-1600 Fixed Price Future, 

monthly cash settled futures based upon the average locational marginal price (LMP) between hours 

ending 09:00 and 16:00 (PPT) for electricity at California ISO’s NP-15 and SP-15 price hubs, 

respectively. The contracts will reach expiry at the close of business on the last business day of the

contract period and will cash settle to the average of the LMPs, as published by California ISO.

The Exchange is also listing six American-style and one European-style options on futures contracts 

based on existing futures contracts listed by the Exchange, the PJM PSEG Day-Ahead Peak Fixed Price 

Future, PJM PSEG Day-Ahead Peak Daily Fixed Price Future, PJM PPL Zone Day-Ahead Peak Fixed 

Price Future, PJM PEPCO Zone Day-Ahead Peak Fixed Price Future, PJM PECO Zone Day-Ahead Fixed 

Price Future, PJM BGE Zone Day-Ahead Peak Fixed Price Future, and the ERCOT North 345KV DayAhead Peak Fixed Price Future, as described further below. The American-style options will reach 

expiration on the second business day prior to the first calendar day of the contract period and the 

European-style option will reach expiration at the end of the trading session on the last business day prior 

to the contract period. These new options are subject to the position limit and accountability levels of the 

underlying futures contracts.

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

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

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

similar to other Financial Power contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. For the CAISO NP-15 Day-Ahead 

Peak HE 0900-1600 Fixed Price Future and CAISO SP-15 Day-Ahead peak HE 0900-1600 Fixed Price 

Future contracts, the Exchange has set spot month position limits, and single and all month accountability 

levels consistent with similar Financial Power contracts that reference CAISO NP-15 and SP-15 price 

hubs.

Physical Environmental Options Contracts
The Exchange is also listing twelve new European-style Physical Environmental options on futures 

contracts based on existing futures contracts listed by the Exchange, the Massachusetts Solar Renewable 

Certificate Future Vintages 2018-2023 and Massachusetts Solar Renewable Energy Certificate Carve Out 

II Future Vintages 2018-2023, as described further below. The contract will reach expiration at 4:00 p.m. 

EPT on the 15th calendar day of the delivery month. These new options are subject to the position limit 

and accountability levels of the underlying futures contracts.

Natural Gas Liquids Futures Contracts

The Exchange is listing two new Natural Gas Liquids futures contracts, the Butane, Argus CIF ARA Mini 

Balmo Future and the Propane - Daily Argus Far East Mini Future. The Butane, Argus CIF ARA Mini 

Balmo Future is a balance of the month cash settled future based upon the average of the daily prices 

published by Argus in its International LPG Report for butane at CIF ARA. The contract will expire on 

the last trading day of the contract month. The Propane - Daily Argus Far East Mini Future is a daily cash 

settled mini future based on the Argus daily assessment price for propane in the Far East, as published by 

Argus in its International LPG Report. The contract will expire on the second business day after the 

nominal contract date. For both contracts, the Exchange currently lists a similar contract with a contract 

size of 1,000 MT, the Butane, Argus CIF ARA Balmo Future (“1ON-1PH) (which aggregate into the 

Butane, Argus CIF ARA Future (“ABR”) for position limit purposes) and the Propane, Argus Far East 

Index (AFEI) Future (“AFE”). For position limit purposes, positions in the new butane and propane 

futures will be aggregated with positions in the existing ABR and AFE contracts, respectively.

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

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

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

similar to other Natural Gas Liquids contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. The Exchange has set spot month 

position limits, and single and all month accountability levels consistent with similar Natural Gas Liquids 

contracts that reference butane at CIF ARA and Far East propane.

Oil Americas Futures Contracts

a. Diesel Outright - Diesel EIA Flat Tax On-Highway Future

The Exchange is listing one monthly cash settled futures contract based on the Diesel EIA Flat Tax OnHighway price published by the U.S. Energy Information Administration (“EIA”) in its Weekly Retail OnHighway Diesel Prices report. The assessment estimates, via a survey, the “retail cash price of self-serve, 

motor vehicle diesel fuel.”1 The contract will reach expiration on the last business day of the contract 

month and cash settle to the arithmetic average of the weekly prices published by EIA.

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

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

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

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. A Deliverable Supply Analysis 

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

aforementioned contract is attached hereto as Exhibit B.

 

1

"Definitions, Sources and Explanatory Notes." U.S. Energy Information Administration. Accessed August 8, 2018. 

https://www.eia.gov/dnav/pet/TblDefs/pet_pri_gnd_tbldef2.asp. Providing definition of "On-Highway Diesel".
b. Biodiesel Outright - D4 RINS (OPIS) Current Year Future and Biodiesel Outright - D4 RINS 

(OPIS) Previous Year Future

The Exchange is listing two monthly cash settled futures contracts based on the daily assessment price 

published by OPIS for physically delivered D4 RINs. A renewable identification number, or RIN, is a 

serial number assigned to every gallon of renewable transportation fuel to track production, consumption, 

and trading as required by the U.S. Environmental Protection Agency (EPA). Generally, one gallon of 

biofuel equals one RIN. As it relates to the instant contract, D4 RINs correspond to renewable fuels 

manufactured from biomass-based diesel, including diesel produced from soybean oil, oil from annual 

covercrops, oil from algae grown photosynthetically, and canola and rapeseed oil, among other renewable 

biomass-based fuel sources. The settlement price is based on the average of the mean of the high and low 

quotations appearing in the OPIS Ethanol & Gasoline Component Spot Market Prices report under US

Biodiesel RINs for each business day in the determination period. The Biodiesel Outright - D4 RINS 

(OPIS) Current Year Future will settle to prices corresponding to the “Current Yr” category in the 

relevant price assessment, while the Biodiesel Outright - D4 RINS (OPIS) Previous Year Future will 

settle to prices corresponding to the “Previous Yr” category in the relevant price assessment. The 

contract will reach expiry at the close of business on the last business day of the contract month.

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

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

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

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. A Deliverable Supply Analysis 

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

aforementioned contracts is attached hereto as Exhibit B.

c. Gasoline Outright - D6 RINs (OPIS) Previous Year Future

The Exchange is listing one monthly cash settled futures contract based on the daily assessment price 

published by OPIS for physically delivered D6 RINs. As it relates to the instant contract, D6 RINs 

correspond to renewable fuels manufactured from sorghum ethanol using dry mill processing, corn starch 

ethanol, butanol, and starches from crop residue and cover crops, among other renewable fuel sources. 

The settlement price is based on the average of the mean of the high and low quotations appearing in the 

OPIS Ethanol & Gasoline Component Spot Market Prices report under US Ethanol RINs for the previous

year each business day in the determination period. The contract will reach expiry at the close of business 

on the last business day of the contract month.

