DELIVERY PROCEDURES

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(IV) DELIVERY PROCEDURES

INDEX

1. General Provisions.................................................................................................................................1

2. Delivery of Documentation....................................................................................................................3

3. Authorised Signatories...........................................................................................................................3

4. Clearing Member Accounts...................................................................................................................3

5. Transferors and Transferees...................................................................................................................3

6. Alternative Delivery Procedure (“ADP”): ICE Gasoil Futures............................................................4

7. Emissions Alternative Delivery Procedure (“EADP”): emission contracts ..........................................5

8. Alternative Delivery Procedure: Financials & Softs white sugar contracts ..........................................5

9. Exclusion of Alternative Delivery Procedures for Other Contracts ......................................................5

10. Interim Payments: Gasoil.......................................................................................................................5

11. ICE Brent Futures: Cash Settlement.....................................................................................................5

12. Similar Obligations Under Different Contracts.....................................................................................5

13. Interpretation..........................................................................................................................................6

14. Reports and Notifications ......................................................................................................................6

15. Liability, Margin, Default and Disciplinary ..........................................................................................6

16. Payments................................................................................................................................................7

17. Guardian.................................................................................................................................................7

PART A: ICE FUTURES EUA FUTURES CONTRACT (“ICE EUA FUTURES”), ICE FUTURES EUA DAILY 

FUTURES CONTRACT (“ICE EUA DAILY FUTURES”), ICE FUTURES EUA AUCTION CONTRACT (“ICE

EUA AUCTION CONTRACT”), ICE FUTURES EUAA FUTURES CONTRACT (“ICE EUAA FUTURES”),

ICE FUTURES EUAA AUCTION CONTRACT (“ICE EUAA AUCTION CONTRACT”), ICE FUTURES CER

FUTURES CONTRACT (“ICE CER FUTURES”), ICE FUTURES CER FUTURES DAILY CONTRACT (“ICE

CER DAILY FUTURES”), AND ICE FUTURES ERU FUTURES CONTRACT (“ICE ERU FUTURES”)

1. Definitions..............................................................................................................................................8

2. Delivery Specification .........................................................................................................................11

3. Liability................................................................................................................................................12

4. Delivery Timetable for Emission Contracts: Routine.........................................................................13

5. Delivery Timetable for Emission Contracts: Late and Failed Delivery .............................................17

6. Emissions Alternative Delivery Procedure (“EADP”) ........................................................................19

7. Invoice Calculation ..............................................................................................................................20
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8. Delivery Documentation Summary .....................................................................................................20

PART B: ICE FUTURES GASOIL FUTURES (“ICE GASOIL FUTURES”)

1. Delivery Specification .........................................................................................................................23

2. Delivery Timetable for ICE Gasoil Futures.........................................................................................24

3. ICE Gasoil Futures Delivery Day Nomination Table..........................................................................29

4. Delivery Documentation Summary .....................................................................................................29

5. Invoice..................................................................................................................................................31

PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (EFA), ICE UK PEAK ELECTRICITY FUTURES 

CONTRACT (EFA), ICE UK BASE ELECTRICITY FUTURES CONTRACT (GREGORIAN) AND ICE UK

PEAK ELECTRICITY FUTURES CONTRACT(GREGORIAN)

1. Definitions............................................................................................................................................36

2. Delivery Specification .........................................................................................................................39

3. Energy Contract Volume Notification Agent Appointment and Authorisation Process.....................39

4. Liability................................................................................................................................................40

5. Delivery Timetable for ICE UK Electricity Futures: Routine ............................................................41

6. Delivery Timetable for ICE UK Electricity Futures: Failed Delivery................................................44

7. Delivery Contract Security ..................................................................................................................45

8. Invoice and Account Sale Calculation.................................................................................................45

9. Delivery Documentation Summary .....................................................................................................46

PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT (“ICE FUTURES UK NATURAL GAS 

FUTURES”), ICE FUTURES UK NATURAL GAS (EUR/MWH) FUTURES CONTRACT (“ICE FUTURES UK

NATURAL GAS (EUR/MWH) FUTURES”) AND ICE FUTURES UK NATURAL GAS DAILY FUTURES 

CONTRACT (“ICE FUTURES UK NATURAL GAS DAILY FUTURES”)

1. Definitions............................................................................................................................................48

2. Delivery Specification .........................................................................................................................49

3. Liability................................................................................................................................................50

4. Delivery Contract Security ..................................................................................................................50

5. Delivery Timetable for ICE Futures UK Natural Gas: Routine .........................................................51

6. Delivery Timetable for ICE Futures UK Natural Gas: Failed Delivery .............................................55

7. Invoice and Account Sale Calculation.................................................................................................56

8. Delivery Documentation Summary .....................................................................................................57
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PART E: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT ("UK OCM NATURAL GAS SPOT CONTRACT")

1. Definitions............................................................................................................................................61

2. ICE Endex UK Authority.....................................................................................................................62

3. Delivery Specification .........................................................................................................................63

4. Liability................................................................................................................................................64

5. Delivery Contract Security ..................................................................................................................65

6. Delivery Timetable for UK OCM Natural Gas Spot Contracts: Routine ...........................................65

7. Delivery Timetable for UK OCM Natural Gas Spot Contracts: Failed Delivery...............................68

8. Invoice and Account Sale Calculation.................................................................................................68

9. Delivery Documentation Summary .....................................................................................................69

PART F: ICE ENDEX TTF NATURAL GAS FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS FUTURES”);

ICE ENDEX TTF NATURAL GAS WORKING DAYS NEXT WEEK (WDNW) FUTURES CONTRACT (“ICE

ENDEX TTF NATURAL GAS WDNW FUTURES”) AND ICE ENDEX TTF NATURAL GAS DAILY 

FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS DAILY FUTURES”)

1. Definitions............................................................................................................................................71

2. Clearing House Authority ....................................................................................................................72

3. Delivery Specification .........................................................................................................................72

4. Liability................................................................................................................................................73

5. Delivery Contract Security ..................................................................................................................73

6. Delivery Timetable for ICE Endex TTF Natural Gas: Routine..........................................................74

7. Delivery Timetable for ICE Endex TTF Natural Gas: Failed Delivery..............................................78

8. Invoice and Account Sale Calculation.................................................................................................80

9. Delivery Documentation Summary .....................................................................................................81

PART G: ICE ENDEX GASPOOL NATURAL GAS FUTURES CONTRACT (“ICE ENDEX GASPOOL NATURAL GAS 

FUTURES”); ICE ENDEX GASPOOL NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX 

GASPOOL NATURAL GAS DAILY FUTURES”)

1. Definitions............................................................................................................................................85

2. Delivery Specification .........................................................................................................................86

3. Liability................................................................................................................................................87

4. Delivery Contract Security ..................................................................................................................87

5. Delivery Timetable for ICE Endex GASPOOL Natural Gas: Routine...............................................87
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6. Delivery Timetable for ICE Endex GASPOOL Natural Gas: Failed Delivery ..................................92

7. Invoice and Account Sale Calculation.................................................................................................93

8. Delivery Documentation Summary .....................................................................................................95

PART H: ICE ENDEX NCG NATURAL GAS FUTURES CONTRACT (“ICE ENDEX NCG NATURAL GAS 

FUTURES”); ICE ENDEX NCG NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX NCG

NATURAL GAS DAILY FUTURES”)

1. Definitions............................................................................................................................................99

2. Delivery Specification .......................................................................................................................100

3. Liability..............................................................................................................................................101

4. Delivery Contract Security ................................................................................................................101

5. Delivery Timetable for ICE Endex NCG Natural Gas: Routine.......................................................101

6. Delivery Timetable for ICE Endex NCG Natural Gas: Failed Delivery ..........................................106

7. Invoice and Account Sale Calculation...............................................................................................107

8. Delivery Documentation Summary ...................................................................................................109

PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT (“ICE ENDEX ZTP NATURAL GAS FUTURES”);

ICE ENDEX ZTP NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX ZTP NATURAL GAS 

DAILY FUTURES”)

1. Definitions..........................................................................................................................................113

2. Clearing House Authority ..................................................................................................................114

3. Delivery Specification .......................................................................................................................114

4. Liability..............................................................................................................................................115

5. Delivery Contract Security ................................................................................................................116

6. Delivery Timetable for ICE Endex ZTP Natural Gas Futures: Routine............................................116

7. Delivery Timetable for ICE Endex ZTP Natural Gas Futures: Failed Delivery...............................120

8. Invoice and Account Sale Calculation...............................................................................................122

9. Delivery Documentation Summary ...................................................................................................123

PART J: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT: ICE ENDEX CONTINENTAL TTF

NATURAL GAS SPOT CONTRACT ("TTF NATURAL GAS SPOT CONTRACT"); ICE ENDEX CONTINENTAL 

ZTP NATURAL GAS SPOT CONTRACT ("ZTP NATURAL GAS SPOT CONTRACT"); AND ICE ENDEX 

CONTINENTAL ZTPL NATURAL GAS SPOT CONTRACT ("ZTPL NATURAL GAS SPOT CONTRACT")

1. Definitions..........................................................................................................................................127

2. ICE Endex Continental Authority......................................................................................................129
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3. Delivery Specification .......................................................................................................................130

4. Liability..............................................................................................................................................131

5. Delivery Contract Security ................................................................................................................131

6. Delivery Timetable for Continental Natural Gas Spot Contracts: Routine ......................................131

7. Delivery Timetable for Continental Natural Gas Spot Contracts: Failed Delivery ..........................134

8. Invoice and Account Sale Calculation...............................................................................................134

9. Delivery Documentation Summary ...................................................................................................135

PART K: ICE ENDEX DUTCH POWER FUTURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES; ICE ENDEX 

DUTCH POWER BASE LOAD WEEK FUTURES; ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES

1. Definitions..........................................................................................................................................137

2. Delivery Specification .......................................................................................................................139

3. Liability..............................................................................................................................................140

4. Delivery Timetable for ICE Endex Dutch Power Futures: Routine .................................................140

5. Delivery Timetable for ICE Endex Dutch Power Futures: Failed Delivery......................................143

6. Delivery Contract Security ................................................................................................................144

7. Invoice and Account Sale Calculation...............................................................................................144

8. Delivery Documentation Summary ...................................................................................................145

PART L: ICE ENDEX BELGIUM POWER BASE LOAD FUTURES CONTRACT (“ICE ENDEX BELGIAN POWER BASE 

LOAD FUTURES”)

1. Definitions..........................................................................................................................................147

2. Delivery Specification .......................................................................................................................148

3. Liability..............................................................................................................................................149

4. Delivery Timetable for ICE Endex Belgian Power Base Load Futures: Routine..............................149

5. Delivery Timetable for ICE Endex Belgian Power Base Load Futures: Failed Delivery .................151

6. Delivery Contract Security ................................................................................................................152

7. Invoice and Account Sale Calculation...............................................................................................152

8. Delivery Documentation Summary ...................................................................................................153

PART M: ICE ENDEX GERMAN POWER FUTURES

1. Definitions..........................................................................................................................................155
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2. Delivery Specification .......................................................................................................................157

3. Liability..............................................................................................................................................158

4. Delivery Timetable for ICE Endex German Power Futures: Routine ...............................................158

5. Delivery Timetable for ICE Endex German Power Futures: Failed Delivery...................................160

6. Delivery Contract Security ................................................................................................................161

7. Invoice and Account Sale Calculation...............................................................................................162

8. Delivery Documentation Summary ...................................................................................................162

PART N: ICE DELIVERABLE US EMISSIONS CONTRACTS

1. Applicablity and Definitions..............................................................................................................164

2. Delivery Specification .......................................................................................................................164

3. Liability..............................................................................................................................................164

4. Delivery Contract Security and Contract Value ................................................................................165

5. Delivery Timetable and Obligations..................................................................................................165

PART O: FINANCIALS & SOFTS COCOA CONTRACTS

1. Delivery Specification .......................................................................................................................168

2. Delivery Documentation Summary ...................................................................................................173

PART P: FINANCIALS & SOFTS COFFEE CONTRACTS

1. Delivery Specification .......................................................................................................................175

2. Delivery Documentation Summary ...................................................................................................178

PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

1. Delivery Specification .......................................................................................................................179

2. Delivery Documentation Summary ...................................................................................................182

PART R: FINANCIALS & SOFTS WHEAT CONTRACTS

1. Delivery Specification .......................................................................................................................183

2. Delivery Documentation Summary ...................................................................................................185

PART S: FINANCIALS & SOFTS DELIVERIES

1. Financials & Softs Deliveries ............................................................................................................187
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PART T: FINANCIALS & SOFTS COMMON DELIVERY PROCEDURES

1. Common Delivery Procedures for Financials & Softs Contracts......................................................188

PART U: FINANCIALS & SOFTS GILT CONTRACTS

1. Gilt Contracts.....................................................................................................................................190

PART V: FINANCIALS & SOFTS JAPANESE GOVERNMENT BOND CONTRACTS

1. Japanese Government Bond (JGB)....................................................................................................195

PART W: EURO-DENOMINATED GOVERNMENT BOND CONTRACTS

1. Euro-denominated Government Bond Contracts...............................................................................196

PART X: SWISS CONFEDERATION BOND CONTRACTS

1. Swiss Confederation Bond Contracts ................................................................................................199

PART Y: DEBT EVENTS

1. Debt Events........................................................................................................................................202

PART Z: FINANCIALS & SOFTS EQUITY FUTURES/OPTIONS

1. Physically Delivered Equity Futures/Options, and Stock Contingent Trades Delivery 

Procedures..........................................................................................................................................206

2. Physically Delivered Equity Delivery Timetables.............................................................................206

3. Failed Settlements and non-delivery of stock....................................................................................213

4. Corporate Events................................................................................................................................214

5. Delivery Documentation Summary ...................................................................................................216

PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT (“ICE ENDEX PSV

NATURAL GAS FUTURES”)

1. Definitions..........................................................................................................................................220

2. Clearing House Authority ..................................................................................................................221

3. Delivery Specification .......................................................................................................................222

4. Liability..............................................................................................................................................222

5. Delivery Contract Security ................................................................................................................223

6. Delivery Timetable for ICE Endex PSV Natural Gas: Routine........................................................223
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7. Delivery Timetable for ICE Endex Italian PSV Natural Gas: Failed Delivery ................................225

8. Invoice and Account Sale Calculation...............................................................................................226

9. Delivery Documentation Summary ...................................................................................................227
LNDOCS01/919901.12

1. GENERAL PROVISIONS4

1.1 With regard to all open Contracts, which, pursuant to the Contract Terms, give rise to delivery 

obligations:

(a) Clearing Members with Open Contract Positions at cessation of trading or auctioning are 

obliged to make or take delivery (as applicable);

(b) Clearing Members must make themselves fully aware of their delivery obligations under each 

relevant Contract; and

(c) these Delivery Procedures form part of the terms of the relevant Contract if such Contract 

becomes deliverable and should be read in conjunction with the Rules, particularly Part 7, and 

ICE Futures Europe Rules or LIFFE Rules where relevant.

1.2 Any enquiries concerning these Delivery Procedures should be directed to the Deliveries department of 

the Clearing House.

1.3 The following definitions apply to these Delivery Procedures:

(a) The term “Clearing Day” means a day on which the Clearing House is open for business.

(b) The term “Business Day” means a Clearing Day that is not a public holiday in England.

(c) The term “Delivery Period” means a period during which delivery and settlement occurs in 

accordance with these Delivery Procedures and applicable Market Rules.

(d) The term “Non-Clearing Day” means Christmas Day, New Year’s Day, Easter Friday, each 

Saturday and Sunday where the Clearing House and the relevant Exchange are closed and any 

other day that is not a Clearing Day, as determined by the Clearing House from time to time.

(e) The term “Tender” means a notice given pursuant to these Delivery Procedures and/or 

Market Rules, of an intention to make or take delivery of a Deliverable.

1.4 These Delivery Procedures apply only in relation to F&O Contracts.

1.5 Subject to paragraph 1.6 to 1.11 below, these Delivery Procedures, and all non-contractual obligations 

arising out of or in connection with them, are governed by and shall be construed in accordance with 

English law and any Dispute under these Delivery Procedures will be subject to arbitration under Rule 

117 save as provided in Market Rules. 

1.6 Solely as between an FCM/BD Clearing Member and the Clearing House, those provisions of these 

Delivery Procedures inasmuch as they relate solely to an issue or matter concerning:

(a) the pledging, transfer, holding, use and segregation of Pledged Collateral provided by an 

FCM/BD Clearing Member (or other property, excluding for the avoidance of doubt the 

Contracts themselves recorded in such an Account, recorded in a Customer Account or 

Proprietary Account that is designated as an account in respect of which Pledged Collateral 

may be provided by an FCM/BD Clearing Member); and/or

(b) the application of any net sum owed in favour of the FCM/BD Clearing Member in respect of 

a Customer Account or Proprietary Account that is designated as an account in respect of 

which Pledged Collateral may be provided,

 4 Amended 27 July 2009
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and, solely to the extent relevant to interpreting the foregoing provisions in such circumstances, 

relevant definitions and interpretative provisions in paragraph 1 of these Delivery Procedures (such 

provisions, together or separately “Pledged Collateral Matters”) shall be governed by and construed 

in accordance with the laws of the State of New York and, as applicable, the federal law of the United 

States of America.

1.7 For the avoidance of doubt, paragraph 1.6 is an exception to paragraph 1.5 and Rule 102(s) which 

provide that the Delivery Procedures and Rules respectively shall be governed by and construed in 

accordance with the laws of England and Wales. For the avoidance of doubt, without limitation and 

notwithstanding paragraph 1.6, the following are governed by and shall be construed in accordance 

with the laws of England and Wales in their entirety without any exception and shall in no 

circumstances constitute a Pledged Collateral Matter:

(a) all of the provisions of these Delivery Procedures relating to the Designated System;

(b) any Dispute or issue arising as between a Non-FCM/BD Clearing Member or Sponsored 

Principal on the one hand and the Clearing House on the other hand;

(c) any Dispute or issue arising in respect of a Customer Account or Proprietary Account that is 

not designated as an account in respect of which Pledged Collateral may be provided; 

(d) any matter relating to Pledged Collateral of a Non-FCM/BD Clearing Member or a Sponsored 

Principal;

(e) any Pledged Collateral provided by an FCM/BD Clearing Member or Sponsored Principal 

pursuant to an English law Pledged Collateral Addendum; and

(f) the Contract Terms of all Contracts.

1.8 Where a dispute between an FCM/BD Clearing Member and the Clearing House relates to one or more 

Pledged Collateral Matters, notwithstanding the provisions of Rule 117, solely the allegations or claims 

relating to the Pledged Collateral Matters in such dispute shall be heard and determined exclusively in 

any New York federal court sitting in the Borough of Manhattan of the City of New York, provided, 

however, that if such federal court does not have jurisdiction over such allegations or claims, such 

allegations or claims shall be heard and determined exclusively in any New York state court sitting in 

the Borough of Manhattan of the City of New York (such Courts, together, “New York Courts”). 

Consistent with the preceding sentence, the Clearing House and each FCM/BD Clearing Member 

hereby:

(a) submits to the exclusive jurisdiction of the New York Courts solely in respect of allegations or 

claims relating to Pledged Collateral Matters; and

(b) agrees that service of process will be validly effected by sending notice in accordance with 

Rule 113.

1.9 All allegations or claims other than those over which the New York Courts have exclusive jurisdiction 

pursuant to paragraph 1.8 shall be finally and exclusively determined by way of arbitration pursuant to 

Rule 117. It is expressly recognised that for Disputes between an FCM/BD Clearing Member and the 

Clearing House containing both allegations or claims over which the New York Courts have exclusive 

jurisdiction pursuant to paragraph 1.8 and other allegations or claims, it may be necessary to have both 

New York Court proceedings and arbitral proceedings. The submission of a party to the jurisdiction of 

a New York Court and/or the taking of a step by a party in proceedings before a New York Court, 

where in any such instance the New York Court has exclusive jurisdiction pursuant to paragraph 1.8

does not amount to a waiver by that party of its right to commence or participate in arbitral proceedings 

in accordance with Rule 117. The submission of a party to arbitration under Rule 117 or in respect of 

any Dispute does not amount to a waiver by that party of its right to have allegations or claims in 
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relation to which the New York Courts have exclusive jurisdiction pursuant to paragraph 1.8 heard in 

the New York Courts.

1.10 Nothing in paragraphs 1.5 to 1.11 precludes the Clearing House from bringing an action to enforce a 

judgment from any New York Court or award of any arbitral tribunal in any court of competent 

jurisdiction.

1.11 EACH CLEARING MEMBER AND THE CLEARING HOUSE HEREBY IRREVOCABLY 

WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT 

MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING OUT OF, 

UNDER OR IN CONNECTION WITH THESE DELIVERY PROCEDURES OR ANY MATTER 

CONTEMPLATED BY THEM. EACH CLEARING MEMBER AND THE CLEARING HOUSE 

HEREBY:

(a) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PERSON BOUND BY 

THESE RULES HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH 

OTHER PERSON WOULD NOT, IN THE EVENT OF ANY SUCH DISPUTE, SEEK TO 

ENFORCE THE FOREGOING WAIVER; AND

(b) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THESE RULES, 

ALL CONTRACTS AND ALL OTHER TRANSACTIONS CONTEMPLATED BY THESE 

RULES, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS 

AND CERTIFICATIONS IN PARAGRAPHS 1.5 to 1.11.

2. DELIVERY OF DOCUMENTATION

Clearing Members must submit the required delivery documentation to the Clearing House by email to 

iceuops@theice.com marked “URGENT: for the attention of the Deliveries Department” or by courier 

to the Clearing House’s registered office.

3. AUTHORISED SIGNATORIES

Clearing Members, or their Transferor(s) or Transferee(s), must ensure that all delivery documents are 

signed by a director or officer who is properly authorised to sign such documentation on behalf of the 

Clearing Member. The Clearing House is entitled to rely upon the information specified in all forms 

and documents submitted by Buyers, Sellers, Transferors and Transferees without making any enquiry, 

investigation or check as to the accuracy of the information or whether the signatory is authorised to 

sign or submit the form or document to the Clearing House.

4. CLEARING MEMBER ACCOUNTS

No offset is allowed for either physical delivery or financial settlement between Clearing Members’

Proprietary Account and Customer Account. Separate delivery documentation is required for each 

such Account.

5. TRANSFERORS AND TRANSFEREES

5.1 Each ICE Futures UK Natural Gas Futures Contract, ICE Futures UK Natural Gas (EUR/MWh) 

Futures Contract, ICE Futures UK Natural Gas Daily Futures Contract, ICE Endex UK OCM Natural 

Gas Spot Contract, ICE UK Base Electricity Futures Contract (EFA), ICE UK Peak Electricity Futures 

Contract (EFA), ICE UK Base Electricity Futures Contract (Gregorian), ICE UK Peak Electricity 

Futures Contract (Gregorian), ICE Deliverable US Emissions Contract, ICE Endex TTF Natural Gas

Futures Contract, ICE Endex TTF Natural Gas Working Days Next Week Futures Contract, ICE Endex 

TTF Natural Gas Daily Futures Contract, ICE Endex PSV Natural Gas Futures Contract, ICE Endex 

GASPOOL Natural Gas Futures Contract, ICE Endex GASPOOL Natural Gas Daily Futures Contract,

ICE Endex NCG Natural Gas Futures Contract, ICE Endex NCG Natural Gas Daily Futures Contract,

ICE Endex ZTP Natural Gas Futures Contract, ICE Endex ZTP Natural Gas Daily Futures Contract,
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ICE Endex Continental TTF Natural Gas Spot Contract, ICE Endex Continental ZTP Natural Gas Spot 

Contract, ICE Endex Continental ZTPL Natural Gas Spot Contract, ICE Endex Dutch Power Futures 

Contract, ICE Endex Belgian Power Base Load Futures Contract and ICE Endex German Power 

Futures Contract subject to delivery obligations allows Sellers and Buyers to nominate Transferors and 

Transferees respectively. A Transferor or Transferee may be a Seller or Buyer, respectively, itself. 

Transferors and Transferees are permitted to make or take delivery of Natural Gas, Electricity or 

Allowances to or from the Clearing House by the prescribed delivery method. The Clearing House 

permits the nomination of Transferors or Transferees for reasons of convenience of Clearing Members 

only. Notwithstanding the appointment of a Transferor or Transferee, the relevant Clearing Member 

remains at all times fully responsible for meeting all of its obligations and liabilities to the Clearing 

House.

5.2 A Clearing Member may appoint a Representative (which may be another Clearing Member) to 

undertake delivery administration or obligations.

5.3 A person who is not the Buyer, Seller or the Clearing House shall have no right under the Contracts 

(Rights of Third Parties) Act 1999 to enforce any provision of a Contract (including any requirement of 

these Delivery Procedures). As further described in Rule 111, the Clearing House is not liable to or for 

Transferors or Transferees.

5.4 Where separate procedures apply to a Transferor/Transferee who is not the Seller/Buyer, this is 

indicated in these Delivery Procedures. Any form to be completed and submitted to the Clearing 

House by a Transferor/Transferee shall be signed by an authorised signatory of the 

Transferor/Transferee. The Clearing House is entitled to rely upon the information specified in the 

form without making any enquiry, investigation or checks as to the accuracy of such information or 

whether the signatory on the form has been authorised by the Transferor/Transferee. Each Clearing 

Member acknowledges and agrees that it is responsible for ensuring the accuracy of the information on 

each form submitted by a Transferor/Transferee and that the form is signed by an authorised signatory.

6. ALTERNATIVE DELIVERY PROCEDURE (“ADP”): ICE GASOIL FUTURES

6.1 In respect of an ICE Gasoil Contracts or ICE Low Sulphur Gasoil Futures Contracts (“ICE Gasoil 

Futures”), if the Buyer agrees with the Seller to undertake delivery outside the ICE Futures Europe 

Rules, both parties must advise the Clearing House using the Form ICE Gasoil Futures: Confirmation 

of Agreed ADP.

6.2 Where an ADP is agreed, the Clearing House will settle the relevant Contracts at the settlement price 

agreed between the Buyer and Seller fulfilling its obligations under the Contract in respect of delivery. 

If the agreed price is not the one at which the positions were placed under Tender, the difference 

between the two prices will be debited or credited to the Clearing Members’ accounts and an invoice or 

credit note will be issued.

6.3 ICE Gasoil Futures: Confirmation of Agreed ADP forms received by the Clearing House after 

15:00 hours will be deemed to have been received on the next Business Day.

6.4 A reduced delivery fee is charged for ADPs agreed at least two days prior to the first day of the 

delivery range.

6.5 Where an ADP is agreed for ICE Gasoil Futures, then, as from the time that the Clearing Members’

accounts are amended by the Clearing House as described in this paragraph 6, the affected Clearing 

Members and the Clearing House shall all automatically and immediately be released and discharged 

from all their rights, liabilities and obligations in respect of the affected Contract or Contracts and such 

rights, liabilities and obligations shall be replaced by such amended obligations as are agreed between 

the parties.
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LNDOCS01/919901.12 5

7. EMISSIONS ALTERNATIVE DELIVERY PROCEDURE (“EADP”): EMISSION 

CONTRACTS

In the event of a failed delivery in respect of an Emission Contract which is not an ICE EUA Auction 

Contract or ICE EUAA Auction Contract, the relevant Clearing Member and the Clearing House may 

enter into a separate contract to make or take delivery beyond the point of failure in a manner and on 

terms pursuant to paragraph 6 of Part A below.

8. ALTERNATIVE DELIVERY PROCEDURE: FINANCIALS & SOFTS WHITE SUGAR 

CONTRACTS

In the event that the Seller agrees with the Buyer (to whom the Seller’s Tender is allocated by the 

Clearing House) to make delivery other than as specified in the LIFFE Rules or the ICE Futures Europe 

Rules, as applicable, in respect of Financials & Softs White Sugar Contracts, both parties must advise 

LIFFE or ICE Futures Europe, as applicable, via Guardian (or any successor system) of their 

agreement. In such circumstances, the Clearing House will terminate the Financials & Softs White 

Sugar Contracts at the agreed settlement price, in fulfilment of all obligations and rights of all parties 

under the Contracts.

9. EXCLUSION OF ALTERNATIVE DELIVERY PROCEDURES FOR OTHER CONTRACTS

Clearing Members may not agree alternative delivery procedures for any ICE Futures UK Natural Gas 

Futures Contract, ICE Futures UK Natural Gas (EUR/MWh) Futures Contract, ICE Futures UK 

Natural Gas Daily Futures Contract, ICE UK Base Electricity Futures Contract (EFA), ICE UK Peak 

Electricity Futures Contract (EFA), ICE UK Base Electricity Futures Contract (Gregorian), ICE UK 

Peak Electricity Futures Contract (Gregorian) or ICE Deliverable US Emissions Contract, Financials & 

Softs Coffee Contract, Financials & Softs Cocoa Contract, Financials & Softs Wheat Contract, 

Financials & Softs Gilt Contract, Financials & Softs Japanese Government Bond Contract, Financials 

& Softs Equity Futures/Options Contract or Financials & Softs Stock Contingent Trade Contract or any 

other Contract subject to a delivery from time to time for which no specific alternative delivery 

procedure applies, save where a Governmental Authority of competent jurisdiction orders or requires or 

Applicable Law so requires or the Clearing House provides its consent in writing.

10. INTERIM PAYMENTS: GASOIL

Where a Delivery Panel formed under ICE Futures Europe Rules directs that an interim payment or 

payments should be made pending a decision as to the price to be set for Invoicing Back, the Clearing 

House may make an interim payment to the affected Clearing Member of the amount specified in the 

direction of the Delivery Panel (or such other amount as the Clearing House, at its discretion, 

determines). If the Clearing House makes any such interim payment, an equivalent deduction from the 

Buyer’s Security will be effected. Any amount to be paid as a result of the Delivery Panel’s decision or 

direction shall be such amount due less any interim payment made or shall result in an obligation to 

repay all or part of any interim payment, as applicable, and further deduction to, or replenishment of, 

the Buyer’s Security shall be effected by the Clearing House appropriately.

11. ICE BRENT FUTURES: CASH SETTLEMENT

ICE Brent Futures is a contract deliverable via EFP with an option to cash settle. Where the Notice to 

Cash Settle ICE Brent Futures or the Standing Notice to Cash Settle ICE Brent Futures is completed 

and submitted to the Clearing House by the relevant time as applicable to each notice, then the Rules 

on cash settlement set out in the Rules shall apply.

12. SIMILAR OBLIGATIONS UNDER DIFFERENT CONTRACTS

Where a Seller or a Buyer has delivery obligations under one or more Contracts that are not of the same 

Set but which result in a delivery obligation in respect of the same Deliverable at the same time, the 
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LNDOCS01/919901.12 6

Clearing House may notify the Seller (and its Transferor, if applicable) and the Buyer (and its 

Transferee, if applicable) of their aggregated delivery obligations under the affected Contracts and, 

upon such notification, the Seller and Buyer shall be required to make and take delivery in respect of 

such aggregated delivery obligations instead of such other obligations as may otherwise have been 

required.

13. INTERPRETATION

Words and phrases defined in the Rules or these Delivery Procedures bear the same meanings when 

used in any form or other document delivered pursuant to these Delivery Procedures.

The Clearing House may, from time to time, enter into clearing services arrangements with LIFFE or 

ICE Futures Europe, as applicable, in respect of Financials & Softs Contracts, pursuant to which the 

functions of the Clearing House (as designated in these Delivery Procedures) may be performed by 

LIFFE or ICE Futures Europe, as applicable, and vice versa. Accordingly, references in these Delivery 

Procedures to the Clearing House may be interpreted as references to LIFFE or ICE Futures Europe, as 

applicable, in respect of such Financials & Softs Contracts, and vice versa, as circumstances require.

14. REPORTS AND NOTIFICATIONS

Unless otherwise specified, the Clearing House will make the reports and confirmations it issues as part 

of the delivery processes available to the Clearing Members electronically, both via email and via the 

Clearing House Web Reporting Service (described in the Clearing House User Guide).

15. LIABILITY, MARGIN, DEFAULT AND DISCIPLINARY

15.1 The requirements relating to liability set out in the Rules apply equally in relation to deliveries. 

Without prejudice to the generality of, and subject to, the provisions of the Rules relating to liability:

(a) it is the responsibility of Clearing Members to ensure that all forms are in place at the relevant 

time, and any failure or omission to ensure that they are in place that causes or contributes to 

the failure of any delivery may itself constitute a failure to deliver by the Clearing Member; 

and

(b) upon any such failure or omission, the Clearing Member will be liable to the Clearing House 

for any cost, loss or expense of the Clearing House arising as a result of such failure or 

omission, which may include any delivery failure costs.

15.2 The Clearing House may at any time make an additional Margin call as a result of any event or 

circumstance occurring in relation to a delivery.

15.3 Notwithstanding the availability of any possible alternative or late delivery procedure, failure to 

comply with any requirement of these Delivery Procedures may constitute an Event of Default.

15.4 Nothing in these Delivery Procedures shall preclude the Clearing House, in its discretion, from 

bringing disciplinary proceedings or levying a fine against a Clearing Member, including (without 

limitation) in respect of late or failed delivery.

15.5 Clearing Members are referred to Rule I.21 of the ICE Futures Europe Rules which provisions are, to 

the extent relevant to the Rules, incorporated herein.

15.6 Nothing in these Delivery Procedures shall exclude any liability for fraud, death, personal injury or any 

liability which by law may not be excluded.
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16. PAYMENTS

All payments to and from Clearing Members pursuant to these Delivery Procedures shall take place to 

and from relevant Nominated Accounts as described in the Finance Procedures. Amounts due in 

respect of delivery obligations may be set off against or aggregated with other amounts due under the 

Rules, as described in the Finance Procedures.

17. GUARDIAN

Guardian is an electronic grading and delivery system which is used in the process of making and 

taking delivery of cocoa, coffee, wheat and white sugar (and bonds).
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LNDOCS01/919901.12 8

PART A: ICE FUTURES EUA FUTURES CONTRACT (“ICE EUA FUTURES”), ICE FUTURES EUA

DAILY FUTURES CONTRACT (“ICE EUA DAILY FUTURES”), ICE FUTURES EUA AUCTION 

CONTRACT (“ICE EUA AUCTION CONTRACT”), ICE FUTURES EUAA FUTURES 

CONTRACT (“ICE EUAA FUTURES”), ICE FUTURES EUAA AUCTION CONTRACT (“ICE

EUAA AUCTION CONTRACT”), ICE FUTURES CER FUTURES CONTRACT (“ICE CER

FUTURES”), ICE FUTURES CER FUTURES DAILY CONTRACT (“ICE CER DAILY 

FUTURES”), AND ICE FUTURES ERU FUTURES CONTRACT (“ICE ERU FUTURES”)

This part applies to deliveries of ICE EUA Futures and Auction Contracts (including the ICE EUA Daily 

Futures), ICE EUAA Futures and Auction Contracts, ICE CER Futures Contracts (including the ICE CER Daily 

Futures), and ICE ERU Futures Contracts traded under the rules of ICE Futures Europe. For the avoidance of 

doubt, the eight Contracts remain separate Contracts and the Transfer Request made to support the delivery of 

one of the Contracts needs to reference EUA, EUAAs, CERs, or ERUs only as specified under the definition of 

the relevant Contract.

1. DEFINITIONS

1.1 The following definitions apply to this part of the Delivery Procedures:

(a) The term “Account” means an account maintained by the Registry pursuant to the Registry 

Regulations in order to record the holding and transfer of Allowances, CERs or ERUs, as 

applicable to the relevant Contract Set.

(b) The term “Allowance Type” has the same meaning as that given to the term in the ICE 

Futures Europe Rules, as applicable to the relevant Contract Set.

(c) The term “Auction” has the same meaning as that given to the term in the ICE Futures Europe 

Rules, as applicable to the relevant Contract Set.