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

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

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

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. A Deliverable Supply Analysis 

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

aforementioned contract is attached hereto as Exhibit B.

d. Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges 

Future

The Exchange is listing one monthly cash settled futures contract based on the difference between the ICE 

daily settlement for the RBOB Gasoline 1st Line Future and the Argus daily assessment price for Eurobob 

Non-Oxy FOB Rotterdam Barges. As it relates to the instant contract, RBOB gasoline is Reformulated 

Gasoline Blendstock for Oxygen Blending (RBOB), which relates to export-grade, non-oxygenated 

gasoline exchanged in the U.S. Eurobob Non-Oxy FOB Rotterdam relates to European-based, non-
oxygenated gasoline freight-on-board exchanged at Rotterdam, Netherlands. The contract will reach 

expiry at the close of business on the last business day of the contract month and settle to the difference 

between the average of prices published by ICE and Argus in its European Products Report for each 

business day in the determination period.

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

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

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

similar to other Oil Americas contracts listed by the Exchange. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. A Deliverable Supply Analysis 

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

aforementioned contract is attached hereto as Exhibit B.

New Options Contracts

As indicated above, the Exchange is listing 26 new options contracts based on the price of an underlying 

futures contract currently listed by the Exchange or included in this filing. The contract sizes, minimum 

price fluctuations, No-Cancellation Ranges (NCRs), spot month position limits and single and all month 

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

contracts are similar to other Financial Gas, Financial Power and Physical Environmental options 

contracts currently listed by the Exchange. The listing cycle and other relevant specifications are provided 

in the contract specifications in Exhibit A. The position limits for the options contracts will be based on 

the position limits for the futures contracts underlying the options.

Certifications

The new rules and rule amendments will become effective with the listing of the new futures and options

contracts on September 17, 2018. The Exchange is not aware of any substantive opposing views to the 

new futures and options 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 options contracts are set forth in new rules

18.A.190-18.A.199, 18.B.340-18.B.341, 18.E.095-18.E.110, 19.A.31-19.A.34, 19.C.104, and 

19.D.79-19.D.80, amendments to Resolutions 1 and 2 of Chapter 18, and amendments to 

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

the contract 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 options contracts are not readily subject to manipulation as they are based on 

established and liquid underlying cash markets. In addition, trading of the new contracts will be 

monitored by the Market Regulation Department. 

POSITION LIMITS OR ACCOUNTABILITY

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

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

upon existing levels set for substantially similar products or are based upon the deliverable supply 

in the cash market. A Deliverable Supply Analysis is attached hereto as Exhibit B. Positions in 

the new options will be aggregated with the underlying futures contracts and subject to the 

position limits in place for the underlying futures contracts.
FINANCIAL INTEGRITY OF CONTRACTS

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

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

futures commission merchants qualified to handle customer business. 

The Exchange further certifies that, concurrent with this filing, a copy of this submission was 

posted on the Exchange’s website and may be accessed at (https://www.theice.com/futures-us/regulation). 

If you have any questions or need further information, please contact me at 312-836-6745 or at 

patrick.swartzer@theice.com.

Sincerely,

Patrick Swartzer

Manager

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

Rule Contract Name 

Commodity

Code

Contract 

Size

Unit of 

Trading

Minimum 

Tick [1]

IPL 

Amount

IPL 

Recalc 

Time 

(Seconds)

IPL Hold 

Period 

(Seconds) NCR

18.A.190 Trunkline Zone 1A Basis Future TZA 2,500 MMBtus 0.0001 $4.00 3 5 20% of Basis/Spread FMV; Min.: 0.02, Max: 0.05

18.A.191 Tennessee 500L Swing Future TE5 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.192 NWP Rockies Fixed Price Future FQR 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.193 Waha Fixed Price Future FQW 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.194 EP Permian Fixed Price Future FQP 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.195 HSC Fixed Price Future FQH 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.196 Michcon Fixed Price Future FQM 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.197 TETCO M3 Fixed Price Future FQT 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.198 AB NIT Fixed Price Future FQN 2,500 MMBtus 0.0001 $4.00 3 5 $0.05 

18.A.199 US EIA Financial Weekly Index (100 USD) EIW 100 USD 1 Bcf 75 Bcf 3 5 10 Bcf

18.B.340 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future CNF 1 MW 0.01 $30.00 3 5 $1.00

18.B.341 CAISO SP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future CNG 1 MW 0.01 $30.00 3 5 $1.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2018 MQ8 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2019 MQ9 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2020 MQ0 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2021 MQ1 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2022 MQ2 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2023 MQ3 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2018 MA8 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2019 MA9 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2020 MA0 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2021 MA1 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2022 MA2 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2023 MA3 10 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.104 Option on NWP Rockies Fixed Price Future FQR 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.105 Option on Waha Fixed Price Future FQW 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05
18.E.106 Option on EP Permian Fixed Price Future FQP 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.107 Option on HSC Fixed Price Future FQH 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.108 Option on Michcon Fixed Price Future FQM 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.109 Option on TETCO M3 Fixed Price Future FQT 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.110 Option on AB NIT Fixed Price Future FQN 2,500 MMBtus 0.0001 Option N/A N/A 20% of premium FMV; min.: $0.005, max: $0.05

18.E.095 Option on PJM PSEG Day-Ahead Peak Fixed Price Future PSA 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.096 Option on PJM PSEG Day-Ahead Peak Daily Fixed Price Future PSC 16 MWh 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.097 Option on PJM PPL Zone Day-Ahead Peak Fixed Price Future PPP 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.098 Option on PJM PEPCO Zone Day-Ahead Peak Fixed Price Future PPF 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.099 Option on PJM PECO Zone Day-Ahead Peak Fixed Price Future PCP 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.100 Option on PJM BGE Zone Day-Ahead Peak Fixed Price Future BGY 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

18.E.101 Option on ERCOT North 345KV Day-Ahead Peak Fixed Price Future EVN 1 MW 0.01 Option N/A N/A 20% of premium FMV; min.: $0.50, max: $5.00

19.A.31 Diesel Outright - Diesel EIA Flat Tax On-Highway Future EIT 42,000 Gallons 0.0001 $0.25 3 5 $0.008 

19.A.32 Biodiesel Outright - D4 RINs (OPIS) Current Year Future RIK 50,000 RINs 0.0001 $0.06 3 5 $0.02 

19.A.33 Biodiesel Outright - D4 RINs (OPIS) Previous Year Future RIL 50,000 RINs 0.0001 $0.06 3 5 $0.02 

19.A.34 Gasoline Outright - D6 RINs (OPIS) Previous Year Future RIO 50,000 RINs 0.0001 $0.06 3 5 $0.02 

19.C.104 Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges Future NOX 1,000 MT ¢0.001 $18.75 3 5 $0.75 

19.D.80 Butane, Argus CIF ARA Mini Balmo Future BUK 100 MT 0.001 $125.00 3 5 $5.00 

19.D.79 Propane - Daily Argus Far East Mini Future AFD 100 MT 0.001 $125.00 3 5 $5.00

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

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

Rule 

Number Product

Minimum Price 

Fluctuations

Screen

Blocks 

and 

other 

trades 

outside 

the 

central 

limit 

order 

book

* * *

18.E.095 Option on PJM PSEG Day-Ahead Peak Fixed Price Future 0.01 0.01

18.E.096 Option on PJM PSEG Day-Ahead Peak Daily Fixed Price Future 0.01 0.01

18.E.097 Option on PJM PPL Zone Day-Ahead Peak Fixed Price Future 0.01 0.01

18.E.098 Option on PJM PEPCO Zone Day-Ahead Peak Fixed Price Future 0.01 0.01

18.E.099 Option on PJM PECO Zone Day-Ahead Peak Fixed Price Future 0.01 0.01

18.E.100 Option on PJM BGE Zone Day-Ahead Peak Fixed Price Future 0.01 0.01

18.E.101 Option on ERCOT North 345KV Day-Ahead Peak Fixed Price Future 0.01 0.01

18.B.340 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future 0.01 0.01

18.B.341 CAISO SP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future 0.01 0.01

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintages 2018-2023 0.01 0.01

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintages 2018-2023 0.01 0.01

18.A.190 Trunkline Zone 1A Basis Future 0.0001 0.0001

18.A.191 Tennessee 500L Swing Future 0.0001 0.0001

18.A.192 NWP Rockies Fixed Price Future 0.0001 0.0001

18.E.104 Option on NWP Rockies Fixed Price Future 0.0001 0.0001

18.A.193 Waha Fixed Price Future 0.0001 0.0001

18.E.105 Option on Waha Fixed Price Future 0.0001 0.0001

18.A.194 EP Permian Fixed Price Future 0.0001 0.0001

18.E.106 Option on EP Permian Fixed Price Future 0.0001 0.0001

18.A.195 HSC Fixed Price Future 0.0001 0.0001

18.E.107 Option on HSC Fixed Price Future 0.0001 0.0001

18.A.196 Michcon Fixed Price Future 0.0001 0.0001

18.E.108 Option on Michcon Fixed Price Future 0.0001 0.0001

18.A.197 TETCO M3 Fixed Price Future 0.0001 0.0001

18.E.109 Option on TETCO M3 Fixed Price Future 0.0001 0.0001

18.A.198 AB NIT Fixed Price Future 0.0001 0.0001

18.E.110 Option on AB NIT Fixed Price Future 0.0001 0.0001

18.A.199 US EIA Financial Weekly Index (100 USD) 1 Bcf 1 Bcf

* * *
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.D.79 Propane - Daily Argus Far East Mini Future 0.001 0.01

19.C.104 Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges Future ¢0.001 ¢0.01

19.A.31 Diesel Outright - Diesel EIA Flat Tax On-Highway Future 0.0001 0.0001

19.A.32 Biodiesel Outright - D4 RINs (OPIS) Current Year Future 0.0001 0.0001

19.A.33 Biodiesel Outright - D4 RINs (OPIS) Previous Year Future 0.0001 0.0001

19.A.34 Gasoline Outright - D6 RINs (OPIS) Previous Year Future 0.0001 0.0001

19.D.80 Butane, Argus CIF ARA Mini Balmo Future 0.001 0.01

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

Rule Contract Name

Commodity

Code

Contract 

Size

Unit of 

Trading

Spot 

Month 

Limit

Single Month 

Accountability 

Level

All Month 

Accountability 

Level

Aggregate 

1 (Positive 

Correlation)

Aggregate 

2 (Negative 

Correlation)

Exchange 

Reportable 

Level

18.E.095 Option on PJM PSEG Day-Ahead Peak Fixed Price Future PSA 1 MW 1,548 1,667 2,381 PSA 1

18.E.096 Option on PJM PSEG Day-Ahead Peak Daily Fixed Price Future PSC 16 MWh 32,500 35,000 50,000 PSA 1

18.E.097 Option on PJM PPL Zone Day-Ahead Peak Fixed Price Future PPP 1 MW 1,548 1,667 2,143 PPP 1

18.E.098 Option on PJM PEPCO Zone Day-Ahead Peak Fixed Price Future PPF 1 MW 1,019 1,667 2,143 PPF 1

18.E.099 Option on PJM PECO Zone Day-Ahead Peak Fixed Price Future PCP 1 MW 1,548 1,667 2,143 PCP 1

18.E.100 Option on PJM BGE Zone Day-Ahead Peak Fixed Price Future BGY 1 MW 1,143 2,381 3,333 BGY 1

18.E.101 Option on ERCOT North 345KV Day-Ahead Peak Fixed Price Future EVN 1 MW 6,982 6,982 6,982 EVN 1

18.B.340 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future CNF 1 MW 4,762 4,762 8,333 NPM 1

18.B.341 CAISO SP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future CNG 1 MW 7,143 7,143 17,857 SPM 1

19.D.79 Propane - Daily Argus Far East Mini Future AFD 100 MT 25,000 25,000 25,000 AFE 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2018 MQ8 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2019 MQ9 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2020 MQ0 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2021 MQ1 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2022 MQ2 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.102 Option on Massachusetts Solar Renewable Certificate Future Vintage 2023 MQ3 10 MWh of 

SREC 18,000 18,000 18,000 MSF 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2018 MA8 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2019 MA9 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2020 MA0 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2021 MA1 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2022 MA2 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future Vintage 2023 MA3 10 MWh of 

SREC 6,250 6,250 6,250 MS2 25

18.A.190 Trunkline Zone 1A Basis Future TZA 2,500 MMBtu 10,200 10,200 10,200 TZA 25
18.A.082 Tennessee 500L Index Future TFI 2,500 MMBtu 4,000/4,000 10,000/10,000 10,000/10,000 TE5 TFL 25

18.A.191 Tennessee 500L Swing Future TE5 2,500 MMBtu 4,000 10,000 10,000 TE5 1

18.A.192 NWP Rockies Fixed Price Future FQR 2,500 MMBtu 9,600 10,000 35,000 NWR 25

18.E.104 Option on NWP Rockies Fixed Price Future FQR 2,500 MMBtu 9,600 10,000 35,000 NWR 25

18.A.193 Waha Fixed Price Future FQW 2,500 MMBtu 12,400 12,400 30,000 WAH 25

18.E.105 Option on Waha Fixed Price Future FQW 2,500 MMBtu 12,400 12,400 30,000 WAH 25

18.A.194 EP Permian Fixed Price Future FQP 2,500 MMBtu 14,100 14,100 14,100 PER 25

18.E.106 Option on EP Permian Fixed Price Future FQP 2,500 MMBtu 14,100 14,100 14,100 PER 25

18.A.195 HSC Fixed Price Future FQH 2,500 MMBtu 13,900 13,900 40,000 HXS 25

18.E.107 Option on HSC Fixed Price Future FQH 2,500 MMBtu 13,900 13,900 40,000 HXS 25

18.A.196 Michcon Fixed Price Future FQM 2,500 MMBtu 21,200 21,200 21,200 NMC 25

18.E.108 Option on Michcon Fixed Price Future FQM 2,500 MMBtu 21,200 21,200 21,200 NMC 25