(d) The term “Auctioneer Seller” has the same meaning as that given to the term in the ICE 

Futures Europe Rules, as applicable to the relevant Contract Set.

(e) The term “Aviation Emissions Allowance” or “EUAA” means an aviation allowance issued 

pursuant to Chapter II of the Emissions Directive to permit the emission of one tonne of 

carbon dioxide equivalent during the relevant period, which falls within an Allowance Type, 

and only to the extent such allowance is valid, as of the time of delivery to the Clearing 

House, for the purposes of meeting the requirements of the Emissions Directive.

(f) The term “Aviation Emissions Allowance Contract” means a Contract for an Aviation 

Emissions Allowance.

(g) The term “Aviation Emissions Allowance Transfer Request” means a request to effect a 

transfer of an Aviation Emissions Allowance submitted by the Seller to the Registry in the 

manner required by the Registry Regulations or relevant applicable law and otherwise in 

accordance with the Rules and ICE Futures Europe Rules.

(h) The term “Carbon Emissions Allowance” or “EUA” means an allowance issued pursuant to 

Chapter III of the Emissions Directive to permit the emission of one tonne of carbon dioxide 

equivalent during the relevant period, which falls within an Allowance Type and only to the 

extent such allowance is valid, as of the time of delivery to the Clearing House, for the 

purposes of meeting the requirements of the Emissions Directive.

(i) The term “Carbon Emission Allowance Contract” means a Contract for a Carbon Emissions 

Allowance.

(j) The term “Carbon Emissions Allowance Transfer Request” means a request to effect a 

transfer of a Carbon Emissions Allowance submitted by the Seller to the Registry in the 
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LNDOCS01/919901.12 9

manner required by the Registry Regulations or relevant applicable law and otherwise in 

accordance with the Rules and ICE Futures Europe Rules.

(k) The term “Certified Emission Reduction” or “CER” means a unit issued by the UN Clean 

Development Mechanism Executive Board pursuant to Article 12 of the Kyoto Protocol and 

the decisions adopted pursuant to the UNFCCC or the Kyoto Protocol and is equal to one 

Tonne of Carbon Dioxide Equivalent. For the avoidance of doubt, the term “CER” does not 

include any CERs that, as of any relevant date, have been cancelled by, or merely surrendered 

to, a Competent Authority to be exchanged for EUAs pursuant to Article 11a of the Emissions 

Directive or the Linking Directive.

(l) The term “CER Contract” means a Contract in relation to a CER.

(m) The term “CER Delivery Amount” means, for each Margin Account, an amount reflecting 

the gross number of CERs which are to be delivered by a Seller for any Delivery Period in 

respect of all CER Contracts to which it is party as Seller.

(n) The term “CER Transfer Request” means a request to effect a transfer of a CER submitted 

by the Seller to the Registry in the manner required by the Registry Regulations or relevant 

applicable law and otherwise in accordance with the Rules and ICE Futures Europe Rules.

(o) The term “Clearing House Directions” means any instructions or requests that the Clearing 

House may issue to the Buyer or Seller from time to time in respect of the delivery of an EUA, 

EUAA, CER or ERU under an Emission Contract.

(p) The term “Communication Link”, in relation to EUAs, EUAAs, CERs and ERUs has the 

same meaning as that given to the term in the ICE Futures Europe Rules as applicable to 

EUAs, EUAAs, CERs or ERUs.

(q) The term “Community Independent Transaction Log” or “CITL” means the predecessor 

log to the EUTL established pursuant to Commission Regulation (EC) No 2216/2004 for a 

standardised and secured system of registries pursuant to Directive 2003/87/EC of the 

European Parliament and of the Council.

(r) The term “Competent Authority” means the authority or authorities designated by a Member 

State pursuant to Article 18 of the Emissions Directive.

(s) The term “Contract Date” means for an ICE EUA and CER Daily Futures Contract, an 

individual Business Day on which: (a) trading commences; (b) trading ceases; and (c) the 

Delivery Period commences for those trades executed on that Business Day.

(t) The term “Delivery Costs” has the same meaning as that given to the term in the ICE Futures 

Europe Rules, as applicable to the relevant Contract Set.

(u) The term “Emissions Alternative Delivery Procedure” or “EADP” means the circumstances 

and means by which delivery may be effected in accordance with paragraph 6 of this Part A.

(v) The term “EADP Agreement” means an agreement to adopt an EADP.

(w) The term “Emission Contracts” where used in this Part A, shall mean ICE EUA or EUAA 

Futures or Auction Contracts, ICE CER and ERU Futures Contracts and/or ICE EUA and 

CER Daily Futures Contracts, as the case may be, to be delivered pursuant to and in 

accordance with this Part A.

(x) The term “Emissions Directive” means Directive 2003/87/EC of the European Parliament 

and the Council of 13 October 2003 establishing a scheme for greenhouse gas emissions 

allowance trading and amending Council Directive 96/61EC, as amended from time to time, 
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LNDOCS01/919901.12 10

including, without limitation, by Directive 2009/29/EC of the European Parliament and of the 

Council of 23 April 2009.

(y) The term “Emission Reduction Unit” or “ERU” means a unit issued pursuant to Article 6 of 

the Kyoto Protocol and the decisions adopted pursuant to the UNFCCC or the Kyoto Protocol 

and is equal to one tonne of carbon dioxide equivalent. For the avoidance of doubt, the term 

“ERU” does not include any ERUs that, as of any relevant date, have been cancelled by, or 

merely surrendered to, a Competent Authority to be exchanged for EUAs pursuant to Article 

11a of the Emissions Directive or the Linking Directive.

(z) The term “ERU Contract” means a Contract in relation to an ERU.

(aa) The term “ERU Delivery Amount” means, for each Margin Account, an amount reflecting 

the gross number of ERUs which are to be delivered by a Seller for any Delivery Period in 

respect of all ERU Contracts to which it is party as Seller.

(bb) The term “ERU Transfer Request” means a request to effect a transfer of an ERU submitted 

by the Seller to the Registry in the manner required by the Registry Regulations or relevant 

applicable law and otherwise in accordance with the Rules and ICE Futures Europe Rules.

(cc) “European Union Transaction Log” or “EUTL” means the independent transaction log 

provided for in Article 20(1) of the Directive, for the purpose of recording the issue, transfer 

and cancellation of allowances under the Scheme and established, operated and maintained 

pursuant to Article 4 of the Registry Regulations.

(dd) The term “Kyoto Protocol” shall have the same meaning as set out in the ICE Futures Europe 

Rules.

(ee) The term “Linking Directive” shall have the same meaning as set out in the ICE Futures 

Europe Rules.

(ff) The term “Non-Business Day” means a Clearing Day that is a public holiday in England.

(gg) The term “Registry Regulations” means, in each case, as applicable and as amended from 

time to time: (1) Commission Regulation (EU) No 920/2010 of 7 October 2010 for a 

standardised and secured system of registries pursuant to Directive 2003/87/EC of the 

European Parliament and of the Council and Decision No 280/2004/EC of the European 

Parliament and of the Council, and (2) Commission Regulation (EU) No 1193/2011 of 18 

November 2011 establishing a Union Registry for the trading period commencing on 1 

January 2013, and subsequent trading periods, of the Union emissions trading scheme 

pursuant to Directive 2003/87/EC of the European Parliament and of the Council and Decision 

No 280/2004/EC of the European Parliament and of the Council and amending Commission

Regulations (EC) No 2216/2004 and (EU) No 920/2010.

(hh) The term “Registry” (i) in respect of an EUA, EUAA, CER or ERU, means the single Union 

registry established pursuant to the Registry Regulations in order to ensure the accurate 

accounting of the holding, transfer, acquisition, surrender, cancellation, and replacement of 

EUAs, EUAAs, CERs and ERUs under the Scheme.

(ii) The term “Scheme” means the scheme for transferring EUAs, EUAAs, CERs and ERUs 

established pursuant to the Emissions Directive, as implemented by relevant national law.

(jj) The term “Transfer Request” means an Allowance Transfer Request, a CER Transfer 

Request, or an ERU Transfer Request, as the case may be.

(kk) The term “Transfer Request Delay” shall have the same meaning as set out in the ICE 

Futures Europe Rules, as applicable to the relevant Contract Set.
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(ll) The term “Transfer Request Failure” shall have the same meaning as set out in the ICE 

Futures Europe Rules, as applicable to the relevant Contract Set.

(mm) The term “UNFCCC Independent Transaction Log” means the independent transaction log 

established, operated and maintained by the Secretariat of the United Nations Framework 

Convention on Climate Change.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries under Emissions Contracts are effected upon:

(a) in the case of the Seller effecting delivery, the completion of the transfer of the relevant 

EUAs, the relevant EUAAs, the relevant CERs, or the relevant ERUs, as the case may be, 

from the relevant Account of the Seller, to the relevant Account of the Clearing House; and

(b) in the case of the Buyer taking delivery, the completion of the transfer of the relevant 

Allowances, the relevant CERs, or the relevant ERUs, as the case may be, from the relevant 

Account of the Clearing House to the relevant Account of the Buyer.

This takes place during the Delivery Period for the relevant Emissions Contracts in accordance with 

ICE Futures Europe Rules. Neither delivery by the Buyer nor receipt of the delivery by the Seller 

requires performance by the other to occur simultaneously. Each of the Buyer and Seller should deal 

directly with the Clearing House.

2.2 EUAs, EUAAs, CERs, and ERUs

EUAs, EUAAs, CERs, or ERUs to be delivered shall conform to the specifications described in ICE 

Futures Europe Rules and the specifications of the Registry to and from which delivery may be made 

under the relevant Contract.

The price at which an Emission Contract (other than an ICE EUA Auction Contract, an ICE EUAA 

Auction Contract or an ICE EUA Futures Contract arising pursuant to an auction) is delivered is the 

MDSP (as defined and determined in accordance with the relevant ICE Futures Europe Rules) for the 

relevant contract month of the relevant Emission Contract on the last day of trading. The price at 

which an ICE EUA Auction Contract, ICE EUAA Auction Contract or ICE EUA Futures Contract 

arising pursuant to an Auction is delivered is the Auction Clearing Price as defined and determined in 

accordance with the relevant ICE Futures Europe Rules.

2.3 Cessation of Trading

(a) Trading for the ICE EUA, EUAA, CER, and ERU Futures Contract contract month will 

normally cease on the last Monday of that month. Where this falls on a Non-Business Day for 

the relevant Emission Contract, or there is a Non-Business Day for the relevant Emission 

Contract in the four days immediately following the last Monday, the last trading day shall be 

the penultimate Monday of the delivery month. Where the penultimate Monday of the 

delivery month falls on a Non-Business Day for the relevant Emission Contract, or there is a 

Non-Business Day for the relevant Emission Contract in the four days immediately following 

the penultimate Monday, the last trading day shall be the antepenultimate Monday of the 

delivery month. A list of dates, subject to amendment, is available from ICE Futures Europe.

(b) For the avoidance of doubt paragraph (a) above does not apply to the ICE EUA Auction 

Contract or the ICE EUAA Auction Contract.

(c) Trading for the ICE EUA and CER Daily Futures Contracts shall normally cease at 17.00 

hours on the relevant Contract Date.
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2.4 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

(a) In accordance with ICE Futures Europe Rules, EFPs and EFSs in respect of the ICE EUA, 

EUAA, CER, and ERU Futures Contracts may be posted up to 30 minutes following the 

cessation of trading.

(b) For the avoidance of doubt paragraph (a) above does not apply to the ICE EUA Auction 

Contract or the ICE EUAA Auction Contract.

(c) In relation to the ICE EUA and CER Daily Futures Contracts, EFPs and EFSs:

(i) can only be registered until 17:00 each Business Day;

(ii) which have been alleged but not accepted will be cleared from ICE Block overnight; 

and,

(iii) which are outstanding at the end of a Business Day must be re-submitted to the 

Exchange on the next Business Day.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

3.2 The Clearing House shall have no liability in connection with an Emission Contract, its performance, 

non-performance or its termination whether based on breach of contract, warranty, negligence or tort or 

the performance or non-performance of any Auctioneer Seller. In particular, but without limitation, the 

Clearing House is not responsible for or shall have any liability whatsoever to any Buyer or Seller for:

(i) the availability, suitability, unavailability or malfunction of a Communication Link or 

any part thereof;

(ii) the performance or non-performance by the Registry, CITL or EUTL, as the case 

may be, or UNFCCC International Transaction Log of their respective obligations 

under the Registry Regulations or otherwise; 

(iii) the validity or non-validity of any EUA, EUAA, CER or ERU for the purposes of 

meeting the requirements of the Directive;

(iv) any act or omission of any operator of a Communication Link or any part thereof; 

(v) any act or omission of an Authorised Representative of any other party;

(vi) the actions, omissions, performance or non-performance of any Auctioneer Seller, 

Auction Monitor, the European Commission, the Central Administrator or any 

Competent Authority or Governmental Authority, including the failure of any 

Auctioneer Seller to create any EUA or EUAA or transfer or procure the transfer of 

the same to the Clearing House; or

(vii) the Auctioneer Seller or the Auction Monitor being wound up, dissolved, liquidated, 

merged or otherwise ceasing to exist or ceasing to be an auctioneer appointed 

pursuant to Article 22(1) of the Auctioning Regulation or an auction monitor 

appointed pursuant to Article 24 of the Auctioning Regulation, as applicable, for 

Auctions.
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LNDOCS01/919901.12 13

3.3 Neither the Buyer nor the Seller shall have any claim against the Clearing House for any loss, cost, 

damage or expense incurred or suffered as a result of the performance or non-performance of the 

Registry, the CITL or EUTL, as the case may be or the UNFCCC Independent Transaction Log except 

as otherwise expressly provided in the ICE Futures Europe Rules or the Rules.

4. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: ROUTINE

4.1 ICE EUA, EUAA, CER, and ERU Futures Contracts

Unless stated otherwise, the times apply to ICE EUA Futures Contracts and ICE EUAA Futures 

Contracts (other than ICE EUA Auction Contracts and ICE EUAA Auction Contracts), ICE CER 

Futures Contracts, and ICE ERU Futures Contracts. Note that some events may occur up to 24 hours 

earlier, due to the Registry often performing in advance of the 24 hour period allowed under the 

Registry Regulations.

TIME ACTION

10 Business Days prior to the relevant Contract Date (or such shorter 

period as the Exchange or Clearing House may consider appropriate).

Submission of ICE Registry 

Account Notification Form

Buyer and Seller must each submit an ICE Registry Account 

Notification Form to the Clearing House.

Last trading day (LTD)

Cessation of Trading At 

17:00

Trading ceases.

By 

17:30

EFPs and EFSs may be posted up to 30 minutes following the 

cessation of trading.

By 

18:00

Clearing Members must ensure that all assignments, settlements and 

transfers are performed via ECS.

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

At 

18:00

MPFE report available on Crystal.

LTD + 1

Submission of ICE Monthly 

Delivery Confirmation 

Form

By 

09:00

Buyer pays full contract value to the Clearing House.

Payment by Buyer By 

09:00

Invoices are available as a report on Crystal.

By 

10:00

Seller and Buyer must submit to the Clearing House the ICE 

Monthly Delivery Confirmation Form.

Deadline for submission of 

Transfer Requests by 

Sellers

By 

15:00

Seller must ensure that the necessary Transfer Requests (as 

contained in the ICE Monthly Delivery Confirmation Form) have 

been made through the Communication Link to the Registry to 

allow EUAs, EUAAs, CERs, or ERUs, as applicable, to be 

transferred from the Account of the Seller to the Account of the 
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TIME ACTION

Clearing House.

Transfer Requests made by the Seller before this time will, pursuant 

to Registry Regulations, result in EUAs, EUAAs, CERs, or ERUs, 

as applicable, being received in the appropriate Account of the 

Clearing House no later than 24 hours after the submission of the 

Transfer Request by the Seller.

On receipt from the Seller of EUAs, EUAAs, CERs, or ERUs, as 

applicable, into the appropriate Account of the Clearing House, the 

Clearing House will randomly select the order in which it will make 

the Transfer Requests (as contained in the Buyer’s ICE Monthly 

Delivery Confirmation Form as applicable) and make such Transfer 

Requests through the Communication Link to the Registry for 

EUAs, EUAAs, CERs, or ERUs, as applicable, to be transferred 

from the appropriate Account of the Clearing House to the 

appropriate Account of the Buyer.

This means that Buyers may receive EUAs, EUAAs, CERs, or 

ERUs, as applicable, in their appropriate Accounts on LTD + 1.

LTD + 2

Payment for EUAs, 

EUAAs, CERs, or ERUs 

received by the Clearing 

House on LTD + 1

By 

09:00

Sellers receive full contract value against EUAs, EUAAs, CERs, or 

ERUs as applicable, received by the Clearing House on LTD +1.

By 

09:00

Account Sales will be available as a report on Crystal.

Deadline for receipt of 

EUAs, EUAAs, CERs, or 

ERUs by the Clearing 

House

By 

15:00

The Clearing House will have received EUAs, EUAAs, CERs, or 

ERUs, as applicable into its Account from the Sellers.

Deadline for submission of 

Transfer Requests by the 

Clearing House

By 

15:00

All Transfer Requests by the Clearing House will have been made 

through the Communication Link to the Registry for EUAs, 

EUAAs, CERs, or ERUs, as applicable, to be transferred from the 

Account of the Clearing House to the Account of the Buyer.

LTD + 3

Payment for EUAs, 

EUAAs, CERs, or ERUs 

received by the Clearing 

House on LTD + 2

By 

09:00

Seller receives full contract value against EUAs, EUAAs and/or 

CERs and/or ERUs received by the Clearing House on LTD +2.

Deadline for receipt of 

EUAs, EUAAs, CERs, or 

ERUs by the Buyer

By 

15:00

Buyer will have received EUAs and/or EUAAs and/or CERs and/or 

ERUs into their Accounts.

4.2 ICE EUA and CER Daily Futures Contracts
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TIME ACTION

Submission of ICE Registry 

Account Notification Form

10 Business Days prior to the relevant Contract Date (or such shorter 

period as the Exchange or Clearing House may consider appropriate). 

Buyer and Seller must each submit an ICE Registry Account 

Notification Form to the Clearing House.

Contract Date

Cessation of Trading At 

17:00

Trading ceases.

All EFPs and EFSs which have been alleged but not accepted will 

be cleared from ICE Block.

By 

17:45

Clearing Members must ensure that all assignments, settlements and 

transfers are performed via ECS.

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

At 

18:00

MPFE report available on Crystal.

Submission of ICE Daily 

Delivery Confirmation 

Form

By 

17:45

Seller and Buyer must each submit to the Clearing House the ICE 

Daily Delivery Confirmation Form.

Contract Date + 1

Payment by Buyer By 

09:00

Buyer pays full contract value to the Clearing House. 

Seller pays Seller Security to the Clearing House

By 

09:00

Invoices are available as a report on Crystal.

Deadline for receipt of 

EUAs or CERs by the 

Clearing House

By 

15:00

Seller must ensure that the necessary EUAs or CERs, as applicable, 

have been transferred from the Account of the Seller to the Account 

of the Clearing House.

On receipt from the Seller of EUAs or CERs, as applicable, into the 

appropriate Account of the Clearing House, the Clearing House will 

randomly select the order in which it will make the Transfer 

Requests (as contained in the Buyer’s ICE Daily Delivery 

Confirmation Form as applicable) and make such Transfer Requests 

through the Communication Link to the Registry for EUAs or 

CERs, as applicable, to be transferred from the appropriate Account 

of the Clearing House to the appropriate Account of the Buyer.

This means that Buyers may receive EUAs or CERs, as applicable, 

in their appropriate Accounts on Contract Date + 1.

Contract Date + 2

Payment for EUAs or CERs 

received by the Clearing 

By 

09:00

Sellers receive full contract value against EUAs or CERs received 
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LNDOCS01/919901.12 16

TIME ACTION

House on Contract Date + 1 by the Clearing House on Contract Date + 1. 

The Clearing House will release the Seller security received on 

Contract Date +1 to the Seller.

By 

09:00

Account Sales will be available as a report on Crystal.

Deadline for receipt of 

EUAs or CERs by the 

Buyer

By 

15:00

Buyer will have received EUAs and/or CERs into their Accounts 

from the Clearing House.

4.3 ICE EUA and EUAA Auction Contracts

TIME ACTION

10 Business Days prior to the relevant Auction (or such shorter period as 

the Exchange or Clearing House may consider appropriate). 

Deadline for notification of 

Registry Account details 

Buyer must submit an ICE Registry Account Notification Form to the Clearing 

House, and, where applicable, submission by Exchange Members of an 

Auction Participant List to the Exchange.

Day of Auction (A)

Deadline for Auctioneer 

Seller to withdraw Auction

Prior to opening 

of Bidding 

Window (as 

defined in the 

ICE Futures 

Europe Rules).

EUAs and EUAAs, as applicable will be delivered to the 

Clearing House by the Auctioneer Seller prior to the 

opening of the Bidding Window.

Deadline for submission of 

bids

As specified in 

relevant Auction 

Specification 

(“Closing 

Time”)

Bids may be submitted during the Bidding Window (as 

defined in the ICE Futures Europe Rules).

Closing Time 

+15 minutes

Successful Buyers will have been notified of EUAs and 

EUAAs, as applicable, obtained in the relevant Auction and 

all applicable payment obligations.

Deadline for delivery of 

EUA or EUAA Auction 

Delivery Confirmation

Form

By 11:00 Buyer must submit to the Clearing House the EUA or 

EUAA Auction Delivery Confirmation Form as applicable.

By 11:15 MPFE report available on Crystal.

A + 1

Payment by Buyer By 09:00 Buyer pays full contract value to the Clearing House.

By 09:00 Invoices and Account Sales are available as a report on 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 17

TIME ACTION

Crystal

Deadline for submission of 

Transfer Requests by the 

Clearing House 

By 19:30 Auctioneer Seller receives full contract value against EUAs 

or EUAAs, as applicable, received by the Clearing House 

prior to the relevant Auction.

The Clearing House will randomly select the order in 

which it will make Transfer Requests (as contained in the 

Buyer’s EUA or EUAA Monthly Delivery Confirmation 

Form, as applicable) and make such Transfer Requests 

through the Communication Link to the Registry for EUAs 

or EUAAs, as applicable, to be transferred from the 

appropriate Account of the Clearing House to the 

appropriate Account of the Buyer.

Transfer Requests made by the Clearing House before this 

time will, pursuant to Registry Regulations, result in EUAs 

or EUAAs being received in the appropriate Account of the 

Clearing House no later than 26 hours after the submission 

of the Transfer Request by the Seller.

A + 2

Delivery of EUAs and 

EUAAs to Buyer Account

By 15:00 Buyer will have received EUAs or EUAAs, as applicable, 

into relevant Account.

5. DELIVERY TIMETABLE FOR EMISSION CONTRACTS: LATE AND FAILED DELIVERY

5.1 ICE EUA, EUAA, CER, and ERU Futures Contracts

Unless stated otherwise, the times apply to ICE Futures Contracts, ICE CER Futures Contracts, and ICE ERU 

Futures Contracts.

TIME ACTION

LTD + 1

Between 15:00 and 15:00 

on LTD+2

Where a Transfer Request has been submitted by the Seller after 15:00 hours on the 

first Business Day following the last day of trading, but before 15:00 hours on the 

second Business Day after the last day of trading, in compliance with a Clearing 

House Direction or otherwise, the Seller shall advise the Clearing House 

immediately of such submission. The Clearing House may, in its discretion, declare 

and notify to the Seller and the Exchange that the Clearing Member is subject to a 

Transfer Request Delay.

LTD + 2

At 15:00 Where a Transfer Request has not been submitted by the Seller, or has been 

submitted but such Transfer Request has not been accepted by the Registry by 15:00 

hours on the second Business Day after the last day of trading, the Seller shall 

advise the Clearing House immediately of such non-submission, or non-acceptance. 

The Clearing House may, in its discretion, declare that the Clearing House or the 

Seller, as appropriate, has failed to meet its delivery obligations and that there is a 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 18

Transfer Request Failure.

LTD + 3

At 15:00 Where a Transfer Request has not been submitted by the Clearing House or has 

been submitted but not accepted or actioned by the Registry by 15:00 hours on the 

third Business Day after the last day of trading, the Clearing House shall advise the 

Buyer immediately of such non-submission, non-acceptance or non-action. The 

Clearing House may, in its discretion, declare that the Clearing House or the Buyer, 

as appropriate, is subject to a Transfer Request Delay and may:

(a) take, or require the Buyer to take, such steps as appropriate to rectify the 

situation in compliance with any Clearing House Directions which allow for 

EUAs or EUAAs to be delivered by such time (which shall not be a time after 

15:00 hours on the fourth Business Day after the last day of trading in relation to 

the relevant Transfer). In the event that the Buyer’s Account has not been 

credited by 15:00 hours on the fourth Business Day after the last day of trading 

in relation to the relevant Transfer, the Clearing House shall declare that there is 

a Transfer Request Failure; or

(b) declare that the Clearing House or the Buyer or Seller, as appropriate, has 

failed to meet its delivery obligations and that there is a Transfer Request 

Failure.

LTD + 4

At 15:00 Where the Buyer’s Account has not been credited by 15:00 hours on the fourth 

Business Day after the last day of trading, the Clearing House may, in its discretion, 

declare that the Clearing House or the Buyer, as appropriate, has failed to meet its 

delivery obligations and that there is a Transfer Request Failure.

5.2 ICE EUA and CER Daily Futures Contracts

TIME ACTION

Contract Date + 1

At 15:00 Where the Account of the Clearing House has not been credited by 15:00 hours on 

the first Business Day after the Contract Date, the Clearing House shall declare and 

notify to the Seller and the Exchange that the Member is subject to a Transfer 

Request Delay.

Contract Date + 2

At 15:00 Where the Account of the Clearing House has not been credited by 15:00 hours on 

the second Business Day after the Contract Date, the Clearing House shall declare 

that the Clearing House or the Seller, as appropriate, has failed to meet its delivery 

obligations and that there is a Transfer Request Failure.

At 15:00 Where a Transfer Request has not been submitted by the Clearing House or has 

been submitted but not accepted or actioned by the Registry by 15:00 hours on the 

second Business Day after the Contract Date, the Clearing House shall advise the 

Buyer immediately of such non-submission, non-acceptance or non-action. The 

Clearing House may, in its discretion, declare that the Clearing House or the Buyer, 

as appropriate, is subject to a Transfer Request Delay and may:

(a) take, or require the Buyer to take, such steps as appropriate to rectify the 

situation in compliance with any Clearing House Directions which allow for 

Allowances to be delivered by such time (which shall not be a time after 15:00 

hours on the third Business Day after the Contract Date in relation to the relevant 

Transfer). In the event that the Buyer’s Account has not been credited by 15:00 

hours on the third Business Day after the Contract Date in relation to the relevant 

Transfer, the Clearing House shall declare that there is a Transfer Request 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 19

Failure; or

(b) declare that the Clearing House or the Buyer or Seller, as appropriate, has failed 

to meet its delivery obligations and that there is a Transfer Request Failure.

Contract Date + 3

At 15:00 Where the Buyer’s Account has not been credited by 15:00 hours on the third 

Business Day after the Contract Date, the Clearing House may, in its discretion, 

declare that the Clearing House or the Buyer, as appropriate, has failed to meet its 

delivery obligations and that there is a Transfer Request Failure.

5.3 ICE EUA and EUAA Auction Contracts

TIME ACTION

A + 2

At 15:00 Where a Transfer Request has not been submitted by the Clearing House or has 

been submitted but not accepted or actioned by the Registry by 15:00 hours on the 

second Business Day after the Contract Date, the Clearing House shall advise the 

Buyer immediately of such non-submission, non-acceptance or non-action. The 

Clearing House may, in its discretion, declare that the Clearing House or the Buyer, 

as appropriate, is subject to a Transfer Request Delay and may:

(a) take, or require the Buyer to take, such steps as appropriate to rectify the 

situation in compliance with any Clearing House Directions which allow for 

EUAs or EUAAs to be delivered by such time (which shall not be a time after 

15:00 hours on the fourth Business Day after the Contract Date in relation to the 

relevant Transfer). In the event that the Buyer’s Account has not been credited 

by 15:00 hours on the fourth Business Day after the Contract Date in relation to 

the relevant Transfer, the Clearing House shall declare that there is a Transfer 

Request Failure; or

(b) declare that the Clearing House or the Buyer, as appropriate, has failed to 

meet its delivery obligations and that there is a Transfer Request Failure.

A + 4

At 15:00 Where the Buyer’s Account has not been credited by 15:00 hours on the fourth

Business Day after the Contract Date, the Clearing House may, in its discretion, 

declare that the Clearing House or the Buyer, as appropriate, has failed to meet its 

delivery obligations and that there is a Transfer Request Failure.

In the event of a Transfer Request Delay or Transfer Request Failure by the Seller/Buyer (including the 

Clearing House), the Seller or Buyer (whichever is responsible) shall indemnify the Buyer or Seller 

(whichever is not responsible) in respect of all and any Delivery Costs attributable to that Transfer 

Request Delay or Transfer Request Failure, provided that, in the case of an ICE EUA Auction Contract 

or ICE EUAA Auction Contract, and in accordance with Article 48 of the Auctioning Regulation (as 

defined in the ICE Futures Europe Rules), the Buyer shall not be indemnified by the Clearing House 

for a Transfer Request Delay or Transfer Request Failure, as applicable, due to circumstances outside 

its control or a Force Majeure Event.

6. EMISSIONS ALTERNATIVE DELIVERY PROCEDURE (“EADP”)

6.1 In the event of a Transfer Request Failure relating to Emission Contracts other than the ICE EUA 

Auction Contract and the ICE EUAA Auction Contract, the relevant Clearing Member may seek 

agreement of the Clearing House to make or take delivery beyond the point of failure (see prescribed 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 20

“Emissions: Late & Failed Deliveries Timetable” in ICE User Guide and above) in a manner and on 

terms other than those required pursuant to the ICE Futures Europe Rules. The purpose of the EADP is 

to afford flexibility to Clearing Members in circumstances where it is envisaged that delivery will be 

possible but not within the prescribed timetable. Failure to deliver in accordance with ICE Futures 

Europe Rules and this Part A may nonetheless attract disciplinary action or a fine by ICE Futures 

Europe and/or the Clearing House notwithstanding any subsequent delivery in accordance with an 

EADP Agreement.

6.2 Each Clearing Member that enters into an EADP Agreement shall, pursuant to these Delivery 

Procedures, and without need for any further action on the part of the relevant Clearing Member or the 

Clearing House, be deemed to have agreed to indemnify the Clearing House in respect of all and any of 

the Clearing House’s costs, losses, charges and expenses incurred by the Clearing House in connection 

with the EADP, including, without limitation, any costs, losses, charges and expenses incurred as a 

result of a failure on the part of the Clearing Member to meet its obligations under an EADP 

Agreement and the Clearing House’s staff, operational and legal costs associated with the EADP.

6.3 In the event that a Clearing Member and the Clearing House enter into an EADP Agreement, the 

existing Contract will be liquidated on the basis of the Market Delivery Settlement Price. Delivery 

under an EADP Agreement will be subject to the requirements (including the indemnity) set out in this 

paragraph 6.3, the same Contract Terms as the Contract(s) replaced as a result of the EADP Agreement 

(subject to such new terms as are agreed in relation to any matter, which may (without limitation) 

include new terms in respect of price, delivery times or Deliverable), any directions the Clearing House 

may in its discretion issue and the terms of the EADP Agreement. A new Contract or Contracts shall 

arise pursuant to Part 4 of the Rules as a result of EADP being agreed.

6.4 Where EADP is agreed, as from the time that the Clearing Members’ accounts are amended, as 

described in the EADP in the books and records of the Clearing House, the affected Clearing Members 

and the Clearing House shall all automatically and immediately be released from all their rights, 

liabilities and obligations in respect of the Contract or Contracts that gave rise to the EADP and such 

rights, liabilities and obligations shall be substituted for such amended obligations as are detailed in the 

EADP Agreement.

6.5 In the event that the Clearing Member and Clearing House are unable to enter into an EADP 

Agreement or effect delivery under EADP by the close of business on the Business Day following the 

day of the Failed Delivery, the Clearing House will refer the matter to ICE Futures Europe and Invoice 

Back affected Contracts and may itself begin disciplinary proceedings, levy a fine, call additional 

Margin or declare an Event of Default.

7. INVOICE CALCULATION

The Invoice and Account Sale Report will give details of all deliveries and amounts due to Sellers and 

payable by the Buyers in respect of deliveries of EUAs, EUAAs, CERs or ERUs, as applicable.

The value of confirmed deliveries of EUAs, EUAAs, CERs and ERUs will be calculated as follows:

EUAs, 

EUAAs, 

CERs or 

ERUs

x Market Delivery Settlement Price on last day of trading for the relevant 

Contract month (MDSP) of the relevant Contract or Auction Clearing Price, 

where applicable

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE EUA, EUAA, CER and ERU Futures Contracts

ICE Registry Account Notification

Form

Buyers and Sellers must each submit this form to the Clearing House 

10 Business Days prior to the relevant Contract Date (or such shorter 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 21

period as the Exchange or Clearing House may consider appropriate). 

The report indicates whether the Clearing Member has an Account for 

each Margin account at the Registry, the appropriate Account numbers 

and the Authorised Persons for Account(s).

ICE Monthly Delivery Confirmation 

Form

Buyers and Sellers must each submit this form to the Clearing House 

by 10:00 hours on the day following the last day of trading. It includes 

the following details: the number of lots that are to be specified in 

each Transfer Request for a Margin account; details of each Account 

from/to which each Transfer Request will be made; name and contact 

details of the Authorised Representative in respect of each Account 

specific to each Transfer Request; confirmation that the Clearing 

Member will continue to have the relevant Accounts during the 

Delivery Period at the Registry and is not for any reason prevented 

from having Transfer Requests accepted and not subsequently rejected 

or not actioned; and is not for any reason prevented from having the 

Accounts updated as a result of Transfer Requests; and such other 

details as are required by the Clearing House and the Registry from 

time to time in accordance with their rules and procedures.

8.2 ICE EUA and CER Daily Futures Contracts

ICE Registry Account Notification 

Form

Buyers and Sellers must each submit this form to the Clearing House 

10 Business Days prior to the relevant Contract Date (or such shorter 

period as the Exchange or Clearing House may consider appropriate). 

The report indicates whether the Clearing Member has an Account for 

each Margin account at the Registry, the appropriate Account numbers 

and the Authorised Persons for Account(s).

ICE Daily Delivery Confirmation 

Form

Buyers and Sellers must each submit this form to the Clearing House 

by 17:45 hours on the Contract Date. It includes the following details: 

the number of lots that are to be specified in each Transfer Request for 

a Margin account; details of each Account; name and contact details 

of the Authorised Representative in respect of each Account specific 

to each Transfer Request; confirmation that the Clearing Member will 

continue to have the relevant Accounts during the Delivery Period at 

the Registry and is not for any reason prevented from having Transfer 

Requests accepted and not subsequently rejected or not actioned; and 

is not for any reason prevented from having the Accounts updated as a 

result of Transfer Requests; and such other details as are required by 

the Clearing House and the Registry from time to time in accordance 

with their rules and procedures.

8.3 ICE EUA and EUAA Auction Contracts

ICE Registry Account Notification 

Form

Buyers must submit this form to the Clearing House 10 Business Days 

prior to the relevant Auction. The report indicates whether the 

Clearing Member has an Account for each Margin account at the

Registry, the appropriate Account numbers and the Authorised 

Persons for Account(s). 

EUA or EUAA Auction Delivery 

Confirmation Form

Buyers must submit this form to the Clearing House by 11:00 hours 

on the day of the relevant Auction. It includes the following details: 

the number of lots that are to be specified in each Transfer Request for 
DELIVERY PROCEDURES: EMISSIONS

LNDOCS01/919901.12 22

a Margin account; details of each Account from/to which each 

Transfer Request will be made; name and contact details of the 

Authorised Representative in respect of each Account specific to each 

Transfer Request; confirmation that the Clearing Member will 

continue to have the relevant Accounts during the Delivery Period at 

the Registry and is not for any reason prevented from having Transfer 

Requests accepted and not subsequently rejected or not actioned; and 

is not for any reason prevented from having the Accounts updated as a 

result of Transfer Requests; and such other details as are required by 

the Clearing House and the Registry from time to time in accordance 

with their rules and procedures.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 23

PART B: ICE FUTURES GASOIL FUTURES (“ICE GASOIL FUTURES”)

1. DELIVERY SPECIFICATION

1.1 Quality

Gasoil shall be delivered in bulk and free of all liens and any other form of claim and shall conform to 

the specifications, as appropriate, described in ICE Futures Europe Rules.

1.2 Price

The price at which a ICE Gasoil Futures Contract is delivered is the Market Delivery Settlement Price 

of the Business Day immediately preceding the cessation of trading day, adjusted in accordance with 

ICE Futures Europe Rules.

1.3 Scope

ICE Gasoil Futures Contracts are for the sale and delivery of gasoil meeting the contract specification 

set out in ICE Futures Europe Rules by the Seller to the Buyer, out of a recognised storage installation 

or refinery in Amsterdam, Rotterdam, Antwerp, Flushing or Ghent, at the Seller’s option. This takes 

place on a Delivery Day nominated by the Buyer in accordance with ICE Futures Europe Rules, within 

a five-day period agreed by the Seller and Buyer from the sixteenth to the last day of the contract 

month, inclusive.

The Buyer has the option to choose the method of delivery: barge, coaster (maximum size 10,000 

DWT), in-tank or inter-tank transfer.

1.4 Determination of Quantity and Quality

The quality and quantity of the gasoil delivered is determined by an inspector selected from a panel of 

independent inspectors authorised by ICE Futures Europe to perform such determination.

The inspector is selected in accordance with ICE Futures Europe Rules by the Seller from two possible 

inspectors proposed by the Buyer, provided that if the Seller objects to both of the Buyer’s preferences 

and the parties cannot agree upon an alternative, ICE Futures Europe shall nominate the Inspector and 

this nomination shall be binding on the parties.

1.5 Cessation of trading

Trading for a contract month of ICE Gasoil Futures will normally cease two Business Days prior to the 

fourteenth day of that month. A list of dates, subject to amendment by ICE Futures Europe, is 

available from ICE Futures Europe.

1.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Futures Europe Rules, EFPs and EFSs may be posted up to one hour following 

the cessation of trading.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 24

2. DELIVERY TIMETABLE FOR ICE GASOIL FUTURES

2 Business Days prior to the 14th calendar day of the contract month

Cessation of 

Trading

At 12:00 Trading in ICE Gasoil Futures ceases.

By 13:00 EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

By 14:00 All assignments, settlements and transfers must be performed in TRS 

and ECS. 

Seller must submit an ICE Gasoil Futures: Seller’s Tender Notice to 

the Clearing House notifying the location(s) of the gasoil, the number 

of lots at each location and whether the gasoil is exempt or import 

duty has been paid. 

Buyer may (but is not obliged to) submit an ICE Gasoil Futures: 

Buyer’s Preference Notice, indicating a preferred location for delivery 

to the Clearing House. 

An ICE Gasoil Futures: Preference Notice is only an indication of a 

Buyer’s preference and is not binding on the Clearing House.

At 14:00 Sellers/ Buyers are obliged to make/take delivery of all Contracts 

remaining open in the expiring contract month.

After 14:00 The Clearing House allocates Tenders to Buyers by location at its sole 

discretion, endeavouring to minimise the number of Clearing 

Members and locations involved, taking account of Buyers’

preferences. 

The Clearing House sends an ICE Gasoil Futures: Notice to Seller

Form to each Seller identifying the Buyer(s) per delivery location and 

instructing Sellers to deliver directly to Buyer(s) in accordance with 

Part 7 of the Rules. 

The Clearing House sends an ICE Gasoil Futures: Notice to Buyer

Form to each Buyer identifying the Seller(s) and the delivery 

location(s). 

The MPFE report is available on ECS advising each Clearing Member

of its delivery positions and obligations.

Cessation of trading day +1 Business Day

Determination of 

Delivery Range

By 10:00 The Buyer sends an ICE Gasoil Futures: Delivery Range Nomination 

form to the Seller (copied to the Clearing House) stating the Buyer’s 

preferred five-day delivery range(s) together with the identity and 

status of the Buyer’s Customer (or if he has no Customer, the status of 

the Buyer) under Council Directive 92/12/EEC, or having no such 

status, the tax warehouse nominated to receive delivery.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 25

By 12:00 The Seller notifies the Buyer, via completion and return (copied to the 

Clearing House) of section B of the ICE Gasoil Futures: Delivery 

Range Nomination form, of its acceptance or rejection of the Buyer’s 

preferred delivery range(s) together with the identity of the Seller’s 

Customer (or Seller).

The Seller may only reject a preferred delivery range where it can be 

shown, supported by evidence from the installation through which 

delivery is to be made, that berth space will not be available on any of 

the days in the delivery range preferred by the Buyer.

In the case of delivery by inter-tank transfer or by transfer in-tank 

without movement, the Seller may only reject a preferred delivery 

range where it can be shown, supported by evidence from the 

installation, that pumping into the Buyer’s tank or transfer in the 

books of the installation will be impracticable on any of the days in 

the delivery range preferred by the Buyer.

By 14:00 In the event that a delivery range is rejected, the Seller provides proof 

of rejection from the installation to Buyer (copied to the Clearing 

House).

If the Seller fails to provide supporting evidence/proof of rejection, 

the Seller is deemed to have accepted the Buyer’s preferred range.

If the Seller rejects the Buyer’s preferred range and provides 

acceptable evidence, the Buyer and Seller shall endeavour to agree an 

alternative delivery range by 16:00 and notify the Clearing House of 

the agreed range forthwith.

By 16:00 Failing agreement, the Buyer must give notice of a second five-day 

range to the Seller (wholly outside the first preferred range) and the 

Seller must accept this range.

Cessation of trading day +2 Business Days

Excise duty By 12:00 The Seller informs the Clearing House of non-receipt or receipt of 

certificate of payment of excise duty from the Buyer where the Buyer

is a non-registered trader.

Minimum of 48 hours before 1st day of delivery range (must be a Business Day)

Nomination of 

Installation

By 12:00 The Seller submits to the Buyer (copied to the Clearing House) an 

ICE Gasoil Futures: Installation Nomination form indicating the name 

of the installation(s), the number of lots and the name of an official at 

the installation.

1 Business Day prior to 1st day of delivery range

Buyer’s Security By 09:00 The Buyer must provide Buyer’s Security to the Clearing House of 

full Contract value plus 0.5 % or an amount specified by the Clearing 

House. The Buyer’s Original and contingent (Variation) Margin is 

released on receipt of Buyer’s Security.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 26

Business Day, a minimum of 48 hours before the nominated Delivery Day

Nomination of 

Delivery Day

By 14:00 The Buyer submits to the Seller (copied to the Clearing House) the 

ICE Gasoil Futures: Delivery Day Nomination (Vessel) form or the 

ICE Gasoil Futures: Delivery Day Nomination (in-tank/inter-tank) 

form. The form includes details of the Delivery Day, the installation, 

(in the case of a ICE Gasoil Futures: Delivery Day Nomination 

(Vessel) form) the vessel, fiscal destination and information of any 

tests waived and nominates two inspectors indicating a first and 

second preference from which one must be selected by the Seller. 

The Delivery Day nominated must be within the agreed delivery 

range.

In the case of delivery by inter-tank transfer, the nominated Delivery 

Day is the day the Buyer wishes pumping to commence. In the case 

of delivery by transfer in-tank without movement of the product, the 

nominated Delivery Day is the day on which the Buyer wishes the 

transfer to be entered in the books of the installation.

If this nomination is received by the Seller after 14:00 hours, it is 

deemed to have been given on the following Business Day.

The Buyer may not alter any particular, or substitute a new 

nomination, except by notice conforming to the 48-hour minimum 

notice requirement in accordance with ICE Futures Europe Rules 

unless the particular amended is accepted by the installation without 

conforming to the 48-hour minimum notice requirement.

The ICE Gasoil Futures Delivery Day Nomination Table in 

paragraph 3 of this Part B sets out the appropriate day to submit a 

nomination for a specific delivery day.

The Seller must notify the Buyer and the Clearing House of any 

rejection of a nomination. Such notice must contain all the reasons for 

rejection.

A nomination may not be rejected for frivolous or vexatious reasons, 

such as details which do not result in a rejection of the nomination by 

the Seller’s installation or obvious clerical errors.

By 16:30 The Seller must inform the Buyer and the Clearing House of which 

one of the Buyer’s two preferred inspectors has been accepted. If the 

Seller fails to reply by 16:30 the Seller is deemed to have accepted the 

Buyer’s first preference.

If the Seller objects to both of the Buyer’s preferences, the Seller must 

inform the Buyer and the Clearing House in good time of the reasons 

and attempt to agree an alternative with the Buyer. In the event that 

no agreement is reached, the Seller must advise ICE Futures Europe 

by 16:45 hours, on the day of nomination, and ICE Futures Europe 

will nominate an inspector no later than the nominated delivery Day, 

pursuant to ICE Futures Europe Rules.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 27

On the nominated Delivery Day within the agreed 5-day Delivery Range between the 

16th and end of the contract month

Delivery Day and 

Loading

Loading shall commence on the nominated Delivery Day and be on a 

first come, first served basis, and demurrage shall be calculated in 

accordance with barge market practice.

In the event that the barge has presented herself in readiness to load 

and the Seller has made gasoil ready for delivery, both within the 

agreed delivery range, but loading has not been completed by the last 

day of the delivery, there shall be an extension of 24 working hours 

for completion of delivery provided the Seller can show, supported by 

evidence from the installation through which delivery is to be made, 

that he has made the product ready for delivery but loading has been 

prevented by operational factors. Such evidence shall be copied to the 

Clearing House.

In the event that the delay exceeds 24 working hours, the party 

responsible for the delay shall (subject to ICE Futures Europe Rules) 

be in default.

On or before 6th calendar day after completion of loading

Receipt of 

Documents by 

the Clearing 

House

By 11:00 The Seller shall lodge the following delivery documents with the 

Clearing House:

(a) the original certificates of quality and quantity or faxes from the 

inspector confirming quality and quantity; 

(b) If applicable a certificate of origin or EU movement certificate or a 

copy thereof or written statement by the Inspector that he has seen the 

original and brief detail thereof; and

(c) in the case of delivery into barge, the original barge delivery notes 

or set of original negotiable bills of lading; in the case of inter-tank 

transfer, a document satisfactorily evidencing the movement of 

product into the Buyer’s tank, issued by the operator of the Buyer’s 

tank and naming the supplier or the supplying installation (where 

different from the receiving installation) and the receiver; in the case 

of delivery in tank without movement of the product, a document 

satisfactorily evidencing the intention of the parties to transfer title to 

Commodities, issued by the installation and naming at least the 

receiver.

If the Seller fails to provide all or part of the documentation by the 

stated time, the Clearing House advises the Seller by telephone or in 

writing (see ICE Gasoil Future: Notification of Amicable Agreement 

Period) (copy to ICE Futures Europe) that if the issue is not resolved 

within five calendar days immediately following the sixth calendar 

day after the completion of loading, the issue will be referred to ICE 

Futures Europe under ICE Futures Europe Rules.

The issue may be resolved by the production of the required 

documentation or agreement by both Seller and Buyer to ADP.

Documents lodged after 11:00 hours are deemed to be lodged on the 

next Business Day.

By 16:00 The Clearing House advises the Seller of the Account Sale amount. 

The Clearing House advises the Buyer of document availability and 

the Invoice amount and that payment will take place the next Business 

Day.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 28

Business Day following receipt of documents (if received before 11:00)

Payment By 09:00 The Buyer pays the invoice amount to the Clearing House. Buyer’s 

Security is released as part of the payment transaction.

If the Buyer notifies the Clearing House, in writing and before the 

Seller is paid, that the product does not comply with the quality 

specification, the Clearing House will withhold 10% of the payment 

from the Seller. If an amicable solution is not achieved within five 

days, the Clearing House will refer the dispute to ICE Futures Europe 

under ICE Futures Europe Rules.

After 10:30 The Seller collects the Account Sales, from the Clearing House.

The Buyer collects the Invoice and related delivery documents from 

the Clearing House.

The Buyer signs a receipt to confirm acceptance of the Invoice and 

related delivery documents (see paragraph 5 of this Part B for invoice 

details).

After 12:00 The Account Sale amount is credited to the Seller’s settlement 

account. 

Positions are removed from tender.

Document receipt day + 2 Business Days

Release of 

Margin

Seller’s Original Margin and contingent (Variation) Margin is 

released.
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 29

3. ICE GASOIL FUTURES DELIVERY DAY NOMINATION TABLE

The table below indicates the deadlines for the receipt of an ICE Gasoil Futures: Delivery Day 

Nomination-Vessel or ICE Gasoil Futures: Delivery Day Nominations-In Tank/Inter Tank by the Clearing 

House.

D = Nominated Delivery Day

R = Day by which nomination must be received (by 14:00)

E.g.: in the first line below, the nominated Delivery Day is Thursday and the deadline for receipt of the 

nomination is 14:00 on the previous Monday.

Mon Tues Wed Thurs Fri Sat Sun Mon Tues Wed

R D

R D

R D

R D

R D

R D

R D

If the Monday is a bank holiday, the deadline for receipt of nomination for the following Thursday is the 

previous Friday instead of the Monday.

These days may vary over Christmas, New Year and Easter periods.

4. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full –

including elections in respect of Gasoil/Low Sulphur Gasoil, as appropriate.

Name of Delivery Document Explanation Timing

ICE Gasoil Futures: Seller’s 

Tender Notice

This notice is submitted by the Seller to the 

Clearing House. It provides details of the 

number of lots and location(s) from which the 

delivery is to be made and a statement to 

confirm that import duty has been paid or 

whether or not the product tendered is exempt 

from import duty.

By 14:00 on the 

last day of 

trading

ICE Gasoil Futures: Buyer’s 

Preference Notice

This notice may be submitted by the Buyer to 

the Clearing House specifying: the number of 

lots, the size of parcels and the locations at 

which the Buyer would prefer to take delivery.

By 14:00 on the 

last day of 

trading

ICE Gasoil Futures: Notice to 

Buyer

This notice is issued by the Clearing House to 

the Buyer, identifying the Seller’s delivery 

location, number of lots and a statement to 

confirm that the product is or is not exempt 

from import duty.

After 14:00 on 

the last day of 

trading

ICE Gasoil Futures: Notice to 

Seller

This notice is issued by the Clearing House to 

the Seller. This directs the Seller to deliver the 

product to the Buyer(s) and states the identity 

of the Buyer(s) and delivery location(s).

After 14:00 on 

the last day of 

trading

ICE Gasoil Futures: Delivery 

Range Nomination

This nomination is submitted by the Buyer to 

the Seller (copied to the Clearing House). The 

nomination contains details of the Buyer’s 

preferred five day delivery range/s together 

By 10:00 hours 

on the Business 

Day following 

the last trading 
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 30

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full –

including elections in respect of Gasoil/Low Sulphur Gasoil, as appropriate.

Name of Delivery Document Explanation Timing

with the name(s) and the tax status of the 

Buyer’s customer(s).

The Seller must complete and return to the 

Buyer (copied to the Clearing House) section B 

of the form confirming the Seller’s acceptance 

or rejection of the nominated range(s) together 

with the name(s) of the Seller’s customer(s).

day

By 12:00 hours 

on the same day.

ICE Gasoil Futures: 

Installation Nomination 

This nomination is submitted by the Seller to 

the Buyer, (copied to the Clearing House). It 

includes the name of the installation(s) where 

delivery will be made, number of lots and the 

name of an official at the installation who may 

be contacted in respect of deliveries.

By 12:00 hours 

on a Business 

Day no later than 

forty-eight hours 

before the 

commencement 

of the delivery 

range.

ICE Gasoil Futures: Delivery 

Day Nomination - Vessel

This nomination is submitted by the Buyer to 

the Seller (copied to the Clearing House), and 

includes the Delivery Day, vessel, number of 

lots, name of the inspector, fiscal destination 

details and information of any tests waived.

By 14:00 hours 

on a Business 

Day no later than 

forty-eight hours 

prior to the 

nominated 

Delivery Day.

ICE Gasoil Futures: Delivery 

Day 

Nomination - In-tank/Inter-tan

k

This nomination of the Delivery Day is used 

where the gasoil is to be delivered by in-tank or 

inter-tank transfer and is submitted by the 

Buyer to the Seller, (copied to the Clearing 

House). 

By 14:00 hours 

on a Business 

Day no later than 

forty-eight hours 

prior to the 

nominated 

Delivery Day.

ICE Gasoil Futures: 

Notification of Amicable 

Agreement Period

The Clearing House may issue this notification 

to give notice to Clearing Member(s) (copied to 

ICE Futures Europe) of the day by which an 

amicable solution to a problem must be arrived 

at or referral to ICE Futures Europe for 

resolution will proceed. The Clearing House 

will automatically refer a delivery to ICE 

Futures Europe on completion of the five days 

allowed for amicable settlement of a problem 

in accordance with ICE Futures Europe Rules 

and notify the Clearing Member of such action.

ICE Gasoil Futures: 

Confirmation of Agreed ADP

This form is submitted by both Buyers and 

Sellers to the Clearing House confirming their 

agreement to, and the price of, the ADP.

Referral Form This form is submitted in the event of failure to 

reach an amicable agreement to the delivery 

dispute, so that the dispute is referred to ICE 

Futures Europe for resolution
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 31

5. INVOICE

5.1 Invoice Calculation

ICE Gasoil Futures are traded by weight but are delivered by volume, 118.35 cubic metres of gasoil 

being delivered per 100 tonnes (100 tonnes being one lot).

The amount due to the Seller and payable by the Buyer in respect of deliveries of gasoil is calculated as 

follows:

Contract Volume x Market Delivery Settlement Price of the Business Day 

1.1835 immediately preceding the last day of trading (MDSP)

5.2 Delivery Tolerance

A delivery tolerance of plus or minus 1⁄2% of the contract volume of gasoil is allowed on the gasoil 

delivered in each port between a Seller and a Buyer.

Any amount over or under the contract volume, but within the tolerance level, is invoiced using the 

applicable MDSP.

5.3 Adjustments for Actual Delivered Volumes

(a) Delivery must be for whole lots. If the total amount of gasoil delivered falls below the 

number of lots tendered (taking into account the delivery tolerance), the delivery will be 

deemed to be for the nearest full lot below the tendered number of lots. Clearing Members 

will be required to agree to an ADP for the under-delivered number of lots.

(b) Failure to agree to an ADP will result in referral to ICE Futures Europe under ICE Futures 

Europe Rules and the under-delivered lots will be Invoiced Back by the Clearing House.

(c) If the actual amount delivered is above the tendered lots (taking into account the delivery 

tolerance) the surplus will be ignored by the Clearing House for invoice purposes. Any 

payment for the excess must be settled between the Buyer and Seller without the involvement 

of the Clearing House.

5.4 Discounts

Discounts apply for deliveries made from the ports of Flushing and Ghent. The discount levels (50 

cents and $1.25 per tonne respectively) are determined by ICE Futures Europe and are subject to 

alteration from time to time.

5.5 Examples of Invoice Calculations

Basics:

1 lot = 100 tonnes

1 lot = 118.35 m3 (cubic metres)

MDSP is quoted per Tonne, so price of a lot is MDSP×100tonnes

The price of a m3 is 

118.35

MDSP×100 tonnes
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 32

One invoice is produced per barge. A final invoice is produced to reflect the adjustment for actual 

delivered volume. The MDSP in all examples is $600 per tonne.

(a) Invoice Calculation - Where Delivered Volume is within the Tolerance for the anticipated 

number of lots.

Tender for 35 lots in 3 nominated loadings of 20 lots, 10 lots and 5 lots each per barge 

respectively.

Tolerance permitted on 35 lots = 35 x 118.35 x 0.5% = +/– 20.711 m3.

Invoices reflecting individual Loadings

1st Barge loads 2355.000 m3

2nd Barge loads 1207.000 m3

3rd Barge loads 586.000 m3

Total loaded 4148.000 m3

1st Barge invoice 19 lots @ 600.00 $1,140,000.00

2nd Barge invoice 10 lots @ 600.00 $600,000.00

3rd Barge invoice 4 lots @ 600.00 $240,000.00

Total invoiced via the Barge Loading 

Invoices

33 lots $1,980,000.00

Final Invoice

Based on total loaded quantity delivered, the number of lots delivered (within tolerance) is 

35 Lots.

Total invoiced already in m3 = 33 x 118.35 3905.550 m3

Total delivered in m3 4148.000 m3

Total excess 242.450 m3

Excess is equivalent to 2 lots + 5.750 m3

2 lots @ MDSP of 600.00 $120,000.00

5.91 m3 is within the permitted tolerance of +/- 20.711 m3

allowable on 35 lots, so the invoice amount for this excess is 

3 5 91

118 35

600 100 . m .$

×

× .

$2915.08

Final invoice amount $122,915.08

(b) Invoice Calculation – Where Delivered Volume is outside the Tolerance - Over-Delivered.

Invoices reflecting individual Loadings

1st Barge loads 2355.000 m3

2nd Barge loads 1207.000 m3
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

LNDOCS01/919901.12 33

3rd Barge loads 603.000 m3

Total loaded 4165.000 m3

1st Barge invoice 19 lots @ 600.00 $1,140,000.00

2nd Barge invoice 10 lots @ 600.00 $600,000.00

3rd Barge invoice 5 lots @ 600.00 $300,000.00

Total invoiced via the Barge Loading 

Invoices

34 lots $2,040,000.00

Final Invoice

Based on total loaded quantity delivered, the number of lots delivered is treated as 35 lots 

(being the number tendered) despite the quantity of 4162.961 m3 exceeding the maximum 

permitted for 35 lots.

Total invoiced already in m3 = 33 x 118.35 3905.550 m3

Total delivered in m3 4148.000 m3

Total excess 141.100 m3

Excess is equivalent to 1 lot + 22.750 m3

1 lot @ MDSP of 600.00 $60,000.00

22.750 m3 is outside the permitted tolerance of +/- 20.711 m3

allowable on 35 lots, so the invoice amount for this excess is 

3 20 711

118 35

$600 100 . m . ×× , i.e. the excess is “capped” at the 

permitted tolerance.

$10,499.87

Final invoice amount

The difference between the maximum amount allowed as 

tolerance and the quantity in excess of that tolerance 

(22.750-20.711) is not invoiced by the Clearing House.

$70,499.87

(c) Invoice Calculation – Where Delivered Volume is outside the Tolerance - Under-Delivered 

and thus resulting in an ADP.

Invoices reflecting individual Loadings

1st Barge loads 2355.000 m3

2nd Barge loads 1160.000 m3

3rd Barge loads 586.000 m3

Total loaded 4101.000 m3

1st Barge invoice 19 lots @ 600.00 $1,140,000.00

2nd Barge invoice 9 lots @ 600.00 $540,000.00

3rd Barge invoice 4 lots @ 600.00 $240,000.00
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

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Total invoiced via the Barge Loading 

Invoices

32 lots $1,920,000.00

Final Invoice

Based on total loaded quantity delivered, the number of lots delivered (within tolerance) is 34 

lots not 35 lots. For the total quantity delivered to be within tolerance for the tendered 35 lots, 

it would need to be within 4121.539 m3 and 4162.961 m3. As the delivered quantity then 

exceeds the amount of a 34 lot delivery, this tender is then treated, for the purposes of the final 

invoice, as an over-delivered 34 lot tender with the 1 lot now excluded being settled between 

the Buyer and Seller under ADP.

Total invoiced already in m3 = 32 x 118.35 3787.200 m3

Total delivered in m3 4101.000 m3

Total excess 313.800 m3

Excess is equivalent to 2 lots + 77.100 m3

2 lots @ MDSP of 600.00 $120,000.00

77.100m3 is outside the permitted tolerance of +/- 20.120 m3

allowable on 35 lots, so the invoice amount for this excess is 

3 20 120

118.35

$600 100

× . m

× , i.e. the excess is “capped” at the 

permitted tolerance.

$10,200.25

Final invoice amount

The 1 lot ADP may be settled between the Seller and the Buyer. 

Failing this, the issue will be referred to ICE Futures Europe and 

the under-delivered lot invoiced back by the Clearing House. 

The quantity of Gasoil in excess of that invoiced by the Clearing 

House (77.100-20.120) may be considered by the Buyer and 

Seller under that ADP.

$130,200.25

(d) Invoice Calculation – A further example where Delivered Volume is outside the 

Tolerance - Under-Delivered and thus resulting in an ADP.

In this example, the tendered quantity is 302 lots nominated on 3 barges for delivery of 200, 

51 and 51 lots respectively.

Invoices reflecting individual Loadings

1st Barge loads 23671.000 m3

2nd Barge loads 5918.000 m3

3rd Barge loads 5918.000 m3

Total loaded 35507.000 m3

1st Barge invoice 200 lots @ 600.00 $12,000,000.00

2nd Barge invoice 50 lots @ 600.00 $3,000,000.00

3rd Barge invoice 50 lots @ 600.00 $3,000,000.00
DELIVERY PROCEDURES: ICE GASOIL FUTURES 

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Total invoiced via the Barge Loading 

Invoices

300 lots $18,000,000.00

Final Invoice

The total loaded quantity (33507.000) delivered is not within the tolerance of the tendered 

quantity of 302 lots (35562.992 to 35920.409). However, the volume delivered does fall 

within the “0.5% in tolerance quantity” for 299, 300 or 301 lots:

Lots Lower m3 Upper m3

299 35209.717 35563.583

300 35327.475 35682.525

301 35445.233 35801.467

In this situation, the Clearing House will always regard this as the uppermost number of lots, 

i.e. in this case will regard this as a “short” 301 lot delivery with 1 lot ADP’d, rather than for 

example an “over”-delivery on a 300 lot tender with 2 lots ADP’d.

This tender is then treated, for the purposes of the final invoice, as an under-delivered 301 lot 

tender with the 1 lot now excluded being settled between the Buyer and Seller under ADP. 

This quantity is overall equivalent to 301 lots – 116.35 m3. 300 lots were invoiced under the 

individual loadings leaving the 1 lot – 116.35 m3 to be invoiced in the final invoice.

Total invoiced already in m3 = 300 x 118.35 35505.000 m3

Total delivered in m3 35507.000 m3

Total excess 2.000 m3

Excess is equivalent to 1 lot – 116.35 m3

1 lot @ MDSP of 600.00 $60,000.00

The invoice amount for this excess is MINUS 

3 2 000

118 35

$600 100 . m . ××

- $58,986.06

Final invoice amount

The 1 lot ADP’d should be settled between the Seller and the 

Buyer. Failing this, the issue will be referred to ICE Futures 

Europe and the under-delivered lot invoiced back by the Clearing 

House.

$1,013.94.00
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LNDOCS01/919901.12 36

PART C: ICE UK BASE ELECTRICITY FUTURES CONTRACT (EFA), ICE UK PEAK ELECTRICITY 

FUTURES CONTRACT (EFA), ICE UK BASE ELECTRICITY FUTURES CONTRACT 

(GREGORIAN) AND ICE UK PEAK ELECTRICITY FUTURES CONTRACT(GREGORIAN)

1. DEFINITIONS

1.1 The following definitions apply to this part of the Delivery Procedures:

(a) The term “BSC” or “Balancing and Settlement Code” means the document designated by 

the Secretary of State and adopted by the National Grid Company plc as the balancing and 

settlement code as modified from time to time in accordance with the terms of the 

transmission licence and the balancing and settlement code procedures made pursuant thereto.

(b) The term “BSCCo” means Balancing and Settlement Code Company.

(c) The term “BSC Party” means a party who is bound by the BSC in the participation capacity 

of a “Trading Party” (as such term is defined in the BSC).

(d) The term “BSC Party System” means that part of the Buyer’s and/or Seller’s, and/or their 

respective Transferor’s or Transferee’s, system which enables, inter alia, an ECVNA to 

submit an ECVN to, or receive information from, the ECVAA.

(e) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(f) The term “Delivery Day” means:

(i) in respect of an ICE UK Base Electricity Futures, the period beginning at 23:00 

hours on a day on which an ECVN in respect of an ICE UK Base Electricity Futures 

is due to become effective, and the transfer from one Energy Account to the other 

Energy Account is due to be made under that ICE UK Base Electricity Futures in 

accordance with the terms of the ICE Futures Europe Rules and the Rules, and 

ending at 23:00 hours on the following day (irrespective of whether this encompasses 

23, 24 or 25 sequential hours); or

(ii) in respect of an ICE UK Peak Electricity Futures, the period beginning at 07:00 

hours on a weekday on which an ECVN in respect of an ICE UK Peak Electricity 

Futures is due to become effective, and the transfer from one Energy Account to the 

other Energy Account is due to be made under that ICE UK Peak Electricity Futures 

in accordance with the terms of the ICE Futures Europe Rules and the Rules, and 

ending at 19:00 hours on the same day.

(g) The term “Delivery Month” means: 

(i) In respect of an ICE UK Base Electricity Futures (EFA): The number of days in a 

“Month Contract” is based on the number of days in an EFA month period, namely 

28 days in January, February, April, May, July, August, October and November and 

35 days in March, June, September, December. The exception is any December 

where the numbering of weeks under the EFA Calendar results in a sixth week for 

the month.

(ii) In respect of an ICE UK Peak Electricity Futures (EFA): The number of days in a 

“Month Contract” is based on the number of days in an EFA month period, namely 

20 days in January, February, April, May, July, August, October and November; and 

25 days in March, June, September, December. The exception is any December 
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 37

where the numbering of weeks under the EFA Calendar results in a sixth week for 

the month.

(iii) In respect of an ICE UK Base Electricity Futures (Gregorian): The number of days 

in a “Month Contract” is based on the number of days in a Gregorian calendar month 

period.

(iv) In respect of an ICE UK Peak Electricity Futures (Gregorian): The number of days 

in a “Month Contract” is based on the number of days in a Gregorian calendar month 

period.

(h) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(i) The term “Delivery Failure Costs” means an amount calculated by the Clearing House based 

on the imbalance costs a BSC Party may pay or be paid under the BSC attributable to one or 

more Notification Failures under the ICE Futures Europe Rules.

(j) The term “ECVAA” or “Energy Contract Volume Aggregation Agent” means the person 

identified under the BSC to whom ECVNs and ECVNA authorisations must be made and who 

is responsible for the aggregation and validation of ECVNs and for the validation of the 

ECVNA Authorisations.

(k) The term “ECVN” or “Energy Contract Volume Notification” means the notification, 

including amongst other things of an energy contract volume, submitted by the ECVNA to the 

ECVAA for each Settlement Period of a Delivery Day in the manner required by the BSC and 

otherwise in accordance with the ICE Futures Europe Rules and the Rules.

(l) The term “ECVNA” or “Energy Contract Volume Notification Agent” means the person 

who is qualified to act as an ECVNA for the purposes of the BSC and who is appointed by the 

Clearing House and authorised by the Clearing House, the Seller and the Buyer (or their 

Transferor or Transferee respectively) to submit ECVNs and ECVNA Authorisations in 

accordance with the BSC, the ICE Futures Europe Rules and the Rules.

(m) The term “ECVNA Authorisation” means the authorisation of the appointed ECVNA 

validated by the ECVAA in accordance with the BSC.

(n) The term “EFA Calendar” means the Electricity Forward Agreement calendar (or any 

Exchange approved industry recognised successor calendar) as described in the ICE Futures 

Europe Rules. The EFA calendar is based on block months, namely 28 days in January, 

February, April, May, July, August, October and November and 35 days in March, June, 

September, December. The exception is any December where the numbering of weeks under 

the EFA Calendar results in a sixth week for the month.

(o) The term “Electricity” has the meaning given thereto in the BSC, as modified and amended 

from time to time.

(p) The term “Electricity Contract” means an ICE UK Base Electricity Futures and/or an ICE 

UK Peak Electricity Futures made pursuant to the ICE Futures Europe Rules.

(q) The term “Energy Account” means either a production or a consumption account established 

and operated under the BSC in respect of a BSC Party which is used by the Settlement 

Administration Agent to determine the energy imbalance obligations of that BSC Party.

(r) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of Electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, that should be notified 

to the ECVAA in an ECVN in respect of an Electricity Contract.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 38

(s) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not

exactly divisible by 400.

(t) The term “Exchange Delivery Settlement Price” or “EDSP” means, in respect of a Contract, 

the Exchange Official Settlement Price determined by ICE Futures Europe for the second 

Business Day immediately prior to the day on which the first Delivery Day commences.

(u) The term “ICE Futures UK Base Electricity Futures Contract (EFA)” or “ICE UK Base 

Electricity Futures (EFA)” means a contract for delivery of electricity for every Settlement 

Period during the period specified in the ICE Futures Europe Contract Rules.

(v) The term “ICE Futures UK Peak Electricity Futures Contract (EFA)” or “ICE UK Peak 

Futures (EFA)” means a contract for delivery of electricity for every Settlement Period 

during the period specified in the ICE Futures Europe Rules.

(w) The term “ICE Futures UK Base Electricity Futures Contract (Gregorian)” or “ICE UK 

Base Electricity Futures (Gregorian)” means a contract for delivery of electricity for every 

Settlement Period during the period specified in the ICE Futures Europe Rules.

(x) The term “ICE Futures UK Peak Electricity Futures Contract (Gregorian)” or “ICE UK 

Peak Electricity Futures (Gregorian)” means a contract for delivery of electricity for every 

Settlement Period during the period specified in the ICE Futures Europe Rules.

(y) The term “ICE UK Electricity Futures” means “ICE UK Base Electricity Futures (EFA)”, 

“ICE UK Peak Electricity Futures (EFA)”, “ICE UK Base Electricity Futures 

(Gregorian)” and “ICE UK Peak Electricity Futures (Gregorian)” contracts. 

(z) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(aa) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(bb) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(cc) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Futures Europe.

(dd) The term “Notification Failure” means an occurrence where an ECVN for a Settlement 

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(ee) The term “Settlement Period” means a 30-minute period in a Delivery Day commencing on 

the hour or the half-hour.

(ff) The term “Transmission System” means the high voltage wires owned and operated by the 

holder of a licence granted pursuant to Section 6(1)(b) of the Electricity Act 1989.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 39

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate ECVNs by the appointed ECVNA and the 

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

Electricity is delivered in Megawatt Hours at a rate of 1 Megawatt Hour per lot, for transfer during 

each Settlement Period for the Delivery Day as specified in the Electricity Contract.

2.3 Price

The price at which the Electricity Contract is delivered is the MDSP for the relevant Contract, two 

Business Days prior to the first Delivery Day.

2.4 Cessation of Trading

Monthly Contracts cease trading at 17:00 hours on the Business Day which is two Business Days prior 

to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Futures Europe Rules, EFPs and EFSs may be posted up to one hour following 

the cessation of trading.

3. ENERGY CONTRACT VOLUME NOTIFICATION AGENT APPOINTMENT AND 

AUTHORISATION PROCESS

3.1 In respect of a Contract to which the Clearing House is a party as the Buyer, for the purposes of 

delivery, the Clearing House shall appoint an ECVNA who will be authorised to submit ECVNs on 

behalf of the Transferor and the Clearing House (ECVNA Authorisation) to the ECVAA.

3.2 In respect of each Settlement Period of each Delivery Day, the Seller shall take or procure that its 

Transferor shall take:

(a) such actions as are required to be taken pursuant to the BSC and the BSC Procedures for 

ECVNA Authorisations to be eligible for validation by the ECVAA; and

(b) such actions as are required pursuant to the BSC, BSC Procedures, ICE Futures Europe Rules 

and these Procedures for a valid ECVNA Authorisation to be in place with the ECVAA for 

each Settlement Period to allow an ECVN to be made in respect of the relevant Contract for 

such Settlement Period.