18.A.197 TETCO M3 Fixed Price Future FQT 2,500 MMBtu 52,000 52,000 52,000 TMT 25

18.E.109 Option on TETCO M3 Fixed Price Future FQT 2,500 MMBtu 52,000 52,000 52,000 TMT 25

18.A.198 AB NIT Fixed Price Future FQN 2,500 MMBtu 14,300 14,300 50,000 AEC 25

18.E.110 Option on AB NIT Fixed Price Future FQN 2,500 MMBtu 14,300 14,300 50,000 AEC 25

19.C.104 Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges Future NOX 1,000 MT 816 816 816 NOX 25

19.A.31 Diesel Outright - Diesel EIA Flat Tax On-Highway Future EIT 42,000 Barrels 1,000 5,000 7,000 EIT 25

19.A.32 Biodiesel Outright - D4 RINs (OPIS) Current Year Future RIK 50,000 RINs 1,500 1,500 1,500 RIK 25

19.A.33 Biodiesel Outright - D4 RINs (OPIS) Previous Year Future RIL 50,000 RINs 1,400 1,400 1,400 RIL 25

19.A.34 Gasoline Outright - D6 RINs (OPIS) Previous Year Future RIO 50,000 RINs 6,200 6,200 6,200 RIO 25

19.D.80 Butane, Argus CIF ARA Mini Balmo Future BUK 100 MT 25,000 25,000 25,000 ABR 25

18.A.199 US EIA Financial Weekly Index (100 USD) EIW 100 USD 1,030,000 EII 25
13

SUBCHAPTER 18A - NATURAL GAS FUTURES CONTRACTS 

* * *

18.A.190 Trunkline Zone 1A Basis Future

18.A.191 Tennessee 500L Swing Future

18.A.192 NWP Rockies Fixed Price Future

18.A.193 Waha Fixed Price Future

18.A.194 EP Permian Fixed Price Future

18.A.195 HSC Fixed Price Future

18.A.196 Michcon Fixed Price Future

18.A.197 TETCO M3 Fixed Price Future

18.A.198 AB NIT Fixed Price Future

18.A.199 US EIA Financial Weekly Index (100 USD)

* * *
14

18.A.190 Trunkline Zone 1A Basis Future

Description: A monthly cash settled Exchange Futures Contract based upon the mathematical result of subtracting 

the price of the NYMEX Henry Hub Natural Gas Futures Contract, as defined in Reference Price B, from the 

monthly price published by Inside FERC for the location specified in Reference Price A.

Contract Symbol: TZA

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 84 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-TRUNKLINE, ZONE 1A-INSIDE FERC

a) Ref Price A - Description: NATURAL GAS-TRUNKLINE, ZONE 1A-INSIDE FERC” means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices ($/MMBtu): 

Louisiana/Southeast: Trunkline, zone 1A: Index " in the issue of Inside FERC that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

REFERENCE PRICE B: NATURAL GAS-NYMEX

a) Ref Price B - Description: "NATURAL GAS-NYMEX" means that the price for a Pricing Date will be that day's 

Specified Price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas Futures Contract for the 

Delivery Date, stated in U.S. Dollars, as made public by the NYMEX on that Pricing Date.

b) Ref Price B - Pricing Date: Last scheduled trading day of the NYMEX Henry Hub Natural Gas Futures Contract 

for the Delivery Date

c) Ref Price B - Specified Price: Settlement price

d) Ref Price B - Pricing calendar: NYMEX

e) Ref Price B - Delivery Date: Contract Period

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

MIC Code: IFED
15

Clearing Venue: ICEU
16

18.A.191 Tennessee 500L Swing Future

Description: A daily cash settled Exchange Futures Contract based upon the daily price published by Gas Daily for 

the location specified in Reference Price A.

Contract Symbol: TE5

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 65 consecutive daily Contract Periods

Last Trading Day: The Business Day prior to the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-LOUISIANA/SOUTHEAST, TENNESSEE, 500 LEG-GAS DAILY

a) Ref Price A - Description: “NATURAL GAS-LOUISIANA/SOUTHEAST, TENNESSEE, 500 LEG-GAS 

DAILY " means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for 

delivery on the Delivery Date, stated in U.S. Dollars, published under the heading "Daily price survey ($/MMBtu): 

Louisiana/Southeast, Tennessee, 500 Leg: Midpoint" in the issue of Gas Daily that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price: Midpoint

d) Ref Price A - Pricing calendar: Gas Daily

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
17

18.A.192 NWP Rockies Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQR

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-NWPL (ROCKY MOUNTAINS)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-NWPL (ROCKY MOUNTAINS)-INSIDE FERC" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Prices of Spot Gas Delivered to Pipelines ($/MMBtu): 

Northwest Pipeline Corp.: Rocky Mountains: Index" in the issue of Inside FERC that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar:Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
18

18.A.193 Waha Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQW

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-W. TEXAS (WAHA)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-W. TEXAS (WAHA)-INSIDE FERC" means that the price for a 

Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery Date, stated 

in U.S. Dollars, published under the heading "Market Center Spot Gas Prices ($/MMBtu): West Texas: Waha: 

Index" in the issue of Inside FERC that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
19

18.A.194 EP Permian Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQP

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-EL PASO (PERMIAN BASIN)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-EL PASO (PERMIAN BASIN)-INSIDE FERC" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Prices of Spot Gas Delivered to Pipelines ($/MMBtu): El 

Paso Natural Gas Co.: Permian Basin: Index" in the issue of Inside FERC that reports prices effective on that Pricing 

Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
20

18.A.195 HSC Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQH

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-E. TEXAS (HOUSTON SHIP CHANNEL)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-E. TEXAS (HOUSTON SHIP CHANNEL)-INSIDE FERC" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): East Texas: Houston Ship Channel: Index" in the issue of Inside FERC that reports prices effective on 

that Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
21

18.A.196 Michcon Fixed Price Future 

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQM

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-UPPER MIDWEST (MICH CON CITY-GATE)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-UPPER MIDWEST (MICH CON CITY-GATE)-INSIDE FERC" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Market Center Spot Gas Prices ($/MMBtu): 

Upper Midwest: Mich Con city-gate: Index" in the issue of Inside FERC that reports prices effective on that Pricing 

Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
22

18.A.197 TETCO M3 Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by Inside 

FERC for the location specified in Reference Price A.

Contract Symbol: FQT

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-NORTHEAST (TEXAS EASTERN ZONE M-3)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-NORTHEAST (TEXAS EASTERN ZONE M-3)-INSIDE FERC 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): Northeast: Texas Eastern, M-3: Index" in the issue of Inside FERC that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
23

18.A.198 AB NIT Fixed Price Future

Description: A monthly cash settled Exchange Futures Contract based upon the monthly price published by 

Canadian Gas Price Reporter for the location specified in Reference Price A.

Contract Symbol: FQN

Settlement Method: Cash settlement

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange.

Last Trading Day: The last Business Day prior to the first calendar day of the Contract Period

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-NGX AB-NIT MONTH AHEAD INDEX 7A (US$/MMBTU)-

CANADIAN GAS PRICE REPORTER

a) Ref Price A - Description: "NATURAL GAS-NGX AB-NIT MONTH AHEAD INDEX 7A (US$/MMBTU)-

CANADIAN GAS PRICE REPORTER" means that the price for a Pricing Date will be that day's Specified Price 

per MMBTU of natural gas for delivery on the Delivery Date, stated in U.S. Dollars, published under the heading 

"Monthly Canadian and U.S. natural gas price summary: Canadian Domestic Gas Prices: NGX AB-NIT Month 

Ahead Index (7A): US$/MMBtu" in the issue of Canadian Gas Price Reporter that reports prices effective for that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Canadian Gas Price Reporter

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
24

18.A.199 US EIA Financial Weekly Index (100 USD)

Description: A cleared market for the change in 1 Billion Cubic Feet (BCF) of the Natural Gas Financial Weekly 

Gas Storage Inventory Number as reported by U.S. Energy Information Administration (EIA) Weekly Natural Gas 

Report.

Contract Symbol: EIW

Settlement Method: Cash settlement

Contract Size: $100

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be 1 BCF per $100; minimum price fluctuation 

may vary by trade type. Please see table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 3 weeks of the EIA Weekly Gas Storage Inventory Number, or as otherwise determined by 

the exchange.

Last Trading Day: Trading shall cease at 10:28 am EPT the day of the EIA Storage Number.

Final Settlement: Reference Price A

REFERENCE PRICE A: NATURAL GAS-WEEKLY NATURAL GAS STORAGE REPORT-U.S. ENERGY 

INFORMATION ADMINISTRATION

a) Ref Price A - Description: "NATURAL GAS-WEEKLY NATURAL GAS STORAGE REPORT-U.S. 

ENERGY INFORMATION ADMINISTRATION" shall mean that the price for a Pricing Date will be that day's 

Specified Price of natural gas for the Delivery Date, stated in billion cubic feet (BCF), published on the EIA 

website: http://ir.eia.gov/ngs/ngs.html

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: The implied flow estimate, excluding reclassifications in BCF as estimated by the 

EIA using both a 12-month moving average of working gas volumes and the latest weekly data for the previous 

week ending on Friday. The standard release time is 10:30 am EPT on Thursdays, with the following exceptions 

listed on their website. http://ir.eia.gov/ngs/schedule.html

d) Ref Price A - Pricing calendar: EIA Weekly Natural Gas Report

e) Ref Price A - Delivery Date: One Clearing House Business Day after the Last Trading Day

Final Payment Date: One Clearing House Business Day after the Last Trading Day

MIC Code: IFED

Clearing Venue: ICEU
25

SUBCHAPTER 18B - FINANCIAL POWER FUTURES CONTRACTS

* * *

18.B.340 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future

18.B.341 CAISO SP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future

* * *
26

18.B.340 CAISO NP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future

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

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

Reference Price A.

Contract Symbol: CNF

Settlement Method: Cash settlement

Contract Size: 1 MW

Currency: USD

Min Price Flux: The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation 

may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 50 consecutive monthly contract periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day of the Contract Period 

Final Settlement: Reference Price A

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

a) Ref Price A - Description: “ELECTRICITY-CAISO-NP15-DAY AHEAD” means that the price for a Pricing 

Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. 

Dollars, published by the California ISO at http://oasis.caiso.com/mrioasis/logon.do, under the headings "Prices: 

Locational Marginal Prices: Node ID: TH_NP15_GEN-APND: Market: DAM” that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: Each Monday through Saturday, excluding NERC holidays, that prices are reported 

for the Delivery Date

c) Ref Price A - Specified Price: Average of LMPs for all hours ending 0900-1600 PPT

d) Ref Price A - Pricing calendar: CAISO

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
27

18.B.341 CAISO SP-15 Day-Ahead Peak HE 0900-1600 Fixed Price Future

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

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

Reference Price A.

Contract Symbol: CNG

Settlement Method: Cash settlement

Contract Size: 1 MW

Currency: USD

Min Price Flux: The price quotation convention shall be One cent ($0.01) per MWh; minimum price fluctuation 

may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 50 consecutive monthly contract periods, or as otherwise determined by the Exchange

Last Trading Day: The last Business Day of the Contract Period 

Final Settlement: Reference Price A

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

a) Ref Price A - Description: “ELECTRICITY-CAISO-SP15-DAY AHEAD” means that the price for a Pricing 

Date will be that day's Specified Price per MWh of electricity for delivery on the Delivery Date, stated in U.S. 

Dollars, published by the California ISO at http://oasis.caiso.com/mrioasis/logon.do, under the headings "Prices: 

Locational Marginal Prices: Node ID: TH_SP15_GEN-APND: Market: DAM” that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: Each Monday through Saturday, excluding NERC holidays, that prices are reported 

for the Delivery Date

c) Ref Price A - Specified Price: Average of LMPs for all hours ending 0900-1600 PPT

d) Ref Price A - Pricing calendar: CAISO

e) Ref Price A - Delivery Date: Contract Period

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

MIC Code: IFED

Clearing Venue: ICEU
28

SUBCHAPTER 18E - ENERGY OPTIONS CONTRACTS

* * *

18.E.095 Option on PJM PSEG Day-Ahead Peak Fixed Priced Future

18.E.096 Option on PJM PSEG Day-Ahead Peak Daily Fixed Price Future

18.E.097 Option on PJM PPL Zone Day-Ahead Peak Fixed Price Future

18.E.098 Option on PJM PEPCO Zone Day-Ahead Peak Fixed Price Future

18.E.099 Option on PJM PECO Day-Ahead Peak Fixed Price Future

18.E.100 Option on PJM BGE Zone Day-Ahead Peak Fixed Price Future

18.E.101 Option on ERCOT North 345KV Day-Ahead Peak Fixed Price Future

18.E.102 Option on Massachusetts Solar Renewable Certificate Future 

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future

18.E.104 Option on NWP Rockies Fixed Price Future

18.E.105 Option on Waha Fixed Price Future

18.E.106 Option on EP Permian Fixed Price Future

18.E.107 Option on HSC Fixed Price Future

18.E.108 Option on Michcon Fixed Price Future

18.E.109 Option on TETCO M3 Fixed Price Future

18.E.110 Option on AB NIT Fixed Price Future

* * *
29

18.E.095 Option on PJM PSEG Day-Ahead Peak Fixed Priced Future

Description: A monthly Option on the corresponding Contract Period of the PJM PSEG Day-Ahead Peak Fixed 