3.3 In respect of a Contract to which the Clearing House is a party as the Seller, for the purposes of 

delivery, the Clearing House shall appoint an ECVNA who will be authorised to submit ECVNs on 

behalf of the Transferee and the Clearing House (ECVNA Authorisation) to the ECVAA.

3.4 In respect of each Settlement Period of each Delivery Day of a Contract, the Buyer shall take or 

procure that its Transferee shall take:

(a) such actions as are required to be taken pursuant to the BSC and the BSC Procedures for such 

ECVNA Authorisations to be eligible for validation by the ECVAA; and
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 40

(b) such actions as are required pursuant to the BSC, BSC Procedures, ICE Futures Europe Rules 

and these Procedures for a valid ECVNA Authorisation to be in place with the ECVAA for 

each Settlement Period to allow an ECVN to be made in respect of the relevant Contract for 

such Settlement Period.

3.5 Pre-delivery ECVNA Authorisation process:

(a) On a Business Day which is at least four Business Days prior to the first Delivery Day:

(i) The Seller and the Buyer must provide the Clearing House with the details of their 

Open Contract Positions, together with the Elexon Counterparty ID and Elexon 

Account ID, e.g. “C” for Consumption or “P” for Production by submission of the 

ICE Futures Europe Position Report available on the Clearing House website and

(ii) Clearing Members must ensure that any Transferor or Transferee nominated:

(A) is a BSC Party;

(B) has Energy Accounts for the purpose of making or taking delivery of 

Electricity on D-1; and

(C) submits the ECVNA Authorisation in accordance with this Part C.

(iii) On the same day or by the next Business Day if that day is at least four Business 

Days prior to the first Delivery Day, the Clearing House’s appointed ECVNA will 

duly complete an ECVNA Authorisation Request Form before forwarding to the 

Seller (or its Transferor) and to the Buyer (or its Transferee) and the Clearing House.

(iv) On the day of receipt or by the next Business Day if that day is at least four Business 

Days prior to the first Delivery Day:

(A) Clearing Members must ensure;

(1) that their Transferor or Transferee each duly completes the 

ECVNA Authorisation Request Form; and

(2) that the fully completed forms are delivered to the ECVAA.

(B) If a Clearing Member’s Transferee or Transferor wishes to make or take 

delivery to or from only one of its two Energy Accounts, then that 

Transferee or Transferor is only required to complete an ECVNA 

Authorisation Request Form in respect of that account.

3.6 Valid ECVNA authorisations may not be terminated without the prior express permission of the 

Clearing House.

4. LIABILITY

4.1 The provisions of this paragraph 4 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures relating to liability.

4.2 It is the responsibility of the Clearing Member to ensure that ECVNA Authorisation Request forms are 

in place by D-1 to allow ECVNs to be submitted by the Clearing House’s appointed ECVNA. Any 

failure or omission to do so, which subsequently causes or contributes to failure of the delivery of an 

Electricity Contract, will constitute a failure to deliver by the Clearing Member. Upon any such failure 

or omission, the Clearing Member shall be liable to the Clearing House for any loss or expense of the 
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 41

Clearing House arising as a result of such failure or omission, which may include any Delivery Failure 

Costs. The Clearing Member shall be liable to pay the Clearing House in respect of its administrative 

costs resulting from the late submission or changes to or in respect of any ECVNA Authorisation 

Request Form after D-1.

4.3 Save as specifically provided herein, the Clearing House shall not be liable in connection with an 

Electricity Contract, its performance, non-performance or its termination whether based on breach of 

contract, warranty, or tort. In particular, but without limitation, the Clearing House is not responsible 

for, and shall have no liability whatsoever in respect of:

(a) the availability, or suitability, or unavailability or malfunction of a BSC Party System other 

than its own BSC Party System or any part thereof;

(b) the performance or non-performance of BSCCo or ECVAA of their obligations under the 

BSC;

(c) the performance or non-performance of any operator of a BSC Party System other than its 

own BSC Party System or any part thereof;

(d) the performance or non-performance of an appointed ECVNA; or

(e) any losses or costs arising out of or connected to a credit default on the part of the Clearing 

House which occurs as a result of a Notification Failure caused by any third party other than 

the appointed ECVNA.

4.4 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System, the unavailability or malfunction of a BSC Party System or any 

part thereof or the performance or non-performance of BSCCo or ECVAA or any operator of a BSC 

Party System or any part thereof except as otherwise expressly provided for in ICE Futures Europe 

Rules or the Rules.

5. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: ROUTINE

TIME ACTION

At least one full Business Day before M-4

ECVNA 

Authorisation

Clearing Members must make sure, that their Customers’ holding positions 

already have in place an Authorisation Request Form with Elexon. If not, 

Clearing Members must communicate to the Clearing Housing the identity 

of any new Transferor or Transferee that will be making or taking delivery 

(which each must be a BSC Party), their Elexon Counterparty ID and 

Elexon Account ID, e.g. “C” for Consumption or “P” for Production. The 

Clearing House will ensure its appointed ECVNA duly completes an 

ECVNA Authorisation Request Form before forwarding to the Seller or its 

Transferor/Buyer or its Transferee.

Seller or its Transferor (and Buyer or its Transferee) must ensure that each 

ECVNA Authorisation Request Form is duly completed and returned to 

Elexon.

PLEASE NOTE: Valid ECVNA Authorisations may not be terminated 

without the prior written consent of the Clearing House.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 42

TIME ACTION

On each Business Day, starting on the day 2 Business Days prior to the last 

trading day and ending on the day following the last trading day

Position Reporting By 

10:00

Seller and Buyer send to the Clearing House the ICE Futures Electricity 

Contract Position Report listing all known delivery information including 

the identity of each Transferor or Transferee who will be making or taking 

delivery (who each must be a BSC Party), their Elexon Counterparty ID 

and Elexon Account ID, e.g. “C” for Consumption or “P” for Production.

M-2

By 

09:00

The Clearing House makes Daily Summary Report available. The report 

identifies Open Contract Positions at the close of business on M-3.

Cessation of Trading At 

17:00

The monthly contract ceases trading.

By 

18:00

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

If final delivery Open Contract Positions are known, the Seller and Buyer

may (but are not obliged to) submit to the Clearing House a completed ICE 

Futures Electricity Delivery Confirmation Form for those Open Contract 

Positions it expects to be subject to delivery obligations.

M-1

By 

09:00

The Clearing House makes Daily Summary Report available. The report 

identifies the positions that are deliverable at 23:00 hours.

Payment of Security By 

09:00

Seller and Buyer must each pay to the Clearing House the Seller’s Security 

and Buyer’s Security respectively. This is calculated for all deliverable 

positions at close of business on D-2 (which corresponds to M-2 for the 

first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s Security 

and Buyer’s Security via intra-day call on D-1.

By 

10:00

Settlement instructions and position transfers are entered into ECS for 

expired Contracts.

Clearing Members with Open Contract Positions at this time are obliged to 

make or take delivery.

By 

11:00

MPFE report available on ECS to Clearing Members.

Electricity Delivery 

Confirmation Forms

By 

12:00

The Seller and Buyer must, for each deliverable Open Contract Position, 

each send to the Clearing House a signed and completed ICE UK 

Base/Peak: Delivery Confirmation Form listing all delivery information for 

all deliverable Open Contract Position.

Transferor/Transferee 

Nomination

A Seller or Buyer who is nominating a Transferor or Transferee in respect 

of a Contract must ensure that the Clearing House has in its possession a 

signed ICE UK Electricity: Transferor Form or ICE UK Electricity: 

Transferee Form (as applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee form must be signed by an 

authorised signatory of the Transferor/Transferee.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

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TIME ACTION

Confirmation Report By 

13:00

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for each 

Settlement Period for each day of the Delivery Month. Where Clearing 

Members will have submitted email details for their Transferee/Transferor, 

this report will also be emailed directly to the Transferee/Transferor.

Confirmation Report 

Error

By 

14:00

The Seller and Buyer must each inform the Clearing House of any details 

on the Confirmation Report that do not match the ICE UK Electricity: 

Delivery Confirmation Form.

If the Clearing House does not receive notification by this deadline, the 

Seller and Buyer will be deemed to have accepted the delivery obligations 

as set out on the Confirmation Report.

Notification file to 

ECVNA

By 

18.00

The Clearing House will send to its appointed ECVNA a notification file 

detailing the EVCNs to be made between the Clearing House and the Seller

(or the Seller’s Transferor), and the EVCNs to be made between the 

Clearing House and the Buyer (or the Buyer’s Transferee).

ECVNs submission By 

18:30

The appointed ECVNA will make the ECVNs to Elexon representing the 

final delivery position held at the Clearing House.

The Clearing House will use its endeavours to ensure that ECVNs are 

made, such that they are reported on the 18:30, seven-day report. 

However, should this not be possible for whatever reason, then the 

Clearing Member or the Clearing Member’s Transferor will be able to view 

notifications on the next available seven-day report.

Checking of seven-day 

report

The Seller (or the Transferor) and the Buyer (or the Transferee) must check 

the seven-day report to ensure that all ECVNs have been submitted and are 

correct.

In the event that either the Seller (or the Seller’s Transferor) or the Buyer

(or the Buyer’s Transferee) becomes aware that an ECVN is incorrectly 

reported or absent from the seven-day report, that person must promptly 

inform the other party and the Clearing House. The Clearing House will 

take such action as is necessary to rectify the situation.

Any time after the above

Identification of 

ECVNA rejection

Seller (either by themselves or by their Transferor) and Buyer (either by 

themselves or by their Transferee) must inform the Clearing House as soon 

as they become aware that there has been a rejection of all or part of an 

ECVN for whatever reason.

The Clearing House may also instruct the Seller or Buyer to take such steps 

as it considers reasonably necessary to ensure that losses are mitigated. 

Seller and Buyer must give effect to any and all such instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 

09:00

The Clearing House makes Daily Summary Report available.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

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TIME ACTION

D+1

Security and Buyer’s

Default Top Up

By 

09:00

Seller’s Security for actual delivered amount is released.

.

The Clearing House releases the “Buyer’s Default Top-up” portion of 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect

of deliveries for the preceding delivery day. Buyer’s Security is released

as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount

in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed

deliveries.

One Day following the Invoice Period

Invoice and Account

Sale Details

By 

09:00

Invoice and Account Sale Report available for the Invoice Period.

6. DELIVERY TIMETABLE FOR ICE UK ELECTRICITY FUTURES: FAILED DELIVERY

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

By 09:00 In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+1

By 09:00 In the event of a failed delivery the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+2

By 09:00 In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

M+Variable

By 09:00 Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the 

previous month’s failed deliveries will be generated and made available to the Seller

and Buyer by the Clearing House at a time when the full financial obligations of each 

of the parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for 

the delivery month.

2 days after above

By 09:00 Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 45

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing 

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

7. DELIVERY CONTRACT SECURITY

7.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by 

reference to System Sell Price (SSP), as defined by the BSC. The Clearing House may alter 

the calculation of Buyer’s Security at any time or make adjustments in respect of specific 

Buyers.

(b) Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant 

Delivery Day. The SDP is calculated by reference to the relevant System Buy Price (SBP 

Buy), as defined by the BSC, or Exchange Delivery Settlement Price (EDSP). The Clearing 

House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in pounds per MWh.

For failed deliveries (Buyers only) the value of Electricity is calculated as follows:

MWh * EDSP

Where

MWh = The number of Megawatt hours contracted.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in pounds per MWh.

8.2 Invoice/Credit Note for Failed Deliveries
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 46

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver Electricity and is calculated with reference to costs incurred 

by the Clearing House under the BSC. These costs will also apply even where Baseload and Peak 

Contracts are netted or aggregated for the same Settlement Period under the BSC.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, less any costs incurred 

by the Clearing House, dependent on the value of the imbalance value received by the Clearing House 

under the BSC.

9. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

ICE Futures UK 

Electricity Futures: 

Position Report

This report is sent by the Clearing Member by 10:00 on a daily 

basis to the Exchange to report client and proprietary positions. In 

addition, on each Business Day from the fourth Business Day 

prior to the expiry, Sellers and Buyers complete the delivery 

related information part of the Report and submit it to the Clearing 

House. All known delivery information is listed against each 

individual Customer’s position reflected in the Open Contract 

Position for the Customer Account and against Proprietary 

Account Open Contract Positions including the identity of each 

person who will be making or taking delivery 

(Transferor/Transferee), whether that person is a BSC Party, their 

Elexon Counterparty ID and Elexon Account ID, e.g. “C” for 

Consumption or “P” for Production, whether the 

Transferor/Transferee Form is in place, and whether the ECVNA 

Authorisation is in place.

10:00 Daily

ECVNA Authorisation 

Request

This is partly completed by the Clearing House’s appointed 

ECVNA and forwarded to the Seller or its Transferor and the 

Buyer or its Transferee.

The Clearing House will always partly complete the ECVNA 

Authorisation Requests forms as Energy (to) Account 

Details - (equivalent to Party 2 Energy Account Details).

The Clearing Member or its Transferee or Transferor must duly 

complete the ECVNA Authorisation Request Forms as Energy 

(from) Account Details - (equivalent to Party 1 Energy Account 

Details) and forward them on to the ECVAA for validation.

At least 5 

Business Days 

prior to 1st

Delivery Day

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by transferee/transferor

By 9:00 Daily

ICE UK Electricity

Futures: Delivery 

Confirmation Form

The following parts of the form must be completed in full for all 

deliverable positions: Clearing Member mnemonic; Clearing 

Member account; Delivery Day or series of Delivery Days as 

specified in the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 characters); 

whether the delivery is for baseload or peakload contracts; number 

of lots long; number of lots short; and name and contact details. 

If delivery 

details are 

known, by 18:00 

on M-2 or 

otherwise 12:00 

on D-1

ICE UK Electricity

Futures: Transferee 

Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of Electricity for all 

the Settlement Periods on all Delivery Days referred to on the 

“ICE UK Base/Peak Electricity: Delivery Confirmation Form” and 

submits it to the Clearing House.

By 12:00 on D-1
DELIVERY PROCEDURES: ICE UK ELECTRICITY FUTURES 

LNDOCS01/919901.12 47

Name of Delivery 

Document

Explanation Timing

ICE UK Electricity

Futures: Transferor 

Form

The Seller must ensure that the Transferor submits and signs this 

form, as confirmation that it will make delivery of Electricity for 

all the Settlement Periods on all Delivery Days referred to on the 

“ICE UK Base/Peak Electricity: Delivery Confirmation Form” and 

submits it to the Clearing House.

By 12:00 on D-1

Confirmation Report The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers 

of: Clearing Member name, Transferee/Transferor name, 

appointed ECVNA name, Delivery Day, lots to be delivered, and 

Buyer’s/Seller’s delivery details in MWh.

By 13:00 on D-1

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, delivery 

month, Delivery Day, contracted MWh, actual delivered MWh, 

price in pounds per MWh, value of Electricity; and a summary of 

the Invoice and Account Sale.

By 09:00 on the 

day following 

the Invoice 

Period
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LNDOCS01/919901.12 48

PART D: ICE FUTURES UK NATURAL GAS FUTURES CONTRACT (“ICE FUTURES UK NATURAL GAS 

FUTURES”), ICE FUTURES UK NATURAL GAS (EUR/MWH) FUTURES CONTRACT (“ICE

FUTURES UK NATURAL GAS (EUR/MWH) FUTURES”) AND ICE FUTURES UK NATURAL 

GAS DAILY FUTURES CONTRACT (“ICE FUTURES UK NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the National Grid Rules and otherwise in accordance with this Part D, by the 

Transferee to acquire rights in respect of one or more lots of Natural Gas at the National 

Balancing Point.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to natural gas are to be transferred.

(c) The term “Daily Imbalance” has the same meaning as that given to that term in the Network 

Code.

(d) The term “Delivery Day” means the period beginning at 05:00 hours on a day on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance 

with ICE Futures Europe Rules and this Part D and ending at 05:00 hours on the following 

day.

(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the National Grid Rules and otherwise in accordance with ICE Futures Europe 

Rules and this Part D, by the Transferor to dispose of rights in respect of one or more lots of 

Natural Gas at the National Balancing Point.

(f) The term “Gemini” means that part of the UK Link which enables, inter alia, a user to submit 

a Trade Nomination to National Grid and to access information concerning the user’s Trade 

Nominations, and any successor system thereto;

(g) The term "ICE Futures UK Natural Gas" means ICE Futures UK Natural Gas Futures, ICE 

Futures UK Natural Gas (EUR/MWh) Futures and ICE Futures UK Natural Gas Daily 

Futures.

(h) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries

(i) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Futures Europe.

(j) The term “M+” means, in respect of a Contract, the number of Business Days immediately 

following the last day of the month in which the Delivery Day specified in the Contract 

commenced.

(k) The term “MWh” or “Megawatt Hours” means 3,600,000,000 joules where “joule” is as 

defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Futures 

Europe.

(l) The term “National Balancing Point” means, in respect of a Contract, a notional point within 

the Transmission System at which the balancing of the amounts of Natural Gas delivered into 

and out of the Transmission System takes place for the purposes of the Network Code.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 49

(m) The term “National Grid Rules” means the Network Code and any manuals, procedures, 

practices or directions of National Grid which support the operation of the Network Code, as 

amended from time to time.

(n) The term “National Grid” means National Grid or any successor thereto.

(o) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Futures Europe.

(p) The term “Network Code” means the document, as amended from time to time, setting out 

National Grid’s arrangements for transportation of Natural Gas pursuant to its public gas 

transporter’s licence under the Gas Act 1986 and any manuals, procedures, practices or 

directions of National Grid which support the operation of that document, in either case as 

amended from time to time.

(q) The term “Therm” means 29.3071 kWh.

(r) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(s) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(t) The term “Transmission System” means the onshore transmission pipeline system owned 

and operated by National Grid as may be enlarged, extended or altered from time to time.

(u) The term “UK Link” means the computer system for the electronic transfer of information 

between National Grid and users of such system managed and operated by National Grid, or 

any agent appointed by National Grid, and any system from time to time replacing the same.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries of ICE Futures UK Natural Gas are effected by the transfer of rights to Natural Gas at the 

National Balancing Point from a Transferor (nominated by the Seller, which may be the Seller itself) to 

the Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which may 

be the Buyer itself), through the input of Acquiring and Disposing Trade Nominations into the National 

Grid’s Gemini system. The National Grid will take those Nominations into account when determining 

whether the Clearing House has a “Daily Imbalance”.

2.2 Quantity

ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas Daily Futures trade in Therms 

but are delivered in KWh. Similarly, ICE Futures UK Natural Gas (EUR/MWh) Futures trade in MWh 

but are delivered in KWh. The Gemini system, through which delivery is made, accepts Trade 

Nominations to the nearest kWh. Therefore, when converting a deliverable position from Therms to 

kWh the Clearing House will, in its absolute discretion, round either up or down to the nearest whole 

kWh to facilitate the matching of the Clearing House Acquiring and Disposing Trade Nominations 

with the Trade Nominations made by the Transferor and Transferee.

2.3 Price
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 50

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day immediately prior to the calendar day on which the Delivery Month commences 

in accordance with the ICE Futures Europe Rules.

2.4 Days and Times

All “timings” or times of day are London times.

2.5 Cessation of Trading

(a) ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures

cease trading at 17:00 hours on the Business Day which is two Business Days prior to the first 

calendar day of the delivery month.

(b) ICE Futures UK Natural Gas Daily Futures cease trading at 16:30 hours on the Business Day 

prior to the Delivery Day.

2.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Futures Europe Rules, for ICE Futures UK Natural Gas, EFPs and EFSs may 

be posted up to one hour following the cessation of trading.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of National Grid of its obligations under the National 

Grid Rules or the Network Code; or

(b) the performance or non-performance of National Grid.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

National Grid except as otherwise expressly provided in the ICE Futures Europe Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Security Report available on a daily basis to Clearing 

Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price (EDSP) 

plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is an amount calculated against the 

possibility of a negative System Marginal Sell Price (SMP Sell), as defined by National Grid in the 

Network Code.

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

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Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to the relevant System Marginal Buy Price (SMP Buy), as defined 

by National Grid in the Network Code, or Exchange Delivery Settlement Price (EDSP).

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

5. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: ROUTINE

5.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures 

2 Business Days prior to the 1st Delivery Day (M-2)

Confirmation of 

Delivery positions -

Provisional 

By 

09:00

The Provisional Natural Gas Delivery Report identifies Open Contract 

Positions at the close of business on M-3.

By 

17:00

Buyer and Seller submit known delivery details using ICE Futures UK 

Natural Gas: Delivery Confirmation Form for those Open Contract Positions, 

which are expected to be delivered.

Cessation of Trading At 

17:00

Monthly Contract ceases trading.

By 

18:00

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

If final delivery Open Contract Positions are known, the Seller and Buyer

may (but are not obliged to) submit to the Clearing House a completed ICE

Futures UK Natural Gas Delivery Confirmation Form for those Open 

Contract Positions it expects to be delivered.

M-1

Provision of Buyer’s 

and Seller’s Security

By 

09:00

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-2 (which corresponds to M-2 for 

the first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

By 

10:30

Settlement instructions and Open Contract Positions transfers are entered into 

ECS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

11:30

MPFE report available on ECS to Clearing Members.

Submission of ICE

Futures UK Natural 

Gas: Delivery 

Confirmation form

By 

12:00

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Futures UK Natural Gas Delivery Confirmation Form. If 

delivery details are known, the ICE Futures UK Natural Gas Delivery 

Confirmation Form may be submitted to the Clearing House any time from 

the start of M-2, but must have been submitted by 12:00 hours on M-1.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 52

Nomination of 

Transferor 

/Transferee

Seller or Buyer who is nominating a Transferor or Transferee in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Futures UK Natural Gas: Blanket Transferor Form or ICE Futures UK 

Natural Gas: Blanket Transferee Form (as applicable) for each nominated 

Transferor or Transferee. This Transferor/Transferee Form must be signed by 

an authorised signatory of the Transferor/Transferee.

ICE Futures UK 

Natural Gas 

Conversion and 

Confirmation Report

By 

13:00

The ICE Futures UK Natural Gas Conversion and Confirmation Reports, 

listing all deliverable positions in kWh for the Delivery Day, are made 

available to Clearing Members electronically. Where Clearing Members will 

have submitted email details for their Transferee/Transferors, this report will 

also be emailed directly to the Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Futures UK Natural 

Gas Conversion and Confirmation Report.

By 

14:00

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Futures UK Natural Gas Conversion and Confirmation Report that do 

not match their submitted ICE Futures UK Natural Gas Delivery 

Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Futures UK Natural Gas Conversion and Confirmation Report and 

resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

18:30

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into the Gemini system.

If by 19:30 one such Trade Nomination has not been accepted by National 

Grid, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such terms as 

the Clearing House may consider appropriate until such Trade Nomination is 

accepted by National Grid.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

09:00

The Clearing House makes Daily Summary Report available.

D+1

Payment, Seller’s 

Security and Buyer’s 

Default Top Up

By 

09:00

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect of 

deliveries for the preceding delivery day. Buyer’s Security is released as part 

of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceeding delivey day.

N.B. A credit note may be issued at a later date against the failed deliveries.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 53

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

09:00

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

5.2 ICE Futures UK Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

16:30

Daily Contract ceases trading.

Submission of ICE 

Futures UK Natural 

Gas Daily Futures: 

Delivery 

Confirmation form

By 

17:30

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Futures UK Natural Gas Daily Futures Delivery 

Confirmation Form. 

Nomination of 

Transferor 

/Transferee

By 

17:30

Seller or Buyer who is nominating a Transferor or Transferee in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Futures UK Natural Gas: Blanket Transferor Form or ICE Futures UK 

Natural Gas: Blanket Transferee Form (as applicable) for each nominated 

Transferor or Transferee. This Transferor/Transferee Form must be signed by 

an authorised signatory of the Transferor/Transferee.

By 

17:30

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

17:30

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

17:45

MPFE report available to Clearing Members.

ICE Futures UK 

Natural Gas Daily

Futures Conversion 

and Confirmation 

Report

By 

18:00

The ICE Futures UK Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Futures UK Natural 

Gas Daily Futures Conversion and Confirmation Report.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 54

By 

19:00

Seller and Buyer must each inform the Clearing House of any details on the

ICE Futures UK Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match their submitted ICE Futures UK Natural Gas Daily

Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Futures UK Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

19:30

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into the Gemini system.

If by 20:30 one such Trade Nomination has not been accepted by National 

Grid, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such terms as 

the Clearing House may consider appropriate until such Trade Nomination is 

accepted by National Grid.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

09:00

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report 

By 

09:00

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

09:00

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

09:00

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 55

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

09:00

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

6. DELIVERY TIMETABLE FOR ICE FUTURES UK NATURAL GAS: FAILED DELIVERY

6.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

09:00

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the month of delivery (M+24 to M+29)

Failed Delivery By 

09:00

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the previous month’s failed deliveries.

26 to 40 Business Days following the month of delivery (M+26 to M+40)

Payment for Failed 

Delivery

By 

09:00

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s failed 

deliveries.

27 to 41 Business Days following the month of delivery (M+27 to M+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

09:00

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all failed 

deliveries for the delivery month.

6.2 ICE Futures UK Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

09:00

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

09:00

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

09:00

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 56

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

09:00

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries for ICE Futures UK Natural Gas Futures:

kWh * EDSP / 29.3071

Where,

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Market Delivery Settlement Price for the contract in delivery, quoted in 

pence per Therm

Confirmed deliveries for ICE Futures UK Natural Gas (EUR/MWh) Futures: 

kWh * EDSP / 1000 kWh

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Market Delivery Settlement Price for the contract in delivery, quoted in 

Euros per MwH 

Failed Deliveries (Buyers only) for ICE Futures UK Natural Gas Futures:

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Market Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

Failed Deliveries (Buyers only) for ICE Futures UK Natural Gas (EUR/MWh) Futures: 

kWh * EDSP / 1000 kWh

Where

kWh = the number of Kilowatt hours delivered.
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 57

EDSP = The relevant Market Delivery Settlement Price for the contract in delivery, quoted in 

Euros per MwH 

(b) Daily Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the business day 2 

days before its production.

Confirmed deliveries:

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Market Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

Failed Deliveries (Buyers only)

kWh * EDSP / 29.3071

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Market Delivery Settlement Price for the day of delivery, quoted in 

pence per Therm.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from National Grid, allocated to Clearing Members as a result of Buyers’ and Sellers’ failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from National Grid. In the event that the value received by the 

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Futures 

Europe.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net Daily Imbalance.

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Futures UK Natural Gas Futures and ICE Futures UK Natural Gas (EUR/MWh) Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 9:00 

Daily
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 58

Name of Delivery Document Explanation Timing

ICE Futures UK Natural Gas 

Delivery Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 12:00 

on D-1

ICE Futures UK Natural Gas:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK Natural Gas:

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Delivery Confirmation form.

By 12:00 

on D-1

ICE Futures UK Natural Gas 

Conversion and Confirmation 

Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part D 

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the Gemini system, by the relevant 

deadline and that the trade(s) nominations will not be 

amended or withdrawn unless instructed to do so by the 

Clearing House.

By 18:00 

on D-1

ICE Futures UK Natural Gas 

Invoice Report and Account Sale 

Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; delivery month; Delivery Day; contracted 

kWh; actual delivered (matched) kWh; price in pence 

per Therm; value of Natural Gas; and a summary of the 

Invoice and Account Sale.

By 09:00 

on the 

day 

following 

the 

Invoice 

Period
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 59

Name of Delivery Document Explanation Timing

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous delivery month details of 

Clearing Member mnemonic; Clearing Member account; 

contract; delivery month; Delivery Day; amount of 

failed delivery long (kWh); amount of failed delivery 

short (kWh); and total costs charged to the Clearing 

Member as a result of failed delivery/deliveries. 

M+24 to 

M+29 at 

09:00.

8.2 ICE Futures UK Natural Gas Daily Futures Contract

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 9:00 

Daily

ICE Futures UK Natural Gas 

Daily Futures Delivery 

Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 17:30 

on D

ICE Futures UK Natural Gas:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30 

on D

ICE Futures UK Natural Gas:

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Futures UK Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30 

on D
DELIVERY PROCEDURES: ICE FUTURES UK NATURAL GAS 

LNDOCS01/919901.12 60

Name of Delivery Document Explanation Timing

ICE Futures UK Natural Gas 

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part D 

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the Gemini system, by the relevant 

deadline and that the trade(s) nominations will not be 

amended or withdrawn unless instructed to do so by the 

Clearing House.

By 18:00 

on D

ICE Futures UK Natural Gas 

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00 

on D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00.
DELIVERY PROCEDURES: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT 

LNDOCS01/919901.12 61

PART E: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT ("UK OCM NATURAL GAS SPOT

CONTRACT")

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term "Acquiring Trade Nomination" means a nomination submitted, in the manner 

required by the National Grid Rules and otherwise in accordance with the ICE Endex UK 

Rules and this Part E, by the Transferee to acquire rights in respect of a quantity of Natural 

Gas at the National Balancing Point.

(b) The term "Contingent Credit" has the meaning as set out in paragraph 4.7 of the Clearing 

Procedures.

(c) The term "Contract Renomination" has the same meaning as given to that term in the 

Network Code.

(d) The terms "D-" or "D+" relate to the number of days before and after the Delivery Day 

respectively on which rights to Natural Gas are to be transferred.

(e) The term "Daily Imbalance" has the same meaning as that given to that term in the Network 

Code.

(f) The term "Delivery Day" means a "Day" (as defined in the Network Code) on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance 

with ICE Endex UK Rules and this Part E.

(g) The term “Delivery Month” means a "calendar month" (as defined in the Network Code). 

(h) The term "Disposing Trade Nomination" means a nomination submitted, in the manner 

required by the National Grid Rules and otherwise in accordance with ICE Endex UK Rules 

and this Part E, by the Transferor to dispose of rights in respect of a quantity of Natural Gas at 

the National Balancing Point.

(i) The term "Gemini" means that part of the UK Link which enables, inter alia, a user to submit 

a Trade Nomination to National Grid and to access information concerning the user's Trade 

Nominations, and any successor system thereto.

(j) The term "kWh" or "Kilowatt Hours" means 3,600,000 joules where "joule" is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex UK.

(k) The term "M+" or "M-" means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(l) The term "National Balancing Point" means, in respect of a Contract, a notional point within 

the Transmission System at which the balancing of the amounts of Natural Gas delivered into 

and out of the Transmission System takes place for the purposes of the Network Code.

(m) The term "National Grid" means National Grid Gas plc, a company incorporated under the 

laws of England and Wales, company number 02006000, acting as a public gas transporter 

under its licence granted or treated as having been granted under Section 7(2) of the Gas Act 

1986, as amended from time to time, or any successor thereto.
DELIVERY PROCEDURES: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT 

LNDOCS01/919901.12 62

(n) The term "National Grid Rules" means the Network Code and any manuals, procedures, 

practices or directions of National Grid which support the operation of the Network Code, as 

amended from time to time.

(o) The term "Natural Gas" has the same meaning as that given to the term "gas" in the Network 

Code, as may be amended from time to time.

(p) The term "Network Code" means the document, as amended from time to time, setting out 

National Grid's arrangements for transportation of Natural Gas pursuant to its public gas 

transporter's licence under the Gas Act 1986 and any manuals, procedures, practices or 

directions of National Grid which support the operation of that document, in either case as 

amended from time to time.

(q) The term "Settlement Cut Off" for a given Business Day refers to the time at which the 

Clearing House calculates the associated cash flows for all deliverable obligations.

(r) The term "System" has the same meaning as given to that term in the Network Code.

(s) The term "Therm" means 29.3071 kWh.

(t) The term "Trade Date" refers to the calendar day on which a trade was executed according to 

the ICE Endex UK Rules.

(u) The term "Trade Nomination" means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(v) The term "Transmission System" means the onshore transmission pipeline system owned and 

operated by National Grid as may be enlarged, extended or altered from time to time.

(w) The term "UK Link" means the computer system for the electronic transfer of information 

between National Grid and users of such system managed and operated by National Grid, or 

any agent appointed by National Grid, and any system from time to time replacing the same.

(x) The term " UK OCM Locational Natural Gas Spot Contract" shall mean the ICE Endex 

UK OCM Locational Day Natural Gas Spot Contract, the ICE Endex UK OCM Locational 

Two Day Natural Gas Spot Contract, the ICE Endex UK OCM Locational Three Day Natural 

Gas Spot Contract, the ICE Endex UK OCM Locational Four Day Natural Gas Spot Contract, 

the ICE Endex UK OCM Locational Five Day Natural Gas Spot Contract, the ICE Endex UK 

OCM Locational Six Day Natural Gas Spot Contract and the ICE Endex UK OCM Locational 

Seven Day Natural Gas Spot Contract.

(y) The term "UK OCM Natural Gas Spot Contract" shall mean the UK OCM Title Day 

Natural Gas Spot Contract, the UK OCM Physical Day Natural Gas Spot Contract and the UK 

OCM Locational Natural Gas Spot Contract.

(z) The term "UK OCM Physical Day Natural Gas Spot Contract" shall mean the ICE Endex 

UK OCM Physical Day Natural Gas Spot Contract.

(aa) The term "UK OCM Title Day Natural Gas Spot Contract" shall mean the ICE Endex UK 

OCM Title Day Natural Gas Spot Contract.

2. ICE ENDEX UK AUTHORITY

For the purposes of the Network Code, ICE Endex UK is both the Trading System Operator and the 

Trading System Clearer (as such terms are defined in the Network Code) in respect of the UK OCM 

Natural Gas Spot Contracts. At the point a Contract arises, ICE Endex UK shall submit, as a User 

Agent (as defined in the Network Code) on behalf of the Transferor (specified by the Seller, which may 
DELIVERY PROCEDURES: ICE ENDEX UK OCM NATURAL GAS SPOT CONTRACT 

LNDOCS01/919901.12 63

be the Seller itself) and the Transferee (specified by the Buyer, which may be the Buyer itself), Trade 

Nominations. Each Clearing Member (for itself and on behalf of its Transferors and Transferees) 

hereby grants authority to ICE Endex UK to make Trade Nominations in connection with deliveries 

under UK OCM Natural Gas Spot Contracts. No Clearing Member shall revoke or terminate, or purport 

to revoke or terminate, such authorisation, and each Clearing Member shall procure that none of its 

Transferors or Transferees shall revoke or terminate, or purport to revoke or terminate, such 

authorisation. Clearing Members are not required, and are not able, to submit Trade Nominations 

themselves.

3. DELIVERY SPECIFICATION

3.1 Transferors and Transferees

(a) Clearing Members must ensure that prior to any UK OCM Natural Gas Spot Contracts arising 

which are to be referable to a Transferor or Transferee, an appropriate Transferor/Transferee 

form is in place relating to such Transferor or Transferee and the relevant Transferor or 

Transferee is a User and where it is not a Trader User, hold a Gas Transporter's Licence or a 

Shipper Licence (as such terms are defined in the Network Code).

(b) Clearing Members shall ensure that each Contract at the point it arises under Rule 401, is 

appropriately identified as relating to such Transferor or Transferee (which may be the 

Clearing Member itself). 

(c) At the point that the Contract arises, the Clearing Member (which may be the Transferor or 

Transferee) shall be automatically deemed to have appointed the specified Transferor or 

Transferee to make or take delivery on its behalf. 

(d) Following the entry into of each UK OCM Natural Gas Spot Contract: 

(i) the Transferor (specified by the Seller, which may be the Seller itself); and 

(ii) the Transferee (specified by the Buyer, which may be the Buyer itself)

shall effect delivery of the UK OCM Natural Gas Spot Contract, in accordance with paragraph 

3.2 below.