Price Future

Contract Symbol: PSA

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-PSEG-DAY AHEAD-PEAK MONTHLY-ICE

a) Ref Price A - Description: “ELECTRICITY-PJM-PSEG-DAY AHEAD-PEAK MONTHLY-ICE” means that 

the price for a Pricing Date will be that day’s Specified Price per MWh of electricity on ICE of the PJM PSEG DayAhead Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE 

on that Pricing Date.

b) Ref Price A - Pricing Date: Two Business Days prior to the first calendar day of the Contract Period

c) Ref Price A - Specified Price: Settlement Price

d) Ref Price A - Pricing calendar: ICE

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED

Clearing Venue: ICEU
30

18.E.096 Option on PJM PSEG Day-Ahead Peak Daily Fixed Price Future

Description: A daily Option on the corresponding Contract Period of the PJM PSEG Day-Ahead Peak Daily Fixed 

Price Future

Contract Symbol: PSC

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 16 MWh

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 45 consecutive daily Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At the end of the Trading Session on the last Business day prior to the Contract Period

Options Style: European

Exercise Method: Automatic only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The third Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-PSEG-DAY AHEAD

a) Ref Price A - Description: “ELECTRICITY-PJM-PSEG-DAY AHEAD” means that the price for a Pricing Date 

will be that day’s Specified Price per MWh of electricity for Delivery on the Delivery Date, stated in U.S. Dollars, 

published by the PJM at http://pjm.com/markets-and-operations/energy/day-ahead/lmpda.aspx , under the Headings 

“Daily Day-Ahead Locational Marginal Pricing(LMP): LMP Day-Ahead Data: PSEG” or any successor headings, 

that reports Prices effective on the Pricing Date

b) Ref Price A - Pricing Date: Each day that prices are reported for the Delivery Date

c) Ref Price A - Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Ref Price A - Pricing calendar: PJM

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED

Clearing Venue: ICEU
31

18.E.097 Option on PJM PPL Zone Day-Ahead Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM PPL Zone Day-Ahead Peak Fixed 

Price Future

Contract Symbol: PPP

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-PPL-DAY AHEAD

a) Ref Price A - Description: “ELECTRICITY-PJM-PPL-DAY AHEAD” means that the price for a Pricing Date 

will be that day’s Specified Price per MWh of electricity for Delivery on the Delivery Date, stated in U.S. Dollars, 

published by the PJM at http://pjm.com/markets-and-operations/energy/day-ahead/lmpda.aspx , under the Headings 

“Daily Day-Ahead Locational Marginal Pricing(LMP): LMP Day-Ahead Data: PPL” or any successor headings, that 

reports Prices effective on the Pricing Date

b) Ref Price A - Pricing Date: Each Monday through Friday, excluding NERC holidays, that prices are reported for 

the Delivery Date

c) Ref Price A - Specified Price: Average of LMPs for all hours ending 0800-2300 EPT

d) Ref Price A - Pricing calendar: PJM

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.50 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED
32

Clearing Venue: ICEU
33

18.E.098 Option on PJM PEPCO Zone Day-Ahead Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM PEPCO Zone Day-Ahead Peak 

Fixed Price Future

Contract Symbol: PPF

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-PEPCO-DAY AHEAD-PEAK MONTHLY-ICE

a) Ref Price A - Description: “ELECTRICITY-PJM-PEPCO-DAY AHEAD-PEAK MONTHLY-ICE” means that 

the price for a Pricing Date will be that day’s Specified Price per MWh of electricity on ICE of the PJM BGE DayAhead Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by ICE 

on that Pricing Date.

b) Ref Price A - Pricing Date: Two Business Days prior to the first calendar day of the Contract Period

c) Ref Price A - Specified Price: Settlement Period

d) Ref Price A - Pricing calendar: ICE

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED

Clearing Venue: ICEU
34

18.E.099 Option on PJM PECO Day-Ahead Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM PECO Zone Day-Ahead Peak 

Fixed Price Future

Contract Symbol: PCP

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-PECO-DAY AHEAD

a) Ref Price A - Description: 

b) Ref Price A - Pricing Date: “ELECTRICITY-PJM-PECO-DAY AHEAD” means that the price for a Pricing 

Date will be that day’s Specified Price per MWh of electricity for Delivery on the Delivery Date, stated in U.S. 

Dollars, published by the PJM at http://pjm.com/markets-and-operations/energy/day-ahead/lmpda.aspx , under the 

Headings “Daily Day-Ahead Locational Marginal Pricing(LMP): LMP Day-Ahead Data: PECO” or any successor 

headings, that reports Prices effective on the Pricing Date

c) Ref Price A - Specified Price: Each Monday through Friday, excluding NERC holidays, that prices are reported 

for the Delivery Date

d) Ref Price A - Pricing calendar: Average of LMPs for all hours ending 0800-2300 EPT

e) Ref Price A - Delivery Date: PJM

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.50 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.
35

MIC Code: IFED

Clearing Venue: ICEU
36

18.E.100 Option on PJM BGE Zone Day-Ahead Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM BGE Zone Day-Ahead Peak 

Fixed Price Future

Contract Symbol: BGY

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 24 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-BGE ZONE-DAY AHEAD-PEAK MONTHLY-ICE

a) Ref Price A - Description:

b) Ref Price A - Pricing Date: “ELECTRICITY-PJM-BGE ZONE-DAY AHEAD-PEAK MONTHLY-ICE” means 

that the price for a Pricing Date will be that day’s Specified Price per MWh of electricity on ICE of the PJM BGE 

Zone Day-Ahead Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. Dollars, as made 

public by ICE on that Pricing Date.

c) Ref Price A - Specified Price: Two Business Days prior to the first calendar day of the Contract Period

d) Ref Price A - Pricing calendar: Settlement Price

e) Ref Price A - Delivery Date: ICE

Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED

Clearing Venue: ICEU
37

18.E.101 Option on ERCOT North 345KV Day-Ahead Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the ERCOT North 345KV Day-Ahead 

Peak Fixed Price Future

Contract Symbol: EVN

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per MWh; minimum price 

fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

Listing Cycle: Up to 50 consecutive monthly Contract Periods, or as otherwise determined by the Exchange

Last Trading Day: At 2:30pm EPT on the second Business Day prior to the first calendar day of the Contract 

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

Exercise Day: Manual on any Business Day; Automatic on Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to the average of the Reference 

Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike 

Price. Options which are "out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-ERCOT-NORTH 345KV HUB-DAY AHEAD-PEAK MONTHLYICE

a) Ref Price A - Description: "ELECTRICITY-ERCOT-NORTH 345KV HUB-DAY AHEAD-PEAK 

MONTHLY-ICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity 

on ICE of the ERCOT North 345KV Day-Ahead Peak Fixed Price Swap Futures Contract for the Delivery Date, 

stated in U.S. Dollars, as made public by ICE on that Pricing Date.

b) Ref Price A - Pricing Date: Two Business Days prior to the first calendar day of the Contract Period

c) Ref Price A - Specified Price: Settlement Price

d) Ref Price A - Pricing calendar: ICE

e) Ref Price A - Delivery Date: Contract Period

Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.05 increments.