3.2 Delivery

(a) Deliveries of UK OCM Title Day Natural Gas Spot Contracts are effected by the transfer of 

rights to Natural Gas at the National Balancing Point from a Transferor (specified by the 

Seller, which may be the Seller itself) to the Clearing House and from the Clearing House to a 

Transferee (specified by the Buyer, which may be the Buyer itself), through the input of 

Acquiring Trade Nominations and Disposing Trade Nominations by ICE Endex UK into the 

National Grid's Gemini system. 

(b) Deliveries of UK OCM Physical Day Natural Gas Spot Contracts and UK OCM Locational 

Natural Gas Spot Contracts are effected by: 

(i) the transfer of rights to Natural Gas at the National Balancing Point from a 

Transferor (specified by the Seller, which may be the Seller itself) to the Clearing 

House and from the Clearing House to the Transferee (specified by the Buyer, which 

may be the Buyer itself), through the input of Acquiring Trade Nominations and 

Disposing Trade Nominations by ICE Endex UK into the National Grid's Gemini 

system; and

(ii) the modification of the quantity of Natural Gas to be delivered to the System by the 

Transferor (specified by the Seller, which may be the Seller itself) and offtaken from 
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the System by the Transferee (specified by the Buyer, which may be the Buyer itself) 

by an amount equal to the Trade Nomination Quantity (as defined in the Network 

Code) (and to modify the rate of such offtake and/or delivery), and the input of 

Contract Renominations in accordance with the Network Code.

For the avoidance of doubt, neither ICE Endex UK nor the Clearing House shall, on behalf of 

any Clearing Member, its Transferor or Transferee, modify the quantity of Natural Gas to be 

delivered to or offtaken from the System or input Contract Renominations, or be responsible 

or liable for the same. The modification of the quantity of Natural Gas to be delivered to or 

offtaken from the System and the input of Contract Renominations is solely the responsibility 

of the Transferor (specified by the Seller, which may be the Seller itself) and the Transferee 

(specified by the Buyer, which may be the Buyer itself).

3.3 Quantity

UK OCM Natural Gas Spot Contracts trade in Therms and are delivered in kWh. The Gemini system, 

through which delivery is made, accepts Trade Nominations to the nearest kWh. 

Where any quantity is required to be converted from Therms to kWh, the conversion shall be 

conducted by multiplication of the figure in Therms by 29.3071 to obtain a figure in kWh. Where a 

value expressed in kWh is required to be an integer, the result of such multiplication shall be subject to 

standard rounding.

3.4 Price

The price at which the contract is delivered is the trade price at which the trade is executed in 

accordance with ICE Endex UK Rules. No EDSP will be calculated. Accordingly, standard contractual 

netting under Rules 406(b) and (c), and Rules 701(a), 701(b) and 702(c) will not apply but the Clearing 

House will have the same powers as under Rule 701(c) in respect of trade prices. 

Where any price is required to be converted from pence per Therm to pence per kWh, the conversion 

shall be conducted by dividing the price in pence per Therm by 29.3071 to obtain a price in pence per 

kWh and rounding to the nearest fourth decimal point (subject to standard rounding).

3.5 Days and Times

All "timings" or times of day are London times.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

EFSs and EFPs are not supported for UK OCM Natural Gas Spot Contracts.

4. LIABILITY

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of National Grid of its obligations under the National 

Grid Rules or the Network Code; or

(b) any other performance or non-performance of National Grid.

4.3 Neither the Buyer nor the Seller, or their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 
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operation of the Transmission System or any part thereof or the performance or non-performance of 

National Grid except as otherwise expressly provided in the ICE Endex UK Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Daily Summary Report available on a daily basis to Clearing Members 

with delivery positions.

(a) Buyer's Security

Buyer's Security is calculated by reference to the relevant original trade price and represents the full 

contract value of the deliverable obligation for a particular day. The Clearing House may alter the 

calculation of Buyer's Security at any time or make adjustments in respect of specific Buyers.

(b) Delivery Margin

The delivery Margin is collected from the Buyer and Seller and is an amount calculated against the 

costs or charges arising from delivery failure including the possibility of costs or charges arising from 

the balancing regime set out in the Network Code. The Clearing House may alter the calculation of 

delivery Margin at any time or make adjustments in respect of a specific Seller. For the Buyer, the 

delivery Margin includes an amount calculated against the possibility of a negative System Marginal 

Sell Price, as defined by National Grid in the Network Code. For the Seller, it includes an amount 

calculated by reference to the relevant System Marginal Buy Price, as defined by National Grid in the 

Network Code.

6. DELIVERY TIMETABLE FOR UK OCM NATURAL GAS SPOT CONTRACTS: ROUTINE

6.1 Trade Nominations

ICE Endex UK, pursuant to the authority granted to it under paragraph 2, shall submit Trade 

Nominations. 

The Clearing House and a Clearing Member shall, for the purposes of satisfying their delivery 

obligations in respect of all trades in the UK OCM Natural Gas Spot Contracts, settle as between one 

another, pursuant to Trade Nominations made by ICE Endex UK. ICE Endex UK shall not make Trade 

Nominations more than five Days (as defined in the Network Code) before the Delivery Day.
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6.2 Margin and Settlement Schedule where Trade Date is also a Business Day

Calculation of Margin and 

Payments

On Trade Date/Delivery Day (D)

By 18:00 The Clearing House will calculate:

i. delivery Margin for the Seller's delivery obligations 

scheduled for the current Delivery Day. 

ii. Buyer's Security and Seller's Contingent Credit 

representing full contract value of, where applicable, 

the change in the amount of Natural Gas delivered 

following the Settlement Cut Off on the prior Delivery 

Day.

iii. Buyer's Security representing full contract value of 

delivery obligations scheduled to occur for the current 

Delivery Day and the next Delivery Day.

iv. Seller's Contingent Credit for delivery obligations 

scheduled to occur on the current Delivery Day. The 

Clearing House allows delivery Contingent Credit for 

confirmed deliveries to be offset against other contract 

liabilities.

Provision of Margin and 

Payment

On the Clearing Day following the Trade Date

By 09:00 Seller and Buyer must provide the Clearing House with delivery 

Margin and Buyer's Security as appropriate. This is calculated 

for all deliverable obligations at the Settlement Cut Off.

Seller's delivery Margin collected for completed delivery 

obligations in respect of the previous Delivery Day is released. 

The Clearing House releases the Buyer's delivery Margin for the 

delivery obligations in respect of the current Delivery Day.

Invoice and Account Sale 

Details

23 Business Days following the Delivery Month (M+23)

By 09:00 The Clearing House makes the Invoice and Account Sale Report 

available to Seller and Buyer for the previous month's deliveries.

Payment 12 calendar days following M+23

By 09:00 Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding month as 

detailed on the Invoice and Account Sale report.

Delivery Contingent Credit amounts are removed 11 calendar 

days following M+23 for morning of the 12th calendar day 

following M+23.

Buyer pays contract value for both performed and failed 

delivery amounts in respect of deliveries for the preceding 

month as detailed on the Invoice and Account Sale Report. 

Buyer's Security is released as part of the payment transaction.

N.B. A credit note may be issued at a later date against the failed 
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deliveries.

6.3 Margin and Settlement Schedule where Trade Date is not a Business Day

Calculation of Margin and 

Payments

On the First Clearing Day following the Trade Date

By 18:00 The Clearing House will calculate:

i. delivery Margin for the Seller's delivery obligations 

scheduled for future Delivery Days.

ii. Buyer's Security representing full contract value of 

delivery obligations scheduled to commence on the 

next Delivery Day.

iii. Buyer's Security representing full contract value of 

delivery obligations completed on prior Delivery Days 

that are not Clearing Days.

iv. Seller's Contingent Credit for delivery obligations 

completed on prior Delivery Days that are not Clearing 

Days. The Clearing House allows delivery Contingent 

Credit for confirmed deliveries to be offset against 

other contract liabilities.

Provision of Margin and 

Payment

On the second Clearing Day following the Trade Date

By 09:00 Seller and Buyer must provide the Clearing House with delivery 

Margin and Buyer's Security as appropriate. This is calculated 

for all deliverable obligations at the Settlement Cut Off.

Seller's delivery Margin collected for completed delivery 

obligations in respect of prior Delivery Days is released. 

The Clearing House releases the Buyer's delivery Margin for the 

delivery obligations in respect of the current Delivery Day.

Invoice and Account Sale 

Details

23 Business Days following the Delivery Month (M+23)

By 09:00 The Clearing House makes the Invoice and Account Sale 

Report available to Seller and Buyer for the previous month's 

deliveries.
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Payment 12 calendar days following M+23

By 09:00 Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding month as 

detailed on the Invoice and Account Sale report.

Delivery Contingent Credit amounts are removed 11 calendar 

days following M+23 for morning of the 12th calendar day 

following M+23.

Buyer pays contract value for both performed and failed 

delivery amounts in respect of deliveries for the preceding 

month as detailed on the Invoice and Account Sale Report. 

Buyer's Security is released as part of the payment transaction.

N.B. A credit note may be issued at a later date against the 

failed deliveries.

7. DELIVERY TIMETABLE FOR UK OCM NATURAL GAS SPOT CONTRACTS: FAILED 

DELIVERY

(a) In the event of a failed delivery, the Clearing House may call additional Seller's Security 

and/or Buyer's Security. The Clearing House may retain Buyer's Security and/or Seller's 

Security.

(b) In the event of a failed delivery where the actual delivery occurs:

(i) within the originally scheduled Delivery Month, the Invoice and Account Sale 

Details and Payment timetable shall be as set out in paragraph 6.2; and

(ii) after the originally scheduled Delivery Month, the Invoice and Account Sale Details 

and Payment timetable shall be as set out in paragraph 6.2 except that the term 

"Delivery Month" shall be deemed replaced with "the period beginning at 06:00 

hours (or such other time as is specified as the start of a calendar month in the 

definition of "calendar month" in the Network Code) on the first calendar day of the 

month in which the actual delivery occurs until 06:00 hours (or such other time as is 

specified as the end of a calendar month in the definition of "calendar month" in the 

Network Code) on the first calendar day of the next month" and the term "M+" or 

"M-" shall be deemed replaced with "in respect of a Contract, the number of Business 

Days immediately following the last day of the month or the number of Business 

Days immediately preceding the first day of the month, in which the actual delivery 

occurs."

(c) The timetables referred to in this paragraph 7 can be altered without notice at the discretion of 

the Clearing House or ICE Endex UK.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Previous Month's Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Delivery Month.

Confirmed deliveries: 

(kWh/29.3071) * trade price
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Where,

kWh = the number of Kilowatt Hours delivered.

Failed Deliveries (Buyers only):

(kWh/ 29.3071) * trade price

Where,

kWh = the number of Kilowatt Hours delivered.

(b) Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House's costs, 

incurred from National Grid, allocated to Clearing Members as a result of Buyers' and Sellers' failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from National Grid. In the event that the value received by the 

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Endex UK.

The Clearing House's costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House's net Daily Imbalance.

9. DELIVERY DOCUMENTATION SUMMARY

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Trade Register This report provides a daily register of all new 

trades by Transferee/Transferor.

By 19:00

Daily Summary Report This report summarises on a daily basis the Trade 

Nomination status and the associated margin 

flows of delivery obligations by 

Transferee/Transferor.

By 19:00

Daily Detail Report This report summarises on a daily basis the Trade 

Nomination status of delivery obligations by 

Transferee/Transferor.

By 19:00

Daily Cashflow Summary Report This summarises the total debits and credits by 

payment type and Transferee and Transferor. 

By 19:00

UK OCM Natural Gas Spot 

Contracts: Blanket Transferee Form 

Where applicable, the Buyer must ensure that this 

form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days arising from 

trading activity on ICE Endex UK.

Before trading is 

permitted on ICE 

Endex UK 

UK OCM Natural Gas Spot Where applicable, the Seller must ensure that this 

form is submitted by the Transferor. It must be 

Before trading is 

permitted on ICE 
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Contracts: Blanket Transferor Form signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

arising from trading activity on ICE Endex UK.

Endex UK 

UK OCM Natural Gas Spot

Contracts Invoice and Account Sale 

The report gives Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; delivery period; contracted 

kWh; actual delivered (matched) kWh; value of 

Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00 on 

M+23

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; delivery 

period; amount of failed delivery long (kWh); 

amount of failed delivery short (kWh); and total 

costs charged to the Clearing Member as a result 

of failed delivery/deliveries.

By 09:00 on 

M+23, except 

where the actual 

delivery occurs 

after the 

originally 

scheduled 

Delivery Month, 

in which case, the 

term "M+" shall 

apply as set out in

paragraph 

7.2(b)(ii). 
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PART F: ICE ENDEX TTF NATURAL GAS FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS 

FUTURES”); ICE ENDEX TTF NATURAL GAS WORKING DAYS NEXT WEEK (WDNW)

FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS WDNW FUTURES”) AND ICE

ENDEX TTF NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX TTF NATURAL GAS 

DAILY FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the GTS Rules and otherwise in accordance with this Part F, by the Transferee to 

acquire rights in respect of one or more lots of Natural Gas at the Title Transfer Facility.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(c) The term “Delivery Day” means the period beginning at 06:00 hours CET on a day on which 

the transfer of rights in respect of Natural Gas is due to be made under a Contract in 

accordance with ICE Endex Rules and this Part F and ending at 06:00 hours CET on the 

following day. 

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(e) The term “Delivery Week” means the period beginning at 06:00 hours CET on the first 

business day of the week until 06.00 hours CET on the day following the last business day of 

the week (Saturday). 

(f) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the GTS Rules and otherwise in accordance with ICE Endex Rules and this Part F, 

by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at the Title 

Transfer Facility.

(g) The term “Edigas” means GTS’s electronic messaging protocol which enables, inter alia, 

submission of a Trade Nomination to GTS and to access information concerning the submitted 

Trade Nominations, and any successor system thereto.

(h) The term “GTS” means the Dutch gas transmission system operator Gasunie Transport 

Services B.V. or any successor thereto.

(i) The term “GTS Rules” means the Gasvoowaarden, or Transmission Service Conditions 

(“TSC”), and any manuals, procedures, practices or directions of GTS which support the 

operation of the Transmission Service Conditions, as amended from time to time.

(j) The term “ICE Endex TTF Natural Gas” means ICE Endex TTF Natural Gas Futures, ICE 

Endex TTF Natural Gas WDNW Futures and ICE Endex TTF Natural Gas Daily Futures.

(k) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(l) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex. 
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(m) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(n) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Endex.

(o) The term “Title Transfer Facility” (TTF) means, in respect of a Contract, a notional point 

within the Transmission System at which the balancing of the amounts of Natural Gas takes 

place for the purposes of the Transmission Service Conditions.

(p) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(q) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(r) The term “Transmission System” means the onshore transmission pipeline system owned 

and operated by GTS as may be enlarged, extended or altered from time to time.

(s) The term “TSC” means the Transmission Service Conditions, as amended from time to time, 

setting out GTS’s arrangements for transportation of Natural Gas and operation of the 

Transmission System and TTF and any manuals, procedures, practices or directions of GTS 

which support the operation of that document, in either case as amended from time to time.

(t) The term “W+” or “W-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the week or the number of Business Days immediately 

preceding the first day of the week in which the Delivery Day specified in the Contract 

commenced.

2. CLEARING HOUSE AUTHORITY

The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries under ICE Endex TTF Natural Gas. No Clearing Member shall revoke or 

terminate, nor purport to revoke or terminate, such authorisation. Members are not required, and are not 

able, to send Trade Nominations themselves.

3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex TTF Natural Gas are effected by the transfer of rights to Natural Gas at the 

TTF from a Transferor (nominated by the Seller, which may be the Seller itself) to the Clearing House 

and from the Clearing House to a Transferee (nominated by the Buyer, which may be the Buyer itself), 

through the input of Acquiring and Disposing Trade Nominations into the GTS’s Edigas system by the 

Clearing House. GTS will take those Trade Nominations into account when determining whether any 

costs or charges arise from the balancing regime.

3.2 Quantity

ICE Endex TTF Natural Gas trades in MWh and is delivered in kWh.

3.3 Price
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The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day immediately prior to the calendar day on which the Delivery Week for the ICE 

Endex TTF Natural Gas WDNW Futures or the Delivery Month for the ICE Endex TTF Natural Gas

Futures commences in accordance with the ICE Endex Rules. The price at which the contract is 

delivered is the Exchange Delivery Settlement Price (EDSP) for the Business Day immediately prior to 

the calendar day on which the Delivery Day for the ICE Endex TTF Natural Gas Daily Futures 

commences in accordance with the ICE Endex Rules.

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.5 Cessation of Trading

(a) The ICE Endex TTF Natural Gas WDNW Futures and ICE Endex TTF Natural Gas Futures

cease trading at 18:00 hours on the business day, as defined in the ICE Endex Rules, which is 

two business days prior to the first calendar day of the Delivery Period, in accordance with the 

ICE Endex Rules.

(b) The ICE Endex TTF Natural Gas Daily Futures cease trading at 18:00 on the business day, as 

defined in the ICE Endex Rules, which is one business day prior to the Delivery Day.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For the ICE Endex TTF Natural Gas WDNW Futures and the ICE Endex TTF Natural Gas Futures, in 

accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading. For the ICE Endex TTF Natural Gas Daily Futures, in accordance with ICE Endex 

Rules, EFPs and EFSs may be posted up to thirty minutes following the cessation of trading

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of GTS of its obligations under the GTS Rules; or

(b) the performance or non-performance of GTS.

4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

GTS except as otherwise expressly provided in the ICE Endex Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the TSC. 
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The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

TSC, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: ROUTINE

6.1 ICE Endex TTF Natural Gas Futures and ICE Endex TTF Natural Gas WDNW Futures 

2 Business Days prior to the 1st Delivery Day M-2 or W-2, as applicable 

Confirmation of Delivery 

positions – Provisional* 

*This only applies to the ICE 

Endex TTF Natural Gas 

Futures, and not to the ICE 

Endex TTF Natural Gas 

WDNW Futures Contract.

By 

10:00 

CET

The Daily Summary Report identifies Open Contract Positions at the 

close of business on M-3. 

By 

18:00 

CET

Buyer and Seller submit known delivery details using ICE Endex TTF 

Natural Gas Futures: Delivery Confirmation Form for those Open 

Contract Positions, which are expected to be delivered.

Cessation of Trading At 

18:00 

CET

Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.
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Provision of Buyer’s and 

Seller’s Security

M or W-1

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M (or W)-2 for the first Delivery Day and M (or W)-1 

for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

11:30 

CET

Settlement instructions and Open Contract Positions transfers are 

entered into PTMS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

By 

12:30 

CET

MPFE report available on PTMS to Clearing Members.

Submission of ICE Endex 

TTF Natural Gas Futures 

or ICE Endex TTF Natural 

Gas WDNW Futures: 

Delivery Confirmation form

By 

12:30 

CET

Buyer and Seller must, for all relevant deliverable Open Contract 

Positions, submit a completed ICE Endex TTF Natural Gas Futures or 

ICE Endex TTF Natural Gas WDNW Futures Delivery Confirmation 

Form. If delivery details are known, the ICE Endex TTF Natural Gas 

Futures or ICE Endex TTF Natural Gas WDNW Futures Delivery 

Confirmation Form may be submitted to the Clearing House any time 

from the start of M (or W)-2, but must have been submitted by 12:00 

hours CET on M (or W)-1.

By 

13:00 

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect 

of a Contract must ensure that the Clearing House has in its possession 

a signed ICE Endex TTF Natural Gas: Blanket Transferor Form or ICE 

Endex TTF Natural Gas: Blanket Transferee Form (as applicable) for 

each nominated Transferor or Transferee

ICE Endex TTF Natural 

Gas Futures or ICE Endex 

TTF Natural Gas WDNW 

Futures Conversion and 

Confirmation Report

By 

14:00 

CET

The ICE Endex TTF Natural Gas Futures or ICE Endex TTF Natural 

Gas WDNW Futures Confirmation Reports, listing all deliverable 

positions in kWh for the Delivery Month, are made available to 

Clearing Members electronically. Where Clearing Members will have 

submitted email details for their transferee/transferors, this report will 

also be emailed directly to the transferee/transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated transferor/transferee has received a copy of the ICE Endex 

TTF Natural Gas Futures or the ICE Endex TTF Natural Gas WDNW 

Futures Conversion and Confirmation Report, as applicable.

By 

15:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex TTF Natural Gas Futures or ICE Endex TTF Natural 

Gas WDNW Futures Conversion and Confirmation Report that do not 

match their submitted ICE Endex TTF Natural Gas Futures or ICE 

Endex TTF Natural Gas WDNW Futures Delivery Confirmation Form.
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Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the 

Clearing House and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House and the Buyer (or 

the Buyer’s Transferee).

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex TTF Natural Gas Futures or ICE Endex 

TTF Natural Gas WDNW Futures Confirmation Report and resend it to 

Clearing Members.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceeding delivery day.

N.B. A credit note may be issued at a later date against the failed

deliveries.

One Day following the end of the Invoice Period

Invoice and Account Sale 

Details

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

6.2 ICE Endex TTF Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00 

CET

Daily Contract ceases trading.
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LNDOCS01/919901.12 77

Submission of ICE 

Endex TTF Natural 

Gas Daily Futures: 

Delivery 

Confirmation form

By 

18:15

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Endex TTF Natural Gas Daily Futures Delivery Confirmation 

Form. 

Nomination of 

Transferor 

/Transferee

By 

18:15

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Endex TTF Natural Gas: Blanket Transferor Form or ICE Endex TTF 

Natural Gas: Blanket Transferee Form (as applicable) for each nominated 

Transferor or Transferee. This Transferor/Transferee Form must be signed by 

an authorised signatory of the Transferor/Transferee.

By 

18:30

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

18:30

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

18:30 

CET

MPFE report available to Clearing Members.

ICE Endex TTF 

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex TTF Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex TTF Natural 

Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex TTF Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match their submitted ICE Endex TTF Natural Gas Daily 

Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex TTF Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Notification file to 

Nomination Agent

By 

20:00

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing 

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 78

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX TTF NATURAL GAS: FAILED DELIVERY

7.1 ICE Endex TTF Natural Gas Futures and ICE Endex TTF Natural Gas WDNW Futures 

D+2

Seller’s Security and 

Buyer’s Default Top Up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M or W+10)
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 79

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

12 Business Days following the month or week of delivery (M or W+12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s 

failed deliveries.

13 Business Days following the month or week of delivery (M or W+13)

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

7.2 ICE Endex TTF Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 80

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate

Where

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules in respect of any failure of a Clearing Member to correctly 

make a delivery.

(b) Daily Deliveries 

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate

Where

kWh = the number of Kilowatt Hours delivered.
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 81

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules in respect of any failure of a Clearing Member to correctly 

make a delivery.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from GTS, allocated to Clearing Members as a result of Buyer’s and Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from GTS. In the event that the value received by the Clearing House 

is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

TSC.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex TTF Natural Gas Futures and ICE Endex TTF Natural Gas WDNW Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by transferee/transferor.

By 10:00 CET 

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET 

Daily

ICE Endex TTF Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to on the ICE Endex TTF 

Natural Gas Futures or ICE Endex TTF Natural 

Gas WDNW Futures Delivery Confirmation 

form.

By 11:00 CET 

on M or W-1

ICE Endex TTF Natural Gas: 

Blanket Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferor as 

confirmation that they will make delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to on the ICE Endex TTF 

Natural Gas Futures or ICE Endex TTF Natural 

Gas WDNW Futures Delivery Confirmation 

form.

By 11:00 CET 

on M or W-1

ICE Endex TTF Natural Gas 

Futures or ICE Endex TTF 

Natural Gas WDNW Futures 

This form must be completed in full for all 

Contracts subject to delivery. It contains details 

of the Clearing Member mnemonic; Clearing 

By 12:00 CET 

on D-1
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 82

Name of Delivery Document Explanation Timing

Delivery Confirmation Form Member account; Delivery Day or series of 

Delivery Days as specified in the first and last 

Delivery Day boxes; unique reference code for 

the instruction (free format maximum 10 

characters); whether the instruction is a new 

instruction (N), an update to an existing 

instruction (U), a deletion of one previously 

submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of 

lots short; and name of the nominated 

Transferee or Transferor.

ICE Endex TTF Natural Gas 

Futures or ICE Endex TTF 

Natural Gas WDNW Futures 

Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant transferor(s) and transferee(s). It is a 

transferor/transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

transferee/transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part F from first Delivery Day to last Delivery 

Day; lots to be delivered; and a statement that if 

the transferor/transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

the Clearing House will enter the Trade 

Nomination(s) into Edigas based on the Net 

Hourly Position of the Clearing Member, by the 

relevant deadline. 

By 12:30 CET 

on D-1

ICE Endex TTF Natural Gas 

Futures or ICE Endex TTF 

Natural Gas WDNW Futures 

Invoice and Account Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Month; contracted 

kWh; actual delivered (matched) kWh; price in 

Euros per MWh; value of Natural Gas.

By 10:00 CET 

on the day 

following the 

Invoice Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month; 

Delivery Day; amount of failed delivery long 

(kWh); amount of failed delivery short (kWh); 

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

M or W+10 at 

10:00 CET.

9.2 ICE Endex TTF Natural Gas Daily Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 83

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00

CET

Daily

ICE Endex TTF Natural Gas 

Daily Futures Delivery 

Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 17:30

CET on 

D

ICE Endex TTF Natural Gas:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex TTF Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex TTF Natural Gas: 

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex TTF Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex TTF Natural Gas 

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part F

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into Edigas, by the relevant deadline and 

that the trade(s) nominations will not be amended or 

withdrawn unless instructed to do so by the Clearing 

House.

By 18:00

CET on 

D
DELIVERY PROCEDURES: ICE ENDEX TTF NATURAL GAS

LNDOCS01/919901.12 84

Name of Delivery Document Explanation Timing

ICE Endex TTF Natural Gas 

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00

CET on 

D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00

CET.
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LNDOCS01/919901.12 85

PART G: ICE ENDEX GASPOOL NATURAL GAS FUTURES CONTRACT (“ICE ENDEX GASPOOL

NATURAL GAS FUTURES”); ICE ENDEX GASPOOL NATURAL GAS DAILY FUTURES 

CONTRACT (“ICE ENDEX GASPOOL NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the GASPOOL Rules and otherwise in accordance with this Part G, by the 

Transferee to acquire rights in respect of one or more lots of Natural Gas at the GASPOOL 

Hub.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to natural gas are to be transferred.

(c) The term “Delivery Day” means the period beginning at 06:00 hours on a day on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance 

with ICE Endex Rules and this Part G and ending at 06:00 hours on the following day.

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month;

(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the GASPOOL Rules and otherwise in accordance with ICE Endex Rules and this 

Part G, by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at

the GASPOOL Hub.

(f) The term “GASPOOL” means GASPOOL Balancing Services GmbH domiciled in Berlin 

Germany the operator of the market area co-operation between various gas network owners in 

Germany known as “GASPOOL” or any successor thereto.

(g) The term “GASPOOL Hub” means, in respect of a Contract, a notional point within the 

Transmission System at which the balancing of the amounts of Natural Gas delivered into and 

out of the Transmission System takes place in accordance with the GASPOOL Rules.

(h) The term “GASPOOL Rules” means the current GASPOOL Network Access Conditions and 

GASPOOL Balancing Group Contract and any manuals, procedures, practices or directions of 

GASPOOL which support the operation of GASPOOL as amended from time to time.

(i) The term “GASPOOL’s Communication Facilities” means GASPOOL’s electronic facility 

which enables, inter alia, submission of a Trade Nomination to GASPOOL and to access 

information concerning the submitted Trade Nominations, and any successor system thereto.

(j) The term “ICE Endex GASPOOL Natural Gas” means ICE Endex GASPOOL Natural Gas 

Futures and ICE Endex GASPOOL Natural Gas Daily Futures.

(k) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(l) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 86

(m) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(n) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Endex.

(o) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(p) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(q) The term “Transmission System” means the transmission pipeline system operated by 

GASPOOL as may be enlarged, extended or altered from time to time.

2. DELIVERY SPECIFICATION

Deliveries of ICE Endex GASPOOL Natural Gas are effected by the transfer of rights to Natural Gas at 

the GASPOOL Hub from a Transferor (nominated by the Seller, which may be the Seller itself) to the 

Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which may be 

the Buyer itself), through the input of Acquiring and Disposing Trade Nominations into GASPOOL’s 

Communication Facilities. GASPOOL will take those Trade Nominations into account when 

determining whether any costs or charges arise from the balancing regime under the GASPOOL Rules.

2.1 Quantity 

ICE Endex GASPOOL Natural Gas trades in MWh and is delivered in kWh.

2.2 Price 

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second business day, as defined in the ICE Endex Rules, immediately prior to the calendar day on 

which the Delivery Month for the ICE Endex GASPOOL Natural Gas Futures commences in 

accordance with the ICE Endex Rules. The price at which the contract is delivered is the Exchange 

Delivery Settlement Price (EDSP) for the Business Day immediately prior to the calendar day on which 

the Delivery Day for the ICE Endex GASPOOL Natural Gas Daily Futures commences in accordance 

with the ICE Endex Rules.

2.3 Days and Times 

All timings or times of day are Central European Time or Central European Summer Time as 

applicable.

2.4 Cessation of Trading 

(a) ICE Endex GASPOOL Natural Gas Futures cease trading at 18:00 hours on the business day, 

in accordance with the ICE Endex Rules, which is two business days prior to the first calendar 

day of the delivery month.

(b) ICE Endex GASPOOL Natural Gas Daily Futures cease trading at 18:00 hours on the business 

day prior to the Delivery Day.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 87

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex GASPOOL Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs 

may be posted up to one hour following the cessation of trading. For the ICE Endex GASPOOL

Natural Gas Daily Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to 

thirty minutes following the cessation of trading.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of GASPOOL of its obligations under the GASPOOL 

Rules; or

(b) the performance or non-performance of GASPOOL.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

GASPOOL except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security 

Buyer’s Security is calculated by reference to the relevant EDSP plus a ‘Buyer’s Default Top-up’. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the GASPOOL Rules.

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security 

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

GASPOOL Rules, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

5. DELIVERY TIMETABLE FOR ICE ENDEX GASPOOL NATURAL GAS: ROUTINE

5.1 ICE Endex GASPOOL Natural Gas Futures 

2 Business Days prior to the 1st Delivery Day (M-2)
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LNDOCS01/919901.12 88

Confirmation of 

Delivery positions -

Provisional

By 

10:00

CET

The Daily Summary Report identifies Open Contract Positions at the 

close of business on M-3.

By 

18:00

CET

Buyer and Seller submit known delivery details using ICE Endex 

GASPOOL Natural Gas Futures: Delivery Confirmation Form for those 

Open Contract Positions, which are expected to be delivered.

Cessation of Trading At 

18:00

CET

Monthly Contract ceases trading.

By 

19:00

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

M-1

Provision of Buyer’s 

and Seller’s Security

By 

10:00

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M-2 for the first Delivery Day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

11:30

CET

Settlement instructions and Open Contract Positions transfers are 

entered into PTMS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

By 

12:30

CET

MPFE report available on PTMS to Clearing Members.

Submission of ICE 

Endex GASPOOL 

Natural Gas Futures: 

Delivery Confirmation 

form

By 

13:00

CET

Buyer and Seller must, for all deliverable Open Contract Positions, 

submit a completed ICE Endex GASPOOL Natural Gas Futures 

Delivery Confirmation Form. If delivery details are known, the ICE 

Endex GASPOOL Natural Gas Futures Delivery Confirmation Form 

may be submitted to the Clearing House any time from the start of M-2, 

but must have been submitted by 12:00 hours CET on M-1.

Nomination of 

Transferor/Transferee

By 

13:00

CET

Seller or Buyer who is nominating a Transferor or Transferee in 

respect of a Contract must ensure that the Clearing House has in its 

possession a signed ICE Endex GASPOOL Natural Gas: Blanket 

Transferor Form or ICE Endex GASPOOL Natural Gas: Blanket 

Transferee Form (as applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee Form must be signed by the 

Transferor/Transferee.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 89

ICE Endex GASPOOL 

Natural Gas Futures 

Conversion and 

Confirmation Report

By 

14:00

CET

The ICE Endex GASPOOL Natural Gas Futures Confirmation Reports, 

listing all deliverable positions in kWh for the Delivery Month, are 

made available to Clearing Members electronically. Where Clearing 

Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

GASPOOL Natural Gas Futures Conversion and Confirmation Report.

By 

15:00

CET

Seller and Buyer must each inform the Clearing House of any details on 

the ICE Endex GASPOOL Natural Gas Futures Conversion and 

Confirmation Report that do not match their submitted ICE Endex 

GASPOOL Natural Gas Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex GASPOOL Natural Gas Futures 

Confirmation Report and resend it to Clearing Members.

Entry of Disposing and 

Acquiring Nominations

By 

15:00

CET

Seller and Buyer must ensure that their nominated 

Transferors/Transferees have entered the appropriate Disposing Trade 

Nomination(s)/Acquiring Trade Nominations(s) into GASPOOL’s 

Communication Facilities.

If by 15:30 CET one such Trade Nomination has not been accepted by 

GASPOOL, the Clearing House, or its agent, may direct the Seller (or 

its Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such 

terms as the Clearing House may consider appropriate until such Trade 

Nomination is accepted by GASPOOL.

In the event that the Seller (or its Transferor) or Buyer (or its 

Transferee) have entered a Trade Nomination Quantity different from 

that appearing on the ICE Endex GASPOOL Natural Gas Futures 

Confirmation Report, which has been accepted by GASPOOL under 

GASPOOL Rules, the Clearing House or its agent may direct the Seller

(or its Transferor) or the Buyer (or its Transferee) to amend or withdraw 

such Trade Nomination on such terms as the Clearing House may 

consider appropriate.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

10:00

CET

The Clearing House makes the Daily Summary Report available.

Payment, Seller’s 

D+1
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LNDOCS01/919901.12 90

Security and Buyer’s 

Default Top Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect 

of deliveries for the preceding delivery day. Buyer’s Security is released 

as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered 

amounts in respect of deliveries for the preceeding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

Final Confirmation of 

Invoice and Account 

Sale Details

One Day following the end of the Invoice Period

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the 

previous month’s deliveries.

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

5.2 ICE Endex GASPOOL Natural Gas Daily Futures 

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00

CET

Daily Contract ceases trading.

Submission of ICE 

Endex GASPOOL 

Natural Gas Daily

Futures: Delivery 

Confirmation form

By 

18:15

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Endex GASPOOL Natural Gas Daily Futures Delivery 

Confirmation Form. 

Nomination of 

Transferor 

/Transferee

By 

18:15 

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Endex GASPOOL Natural Gas: Blanket Transferor Form or ICE Endex 

GASPOOL Natural Gas: Blanket Transferee Form (as applicable) for each 

nominated Transferor or Transferee. This Transferor/Transferee Form must 

be signed by an authorised signatory of the Transferor/Transferee.

By 

18:30 

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

18:30

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 91

By 

18:30

CET

MPFE report available to Clearing Members.

ICE Endex 

GASPOOL Natural 

Gas Daily Futures 

Conversion and 

Confirmation Report

By 

19:00

CET

The ICE Endex GASPOOL Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex GASPOOL

Natural Gas Daily Futures Conversion and Confirmation Report.

By 

20:00

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex GASPOOL Natural Gas Daily Futures Conversion and 

Confirmation Report that do not match their submitted ICE Endex 

GASPOOL Natural Gas Daily Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex GASPOOL Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

21:00

CET

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into GASPOOL’s Communication Facilities.

If by 04:00 CET one such Trade Nomination has not been accepted by 

GASPOOL, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such terms as 

the Clearing House may consider appropriate until such Trade Nomination is 

accepted by GASPOOL.