MIC Code: IFED
38

Clearing Venue: ICEU
39

18.E.102 Option on Massachusetts Solar Renewable Certificate Future 

Contract Description: An Option on the corresponding month of the Massachusetts Solar Renewable Certificate 

Vintage Future

Contract Symbol: Vintage 2018: MQ8, Vintage 2019: MQ9, Vintage 2020: MQ0, Vintage 2021: MQ1, Vintage 

2022: MQ2, Vintage 2023: MQ3

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 Massachusetts Solar Renewable Certificate Vintage Future

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per metric ton; minimum 

price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

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

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, April, May, July, August, October, November

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.05 increments

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

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style: European

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
40

18.E.103 Option on Massachusetts Solar Renewable Energy Certificate Carve Out II Future

Contract Description: An Option on the corresponding month of the Massachusetts Solar Renewable Energy 

Certificate Carve Out II Vintage Future 

Contract Symbol: Vintage 2018: MA8, Vintage 2019: MA9, Vintage 2020: MA0, Vintage 2021: MA1, Vintage 

2022: MA2, Vintage 2023: MA3

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 Massachusetts Solar Renewable Energy Certificate Carve Out II Vintage Future

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One cent ($0.01) per metric ton; minimum 

price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18.

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

determines for the current year and forward for up to ten years. 

2. The Standard Cycle is: January, February, April, May, July, August, October, November 

Strike Price Intervals: A minimum of ten Strike Prices in increments of $0.05 above and below the at-the-money 

Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices 

are allowed in $0.05 increments

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

not a Business Day, the Last Trading Day shall be the first Business Day following the 15th calendar day of the 

delivery month.

Option Style: European

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
41

18.E.104 Option on NWP Rockies Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the NWP Rockies Fixed Price 

Future.

Contract Symbol: FQR

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. \

Last Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-NWPL (ROCKY MOUNTAINS)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-NWPL (ROCKY MOUNTAINS)-INSIDE FERC" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Prices of Spot Gas Delivered to Pipelines ($/MMBtu): 

Northwest Pipeline Corp.: Rocky Mountains: Index" in the issue of Inside FERC that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED
42

Clearing Venue: ICEU
43

18.E.105 Option on Waha Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the Waha Fixed Price Future.

Contract Symbol: FQW

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-W. TEXAS (WAHA)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-W. TEXAS (WAHA)-INSIDE FERC" means that the price for a 

Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery Date, stated 

in U.S. Dollars, published under the heading "Market Center Spot Gas Prices ($/MMBtu): West Texas: Waha: 

Index" in the issue of Inside FERC that reports prices effective on that Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED

Clearing Venue: ICEU
44

18.E.106 Option on EP Permian Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the EP Permian Fixed Price 

Future.

Contract Symbol: FQP

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-EL PASO (PERMIAN BASIN)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-EL PASO (PERMIAN BASIN)-INSIDE FERC" means that the 

price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on the Delivery 

Date, stated in U.S. Dollars, published under the heading "Prices of Spot Gas Delivered to Pipelines ($/MMBtu): El 

Paso Natural Gas Co.: Permian Basin: Index" in the issue of Inside FERC that reports prices effective on that Pricing 

Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED
45

18.E.107 Option on HSC Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the HSC Fixed Price Future.

Contract Symbol: FQH

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-E. TEXAS (HOUSTON SHIP CHANNEL)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-E. TEXAS (HOUSTON SHIP CHANNEL)-INSIDE FERC" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): East Texas: Houston Ship Channel: Index" in the issue of Inside FERC that reports prices effective on 

that Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED

Clearing Venue: ICEU
46

18.E.108 Option on Michcon Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the Michcon Fixed Price Future.

Contract Symbol: FQM

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-UPPER MIDWEST (MICH CON CITY-GATE)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-UPPER MIDWEST (MICH CON CITY-GATE)-INSIDE FERC" 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Market Center Spot Gas Prices ($/MMBtu): 

Upper Midwest: Mich Con city-gate: Index" in the issue of Inside FERC that reports prices effective on that Pricing 

Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED

Clearing Venue: ICEU
47

18.E.109 Option on TETCO M3 Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the TETCO M3 Fixed Price 

Future.

Contract Symbol: FQT

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-NORTHEAST (TEXAS EASTERN ZONE M-3)-INSIDE FERC

a) Ref Price A - Description: "NATURAL GAS-NORTHEAST (TEXAS EASTERN ZONE M-3)-INSIDE FERC 

means that the price for a Pricing Date will be that day's Specified Price per MMBTU of natural gas for delivery on 

the Delivery Date, stated in U.S. Dollars, published under the heading "Monthly Bidweek Spot Gas Prices 

($/MMBtu): Northeast: Texas Eastern, M-3: Index" in the issue of Inside FERC that reports prices effective on that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Inside FERC

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED
48

Clearing Venue: ICEU
49

18.E.110 Option on AB NIT Fixed Price Future

Contract Description: A monthly Option on the corresponding Contract Period of the AB NIT Fixed Price Future.

Contract Symbol: FQN

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2500 MMBtus

Currency: USD

Minimum Price Fluctuation: The price quotation convention shall be One hundredth of a cent ($0.0001) per 

MMBtu; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. 

Listing Cycle: Up to 60 consecutive monthly Contract Periods, or as otherwise determined by the Exchange. Last 

Trading Day: At the end of the Trading Session on the last Business Day prior to the first calendar day of the 

Contract Period

Strike Price Intervals: Strike Price Listing Provisions: A minimum of 10 Strike Prices in increments of $0.25 per 

MMBtu above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures 

price movements. User-defined Strike Prices are allowed in $0.001 increments.

Option Style: European

Exercise Method: Automatic

Exercise procedure: Manual exercise or abandon is not permitted. 

Exercise Day: The second Clearing Organization business day following the Last Trading Day

Automatic Exercise Provisions: Options which are "in the money", with respect to Reference Price A, exercise 

automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.

Options which are "out of the money" expire automatically.