In the event that the Seller (or its Transferor) or Buyer (or its Transferee) 

have entered a Trade Nomination Quantity different from that appearing on 

the ICE Endex GASPOOL Natural Gas Daily Futures Confirmation Report, 

which has been accepted by GASPOOL under GASPOOL Rules, the 

Clearing House or its agent may direct the Seller (or its Transferor) or the 

Buyer (or its Transferee) to amend or withdraw such Trade Nomination on 

such terms as the Clearing House may consider appropriate.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 92

D+1

Final Confirmation 

of Delivery Report 

By 

10:00

CET

The Clearing House makes the Daily Summary Report available for the

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sales Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

6. DELIVERY TIMETABLE FOR ICE ENDEX GASPOOL NATURAL GAS: FAILED 

DELIVERY

6.1 ICE Endex GASPOOL Natural Gas Futures 

Seller’s Security and 

Buyer’s Default Top up

D+2

By 

10:00

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

Failed Delivery

10 Business Days following the month of delivery (M+10)

By 

10:00

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

Payment for Failed 

Delivery

12 Business Days following the month of delivery (M+12)

By 

10:00

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s 
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 93

failed deliveries.

Release of Seller’s and 

Buyer’s Security 

against Failed 

Deliveries

13 Business Days following the month of delivery (M+13)

By 

10:00

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the delivery month.

6.2 ICE Endex GASPOOL Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries 

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries: 

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 94

Where 

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries 

kWh * Delivery Failure Cost* 1 MWh / 1000 kWh, plus any other costs of the Clearing House 

as applicable 

Where 

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GASPOOL in 

accordance with the GASPOOL Rules in respect of any failure by a Clearing Member to 

correctly make a delivery.

(b) Daily Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of Kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries (Buyers only)

kWh * Delivery Failure Cost* 1 MWh / 1000 kWh, plus any other costs of the Clearing House 

as applicable 

Where

kWh = the number of Kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GASPOOL in 

accordance with the GASPOOL Rules in respect of any failure by a Clearing Member to 

correctly make a delivery.

7.2 Invoice/Credit Note for Failed Deliveries 

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from GASPOOL, allocated to Clearing Members as a result of Buyer’s and Seller’s failed 

deliveries.
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 95

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from GASPOOL. In the event that the value received by the Clearing 

House is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under 

GASPOOL Rules.

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Endex GASPOOL Natural Gas Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by transferee/transferor.

By 10:00 CET

Daily

Daily Detail Report This report provides details of each day’s 

deliveries. 

By 10:00 CET

Daily

ICE Endex GASPOOL 

Natural Gas Futures Delivery 

Confirmation Form

This form must be completed in full for all 

Contracts subject to delivery. It contains 

details of the Clearing Member mnemonic; 

Clearing Member account; Delivery Day or 

series of Delivery Days as specified in the first 

and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 

10 characters); whether the instruction is a 

new instruction (N), an update to an existing 

instruction (U), a deletion of one previously 

submitted (D) or an unaltered existing 

instruction (E); number of lots long; number 

of lots short; and name of the nominated 

Transferee or Transferor.

By 12:00 CET

on D-1

ICE Endex GASPOOL 

Natural Gas: Blanket 

Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by the 

Transferee as confirmation that they will take 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

ICE Endex GASPOOL Natural Gas Futures 

Delivery Confirmation form.

By 12:00 CET

on D-1
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 96

Name of Delivery Document Explanation Timing

ICE Endex GASPOOL 

Natural Gas: Blanket 

Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

ICE Endex GASPOOL Natural Gas Futures 

Delivery Confirmation form.

By 12:00 CET

on D-1

ICE Endex GASPOOL 

Natural Gas Futures 

Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is 

a Transferor/Transferee order and informs 

Buyers and Sellers of Clearing Member

mnemonic; Transferee/Transferor; Delivery 

Day or series of Delivery Days as defined in 

paragraph 1 of this Part G from first Delivery 

Day to last Delivery Day; lots to be delivered; 

details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that 

if the Transferor/Transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then 

the delivery obligation is irrevocably accepted 

and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into GASPOOL’s 

Communication Facilities, by the relevant 

deadline and that the trade(s) nominations will 

not be amended or withdrawn unless 

instructed to do so by the Clearing House.

By 12:30 CET

on D-1

ICE Endex GASPOOL 

Natural Gas Futures Invoice 

and Account Sale

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing 

Member account; contract; delivery month; 

contracted kWh; actual delivered (matched) 

kWh; price in Euros per MWh; value of 

Natural Gas.

By 10:00 CET

on the following 

the Invoice 

Period.

Invoice Report and Credit 

Note Report: Failed Deliveries

The report gives Buyers and Sellers with 

failed deliveries during the previous delivery 

month details of Clearing Member mnemonic; 

Clearing Member account; contract; delivery 

month; Delivery Day; amount of failed 

delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged 

to the Clearing Member as a result of failed 

delivery/deliveries.

M+10 at 10:00

CET

8.2 ICE Endex GASPOOL Natural Gas Daily Futures 
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LNDOCS01/919901.12 97

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00

CET

Daily

ICE Endex GASPOOL Natural 

Gas Daily Futures Delivery 

Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 17:30

CET on 

D

ICE Endex GASPOOL Natural 

Gas: Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex GASPOOL 

Natural Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex GASPOOL Natural 

Gas: Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex GASPOOL 

Natural Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex GASPOOL Natural 

Gas Daily Futures Conversion 

and Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part G

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the GASPOOL’s Communication 

Facilities, by the relevant deadline and that the trade(s) 

nominations will not be amended or withdrawn unless 

instructed to do so by the Clearing House.

By 18:00

CET on 

D
DELIVERY PROCEDURES: ICE ENDEX GASPOOL NATURAL GAS

LNDOCS01/919901.12 98

Name of Delivery Document Explanation Timing

ICE Endex GASPOOL Natural 

Gas Daily Futures Invoice 

Report and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00

CET on 

D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00

CET.
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 99

PART H: ICE ENDEX NCG NATURAL GAS FUTURES CONTRACT (“ICE ENDEX NCG NATURAL GAS 

FUTURES”); ICE ENDEX NCG NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX 

NCG NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the NCG Rules and otherwise in accordance with this Part H, by the Transferee to 

acquire rights in respect of one or more lots of Natural Gas at the VTP operated by NCG.

(b) The terms “D-” or “D+” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to natural gas are to be transferred.

(c) The term “Delivery Day” means the period beginning at 06:00 hours on a day on which the 

transfer of rights in respect of Natural Gas is due to be made under a Contract in accordance 

with ICE Endex Rules and this Part H and ending at 06:00 hours on the following day.

(d) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06:00 hours CET on the first calendar day of the next month;

(e) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the NCG Rules and otherwise in accordance with ICE Endex Rules and this Part 

H, by the Transferor to dispose of rights in respect of one or more lots of Natural Gas at the 

VTP operated by NCG.

(f) The term “ICE Endex NCG Natural Gas” means ICE Endex NCG Natural Gas Futures and 

ICE Endex NCG Natural Gas Daily Futures.

(g) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(h) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex.

(i) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(j) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where “degree 

Celsius” and “bar” are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Endex.

(k) The term “NCG” means NetConnect Germany GmbH & Co. KG domiciled in Ratingen 

Germany the operator of the market area co-operation between various gas network owners in 

Germany known as “NCG” or any successor thereto.

(l) The term “NCG’s Communication Facilities” means NCG’s electronic facility which 

enables, inter alia, submission of a Trade Nomination to NCG and to access information 

concerning the submitted Trade Nominations, and any successor system thereto.
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 100

(m) The term “NetConnect Germany (NCG) Rules” means the current NCG Network Access 

Conditions and NCG Balancing Group Contract and any manuals, procedures, practices or 

directions of NCG which support the operation of NCG as amended from time to time.

(n) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(o) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(p) The term “Transmission System” means the transmission pipeline system operated by NCG 

as may be enlarged, extended or altered from time to time.

(q) The term “Virtual Trading Point” (VTP) means, in respect of a Contract, a notional point 

within the Transmission System at which the balancing of the amounts of Natural Gas 

delivered into and out of the Transmission System takes place in accordance with the NCG 

Rules.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries of ICE Endex NCG Natural Gas are effected by the transfer of rights to Natural Gas at the 

Virtual Trading Point from a Transferor (nominated by the Seller, which may be the Seller itself) to the 

Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which may be 

the Buyer itself), through the input of Acquiring and Disposing Trade Nominations into the NCG’s 

Communication Facilities. NCG will take those Nominations into account when determining whether 

any costs or charges arise from the balancing regime under the NCG Rules.

2.2 Quantity

ICE Endex NCG Natural Gas trades in MWh and is delivered in kWh.

2.3 Price

The price at which the contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second business day, as defined in the ICE Endex Rules, immediately prior to the calendar day on 

which the Delivery Month for the ICE Endex NCG Natural Gas Futures commences in accordance 

with the ICE Endex Rules. The price at which the contract is delivered is the Exchange Delivery 

Settlement Price (EDSP) for the Business Day immediately prior to the calendar day on which the 

Delivery Day for the ICE Endex NCG Natural Gas Daily Futures commences in accordance with the 

ICE Endex Rules. 

2.4 Days and Times

All “timings” or times of day are Central European Times or Central European Summer Times as 

applicable.

2.5 Cessation of Trading

(a) ICE Endex NCG Natural Gas Futures cease trading at 18:00 hours on the business day which 

is two business days, in accordance with the ICE Endex Rules, prior to the first calendar day 

of the delivery month.

(b) ICE Endex NCG Natural Gas Daily Futures cease trading at 18:00 hours on the business day 

prior to the Delivery Day.
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2.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex NCG Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs may 

be posted up to one hour following the cessation of trading. For the ICE Endex NCG Natural Gas Daily 

Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to thirty minutes 

following the cessation of trading.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of NCG of its obligations under the NCG Rules; or

(b) the performance or non-performance of NCG.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

NCG except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the NCG Rules.

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

NCG Rules, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

5. DELIVERY TIMETABLE FOR ICE ENDEX NCG NATURAL GAS: ROUTINE

5.1 ICE Endex NCG Natural Gas Futures

Confirmation of Delivery 2 Business Days prior to the 1st Delivery Day (M-2)
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 102

positions – Provisional By

10:00

CET

The Daily Summary Report identifies Open Contract Positions at the 

close of business on M-3.

By 

18:00

CET

Buyer and Seller submit known delivery details using ICE Endex NCG 

Natural Gas Futures: Delivery Confirmation Form for those Open 

Contract Positions, which are expected to be delivered. 

Cessation of Trading At 

18:00

CET

Monthly Contract ceases trading.

By 

19:00

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

Provision of Buyer’s and 

Seller’s Security

M-1

By 

10:00

CET

Seller and Buyer must provide the Clearing House with Seller’s Security 

and Buyer’s Security as appropriate. This is calculated for all deliverable 

Open Contract Positions at close of business on D-2 (which corresponds 

to M-2 for the first delivery day and M-1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

11:30

CET

Settlement instructions and Open Contract Positions transfers are entered 

into PTMS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

By 

12:30

CET

MPFE report available on PTMS to Clearing Members.

Submission of ICE Endex 

NCG Natural Gas 

Futures: Delivery 

Confirmation form

By 

13:00

CET

Buyer and Seller must, for all deliverable Open Contract Positions, 

submit a completed ICE Endex NCG Natural Gas Futures Delivery 

Confirmation Form. If delivery details are known, the ICE Endex NCG 

Natural Gas Futures Delivery Confirmation Form may be submitted to 

the Clearing House any time from the start of M-2, but must have been 

submitted by 12:00 hours on M-1.

Nomination of 

Transferor/Transferee 

By 

13:00

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect 

of a Contract must ensure that the Clearing House has in its possession a 

signed ICE Endex NCG Natural Gas: Blanket Transferor Form or ICE 

Endex NCG Natural Gas: Blanket Transferee Form (as applicable) for 

each nominated Transferor or Transferee. This Transferor/Transferee 

Form must be signed by the Transferor/Transferee.
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ICE Endex NCG Natural 

Gas Futures Conversion 

and Confirmation Report

By 

14:00

CET

The ICE Endex NCG Natural Gas Futures Confirmation Reports, listing 

all deliverable positions in kWh for the Delivery Month, are made 

available to Clearing Members electronically. Where Clearing Members 

will have submitted email details for their Transferee/Transferors, this 

report will also be emailed directly to the Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

NCG Natural Gas Futures Conversion and Confirmation Report.

By 

15:00

CET

Seller and Buyer must each inform the Clearing House of any details on 

the ICE Endex NCG Natural Gas Futures Conversion and Confirmation 

Report that do not match their submitted ICE Endex NCG Natural Gas 

Futures Delivery Confirmation Form. 

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex NCG Natural Gas Futures Confirmation 

Report and resend it to Clearing Members.

Entry of Disposing and 

Acquiring Nominations

By 

15:00

CET

Seller and Buyer must ensure that their nominated 

Transferors/Transferees have entered the appropriate Disposing Trade 

Nomination(s)/Acquiring Trade Nominations(s) into NCG’s 

Communication Facilities.

If by 16:30 CET one such Trade Nomination has not been accepted by 

NCG, the Clearing House, or its agent, may direct the Seller (or its 

Transferor) or the Buyer (or its Transferee) who submitted the Trade 

Nomination to amend or withdraw such Trade Nomination on such 

terms as the Clearing House may consider appropriate until such Trade 

Nomination is accepted by NCG.

In the event that the Seller (or its Transferor) or Buyer (or its Transferee) 

have entered a Trade Nomination Quantity different from that appearing 

on the ICE Endex NCG Natural Gas Futures Confirmation Report, 

which has been accepted by NCG under NCG Rules, the Clearing House 

or its agent may direct the Seller (or its Transferor) or the Buyer (or its 

Transferee) to amend or withdraw such Trade Nomination on such terms 

as the Clearing House may consider appropriate.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

10:00

CET

The Clearing House makes the Daily Summary Report available.
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LNDOCS01/919901.12 104

Payment, Seller’s 

Security and Buyer’s 

Default Top Up

D+1

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top up’ portion of the 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in respect

of deliveries for the preceding delivery day. Buyer’s Security is released

as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered amount 

in respect of deliveries for the preceeding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

One Day following the end of the Invoice Period

Invoice and Account Sale 

Details

By 

10:00

CET

Invoices and Account Sales available for the Invoice Period.

5.2 ICE Endex NCG Natural Gas Daily Futures

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00

CET

Daily Contract ceases trading.

Submission of ICE 

Endex NCG Natural 

Gas Daily Futures: 

Delivery 

Confirmation form

By 

18:15

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Endex NCG Natural Gas Daily Futures Delivery 

Confirmation Form. 

Nomination of 

Transferor 

/Transferee

By 

18:15

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect of a 

Contract must ensure that the Clearing House has in its possession a signed 

ICE Endex NCG Natural Gas: Blanket Transferor Form or ICE Endex NCG 

Natural Gas: Blanket Transferee Form (as applicable) for each nominated 

Transferor or Transferee. This Transferor/Transferee Form must be signed 

by an authorised signatory of the Transferor/Transferee.

By 

18:30

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

18:30 

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.
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LNDOCS01/919901.12 105

By 

18:30 

CET

MPFE report available to Clearing Members.

ICE Endex NCG

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex NCG Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex NCG Natural 

Gas Daily Futures Conversion and Confirmation Report.

By 

20:00 

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex NCG Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match their submitted ICE Endex NCG Natural Gas Daily

Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex NCG Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Entry of Disposing 

and Acquiring 

Nominations

By 

21:00

CET

Seller and Buyer must ensure that their nominated Transferors/Transferees 

have entered the appropriate Disposing Trade Nomination(s)/Acquiring 

Trade Nominations(s) into NCG’s Communication Facilities.

If by 04:00 one such Trade Nomination has not been accepted by NCG, the 

Clearing House, or its agent, may direct the Seller (or its Transferor) or the 

Buyer (or its Transferee) who submitted the Trade Nomination to amend or 

withdraw such Trade Nomination on such terms as the Clearing House may 

consider appropriate until such Trade Nomination is accepted by NCG.

In the event that the Seller (or its Transferor) or Buyer (or its Transferee) 

have entered a Trade Nomination Quantity different from that appearing on 

the ICE Endex NCG Natural Gas Daily Futures Confirmation Report, which 

has been accepted by NCG under NCG Rules, the Clearing House or its 

agent may direct the Seller (or its Transferor) or the Buyer (or its Transferee) 

to amend or withdraw such Trade Nomination on such terms as the Clearing 

House may consider appropriate.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 106

D+1

Final Confirmation 

of Delivery Report 

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00 

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By 

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

6. DELIVERY TIMETABLE FOR ICE ENDEX NCG NATURAL GAS: FAILED DELIVERY

6.1 ICE Endex NCG Natural Gas Futures

Seller’s Security and 

Buyer’s Default Top up 

D+2

By 

10:00

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

Failed Delivery 

10 Business Days following the month of delivery (M+10)

By 

10:00

CET

The Clearing House makes the Invoice and Credit Note Report available 

to Sellers and Buyers for the previous month’s failed deliveries.

Payment for Failed 

Delivery

12 Business Days following the month of delivery (M+12)

By 

10:00

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s failed 

deliveries.

Release of Seller’s and 13 Business Days following the month of delivery (M+13)
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 107

Buyer’s Security against 

Failed Deliveries

By 

10:00

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the delivery month.

6.2 ICE Endex NCG Natural Gas Daily Futures 

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.
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LNDOCS01/919901.12 108

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from NCG in 

accordance with the NCG Rules in respect of any failure by a Clearing Member to correctly 

make a delivery.

(b) Daily Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any other costs of the Clearing House as applicable 

Where

kWh = the number of kilowatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any other costs of the Clearing 

House as applicable 

Where

kWh = the number of kilowatt hours delivered.

Delivery Failure Cost = the costs of the Clearing House by kWh incurred from NCG in 

accordance with the NCG Rules in respect of any failure by a Clearing Member to correctly 

make a delivery.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred from NCG, allocated to Clearing Members as a result of Buyer’s and Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from NCG. In the event that the value received by the Clearing House 

is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under NCG 

Rules.
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LNDOCS01/919901.12 109

8. DELIVERY DOCUMENTATION SUMMARY

8.1 ICE Endex NCG Natural Gas Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by transferee/transferor.

By 10:00 CET

Daily

Daily Detail Report This report provides details of each day’s 

deliveries. 

By 10:00 CET

Daily

ICE Endex NCG Natural Gas 

Futures Delivery Confirmation 

Form

This form must be completed in full for all 

Contracts subject to delivery. It contains details 

of the Clearing Member mnemonic; Clearing 

Member account; Delivery Day or series of 

Delivery Days as specified in the first and last 

Delivery Day boxes; unique reference code for 

the instruction (free format maximum 10 

characters); whether the instruction is a new 

instruction (N), an update to an existing 

instruction (U), a deletion of one previously 

submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of 

lots short; and name of the nominated 

Transferee or Transferor.

By 12:00 CET

on D-1

ICE Endex NCG Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by the 

Transferee as confirmation that they will take 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

ICE Endex NCG Natural Gas Futures Delivery 

Confirmation form.

By 12:00 CET

on D-1

ICE Endex NCG Natural Gas: 

Blanket Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

ICE Endex NCG Natural Gas Futures Delivery 

Confirmation form.

By 12:00 CET

on D-1
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 110

Name of Delivery Document Explanation Timing

ICE Endex NCG Natural Gas 

Futures Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part H from first Delivery Day to last Delivery 

Day; lots to be delivered; details of the 

Acquiring and/or Disposing Trade 

Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if 

the Transferor/Transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

Transferor/Transferee will enter the correct 

Acquiring and/or Disposing Trade 

Nomination(s) into NCG’s Communication 

Facilities, by the relevant deadline and that the 

trade(s) nominations will not be amended or 

withdrawn unless instructed to do so by the 

Clearing House.

By 12:30 CET

on D-1

ICE Endex NCG Natural Gas 

Futures Invoice and Account 

Sale

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member

account; contract; delivery month; contracted 

kWh; actual delivered (matched) kWh; price in 

Euros per MWh; value of Natural Gas.

By 10:00 CET

on the day 

following the 

Invoice Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous delivery month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; delivery month; 

Delivery Day; amount of failed delivery long 

(kWh); amount of failed delivery short (kWh); 

and total costs charged to the Clearing Member

as a result of failed delivery/deliveries.

M+10 at 10:00

CET

8.2 ICE Endex NCG Natural Gas Daily Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00 

CET

Daily
DELIVERY PROCEDURES: ICE ENDEX NCG NATURAL GAS

LNDOCS01/919901.12 111

Name of Delivery Document Explanation Timing

ICE Endex NCG Natural Gas

Daily Futures Delivery 

Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 17:30

CET on 

D

ICE Endex NCG Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex NCG Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex NCG Natural Gas: 

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex NCG Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex NCG Natural Gas

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Part H

from first Delivery Day to last Delivery Day; lots to be 

delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into the NCG’s Communication 

Facilities, by the relevant deadline and that the trade(s) 

nominations will not be amended or withdrawn unless 

instructed to do so by the Clearing House.

By 18:00 

CET on 

D

ICE Endex NCG Natural Gas

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00

CET on 

D+2
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Name of Delivery Document Explanation Timing

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00

CET.
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PART I: ICE ENDEX ZTP NATURAL GAS FUTURES CONTRACT (“ICE ENDEX ZTP NATURAL GAS 

FUTURES”); ICE ENDEX ZTP NATURAL GAS DAILY FUTURES CONTRACT (“ICE ENDEX 

ZTP NATURAL GAS DAILY FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the Fluxys Rules and/or Huberator Terms and otherwise in accordance with this 

Part I, by the Transferee to acquire rights in respect of one or more lots of Natural Gas at the 

ZTP.

(b) The term “Business Day” has the meaning set out in the ICE Endex Rules.

(c) The term “CREG” means the Commissie voor de Regulering van de Elektriciteit en het Gas 

(Dutch) or Commission pour la Régulation de l’Electricité et du Gaz (French) as referred in 

the Gas Act. 

(d) The terms “D-” or “D+" relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(e) The term “Delivery Day” means the period beginning at 06:00 hours on a day on which the 

transfer of rights in respect of Natural Gas under a Contract is due to be made, in accordance 

with ICE Endex Rules and this Part I and ending at 06:00 hours on the following day. 

(f) The term “Delivery Month” means the period beginning at 06:00 hours on the first calendar 

day of the month until 06.00 hours on the first calendar day of the next month.

(g) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the Fluxys Rules and/or the Huberator Terms and otherwise in accordance with

ICE Endex Rules and this Part I, by the Transferor to dispose of rights in respect of one or 

more lots of Natural Gas at the ZTP.

(h) The term “EDIg@s” means electronic data interchange used for the purpose of, inter alia, 

submission of a Trade Nomination to Huberator and to access information concerning the 

submitted Trade Nominations, and any successor system thereto.

(i) The term “Fluxys Belgium” means Fluxys Belgium S.A., being the operator of the 

transmission system in Belgium.

(j) The term “Fluxys Belgium Rules” means the terms and conditions set out in the Standard 

Transmission Agreement (or STA) of Fluxys Belgiumand the Access Code for Transmission 

(or ACT) including attachments,, as approved by the CREG, which stipulate the standard 

terms and conditions for access to the Fluxys transmission system, as amended from time to 

time.

(k) The term “Gas Act” means the Belgian Gas Law concerning the transportation of gaseous and 

other substances by pipeline of 12 April 1965, as amended from time to time, or any successor 

thereof.

(l) The term “Huberator” means Huberator S.A., being the company operating the ZTP notional 

trading services.

(m) The term “Huberator Terms” means the terms and conditions set out in the applicable hub 

services agreement and its annexures to which Huberator is party or by which it is bound, 
DELIVERY PROCEDURES: ICE ENDEX ZTP NATURAL GAS

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which provides, inter alia, for terms governing the notional trading services in relation to 

ZTP.

(n) The term “ICE Endex ZTP Natural Gas” means the ICE Endex ZTP Natural Gas Futures

and ICE Endex ZTP Natural Gas Daily Futures.

(o) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(p) The term “kWh” or “Kilowatt Hours” means 3,600,000 joules where “joule” is as defined in 

ISO 1000:1992(E) or any standard replacing the same specified by ICE Endex. 

(q) The term “M+” or “M-“ means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(r) The term “Natural Gas” means a gaseous fuel from underground origin, and mainly 

consisting of methane, including liquefied natural gas (LNG) (but excluding mine gas), 

pursuant to article 1.2° of the Gas Act and such other kinds of gas as are specified by Fluxys 

Belgium as being acceptable for delivery into the Transmission System from time to time..

(s) The term “Trade Nomination” means in respect of a Contract either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(t) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(u) The term “Transmission System” means the onshore transmission pipeline system for which 

Fluxys Belgium is designated transmission system operator, as the same may be restricted, 

expanded, extended or altered from time to time.

(v) The term “Zeebrugge Trading Point” or “ZTP” shall mean the location where the notional 

trading services for high calorific Natural Gas are offered by Huberator in accordance with the 

Huberator Terms.

2. CLEARING HOUSE AUTHORITY

The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries under ICE Endex ZTP Natural Gas. No Clearing Member shall revoke or 

terminate, nor purport to revoke, amend or terminate such authorisation. Neither Clearing Members nor 

their Transferors or Transferees shall issue, send or transmit any Trade Nomination themselves.

3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex ZTP Natural Gas are effected by the transfer of rights to Natural Gas at the 

ZTP (as the case may be) from a Transferor (nominated by the Seller, which may be the Seller itself) to 

the Clearing House and from the Clearing House to a Transferee (nominated by the Buyer, which may 

be the Buyer itself), through the input of Acquiring and Disposing Trade Nominations to Huberator by 

the Clearing House. Huberator will process and transmit the Trade Nominations to Fluxys Belgium 

and Fluxys Belgium will take those Trade Nominations into account when determining whether any 

costs or charges arise from the balancing regime of the Transmission System.
DELIVERY PROCEDURES: ICE ENDEX ZTP NATURAL GAS

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3.2 Quantity

ICE Endex ZTP Natural Gas trades in MWh and is delivered in kWh.

3.3 Price

The price at which a Set of Contracts subject to delivery obligations is to be delivered is the Exchange

Delivery Settlement Price (EDSP) for the second Business Day immediately prior to the calendar day 

on which the relevant Delivery Month for the Set of ICE Endex ZTP Natural Gas Futures commences, 

in accordance with the ICE Endex Rules. The price at which the contract is delivered is the Exchange 

Delivery Settlement Price (EDSP) for the Business Day immediately prior to the calendar day on which 

the Delivery Day for the ICE Endex ZTP Natural Gas Daily Futures commences in accordance with the 

ICE Endex Rules. 

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.5 Cessation of Trading

(a) The ICE Endex ZTP Natural Gas Futures cease trading at 18:00 hours on the Business Day 

falling two Business Days prior to the first calendar day of the Delivery Period, in accordance 

with the ICE Endex Rules.

(b) The ICE Endex ZTP Natural Gas Daily Futures cease trading at 18:00 hours on the Business 

Day prior to the Delivery Day.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex ZTP Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be 

posted up to one hour following the cessation of trading. For ICE Endex ZTP Natural Gas Daily

Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be posted up to thirty minutes 

following the cessation of trading

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of Fluxys Belgium of its obligations under the Fluxys 

Belgium Rules; or

(b) the performance or non-performance of Fluxys Belgium; or

(c) the performance or non-performance of Huberator of its obligations under the Huberator 

Terms; or

(d) the performance or non-performance of Huberator.

4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or ZTP or any part thereof.
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5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the Fluxys Belgium Rules. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

Fluxys Belgium Rules, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX ZTP NATURAL GAS FUTURES: ROUTINE

Note: All “timings” or times of day in this Part I are Central European Time (“CET”) or Central 

European Summer Time (“CEST”) as applicable.

6.1 ICE Endex ZTP Natural Gas Futures

2 Business Days prior to the 1st Delivery Day (M-2) 

Confirmation of Delivery 

positions – Provisional 

.

By 

10:00 

CET

The Daily Summary Report identifies Open Contract Positions at the 

close of business on M-3 or before this time on M-2. 

By 

18:00

CET

Buyer and Seller submit known delivery details using ICE Endex ZTP 

Natural Gas Futures: Delivery Confirmation Form for those Open 

Contract Positions, which are expected to be delivered.

Cessation of Trading At 

18:00

CET 

Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.
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Provision of Buyer’s and 

Seller’s Security

The Business Day prior to the 1st Delivery Day (M-1)

By 

10:00

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M -2 for the first Delivery Day and M -1 for the 

second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

11:00

CET

Settlement instructions and Open Contract Positions transfers are 

entered into PTMS for expired Contracts.

Clearing Members with Open Contract Positions at this time for a 

Contract Set subject to delivery are obliged to make or take delivery.

By 

12:30 

CET

MPFE report available on PTMS to Clearing Members.

Submission of ICE Endex 

ZTP Natural Gas Futures: 

Delivery Confirmation form

By 

13:00

CET

Buyer and Seller must, for all relevant deliverable Open Contract 

Positions, submit a completed ICE Endex ZTP Natural Gas Futures

Delivery Confirmation Form. If delivery details are known, the ICE 

Endex ZTP Natural Gas Futures Delivery Confirmation Form may be 

submitted to the Clearing House any time from the start of M -2, but 

must have been submitted by 12:00 hours CET on M -1.

Nomination of

Transferor/Transferee

By

13:00

CET

Seller or Buyer who is nominating a Transferor or Transferee in respect

of a Contract must ensure that the Clearing House has in its possession 

a signed ICE Endex ZTP Natural Gas: Blanket

Transferor Form or ICE Endex ZTP Natural Gas: Blanket Transferee 

Form (as applicable) for each nominated Transferor or Transferee. This 

Transferor/Transferee Form must be signed by the 

Transferor/Transferee.

ICE Endex ZTP Natural 

Gas Futures Conversion 

and Confirmation Report

By 

14:00 

CET

The ICE Endex ZTP Natural Gas Futures Confirmation Reports, listing 

all deliverable positions in kWh for the Delivery Month, are made 

available to Clearing Members electronically. Where Clearing 

Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

ZTP Natural Gas Futures Conversion and Confirmation Report.

By 

15:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex ZTP Natural Gas Futures Conversion and 

Confirmation Report that do not match their submitted ICE Endex ZTP 

Natural Gas Futures Delivery Confirmation Form.

Notification file to 

Nomination Agent

By 

15.00

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the 

Clearing House and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House and the Buyer (or 
DELIVERY PROCEDURES: ICE ENDEX ZTP NATURAL GAS

LNDOCS01/919901.12 118

the Buyer’s Transferee).

By 

15:00

CET

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex ZTP Natural Gas Futures Confirmation 

Report and resend it to Clearing Members.

Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is 

released as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

One Day following the end of the Invoice Period

Invoice and Account Sale 

Details

By 

10:00 

CET

Invoice and Account Sale Report available for the relevant Report 

Period.

6.2 ICE Endex ZTP Natural Gas Daily Futures

1 Business Day prior to the Delivery Day (D-1)

Cessation of Trading At 

18:00 

CET

Daily Contract ceases trading.

Submission of ICE 

Endex ZTP Natural 

Gas Daily Futures: 

Delivery 

Confirmation form

By 

18:15

CET

Buyer and Seller must, for all deliverable Open Contract Positions, submit a 

completed ICE Endex ZTP Natural Gas Daily Futures Delivery Confirmation 

Form. 

Nomination of By Seller or Buyer who is nominating a Transferor or Transferee in respect of a 
DELIVERY PROCEDURES: ICE ENDEX ZTP NATURAL GAS

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Transferor 

/Transferee

18:15

CET

Contract must ensure that the Clearing House has in its possession a signed 

ICE Endex ZTP Natural Gas: Blanket Transferor Form or ICE Endex ZTP 

Natural Gas: Blanket Transferee Form (as applicable) for each nominated 

Transferor or Transferee. This Transferor/Transferee Form must be signed by 

an authorised signatory of the Transferor/Transferee.

By 

18:30 

CET

EFPs and EFSs may be posted up to one hour following the cessation of 

trading.

By 

18:30

CET

Settlement instructions and Open Contract Positions transfers are entered for 

expired Contracts.

Clearing Members with Open Contract Positions at this time for a Contract 

Set subject to delivery are obliged to make or take delivery.

By 

18:30 

CET

MPFE report available to Clearing Members.

ICE Endex ZTP 

Natural Gas Daily 

Futures Conversion 

and Confirmation 

Report

By 

19:00 

CET

The ICE Endex ZTP Natural Gas Daily Futures Conversion and 

Confirmation Reports, listing all deliverable positions in kWh for the 

Delivery Day, are made available to Clearing Members electronically. 

Where Clearing Members will have submitted email details for their 

Transferee/Transferors, this report will also be emailed directly to the 

Transferee/Transferors.

It is the responsibility of the Clearing Member to ensure that each nominated 

Transferor/Transferee has received a copy of the ICE Endex ZTP Natural 

Gas Daily Futures Conversion and Confirmation Report.

By 

20:00 

CET

Seller and Buyer must each inform the Clearing House of any details on the 

ICE Endex ZTP Natural Gas Daily Futures Conversion and Confirmation 

Report that do not match their submitted ICE Endex ZTP Natural Gas Daily 

Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate amendments 

to the ICE Endex ZTP Natural Gas Daily Futures Conversion and 

Confirmation Report and resend it to Clearing Members.

Notification file to 

Nomination Agent

By 

20:00 

CET

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the Clearing 

House and the Seller (or the Seller’s Transferor), and the nominations to be 

made between the Clearing House and the Buyer (or the Buyer’s Transferee).
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Delivery Day (D) (or next Business Day if D is a Non-Clearing Day)

Provision of Buyer’s 

and Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s Security and 

Buyer’s Security as appropriate. This is calculated for all deliverable Open 

Contract Positions at close of business on D-1.

The Clearing House may make adjustments to provisional Seller’s Security 

or Buyer’s Security by making intra-day calls at this time or other times on 

this day.

The Clearing House makes Daily Summary Report available.

D+1

Final Confirmation 

of Delivery Report 

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available for the 

previous day’s deliveries.

Seller’s Security and 

Buyer’s Default Top 

Up

By 

10:00

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of the 

Buyer’s Security on confirmed deliveries.

Payment By 

10:00 

CET

Seller receives contract value (payment) for confirmed delivered amount in 

respect of deliveries for the preceding day as detailed on the Invoice and 

Account Sale report.

Buyer pays contract value for both performed and failed delivery amounts in 

respect of deliveries for the preceding month as detailed on the Invoice and 

Account Sale Report. Buyer’s Security is released as part of the payment 

transaction.

N.B. A credit note may be issued at a later date against the failed deliveries.

One Day following the end of the Invoice Period

Invoice and Account 

Sale Details

By

10:00 

CET

The Clearing House makes the Invoice and Account Sale Report available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX ZTP NATURAL GAS FUTURES: FAILED 

DELIVERY

7.1 ICE Endex ZTP Natural Gas Futures

D+2

Seller’s Security and By 

10:00 

In the event of a failed delivery, the Clearing House may call 
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Buyer’s Default Top Up CET additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the end of the calendar month of delivery 

(M +10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

12 Business Days following the end of the calendar month of delivery 

(M +12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyers make/receive payment or take receipt for previous month’s 

failed deliveries.

13 Business Days following the end of the calendar month of delivery 

(M +13)

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

7.2 ICE Endex ZTP Natural Gas Daily Futures

D+2

Seller’s Security and 

Buyer’s Default Top 

up

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call additional 

Seller’s Security and/or Buyer’s Security.

24 to 29 Business Days following the Delivery Day (D+24 to D+29)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report available to 

Sellers and Buyers for the failed deliveries.

26 to 40 Business Days following the Delivery Day (D+26 to D+40)

Payment for Failed 

Delivery

By 

10:00 

CET

Seller makes payment for the failed deliveries.

Buyers make/receive payment or take receipt for the failed deliveries.

27 to 41 Business Days following the Delivery Day (D+27 to D+41)

Release of Seller’s 

and Buyer’s Security 

against Failed 

Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made.
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Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale - Previous Month’s Deliveries

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate,

Where:

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate,

Where:

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from Fluxys 

Belgium in accordance with the Fluxys Belgium Rules in respect of any failure of a Clearing 

Member correctly to make a delivery.

(b) Daily Deliveries 

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period.

Confirmed deliveries:

kWh * EDSP * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate,

Where:

kWh = the number of Kilowatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh .

Failed Deliveries 
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kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate,

Where:

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from Fluxys 

Belgium in accordance with the Fluxys Belgium Rules in respect of any failure of a Clearing 

Member correctly to make a delivery.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs, 

incurred to Fluxys Belgium or otherwise, allocated to Clearing Members as a result of Buyer’s and 

Seller’s failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from Fluxys Belgium. In the event that the value received by the 

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Endex and 

the Clearing House shall have no further liability to any Clearing Member, Transferor or Transferee in 

respect of any such amount.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

Fluxys Belgium Rules.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex ZTP Natural Gas Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Note: All “timings” or times of day are Central European Time (“CET”) or Central European Summer 

Time (“CEST”) as applicable.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by Transferee/Transferor.

By 10:00 CET

Daily

Daily Detail Report This report provides details of each Business 

Day’s deliveries.

By 10:00 CET

Daily

ICE Endex ZTP Natural Gas 

Futures Delivery Confirmation 

Form 

This form must be completed in full for all 

Contracts subject to delivery. It contains details 

of the Clearing Member mnemonic; Clearing 

Member account; Delivery Day or series of 

Delivery Days as specified in the first and last 

Delivery Day boxes; unique reference code for 

the instruction (free format maximum 

10 characters); whether the instruction is a new 

instruction (N), an update to an existing 

instruction (U), a deletion of one previously 

submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of 

By 12:00 CET

on D-1
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Name of Delivery Document Explanation Timing

lots short; and name of the nominated 

Transferee or Transferor.

ICE Endex ZTP Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Day nominated by 

the Buyer and referred to on the ICE Endex ZTP 

Natural Gas Daily Futures Delivery 

Confirmation form.

By 11:00 CET 

on M or W-1

ICE Endex ZTP Natural Gas: 

Blanket Transferor Form

Where applicable, the Seller must ensure that 

this form is submitted by the Transferor to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferor as 

confirmation that they will make delivery of 

Natural Gas on any Delivery Day nominated by 

the Buyer and referred to on the ICE Endex ZTP 

Natural Gas Futures Delivery Confirmation 

form. 

Bt 11:00 CET 

on M or W-1

ICE Endex ZTP Natural Gas 

Futures Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this 

Part I from first Delivery Day to last Delivery 

Day; lots to be delivered; and a statement that if 

the Transferor/Transferee fails to notify the 

Clearing House by the necessary deadline as 

specified in these Delivery Procedures, then the 

delivery obligation is irrevocably accepted and 

the Clearing House will enter the Trade 

Nomination(s) into EDIg@s based on the net 

hourly position of the Clearing Member, by the 

relevant deadline. 

By 12:30 CET

on D-1

ICE Endex ZTP Natural Gas 

Futures Invoice and Account 

Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; Contract Set; Delivery Month; 

contracted kWh; actual delivered (matched) 

kWh; price in Euros per MWh; value of Natural 

Gas.

By 10:00 CET

on the day 

following the 

Invoice Period.

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; Contract Set; Delivery Month; 

Delivery Day; amount of failed delivery long 

M at 10:00 CET.
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Name of Delivery Document Explanation Timing

(kWh); amount of failed delivery short (kWh); 

and total costs charged to the Clearing Member 

as a result of failed delivery/deliveries. 

9.2 ICE Endex ZTP Natural Gas Daily Futures

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable 

positions by transferee/transferor

By 09:00

CET

Daily

ICE Endex ZTP Natural Gas

Daily Futures Delivery 

Confirmation Form 

This form must be completed in full for all Contracts 

subject to delivery. It contains details of: Clearing 

Member mnemonic; Clearing Member account; 

Delivery Day or series of Delivery Days as specified in 

the first and last Delivery Day boxes; unique reference 

code for the instruction (free format maximum 10 

characters); whether the instruction is a new instruction 

(N), an update to an existing instruction (U), a deletion 

of one previously submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of lots 

short; and name of the nominated Transferee or 

Transferor.

By 17:30 

CET on 

D

ICE Endex ZTP Natural Gas: 

Blanket Transferee Form

Where applicable, the Buyer must ensure that this form 

is submitted by the Transferee to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferee as confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex ZTP Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D

ICE Endex ZTP Natural Gas: 

Blanket Transferor Form 

Where applicable, the Seller must ensure that this form 

is submitted by the Transferor to the Clearing House. It 

must be signed by an authorised signatory of the 

Transferor as confirmation that they will make delivery 

of Natural Gas on any Delivery Days nominated by the 

Buyer and referred to on the ICE Endex ZTP Natural 

Gas Daily Futures Delivery Confirmation form.

By 17:30

CET on 

D
DELIVERY PROCEDURES: ICE ENDEX ZTP NATURAL GAS

LNDOCS01/919901.12 126

Name of Delivery Document Explanation Timing

ICE Endex ZTP Natural Gas

Daily Futures Conversion and 

Confirmation Report

When available, Buyers and Sellers must promptly 

provide a copy of this report to the relevant 

Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers and 

Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of this Section 

D from first Delivery Day to last Delivery Day; lots to 

be delivered; details of the Acquiring and/or Disposing 

Trade Nomination(s) to be entered by the 

Transferees/Transferors; and a statement that if the 

Transferor/Transferee fails to notify the Clearing House 

by the necessary deadline as specified in these Delivery 

Procedures, then the delivery obligation is irrevocably 

accepted and Transferor/Transferee will enter the 

correct Acquiring and/or Disposing Trade 

Nomination(s) into EDIg@s, by the relevant deadline 

and that the trade(s) nominations will not be amended or 

withdrawn unless instructed to do so by the Clearing 

House.

By 18:00 

CET on 

D

ICE Endex ZTP Natural Gas

Daily Futures Invoice Report 

and Account Sale Report 

The report gives Buyers and Sellers details of: Clearing 

Member mnemonic; Clearing Member account; 

contract; Delivery Day; contracted kWh; actual 

delivered (matched) kWh; price in pence per Therm; 

value of Natural Gas; and a summary of the Invoice and 

Account Sale.

By 09:00

CET on 

D+2

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; Delivery Day; 

amount of failed delivery long (kWh); amount of failed 

delivery short (kWh); and total costs charged to the 

Clearing Member as a result of failed 

delivery/deliveries. 

D+24 to 

D+29 at 

09:00

CET.
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PART J: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT: ICE ENDEX CONTINENTAL 

TTF NATURAL GAS SPOT CONTRACT ("TTF NATURAL GAS SPOT CONTRACT"); ICE

ENDEX CONTINENTAL ZTP NATURAL GAS SPOT CONTRACT ("ZTP NATURAL GAS SPOT 

CONTRACT"); AND ICE ENDEX CONTINENTAL ZTPL NATURAL GAS SPOT CONTRACT 

("ZTPL NATURAL GAS SPOT CONTRACT")

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(a) With respect to TTF Natural Gas Spot Contracts, the term "Acquiring Trade Nomination" 

means a nomination submitted, in the manner required by the GTS Rules and otherwise in 

accordance with the ICE Endex Continental Rules and this Part J, by the Transferee to acquire 

rights in respect of a quantity of Natural Gas at the Title Transfer Facility.

(b) With respect to Belgian Natural Gas Spot Contracts, the term "Acquiring Trade 

Nomination" means a nomination submitted, in the manner required by the Fluxys Belgium 

Rules and/or Huberator Terms and otherwise in accordance with the ICE Endex Continental 

Rules and this Part J, by the Transferee to acquire rights in respect of one or more lots of 

Natural Gas at the ZTP or ZTPL.

(c) The term "Belgian Gas Act" means the Belgian Gas Law concerning the transportation of 

gaseous and other substances by pipeline of 12 April 1965, as amended from time to time, or 

any successor thereof.

(d) The term "Belgian Natural Gas Spot Contracts" means ZTP Natural Gas Spot Contracts and 

ZTPL Natural Gas Spot Contracts.

(e) The term "Business Day" has the meaning set out in the ICE Endex Continental Rules.

(f) The term "Continental Natural Gas Spot Contracts" means TTF Natural Gas Spot 

Contracts and Belgian Natural Gas Spot Contracts.

(g) The terms "D-" or "D+" relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(h) The term "Delivery Day" means the period beginning at 06:00 hours CET on a day on which 

the transfer of rights in respect of Natural Gas is due to be made under a Contract in 

accordance with ICE Endex Continental Rules and this Part J and ending at 06:00 hours CET 

on the following day. 

(i) The term "Delivery Month" means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(j) With respect to TTF Natural Gas Spot Contracts, the term "Disposing Trade Nomination" 

means a nomination submitted, in the manner required by the GTS Rules and otherwise in 

accordance with ICE Endex Continental Rules and this Part J, by the Transferor to dispose of 

rights in respect of a quantity of Natural Gas at the Title Transfer Facility.

(k) With respect to Belgian Natural Gas Spot Contracts, the term "Disposing Trade Nomination"

means a nomination submitted, in the manner required by the Fluxys Belgium Rules and/or 

the Huberator Terms and otherwise in accordance with ICE Endex Continental Rules and this 

Part J, by the Transferor to dispose of rights in respect of a quantity of Natural Gas at the ZTP

or ZTPL.

(l) The term "Dutch Gas Act" means the Dutch Gas Act of 22 June 2000, concerning the rules 

for transportation and supply of gas, as amended from time to time, or any successor thereof.
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 128

(m) The term "EDIg@s" means electronic data interchange used for the purpose of, inter alia, 

submission of a Trade Nomination to GTS or Huberator and to access information concerning 

the submitted Trade Nominations, and any successor system thereto.

(n) The term "Fluxys Belgium" means Fluxys Belgium S.A., being the operator of the 

transmission system in Belgium.

(o) The term "Fluxys Belgium Rules" means the terms and conditions set out in the Standard 

Transmission Agreement of Fluxys Belgium and the Access Code for Transmission including 

attachments, as approved by the CREG under the Belgian Gas Act, which stipulates the 

standard terms and conditions for access to the Fluxys Transmission System, in either case, as 

amended from time to time.

(p) The term "Fluxys Transmission System" means the onshore transmission pipeline system 

owned and operated by Fluxys Belgium as may be enlarged, extended or altered from time to 

time.

(q) The term "GTS" means the Dutch gas transmission system operator Gasunie Transport 

Services B.V. or any successor thereto.

(r) The term "GTS Rules" means the Dutch Network Code Gas, as established by the Authority 

for Consumers and Markets in accordance with the Dutch Gas Act and complemented by the 

Transmission Service Conditions, in either case, as amended from time to time.

(s) The term "GTS Transmission System" means the onshore transmission pipeline system 

owned and operated by GTS as may be enlarged, extended or altered from time to time.

(t) The term "Huberator" means Huberator S.A., being the company operating the ZTP and 

ZTPL notional trading services.

(u) The term "Huberator Terms" means the terms and conditions set out in the applicable hub 

services agreement and its annexures to which Huberator is party or by which it is bound, 

which provides, inter alia, for terms governing the notional trading services in relation to ZTP

or ZTPL.

(v) The term "Invoice Period" refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments made from the Buyer to 

the Seller in respect of completed deliveries.

(w) The term "kWh" or "Kilowatt Hours" means 3,600,000 joules where "joule" is as defined in 

ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex 

Continental. 

(x) The term "Licensed Shipper" means a Person having executed all necessary agreements with 

GTS, Fluxys Belgium and/or Huberator, as required by the GTS Rules, the Fluxys Belgium 

Rules and/or the Huberator Terms, to transfer rights to Natural Gas at the TTF, ZTP and/or 

ZTPL, as applicable.

(y) The term "M+" or "M-" means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(z) The term "MWh" or "Megawatt Hours" means 3,600,000,000 joules where "joule" is as 

defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE Endex 

Continental.
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 129

(aa) The term "Natural Gas" means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane which at a temperature of 15 degrees Celsius and at an 

absolute pressure of 1.01325 bar are or is predominantly in the gaseous state where "degree 

Celsius" and "bar" are as defined in ISO 1000:1992(E) or any standard replacing the same as 

nominated by ICE Endex Continental.

(bb) The term "Net Hourly Position" is calculated by the Clearing House for each Transferee or 

Transferor associated to a Clearing Member and refers to the net position per hour 

denominated in kWh between it and each Clearing Member for delivery of Natural Gas under 

all Continental Natural Gas Spot Contracts to which the Clearing House and that Clearing 

Member are a party. 

(cc) The term "Settlement Cut Off" for a given Business Day refers to the time at which the 

Clearing House calculates the associated cash flows for all deliverable obligations.

(dd) The term "Title Transfer Facility" or "TTF" means, in respect of a Contract, a notional point 

within the GTS Transmission System at which the balancing of the amounts of Natural Gas 

takes place for the purposes of the Transmission Service Conditions.

(ee) The term "Trade Date" refers to the calendar day on which a trade was executed according to 

the ICE Endex Continental Rules.

(ff) The term "Trade Nomination" means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be.

(gg) The term "Transmission Service Conditions" or "TSC" means the Transmission Service 

Conditions, as amended from time to time, setting out GTS's arrangements for transportation 

of Natural Gas and operation of the Transmission System and TTF and any manuals, 

procedures, practices or directions of GTS which support the operation of that document, in 

either case as amended from time to time.

(hh) The term "Transmission System" means the GTS Transmission System and/or the Fluxys 

Transmission System. 

(ii) The term "Zeebrugge Trading Point" or "ZTP" shall mean the notional point within the 

Fluxys Transmission System where the notional trading services for high calorific Natural Gas 

are offered by Huberator in accordance with the Huberator Terms and Fluxys Belgium Rules.

(jj) The term "Zeebrugge Trading Point L" or "ZTPL" shall mean the notional point within the 

Fluxys Transmission System location where the notional trading services for low calorific 

Natural Gas are offered by Huberator in accordance with the Huberator Terms and Fluxys 

Belgium Rules.

2. ICE ENDEX CONTINENTAL AUTHORITY

At the point a Continental Natural Gas Spot Contract arises, ICE Endex Continental shall submit, on 

the Clearing House's behalf and, on behalf of the Transferor (specified by the Seller, which may be the 

Seller itself) and the Transferee (specified by the Buyer, which may be the Buyer itself), Trade 

Nominations. Each Clearing Member (for itself and on behalf of its Transferors and Transferees) 

hereby grants authority to ICE Endex Continental to make Trade Nominations in connection with 

deliveries under Continental Natural Gas Spot Contracts. No Clearing Member shall revoke or 

terminate, or purport to revoke or terminate, such authorisation, and each Clearing Member shall 

procure that none of its Transferors or Transferees shall revoke or terminate, or purport to revoke or 

terminate, such authorisation. Clearing Members are not required, and are not able, to submit Trade 

Nominations themselves.
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LNDOCS01/919901.12 130

3. DELIVERY SPECIFICATION

3.1 Transferors and Transferees

(a) Clearing Members must ensure that prior to any Continental Natural Gas Spot Contracts

arising which are to be referable to a Transferor or Transferee, an appropriate 

Transferor/Transferee form is in place relating to such Transferor or Transferee and the 

relevant Transferor or Transferee is a Licensed Shipper. 

(b) Clearing Members shall ensure that each Contract at the point it arises under Rule 401, is

appropriately identified as relating to such Transferor or Transferee (which may be the 

Clearing Member itself). 

(c) At the point that the Contract arises, the Clearing Member (which may be the Transferor or 

Transferee) shall be automatically deemed to have appointed the specified Transferor or 

Transferee to make or take delivery on its behalf.

(d) Following the entry into of each Continental Natural Gas Spot Contract: 

(i) the Transferor (specified by the Seller, which may be the Seller itself); and 

(ii) the Transferee (specified by the Buyer, which may be the Buyer itself)

shall effect delivery of the Continental Natural Gas Spot Contract through the input by ICE 

Endex Continental of Trade Nominations in accordance with paragraph 3.2 below. 

(e) Clearing Members must ensure that their specified Transferor or Transferee has in place any 

relevant tax status required to act as a Transferor or Transferee, such as a VAT-warehouse 

licence (BTW-entrepot) with the Dutch tax authority. 

3.2 Delivery

Deliveries of Continental Natural Gas Spot Contracts are effected by the transfer of rights to Natural 

Gas at the TTF, ZTP or ZTPL, as applicable, from a Transferor (specified by the Seller, which may be 

the Seller itself) to the Clearing House and from the Clearing House to a Transferee (specified by the 

Buyer, which may be the Buyer itself), through the input of Acquiring Trade Nominations and 

Disposing Trade Nominations into GTS's or Huberator's Edig@s system, as applicable, by ICE Endex 

Continental. GTS, Huberator and Fluxys Belgium will take those Trade Nominations into account

when determining whether any costs or charges arise from the balancing regime.

3.3 Quantity

Continental Natural Gas Spot Contracts trade in MWh and are delivered in kWh.

3.4 Price

The price at which the contract is delivered is the trade price at which the trade is executed in 

accordance with ICE Endex Continental Rules. No EDSP will be calculated. Accordingly, standard 

contractual netting under Rules 406(b) and (c), and Rules 701(a), 701(b) and 702(c) will not apply but 

the Clearing House will have the same powers as under Rule 701(c) in respect of trade prices. 

3.5 Days and Times

All "timings" or times of day are Central European Time ("CET") or Central European Summer Time 

("CEST") as applicable.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 131

EFSs and EFPs are not supported for Continental Natural Gas Spot Contracts.

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of GTS, Huberator and/or Fluxys Belgium of their 

obligations under the GTS Rules, Huberator Terms or Fluxys Belgium Rules respectively; or

(b) any other performance or non-performance of GTS, Huberator and/or Fluxys Belgium.

4.3 Neither the Buyer nor the Seller, or their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

GTS, Huberator and/or Fluxys Belgium as specified in paragraph 4.2 above, except as otherwise 

expressly provided in the ICE Endex Continental Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Daily Summary Report available on a daily basis to Clearing Members 

with delivery positions.

(a) Buyer's Security

Buyer's Security is calculated by reference to the relevant original trade price and represents the full 

contract value of the deliverable obligation for a particular day. The Clearing House may alter the 

calculation of Buyer's Security at any time or make adjustments in respect of specific Buyers.

(b) Delivery Margin

The delivery Margin is collected from the Buyer and Seller and is an amount calculated against the 

costs or charges arising from delivery failure including the possibility of costs or charges arising from 

the balancing regime under the GTS Rules or Fluxys Belgium Rules, as applicable. The Clearing 

House may alter the calculation of delivery Margin at any time or make adjustments in respect of a 

specific Seller.

6. DELIVERY TIMETABLE FOR CONTINENTAL NATURAL GAS SPOT CONTRACTS: 

ROUTINE

6.1 Trade Nominations 

ICE Endex Continental, in accordance with paragraph 2, is authorised to send Trade Nominations for 

the Net Hourly Position in kWh on behalf and instead of the Clearing Member.

The Clearing House and a Clearing Member shall, for the purposes of satisfying their delivery 

obligations in respect of all trades in the Continental Natural Gas Spot Contracts, settle the Net Hourly 

Position between them, pursuant to Trade Nominations made by ICE Endex Continental.

ICE Endex Continental will make and, if necessary, revise the Trade Nominations on a regular basis 

but in any event prior to the start of the delivery hour relating to the Net Hourly Position for which the 

Trade Nomination is to be made in accordance with the schedule issued by GTS, Fluxys Belgium or 

Huberator, as applicable.
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 132

Should the Clearing Member or its Transferee/Transferor become aware of any inaccuracy or omission 

in the details of the Trade Nomination submitted by ICE Endex Continental, the Clearing Member 

must inform ICE Endex Continental as soon as possible.

6.2 Margin and Settlement Schedule where Trade Date is also a Business Day

Calculation of Margin and 

Payment

On Trade Date/Delivery Day (D)

By 20:00 The Clearing House will calculate:

i. Delivery Margin for the Seller's delivery obligations 

scheduled for the current Delivery Day. 

ii. Buyer's Security representing full contract value of 

delivery obligations scheduled to occur for the remainder 

of the Delivery Day and the next Delivery Day.

iii. Invoice and Account Sale amounts for the deliveries 

completed following the Settlement Cut Off on the 

previous Delivery Day and for current Delivery Day up to 

the Settlement Cut Off.

Provision of Margin and 

Payment

On the Business Day following the Trade Date

By 10:00 Seller and Buyer must provide the Clearing House with delivery 

Margin and Buyer's Security as appropriate. This is calculated for 

all deliverable obligations at the Settlement Cut Off.

Seller's delivery Margin for the actual delivered amount completed 

following the Settlement Cut Off on the prior Delivery Day up to 

the Settlement Cut Off on Delivery Day is released.

The Clearing House releases the Buyer's Security for deliveries 

completed following the Settlement Cut Off on the prior Delivery 

Day up to the Settlement Cut Off on Delivery Day.

Buyers make contract payment via their Nominated Accounts in 

respect of completed deliveries following the Settlement Cut Off 

on the prior Delivery Day up to the Settlement Cut Off on Delivery 

Day.

Seller receives contract value (payment) for delivered amount 

completed following the Settlement Cut Off on the prior Delivery 

Day up to the Settlement Cut Off on Delivery Day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

The Clearing House may make adjustments to provisional delivery 

Margin and Buyer's Security by making intra-day calls at this time 

or other times on this day.
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6.3 Margin and Settlement Schedule where Trade Date is not a Business Day

Invoice and Account Sale 

Details

One Day following the end of the Invoice Period

By 10:00 The Clearing House makes the Invoice and Account Sale Report 

available to Seller and Buyer for the Invoice Period.

Calculation of Margin and 

Payments

On the Business Day following the Trade Date

By 19:00 The Clearing House will calculate:

i. Delivery Margin for the Seller's delivery obligations 

scheduled for future Delivery Days.

ii. Buyer's Security representing full contract value of 

delivery obligations scheduled to commence on the next 

Delivery Day.

iii. Invoice and Account Sale amounts for the deliveries 

completed on a non Business Day. 

Provision of Margin and 

Payment

On the second Business Day following the Trade Date

By 10:00 Seller and Buyer must provide the Clearing House with delivery 

Margin and Buyer's Security as appropriate. 

The Clearing House may make adjustments to provisional delivery 

Margin and Buyer's Security by making intra-day calls at this time 

or other times on this day.

Seller's delivery Margin for the actual delivered amount completed 

following the Settlement Cut Off on the prior Delivery Day up to 

the Settlement Cut Off on Delivery Day is released.

The Clearing House releases the Buyer's Security for deliveries 

completed following the Settlement Cut Off on the prior Delivery 

Day up to the Settlement Cut Off on Delivery Day.

Buyers make contract payment via their Nominated Accounts in 

respect of completed deliveries following the Settlement Cut Off 

on the prior Delivery Day up to the Settlement Cut Off on Delivery 

Day.

Seller receives contract value (payment) for delivered amount 

completed following the Settlement Cut Off on the prior Delivery 

Day up to the Settlement Cut Off on Delivery Day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.
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LNDOCS01/919901.12 134

7. DELIVERY TIMETABLE FOR CONTINENTAL NATURAL GAS SPOT CONTRACTS: 

FAILED DELIVERY

Delivery Margin and Buyer 

Security

D+2

By 

10:00 

In the event of a failed delivery, the Clearing House may call 

additional delivery Margin from the Buyer and Seller and Buyer 

Security.

Failed Delivery 10 Business Days following the Delivery Month (M+10)

By 

10:00 

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month's failed 

deliveries.

Payment for Failed Delivery 12 Business Days following the Delivery Month (M+12)

By 

10:00 

Seller makes payment for previous month's failed deliveries.

Buyers make/receive payment or take receipt for previous month's 

failed deliveries.

Release of Seller's and 

Buyer's Security against 

Failed Deliveries

13 Business Days following the Delivery Month (M+13)

By 

10:00 

Seller's Security and Buyer's Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

Note: in the event of a failed delivery, the Clearing House may retain Buyer's Security and/or Seller's Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Deliveries relating to the previous Invoice Period

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

Invoice and Account Sale 

Details

One Day following the end of the Invoice Period

By 10:00 The Clearing House makes the Invoice and Account Sale Report 

available to Seller and Buyer for the Invoice Period.
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 135

kWh * trade price * 1 MWh / 1000 kWh, plus any additional costs of the Clearing House as 

appropriate

Where

kWh = the number of Kilowatt Hours delivered.

Failed Deliveries 

kWh * Delivery Failure Cost * 1 MWh / 1000 kWh, plus any additional costs of the Clearing 

House, as appropriate

Where

kWh = the number of Kilowatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per kWh incurred from GTS in 

accordance with the GTS Rules or incurred from Huberator and/or Fluxys Belgium in 

accordance with the Huberator Terms and/or Fluxys Belgium Rules in respect of any failure 

of a Clearing Member to correctly make a delivery.

(b) Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House's costs, 

incurred from GTS, Huberator and/or Fluxys Belgium, allocated to Clearing Members as a result of 

Buyers' and Sellers' failed deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from GTS, Huberator and/or Fluxys Belgium. In the event that the 

value received by the Clearing House is in excess of the contract value, any such excess will be passed 

on to ICE Endex Continental.

The Clearing House's costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House's net costs or charges arising from the balancing regime under the 

TSC.

9. DELIVERY DOCUMENTATION SUMMARY

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Trade Register This report provides a daily register of all new 

trades by Transferee/Transferor.

By 20:00

Daily Summary Report This report summarises on a daily basis the Trade 

Nomination status and the associated margin 

flows of delivery obligations by

Transferee/Transferor.

By 20:00

Daily Detail Report This report summarises on a daily basis the Trade 

Nomination status of delivery obligations by 

Transferee/Transferor.

By 20:00

Daily Cashflow Summary Report This summarises the total debits and credits by By 20:00
DELIVERY PROCEDURES: ICE ENDEX CONTINENTAL NATURAL GAS SPOT CONTRACT

LNDOCS01/919901.12 136

payment type and Transferee and Transferor. 

TTF Natural Gas Spot Contract: 

Blanket Transferee Form and 

Belgian Natural Gas Spot Contract:

Blanket Transferee Form

Where applicable, the Buyer must ensure that this 

form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days arising from 

trading activity on ICE Endex Continental.

Before trading is 

permitted on ICE 

Endex Continental.

TTF Natural Gas Spot Contract: 

Blanket Transferor Form and 

Belgian Natural Gas Spot Contract: 

Blanket Transferor Form

Where applicable, the Seller must ensure that this 

form is submitted by the Transferor. It must be 

signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

arising from trading activity on ICE Endex 

Continental.

Before trading is 

permitted on ICE 

Endex Continental.

TTF Natural Gas Spot Contract or 

Belgian Natural Gas Spot Contract

Invoice and Account Sale 

The report gives Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; delivery period; contracted 

kWh; actual delivered (matched) kWh; value of 

Natural Gas; and a summary of the Invoice and 

Account Sale.

By 10:00 on the day 

following the 

Invoice Period.

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries details of Clearing Member mnemonic; 

Clearing Member account; contract; delivery 

period; amount of failed delivery long (kWh); 

amount of failed delivery short (kWh); and total 

costs charged to the Clearing Member as a result 

of failed delivery/deliveries.

M+10 at 10:00.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 137

PART K: ICE ENDEX DUTCH POWER FUTURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES;

ICE ENDEX DUTCH POWER BASE LOAD WEEK FUTURES; ICE ENDEX DUTCH POWER 

PEAK LOAD (7-23) FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES

1. DEFINITIONS

1.1 The following definitions apply to this part of the Delivery Procedures:

(a) The term “Balance Responsible Party” or “BRP” means a market party (programma 

verantwoordelijke partij) that is recognised as, and is permitted to exercise, Programme 

Responsibility by TenneT.

(b) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(c) The term “Delivery Day” means:

(i) in respect of an ICE Endex Dutch Power Base Load Futures, the period beginning at 

00:00 hours on a day in respect of an ICE Endex Dutch Base Load Futures is due to 

become effective, and the transfer from one Energy Account to the other Energy 

Account is due to be made under that ICE Endex Dutch Base Load Futures in 

accordance with the terms of the ICE Endex Rules and the Rules, and ending at 00:00 

hours on the following day (irrespective of whether this encompasses 23, 24 or 25 

sequential hours); or

(ii) in respect of an ICE Endex Dutch Power Base Load Week Futures, the period 

beginning at 00:00 hours on a day in respect of an ICE Endex Dutch Base Load

Week Futures is due to become effective, and the transfer from one Energy Account 

to the other Energy Account is due to be made under that ICE Endex Dutch Base 

Load Week Futures in accordance with the terms of the ICE Endex Rules and the 

Rules, and ending at 00:00 hours on the following day (irrespective of whether this 

encompasses 23, 24 or 25 sequential hours); or

(iii) in respect of an ICE Endex Dutch Power Peak Load (8-20) Futures, the period 

beginning at 08:00 hours on a weekday in respect of an ICE Endex Dutch Power 

Peak Load (8-20) Futures is due to become effective, and the transfer from one 

Energy Account to the other Energy Account is due to be made under that ICE Endex 

Dutch Power Peak Load (8-20) Futures in accordance with the terms of the ICE 

Endex Rules and the Rules, and ending at 20:00 hours on the same day; or

(iv) in respect of an ICE Endex Dutch Power Peak Load (7-23) Futures the period 

beginning at 07:00 hours on a weekday in respect of an ICE Endex Dutch Power 

Peak Load (7-23) Futures is due to become effective, and the transfer from one 

Energy Account to the other Energy Account is due to be made under that ICE Endex 

Dutch Power Peak Load (7-23) Futures in accordance with the terms of the ICE 

Endex Rules and the Rules, and ending at 23:00 hours on the same day.

(d) The term “Delivery Month” means: 

(i) in respect of an ICE Endex Dutch Power Base Load Futures: The number of days in 

a “Month Contract” based on the number of days in a Gregorian Calendar month 

period.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 138

(ii) in respect of an ICE Endex Dutch Power Peak Load (8-20) Futures: The number of 

week days (Monday to Friday) in a “Month Contract” based on the number of days in 

a Gregorian Calendar month period.

(iii) in respect of an ICE Endex Dutch Power Peak Load (7-23) Futures: The number of 

week days (Monday to Friday excluding Dutch public holidays) in a “Month 

Contract” based on the number of days in a Gregorian Calendar month period.

(e) The term “Delivery Week” means: 

(i) in respect of an ICE Endex Dutch Power Base Load Week Futures: The number of 

days in a “Week Contract” is based on seven individual and consecutive days from 

Monday to Sunday.

(f) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(g) The term “Dutch Electricity Act” means the Netherlands Electricity Act 1998 as amended 

from time to time.

(h) The term “Electricity Technical Code” means the document implementing the terms and 

conditions of Article 31(1)(c) of the Dutch Electricity Act as modified from time to time in 

accordance with the terms of the Dutch Electricity Act.

(i) The term “Electricity Contract” means an ICE Endex Dutch Base Load Future an ICE Endex 

Dutch Base Load Week Futures, an ICE Endex Dutch Peak Load (8-20) Futures, or an ICE 

Endex Dutch Peak Load (7-23) Futures made pursuant to the ICE Endex Rules.

(j) The term “Energy Account” means an account established and operated by TenneT in respect 

of a BRP which is used by the parties and the Clearing House to effect settlement of 

Electricity Contracts by submitting Energy Schedules.

(k) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, in respect of an 

Electricity Contract.

(l) The term “Energy Schedule” means a programme drawn up by a BRP and submitted to 

TenneT which contains, for each fifteen-minute programme time unit in a 24-hour period, data 

on: (i) the balance of the transmissions across all connections for which the BRP has 

Programme Responsibility; (ii) the net quantity of all Energy Transactions with other BRPs;

and (iii) the quantity of each import and export transaction.

(m) The term “Energy Transactions” means an agreement to deliver or offtake a certain amount 

of electricity (in MWh).

(n) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400. 

(o) The term “ICE Endex Dutch Base Load Future” means a contract for delivery of electricity 

for every Settlement Period during the period specified in the ICE Endex Rules.

(p) The term “ICE Endex Dutch Base Load Week Future” means a contract for delivery of 

electricity for every Settlement Period during the period specified in the ICE Endex Rules.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 139

(q) The term “ICE Endex Dutch Peak Load (7-23) Future” means a contract for delivery of 

electricity for every Settlement Period during the period specified in the ICE Endex Rules.

(r) The term “ICE Endex Dutch Peak Load (8-20) Future” means a contract for delivery of 

electricity for every Settlement Period during the period specified in the ICE Endex Rules.

(s) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(t) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(u) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(v) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex. 

(w) The term “Notification Failure” means an occurrence where a nomination for a Settlement 

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(x) The term “Programme Responsibility” (programma verantwoordelijkheid) means the 

responsibility of Balance Responsible Parties, to draw up or to have drawn up Energy 

Schedules relating to the production, transmission and consumption of electricity, to announce 

them to TenneT and to act in accordance with such Energy Schedules, taking into account the 

conditions laid down in Article 31 of the Dutch Electricity Act;

(y) The term “Settlement Period” means a 15-minute period in a Delivery Day commencing on 

the hour or the half-hour or the quarter hour.

(z) The term “TenneT” means TenneT, Transmission System Operator B.V., the Dutch 

transmission system operator.

(aa) References to “W-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Week (for example “W-2” refers to the second Business Day 

prior to the Delivery Week).

(bb) References to “W+” relate to the number of Business Days after the last day of the Delivery 

Week during which delivery was made (for example “W+2” refers to the second Business Day 

of the Delivery Month following delivery).

(cc) All times quoted are Central European Time or Central European Summer Time as applicable. 

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate TenneT nomination accepted by TenneT and the 
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 140

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

ICE Endex Dutch Power Futures trades in MWH and is delivered in kWH.

2.3 Price

The price at which the Electricity Contract is delivered is the EDSP for the relevant Contract, two 

business days, in accordance with the ICE Endex Rules, prior to the first Delivery Day.

2.4 Cessation of Trading

Monthly and Weekly Contracts cease trading at 18:00 CET hours on the business day which is two 

business days, as defined in the ICE Endex Rules, prior to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading.

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures relating to liability.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of TenneT of its obligations under the TenneT rules 

(including the Electricity Technical Code) or each BRP; or

(b) the performance or non-performance of TenneT otherwise.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

TenneT except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: ROUTINE

TIME ACTION

M-2 or W-2

By 10:00 

CET

The Clearing House makes Daily Summary Report available. 

The report identifies Open Contract Positions at the close of 

business on M-3 or W-3.

Cessation of Trading At 18:00 

CET

The monthly and weekly contract ceases trading.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 141

TIME ACTION

By 19:00 

CET

EFPs and EFSs may be posted up to one hour following the 

cessation of trading.

Transferor/Transferee 

Nomination

By 19:45 

CET

A Seller or Buyer who is nominating a Transferor or 

Transferee in respect of a Contract must ensure that the 

Clearing House has in its possession a signed ICE Endex 

Dutch Power Transferor Form or ICE Endex Dutch Power: 

Transferee Form (as applicable) for each nominated Transferor 

or Transferee. This Transferor/Transferee form must be signed 

by an authorised signatory of the Transferor/Transferee.

Electricity Delivery 

Confirmation Forms

By 19:45 

CET

The Seller and Buyer must, for each deliverable Open Contract 

Position, each send to the Clearing House a signed and 

completed ICE Endex Dutch Power Delivery Confirmation 

Form listing all delivery information for all deliverable Open 

Contract Positions.

By 19:45 

CET

Settlement instructions and position transfers are entered for 

expired Contracts.

19:45 CET Clearing Members with Open Contract Positions at this time 

are obliged to make or take delivery.