REFERENCE PRICE A: NATURAL GAS-NGX AB-NIT MONTH AHEAD INDEX 7A (US$/MMBTU)-

CANADIAN GAS PRICE REPORTER

a) Ref Price A - Description: "NATURAL GAS-NGX AB-NIT MONTH AHEAD INDEX 7A (US$/MMBTU)-

CANADIAN GAS PRICE REPORTER" means that the price for a Pricing Date will be that day's Specified Price 

per MMBTU of natural gas for delivery on the Delivery Date, stated in U.S. Dollars, published under the heading 

"Monthly Canadian and U.S. natural gas price summary: Canadian Domestic Gas Prices: NGX AB-NIT Month 

Ahead Index (7A): US$/MMBtu" in the issue of Canadian Gas Price Reporter that reports prices effective for that 

Pricing Date.

b) Ref Price A - Pricing Date: First publication date of the Contract Period

c) Ref Price A - Specified Price: Index

d) Ref Price A - Pricing calendar: Canadian Gas Price Reporter

e) Ref Price A - Delivery Date: Contract Period

MIC Code: IFED
50

Clearing Venue: ICEU
51

SUBCHAPTER 19A - OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.31 Diesel Outright - Diesel EIA Flat Tax On-Highway Future

19.A.32 Biodiesel Outright - D4 RINS (OPIS) Current Year Future

19.A.33 Biodiesel Outright - D4 RINS (OPIS) Previous Year Future

19.A.34 Gasoline Outright - D6 RINS (OPIS) Previous Year Future

* * *
52

19.A.31 Diesel Outright - Diesel EIA Flat Tax On-Highway Future

Description: A monthly cash settled future based on the Diesel EIA Flat Tax On-Highway

Contract Symbol: EIT

Contract Size: 42,000 gallons

Unit of Trading: Any multiple of 42,000 gallons

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last Trading Day of the contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

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

equal to the monthly arithmetic average of the weekly price published by the U.S. Department of Energy’s Energy 

Information Administration ("EIA") Retail On-Highway Diesel Prices under the heading "Weekly Retail OnHighway Diesel Prices - Average All Types"

Contract Series: Up to 36 consecutive months

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

business days: Publication days for EIA Petroleum & Other Liquids

MIC Code: IFED

Clearing Venue: ICEU
53

19.A.32 Biodiesel Outright - D4 RINS (OPIS) Current Year Future

Description: A monthly cash settled future based on the OPIS daily assessment price for Physically Delivered D4 

RINs for the Current Year.

Contract Symbol: RIK

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last business day of contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

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

based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline 

Component Spot Market Prices" report under the heading "US RINs" subheading "US Biodiesel RINs" for “Current 

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

Contract Series: Up to 36 consecutive months

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

business days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
54

19.A.33 Biodiesel Outright - D4 RINS (OPIS) Previous Year Future

Description: A monthly cash settled future based on the OPIS daily assessment price for Physically Delivered D4 

RINs for the Previous Year.

Contract Symbol: RIL

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last business day of contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

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

based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline 

Component Spot Market Prices" report under the heading "US RINs" subheading "US Biodiesel RINs" for 

“Previous Yr” each business day (as specified below) in the determination period.

Contract Series: Up to 36 consecutive months

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

business days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
55

19.A.34 Gasoline Outright - D6 RINS (OPIS) Previous Year Future

Description: A monthly cash settled future based on the OPIS daily assessment price for Physically Delivered D6 

RINs for the Previous Year.

Contract Symbol: RIO

Contract Size: 50,000 RINs

Unit of Trading: Any multiple of 50,000 RINs

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last business day of contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

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

based on the average of the mean of the high and low quotations appearing in the "OPIS Ethanol & Gasoline 

Component Spot Market Prices" report under the heading "US RINs" subheading "US Ethanol RINs" for “Previous 

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

Contract Series: Up to 36 consecutive months

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

business days: Publication days for OPIS Ethanol and Biodiesel Information Service

MIC Code: IFED

Clearing Venue: ICEU
56

SUBCHAPTER 19D - NATURAL GAS LIQUIDS

* * *

19.D.79 Propane - Daily Argus Far East Future

19.D.80 Butane, Argus CIF ARA Mini Balmo Future

* * *
57

19.D.79 Propane - Daily Argus Far East Future

Description: A daily cash settled mini future based on the Argus daily assessment price for Propane Far East.

Contract Symbol: AFD

Contract Size: 100 metric tonnes

Unit of Trading: Any multiple of 100 metric tonnes

Currency: US Dollars and cents

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

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

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

Last Trading Day: Second Business Day after the nominal contract date

Floating Price: In respect of daily settlement, the Floating Price for daily settlement will be determined by ICE 

using price data from a number of sources including spot, forward and derivative markets for both physical and 

financial products. 

Final Settlement Price: In respect of final settlement, the Floating Price will be a price in USD per Metric Tonne 

based on the average of the relevant high and low quotations appearing in the 'Argus International LPG Report' 

under the heading Asia-Pacific for Propane Argus Far East Index 

Contract Series: Up to 130 consecutive days

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

Business Days: Publication days for Argus International LPG Report

MIC Code: IFED

Clearing Venue: ICEU
58

19.D.80 Butane, Argus CIF ARA Mini Balmo Future

Description: A balance of the month cash settled future based upon the average of the daily prices published by 

Argus International LPG for the location specified in Reference Price A

Contract Symbol: BUK

Contract Size: 100 metric tonnes

Unit of Trading: Any multiple of 100 metric tonnes

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last Trading Day of the contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

Final Settlement Price: Average of Reference Price A prices

REFERENCE PRICE A: NGL-BUTANE (EUROPE:CIF ARA LARGE CARGOES)-ARGUS 

INTERNATIONAL LPG

a) Ref Price A - Description: “NGL-BUTANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS 

INTERNATIONAL LPG” means that the price for a Pricing Date will be that day’s Specified Price per tonne of 

butane for delivery on the Delivery Date, stated in US Dollars, published under the heading “northwest Europe and 

Mediterranean: CIF ARA (large cargoes): Butane” in the issues of Argus International LPG that reports prices 

effective on that Pricing Date

Contract Series: Up to 2 consecutive months

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

business days: Publication days for Argus International LPG

MIC Code: IFED

Clearing Venue: ICEU
59

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

PRODUCTS

* * *

19.C.104 Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges Future

* * *
60

19.C.104 Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Non-Oxy FOB Rotterdam Barges Future

Description: A monthly cash settled future based on the difference between the ICE daily settlement price for 

RBOB Gasoline 1st Line Future and the Argus daily assessment price for Eurobob Non-Oxy FOB Rotterdam 

Barges.

Contract Symbol: NOX

Contract Size: 1,000 metric tonnes (349,860 gallons)

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

Currency: US Dollars and cents

Trading Price Quotation: One hundredth of one cent (¢0.01) per gallon

Settlement Price Quotation: One thousandth of one cent (¢0.001) per gallon

Minimum Price Fluctuation: One thousandth of one cent (¢0.001) per gallon

Last Trading Day: Last Trading Day of the contract month

Floating Price: In respect of daily settlement, the Floating Price will be determined by ICE using price data from a 

number of sources including spot, forward and derivative markets for both physical and financial products.

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

based on the difference between the average of the settlement prices as made public by the ICE for the RBOB 

Gasoline 1st Line Future and the average of the mean of the high and low quotations appearing in the “Argus 

European Products” report under the heading “Northwest Europe light products” for “Eurobob non-oxy” for each 

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

Non-Common: Pricing applies. 

conversion factor: 1 metric tonne = 349.86 gallons.

Contract Series: Up to 48 consecutive months

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

business days: Publication days for Argus European Products

MIC Code: IFED

Clearing Venue: ICEU

[REMAINDER OF RULE UNCHANGED]
61

EXHIBIT B

[EXHIBIT REDACTED]