By 20:00 

CET

MPFE report available to Clearing Members.

Confirmation Report By 21:00 

CET

The Clearing House makes available to the Clearing Members 

the Confirmation Report listing the deliverable positions in 

MWh for each Settlement Period for each day of the Delivery 

Month. Where Clearing Members will have submitted email 

details for their Transferee/Transferor, this report will also be 

emailed directly to the Transferee/Transferor.

Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination 

agent a notification file detailing the nominations to be made 

between the Clearing House and the Seller (or the Seller’s 

Transferor), and the nominations to be made between the 

Clearing House and the Buyer (or the Buyer’s Transferee).

M-1 or W -1

By 10:00 

CET

The Clearing House makes Daily Summary Report available. 

The report identifies the positions that are deliverable at 

00:00 hours.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 142

TIME ACTION

Payment of Security By 10:00 

CET

Seller and Buyer must each pay to the Clearing House the 

Seller’s Security and Buyer’s Security respectively. This is 

calculated for all deliverable positions at close of business on 

D-2 (which corresponds to M-2 for the first delivery day and 

M-1 for the second).

The Clearing House may make adjustments to provisional 

Seller’s Security and Buyer’s Security via intra-day call on 

D-1.

Confirmation Report Error By 11:00 

CET

The Seller and Buyer must each inform the Clearing House of 

any details on the Confirmation Report that do not match the 

ICE Endex Dutch Power: Delivery Confirmation Form.

If the Clearing House does not receive notification by this 

deadline, the Seller and Buyer will be deemed to have accepted 

the delivery obligations as set out on the Confirmation Report.

Nomination submission to 

TenneT

By 14:00 

CET

The appointed nomination agent will make the nominations, by 

means of submitting the relevant Energy Schedules,

representing the final delivery position held at the Clearing 

House to TenneT.

Checking Nomination In the event that either the Seller (or the Seller’s Transferor) or 

the Buyer (or the Buyer’s Transferee) becomes aware that a 

nomination is incorrectly reported, that person must promptly 

inform the other party and the Clearing House. The Clearing 

House will take such action as is necessary to rectify the 

situation.

Any time after the above

Identification of nomination 

rejection

Seller (either by themselves or by their Transferor) and Buyer 

(either by themselves or by their Transferee) must inform the 

Clearing House as soon as they become aware that there has 

been a rejection of all or part of a nomination for whatever 

reason.

The Clearing House may also instruct the Seller or Buyer to 

take such steps as it considers reasonably necessary to ensure 

that losses are mitigated. Seller and Buyer must give effect to 

any and all such instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 10:00 

CET

The Clearing House makes Daily Summary Report available.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 143

TIME ACTION

D+1

Payment, Seller’s Security 

and

Buyer’s Default Top Up

By 10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the “Buyer’s Default Top-up”

portion of Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts 

in respect of deliveries for the preceding delivery day. Buyer’s 

Security is released as part of the payment transaction.

Seller receives contract value (payment) for confirmed 

delivered amount in respect of deliveries for the preceding 

delivery day.

N.B. A credit note may be issued at a later date against the 

failed deliveries.

One Day following the Invoice Period

Invoice and Account Sale

Details

By 10:00 

CET

Invoice and Account Sale Report available for the Invoice 

Period.

5. DELIVERY TIMETABLE FOR ICE ENDEX DUTCH POWER FUTURES: FAILED 

DELIVERY

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+1

By 10:00 CET In the event of a failed delivery the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+2

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

M+Variable

By 10:00 CET Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the 

previous month’s failed deliveries will be generated and made available to the Seller 

and Buyer by the Clearing House at a time when the full financial obligations of each 

of the parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for 

the delivery month.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 144

2 days after above

By 10:00 CET Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing 

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

6. DELIVERY CONTRACT SECURITY

6.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by 

reference to Imbalance Sell Price as defined by TenneT. The Clearing House may alter the 

calculation of Buyer’s Security at any time or make adjustments in respect of specific Buyers.

(b) Seller’s Security is calculated against the Seller’s default price (SDP) for the relevant Delivery 

Day. The SDP is calculated by reference to the relevant Imbalance Buy Price as defined by 

TenneT, or Exchange Delivery Settlement Price (EDSP). The Clearing House may alter the 

calculation of Seller’s Security at any time or make adjustments in respect of a specific Seller.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of electricity is calculated as follows:

MWh * EDSP plus any other costs of the Clearing House as applicable

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, 

quoted in Euro per MWh.

For failed deliveries the value of electricity is calculated as follows:

MWh * EDSP * Delivery Failure Cost, plus any other costs of the Clearing House as 

applicable 

Where

MWh = The number of Megawatt hours contracted.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 145

Delivery Failure Cost = an amount calculated by the Clearing House by MWh based on the 

imbalance costs a BRP is obliged to pay or be paid under the Electricity 

Technical Code and TenneT rules attributable to one or more Notification 

Failures under the ICE Endex Rules and these Delivery Procedures

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver or off take electricity and is calculated with reference to 

costs incurred by the Clearing House under the TenneT rules. These costs will also apply even where 

Base Load and Peak Load Contracts are netted or aggregated for the same Settlement Period Credit 

Notes are issued to Buyers up to the contract value of the failed delivery, less any costs incurred by the 

Clearing House, dependent on the value of the imbalance value received by the Clearing House 

8. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by transferee/transferor

By 10.00 CET

daily

ICE Endex Dutch 

Power Futures: 

Delivery Confirmation 

Form

The Seller and Buyer must, for each deliverable Open Contract 

Position, each send to the Clearing House a signed and completed 

ICE Endex Dutch Power Delivery Confirmation Form listing all 

delivery information for all deliverable Open Contract Positions.

By 19:45 CET

on M-2 or W-2

ICE Endex Dutch 

Power Futures: 

Transferee Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of electricity for all 

the Settlement Periods on all Delivery Days referred to on the ICE 

Endex Dutch Power Delivery Confirmation Form and submits it to 

the Clearing House.

By 19:45 CET

on M-2 or W-2 

ICE Endex Dutch 

Power Futures: 

Transferor Form

The Seller must ensure that the Transferor submits and signs this 

form, as confirmation that it will make delivery of electricity for 

all the Settlement Periods on all Delivery Days referred to on the

ICE Endex Dutch Power Delivery Confirmation Form and submits 

it to the Clearing House.

By 19:45 CET 

on M-2 or W-2

ICE Endex Dutch 

Power Futures: 

Delivery Confirmation 

Form

The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers 

of: Clearing Member name, Transferee/Transferor name, Delivery 

Day, lots to be delivered, and Buyer’s/Seller’s delivery details in 

MWh.

By 21:00 CET 

on M-2

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, delivery 

month, Delivery Day, contracted MWh, actual delivered MWh, 

price in Euro per MWh, value of electricity; and a summary of the 

Invoice and Account Sale.

By 10:00 on the 

day following 

the Invoice 

Period.
DELIVERY PROCEDURES: ICE ENDEX DUTCH POWER BASE LOAD FUTURES, ICE ENDEX DUTCH 

POWER BASE LOAD WEEK FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (7-23)

FUTURES, ICE ENDEX DUTCH POWER PEAK LOAD (8-20) FUTURES 

LNDOCS01/919901.12 146
DELIVERY PROCEDURES: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

LNDOCS01/919901.12 147

PART L: ICE ENDEX BELGIUM POWER BASE LOAD FUTURES CONTRACT (“ICE ENDEX BELGIAN 

POWER BASE LOAD FUTURES”)

1. DEFINITIONS

1.1 The following definitions apply to this part of the Delivery Procedures:

(a) The term “ARPC” or “Access Responsible Party Contract” means the standard form 

contract designated by Elia as the balancing and settlement code and entered into by Elia and 

each ARP, as modified from time to time in accordance with the terms of Elia’s transmission 

licence, and the balancing and settlement code procedures made pursuant thereto.

(b) The term “ARP” or “Access Responsible Party” means a party who has executed an ARPC 

and is a natural person or legal entity listed in the register of Access Responsible Parties 

maintained by Elia.

(c) References to “D+” or “D-“ relate to, in the case of “D+”, the number of Business Days 

immediately after, and in the case of “D-“ the number of Business Days immediately before, 

the day on which the Delivery Day specified in the Electricity Contract commences.

(d) The term “Delivery Day” means the period beginning at 00:00 hours on a day in respect of an 

ICE Endex Belgian Base Load Futures is due to become effective, and the transfer from one 

Energy Account to the other Energy Account is due to be made under that ICE Endex Belgian 

Base Load Futures in accordance with the terms of the ICE Endex Rules and the Rules, and 

ending at 00:00 hours on the following day (irrespective of whether this encompasses 23, 24 

or 25 sequential hours):

(e) The term “Delivery Month” means the number of days in a “Month Contract” based on the 

number of days in a Gregorian Calendar month period: 

(f) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(g) The term “Electricity” means the term as defined in the ARPC as ‘Active Power’.

(h) The term “Electricity Contract” means an ICE Endex Belgium Power Base Load Futures 

Contract made pursuant to the ICE Endex Rules for delivery of Electricity for every 

Settlement Period during the period specified in the ICE Endex Rules.

(i) The term “Elia” means Elia System Operator N.V./S.A, the Belgian transmission system 

operator of the Belgian electricity grid and any successor operator.

(j) The term “Elia Rules” means the published rules and regulations of Elia as amended from 

time to time (including the terms and conditions set out in the ARPC). 

(k) The term “Energy Account” means an account established and operated by Elia in respect of 

an ARP which is used by the parties and the Clearing House to effect settlement of Electricity 

Contracts. 

(l) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of Electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, in respect of an 

Electricity Contract.

(m) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400. 
DELIVERY PROCEDURES: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

LNDOCS01/919901.12 148

(n) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(o) References to “M-“ relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(p) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(q) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(r) The term “Notification Failure” means an occurrence where a nomination for a Settlement 

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(s) The term “Settlement Period” means a 15-minute period in a Delivery Day commencing on 

the hour or the half-hour or the quarter hour. 

(t) All times quoted are Central European Time or Central European Summer Time as applicable. 

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of an Electricity Contract is effected by a transfer of Energy Contract Volume from a Seller or 

Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or Transferee. 

This is achieved by the submission of the appropriate Elia nomination confirmed by Elia and the 

subsequent debiting and crediting of Energy Accounts for each Settlement Period for the Delivery Day 

specified in the Electricity Contract.

2.2 Quantity

Electricity is delivered in Megawatt Hours for transfer during each Settlement Period for the Delivery 

Day as specified in the Electricity Contract.

2.3 Price

The price at which the Electricity Contract is delivered is the EDSP for the relevant Contract, two 

business days, in accordance with the ICE Endex Rules, prior to the first Delivery Day.

2.4 Cessation of Trading

Monthly Contracts cease trading at 18:00 CET hours on the business day which is two business days, 

as defined in the ICE Endex Rules, prior to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading.
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3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures relating to liability.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of Elia of its obligations under the Elia Rules or each 

ARPC; or

(b) the performance or non-performance of Elia otherwise.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of 

Elia except as otherwise expressly provided in the ICE Endex Rules.

4. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: 

ROUTINE

TIME ACTION

M-2

By 10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies Open Contract Positions at the close of business on 

M-3.

Cessation of Trading At 18:00 

CET

The monthly contract ceases trading.

By 19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.

Electricity Delivery 

Confirmation Forms

By 19:45 

CET

The Seller and Buyer must, for each deliverable Open Contract 

Position, each send to the Clearing House a signed and completed ICE 

Endex Belgian Power Base Load: Delivery Confirmation Form listing 

all delivery information for all deliverable Open Contract Positions.

Transferor/Transferee 

Nomination

By 19:45 

CET

A Seller or Buyer who is nominating a Transferor or Transferee in 

respect of a Contract must ensure that the Clearing House has in its 

possession a signed ICE Endex Belgian Power Base Load: Transferor 

Form or ICE Endex Belgian Power Base Load: Transferee Form (as 

applicable) for each nominated Transferor or Transferee. This 

Transferor/Transferee form must be signed by the 

Transferor/Transferee.
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TIME ACTION

By 19:45 

CET

Settlement instructions and position transfers are entered for expired 

Contracts.

By 19:45 

CET

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 20:00 

CET

MPFE report available to Clearing Members.

Confirmation Report By 21:00 

CET

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for 

each Settlement Period for each day of the Delivery Month. Where 

Clearing Members will have submitted email details for their 

Transferee/Transferor, this report will also be emailed directly to the 

Transferee/Transferor.

Notification file to 

Nomination Agent

The Clearing House will send to its appointed nomination agent a 

notification file detailing the nominations to be made between the 

Clearing House and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House and the Buyer 

(or the Buyer’s Transferee).

M-1

By 10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable at 00:00 hours.

Payment of Security By 10:00 

CET

Seller and Buyer must each pay to the Clearing House the Seller’s 

Security and Buyer’s Security respectively. This is calculated for 

all deliverable positions at close of business on D-2 (which 

corresponds to M-2 for the first delivery day and M-1 for the 

second).

The Clearing House may make adjustments to provisional Seller’s 

Security and Buyer’s Security via intra-day call on D-1.

Confirmation Report 

Error

By 11:00 

CET

The Seller and Buyer must each inform the Clearing House of any 

details on the Confirmation Report that do not match the ICE Endex 

Belgian Base Load: Delivery Confirmation Form.

If the Clearing House does not receive notification by this deadline, 

the Seller and Buyer will be deemed to have accepted the delivery 

obligations as set out on the Confirmation Report.

Nomination 

submission

By 14:00 

CET

The appointed nomination agent will make the nominations to Elia 

representing the final delivery position held at the Clearing House.
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TIME ACTION

Checking 

Nominations

In the event that either the Seller (or the Seller’s Transferor) or the 

Buyer (or the Buyer’s Transferee) becomes aware that a nomination is 

incorrectly reported, that person must promptly inform the other party 

and the Clearing House. The Clearing House will take such action as 

is necessary to rectify the situation.

Any time after the above

Identification of 

nomination rejection

Seller (either by themselves or by their Transferor) and Buyer (either 

by themselves or by their Transferee) must inform the Clearing House 

as soon as they become aware that there has been a rejection of all or 

part of a nomination for whatever reason.

The Clearing House may also instruct the Seller or Buyer to take such 

steps as it considers reasonably necessary to ensure that losses are 

mitigated. Seller and Buyer must give effect to any and all such 

instructions.

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 10:00 

CET

The Clearing House makes Daily Summary Report available.

D+1

Payment, Seller’s

Security and Buyer’s

Default Top Up

By 10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the “Buyer’s Default Top-up” portion of 

Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security 

is released as part of the payment transaction.

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

One Day following the end of the Invoice Period

Invoice and Account

Sale Details

By 10:00 

CET

Invoice and Account Sale Report available for the Invoice Period.

5. DELIVERY TIMETABLE FOR ICE ENDEX BELGIAN POWER BASE LOAD FUTURES: 

FAILED DELIVERY

Delivery Day (D) (or D+1 or D+2 if D is a Non-Clearing Day)

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.
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D+1

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

D+2

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s 

Security and/or Buyer’s Security.

M+Variable

By 10:00 CET Invoice 

Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the previous 

month’s failed deliveries will be generated and made available to the Seller and Buyer 

by the Clearing House at a time when the full financial obligations of each of the 

parties is known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for 

the Delivery Month.

2 days after above

By 10:00 CET Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the 

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the 

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing 

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

6. DELIVERY CONTRACT SECURITY

6.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant Exchange Delivery Settlement Price 

(EDSP) plus a “Buyer’s Default Top-up”. The “Buyer’s Default Top-up” is calculated by 

reference to Imbalance Sell Price as defined by the Elia Rules. The Clearing House may alter 

the calculation of Buyer’s Security at any time or make adjustments in respect of specific 

Buyers.

(b) Seller’s Security is calculated against the Seller’s default price (SDP) for the relevant Delivery 

Day. The SDP is calculated by reference to the relevant Imbalance Buy Price, as defined by 

Elia, or Exchange Delivery Settlement Price (EDSP). The Clearing House may alter the 

calculation of Seller’s Security at any time or make adjustments in respect of a specific Seller.

7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale - Previous Month’s Deliveries
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The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

For confirmed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP, plus any other costs of the Clearing House as applicable 

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery 

Day, quoted in Euro per MWh.

For failed deliveries, the value of Electricity is calculated as follows:

MWh * EDSP * Delivery Failure Cost, plus any other costs of the Clearing House as 

applicable

Where

MWh = The number of Megawatt hours contracted.

Delivery Failure Cost = an amount calculated by the Clearing House by MWh based on the 

imbalance costs an ARP may pay or be paid under the Elia Rules 

attributable to one or more Notification Failures under the ICE 

Endex Rules and these Delivery Procedures.

7.2 Invoice/Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver or off take Electricity and is calculated with reference to 

costs incurred by the Clearing House under the Elia Rules and the relevant ARPC. These costs will also 

apply even where Base Load are netted or aggregated for the same Settlement Period. Credit Note 

Reports are issued to Buyers up to the contract value of the failed delivery, less any costs incurred by 

the Clearing House, dependent on the value of the imbalance value received by the Clearing House 

under the Elia Rules.

8. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by Transferee/Transferor.

By 10:00 CET 

daily

ICE Endex Belgian 

Power Base Load 

Futures: Delivery 

Confirmation Form

The following parts of the form must be completed in full for all 

deliverable positions: Clearing Member mnemonic; Clearing 

Member account; Delivery Day or series of Delivery Days as 

specified in the first and last Delivery Day boxes; unique reference 

code for the instruction (free format); whether the delivery is for 

baseload contracts; number of lots long; number of lots short; and 

name and contact details. 

By 19.45 CET 

on M-2

ICE Endex Belgian 

Power Base Load 

Futures: Transferee 

Form

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of Electricity for all 

the Settlement Periods on all Delivery Days referred to on the 

“ICE Endex Belgian Power Base Load: Delivery Confirmation 

Form” and submits it to the Clearing House.

By 19:45 CET 

on M-2

ICE Endex Belgian The Seller must ensure that the Transferor submits and signs this By 19:45 CET 
DELIVERY PROCEDURES: ICE ENDEX BELGIAN POWER BASE LOAD FUTURES

LNDOCS01/919901.12 154

Name of Delivery 

Document

Explanation Timing

Power Base Load 

Futures: Transferor 

Form

form, as confirmation that it will make delivery of Electricity for 

all the Settlement Periods on all Delivery Days referred to on the 

“ICE Endex Belgian Power Base Load: Delivery Confirmation 

Form” and submits it to the Clearing House.

on M-2

Confirmation Report The Clearing House makes this report available to Buyers and 

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report 

is in Transferor/Transferee order and informs Buyers and Sellers 

of: Clearing Member name, Transferee/Transferor name, Delivery 

Day, lots to be delivered, and Buyer’s/Seller’s delivery details in 

MWh.

By 21:00 CET 

on M-2

Invoice Report and 

Account Sale Report 

The Clearing House makes this report available to Buyers and 

Sellers. The report gives Buyers and Sellers details of Clearing 

Member mnemonic, Clearing Member account, Contract, Delivery 

Month, Delivery Day, contracted MWh, actual delivered MWh, 

price in Euro per MWh, value of Electricity; and a summary of the 

Invoice and Account Sale.

By 10:00 CET 

on the day 

following the 

Invoice Period.
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PART M: ICE ENDEX GERMAN POWER FUTURES

1. DEFINITIONS

1.1 The following definitions apply to this part of the Delivery Procedures:

(a) The term “Balancing Group Contract” means the standardised contract in relation to the 

management of balancing groups (including any agreements relating thereto) entered into 

between a BRP and a TSO.

(b) The term “Balance Responsible Party” or “BRP” means the Clearing House, the Clearing 

Member or (if applicable) the Transferor/Transferee acting in such capacity under a Balancing 

Group Contract. 

(c) References to “D+” or “D-” relate to, in the case of “D+”, the number of Business Days as 

defined in the Rules immediately after, and in the case of “D-” the number of Business Days 

immediately before, the day on which the Delivery Day specified in the German Electricity 

Contract commences.

(d) The term “Delivery Day” means:

(i) in respect of an ICE Endex German Power Base Load Futures, the period beginning 

at 00:00 hours on a day in respect of when an ICE Endex German Power Base Load 

Futures is due to become effective, and when the transfer from one Energy Account

to the other Energy Account is due to be made under that ICE Endex German Power 

Base Load Futures in accordance with the terms of the ICE Endex Rules and the 

Rules, and ending at 00:00 hours on the following day (irrespective of whether this 

encompasses 23, 24 or 25 sequential hours); or

(ii) in respect of an ICE Endex German Power Peak Load (8-20) Futures, the period 

beginning at 08:00 hours on a weekday in respect of when an ICE Endex German 

Power Peak Load (8-20) Futures is due to become effective, and when the transfer 

from one Energy Account to the other Energy Account is due to be made under that 

ICE Endex German Power Peak Load (8-20) Futures in accordance with the terms of 

the ICE Endex Rules and the Rules, and ending at 20:00 hours on the same day.

(e) The term “Delivery Month” means:

(i) in respect of an ICE Endex German Power Base Load Futures: The number of days 

in a “month contract” based on the number of days in a Gregorian Calendar month 

period.

(ii) in respect of an ICE Endex German Power Peak Load (8-20) Futures: The number of 

week days (Monday to Friday) in a “month contract” based on the number of days in 

a Gregorian Calendar month period.

(f) The term “Delivery Period” means the Settlement Period for the relevant Contract.

(g) The term “German Energy Law” means the German Energy Industry Act 

(Energiewirtschaftsgesetz) and its accompanying ordinances (Rechtsverordnungen), especially 

the German Electricity Grid Access Ordinance (Stromnetzzugangsverordnung), each as 

amended from time to time.

(h) The term “German Electricity Contract” means an ICE Endex German Power Base Load 

Future or an ICE Endex German Power Peak Load (8-20) Futures made pursuant to the ICE 

Endex Rules.
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(i) The term “German Electricity Grid Access Ordinance” means the ordinance 

(Rechtsverordnung) issued on the basis of Section 24 of the German Energy Industry Act 

(Energiewirtschaftsgesetz) each as amended from time to time. 

(j) The term “Energy Account” means an account established and operated by a TSO in respect 

of a BRP to effect settlement of German Electricity Contracts by submitting Energy 

Schedules.

(k) The term “Energy Contract Volume” means, for each Settlement Period of a Delivery Day 

and an Energy Account, a volume of electricity calculated by the Clearing House and notified 

to the Clearing Member and (if applicable) the Transferor/Transferee, in respect of a German 

Electricity Contract. 

(l) The term “Energy Schedule” means a programme (Fahrplan) drawn up by a BRP and 

submitted to a TSO under the relevant Balancing Group Contract. 

(m) The term “Gregorian Calendar” means the reformed Julian calendar now in use, according 

to which the ordinary year consists of 365 days, and a leap year of 366 days occur in every 

year whose number is exactly divisible by 4 except centenary years whose numbers are not 

exactly divisible by 400.

(n) The term “ICE Endex German Power Base Load Future” means a contract for delivery of 

electricity for every Settlement Period during the period specified in the ICE Endex Rules.

(o) The term “ICE Endex German Power Peak Load (8-20) Future” means a contract for 

delivery of electricity for every Settlement Period during the period specified in the ICE 

Endex Rules.

(p) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

includes all payments made from the Buyer to the Seller in respect of completed deliveries.

(q) References to “M-” relate to the number of Business Days immediately preceding the first 

Delivery Day of the Delivery Month (for example “M-2” refers to the second Business Day 

prior to the Delivery Month).

(r) References to “M+” relate to the number of Business Days after the last day of the Delivery 

Month during which delivery was made (for example “M+2” refers to the second Business 

Day of the Delivery Month following delivery).

(s) The term “MWh” or “Megawatt Hours” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(t) The term “Notification Failure” means an occurrence where a nomination for a Settlement 

Period is not made, is made incorrectly, is not accepted or is made, accepted and subsequently 

rejected.

(u) The term “Settlement Period” means a 15-minute period in a Delivery Day commencing on 

the hour or the half-hour or the quarter hour.

(v) The term “TSO” means any of the following German transmission system operators : 50Hertz 

Transmission GmbH, TenneT TSO GmbH, Amprion GmbH and Transnet BW GmbH or any 

successor thereto.

(w) The term “Transmission System” means any extra high-voltage and high-voltage 

interconnected system operated by a TSO to transport electricity with a view to its delivery to 
DELIVERY PROCEDURES: ICE ENDEX GERMAN POWER FUTURES

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final customers or to distributors, but not including supply as defined in Art. 2 No. 2 of the EU 

Directive 2003/54/EC.

(x) All times quoted are Central European Time or Central European Summer Time, as 

applicable. 

2. DELIVERY SPECIFICATION

2.1 Delivery

Delivery of a German Electricity Contract is effected by a transfer of Energy Contract Volume from a 

Seller or Transferor to the Clearing House, and by a transfer from the Clearing House to a Buyer or 

Transferee through book entry in a TSO and not through actual offloading or inputting of energy.

This is achieved by the submission of the appropriate Energy Schedules accepted by the relevant TSOs 

and the subsequent debiting and crediting of Energy Accounts for each Settlement Period for the 

Delivery Day specified in the German Electricity Contract.

If a TSO rejects or reduces any submitted Energy Schedules due to grid congestions or other 

emergency or force majeure events applicable to it under German Energy Law or any Balancing Group 

Contract then the delivery shall be based on the submitted Energy Schedules as amended by the TSO. 

To the extent any submitted Energy Schedules have been so rejected or reduced, the delivery shall 

constitute a failed delivery for the purposes of these Delivery Procedures.

For the purpose of delivery of a German Electricity Contract, each Clearing Member acting as Seller or 

Buyer must ensure that it, or (if applicable) the Transferor/Transferee nominated by it, is party to a 

Balancing Group Contract as a BRP.

If a Clearing Member, or (if applicable) the Transferor/Transferee nominated by it, fails to submit a 

corresponding Energy Schedule or submits a corresponding Energy Schedule which conflicts with the 

Energy Schedule submitted by the Clearing House, the delivery shall constitute a failed delivery for the 

purposes of these Delivery Procedures and the relevant Clearing Member shall be deemed to be in 

breach of these Delivery Procedures.

2.2 Quantity

The German Electricity Contracts trade in MW and is delivered in MWh.

2.3 Price

In accordance with the ICE Endex Rules, the price at which the German Electricity Contract is 

delivered is the Exchange Delivery Settlement Price (EDSP) for the relevant German Electricity 

Contract, two Business Days, prior to the first Delivery Day.

2.4 Cessation of Trading

The German Electricity Contracts cease trading at 18:00 CET hours on the Business Day which is two 

Business Days, as defined in the ICE Endex Rules, prior to the day on which delivery commences.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

In accordance with ICE Endex Rules, EFPs and EFSs may be posted up to one hour following the 

cessation of trading.
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3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures relating to liability.

3.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of a TSO or a BRP of its obligations under any 

Balancing Group Contractor the German Energy Law; or

(b) the performance or non-performance of a TSO otherwise.

3.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the Transmission System or any part thereof or the performance or non-performance of the 

TSO except as otherwise expressly provided in the ICE Endex Rules. 

4. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN POWER FUTURES: ROUTINE

TIME ACTION

M-2

By 10:00 CET The Clearing House makes Daily Summary Report 

available. The report identifies Open Contract 

Positions at the close of business on M-3.

Cessation of Trading At 18:00 CET The German Electricity Contracts cease trading.

By 19:00 CET EFPs and EFSs may be posted up to one hour 

following the cessation of trading.

Transferor/Transferee

Nomination

By 19:45 CET A Seller or Buyer who is nominating a Transferor or 

Transferee in respect of a Contract must ensure that 

the Clearing House has in its possession a signed 

ICE Endex German Power Transferor Form or ICE 

Endex German Power: Transferee Form (as 

applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee form must be 

signed by an authorised signatory of the 

Transferor/Transferee.

Electricity Delivery 

Confirmation Forms

By 19:45 CET The Seller and Buyer must, for each deliverable Open 

Contract Position, each send to the Clearing House a 

signed and completed ICE Endex German Power 

Delivery Confirmation Form listing all delivery 

information for all deliverable Open Contract 

Positions.

By 19:45 CET Settlement instructions and position transfers are 

entered for expired Contracts.

19:45 CET Clearing Members with Open Contract Positions at 

this time are obliged to make or take delivery.
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By 20:00 CET MPFE report available to Clearing Members.

Confirmation Report By 21:00 CET The Clearing House makes available to the Clearing 

Members the Confirmation Report listing the 

deliverable positions in MWh for each Settlement 

Period for each day of the Delivery Month.

Notification file to Nomination 

Agent

The Clearing House will send to its appointed 

nomination agent a notification file detailing the 

nominations to be made between the Clearing House 

and the Seller (or the Seller’s Transferor), and the 

nominations to be made between the Clearing House 

and the Buyer (or the Buyer’s Transferee).

TIME ACTION

M-1

By 10:00 CET The Clearing House makes Daily Summary Report 

available. The report identifies the positions that are 

deliverable at 00:00 hours.

Payment of Security By 10:00 CET Seller and Buyer must each pay to the Clearing House 

the Seller’s Security and Buyer’s Security respectively. 

This is calculated for all deliverable positions at close 

of business on D-2 (which corresponds to M-2 for the 

first delivery day and M-1 for the second).

The Clearing House may make adjustments to 

provisional Seller’s Security and Buyer’s Security via 

intra-day call on D-1.

Confirmation Report Error By 11:00 CET The Seller and Buyer must each inform the Clearing 

House of any details on the Confirmation Report that 

do not match the ICE Endex German Power: Delivery 

Confirmation Form. 

If the Clearing House does not receive notification by 

this deadline, the Seller and Buyer will be deemed to 

have accepted the delivery obligations as set out in the 

Confirmation Report.

Nomination submission to the 

TSO

By 14:00 CET The appointed nomination agent will make the 

nominations by means of submitting the relevant 

Energy Schedules, representing the final delivery 

position held at the Clearing House to the relevant 

TSO.

Checking Nomination In the event that either the Seller (or the Seller’s

Transferor) or the Buyer (or the Buyer’s Transferee) 

becomes aware that a nomination is incorrectly 

reported, that person must promptly inform the other 

party and the Clearing House. The Clearing House will 
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take such action as is necessary to rectify the situation.

Any time after the above

Identification of nomination 

rejection

Seller (either the Seller itself or through its 

Transferor) and Buyer (either the Buyer itself or 

through its Transferee) must inform the Clearing 

House as soon as they become aware that there has 

been a rejection of all or part of a nomination for 

whatever reason. The Clearing House may also 

instruct the Seller or Buyer to take such steps as it 

considers reasonably necessary to ensure that losses 

are mitigated. Seller and Buyer must give effect to any 

and all such instructions.

TIME ACTION

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

Delivery Day By 10:00 

CET

The Clearing House makes Daily Summary Report available.

D+1

Payment, Seller’s Security 

and

Buyer’s Default Top Up

By 10:00 

CET

Seller’s Security for actual delivered amount is released. The 

Clearing House releases the “Buyer’s Default Top-up” portion 

of Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated

Accounts in respect of deliveries for the preceding delivery 

day. Buyer’s Security is released as part of the payment

transaction.

Seller receives contract value (payment) for confirmed 

delivered amount in respect of deliveries for the preceding 

delivery day.

N.B. A credit note may be issued at a later date against the 

failed deliveries.

One Day following the Imvoice Period

Invoice and Account Sale 

Details

By 10:00 

CET

Invoice and Account Sale Report available for the Invoice 

Period.

5. DELIVERY TIMETABLE FOR ICE ENDEX GERMAN POWER FUTURES: FAILED 

DELIVERY

Delivery Day (D) (or D+1 if D is a Non-Clearing Day)

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s Security 
DELIVERY PROCEDURES: ICE ENDEX GERMAN POWER FUTURES

LNDOCS01/919901.12 161

and/or Buyer’s Security.

D+1

By 10:00 CET In the event of a failed delivery the Clearing House may call additional Seller’s Security 

and/or Buyer’s Security.

D+2

By 10:00 CET In the event of a failed delivery, the Clearing House may call additional Seller’s Security 

and/or Buyer’s Security.

M+Variable

By 10:00 CET Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries for the 

previous month’s failed deliveries will be generated and made available to the Seller and 

Buyer by the Clearing House at a time when the full financial obligations of each of the 

parties are known.

Seller’s Security and Buyer’s Security held against failed deliveries is released 

following confirmation that all payments have been made for all failed deliveries for the 

delivery month.

2 days after above

By 10:00 CET Seller and Buyer make or receive payment for previous month’s failed deliveries as 

detailed on the Invoice and Credit Note Report.

Seller’s Security and Buyer’s Security held against failed deliveries is released.

Any time after the above

If there is a change to the prices used to calculate the failed delivery amounts, the 

Clearing House shall be entitled to produce further invoices or credit notes, and the

Seller and/or Buyer shall pay the Clearing House (or the Clearing House shall pay the

Seller and/or Buyer, as the case may be) any additional amount due (or the Clearing

House shall pay) within two Business Days of issue of such Invoice or credit note.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s Security.

6. DELIVERY CONTRACT SECURITY

6.1 Buyer’s and Seller’s Security

(a) Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Topup”. The “Buyer’s Default Top-up” is calculated against the possibility of any liability, costs 

or charges arising under the relevant Balancing Group Contract or the German Energy Law. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make 

adjustments in respect of specific Buyers.

(b) Seller’s Security is calculated against the Seller’s default price (SDP) for the relevant Delivery 

Day. The SDP is calculated by reference to any liability, costs or charges arising under the 

relevant Balancing Group Contract or the German Energy Law, or EDSP. The Clearing House 

may alter the calculation of Seller’s Security at any time or make adjustments in respect of a 

specific Seller.
DELIVERY PROCEDURES: ICE ENDEX GERMAN POWER FUTURES

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7. INVOICE AND ACCOUNT SALE CALCULATION

7.1 Invoice and Account Sale - Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during Invoice Period. For 

confirmed deliveries, the value of electricity is calculated as follows:

(MWh * EDSP) plus any other costs of the Clearing House as applicable

Where

MWh = The number of Megawatt hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the Delivery Day, quoted in Euro per 

MWh.

For failed deliveries the value of electricity is calculated as follows:

(MWh * EDSP * Delivery Failure Cost), plus any other costs of the Clearing House as applicable

Where

MWh = The number of Megawatt hours contracted.

Delivery Failure Cost = an amount calculated by the Clearing House by MWh based on the imbalance 

costs a BRP is obliged to pay or be paid under the relevant Balancing Group Contract and/or German 

Energy Law attributable to one or more Notification Failures under the ICE Endex Rules and these 

Delivery Procedures.

7.2 Credit Note for Failed Deliveries

The Invoice Report: Failed Deliveries and Credit Note Report: Failed Deliveries give details of charges 

to a Clearing Member for failing to deliver or off take electricity and is calculated with reference to 

costs incurred by the Clearing House under the relevant Balancing Group Contract or the German 

Energy Law. These costs will also apply even where German Electricity Contracts are netted or 

aggregated for the same Settlement Period. Credit Notes are issued to Buyers up to the contract value 

of the failed delivery, less any costs incurred by the Clearing House, dependent on the value of the 

imbalance value received by the Clearing House.

8. DELIVERY DOCUMENTATION SUMMARY

Name of Delivery 

Document

Explanation Timing

Daily Summary Report This report summarises on a daily basis the deliverable positions 

by Transferee/Transferor

By 10.00 CET

daily

ICE Endex German

Power Futures: Delivery 

Confirmation Form

The Seller and Buyer must, for each deliverable Open Contract 

Position, each send to the Clearing House a signed and completed 

ICE Endex German Power Delivery Confirmation Form listing all 

delivery information for all deliverable Open Contract Positions.

By 19:45 CET

on M-2 

ICE Endex German

Power Futures:

The Buyer must ensure that the Transferee submits and signs this 

form, as confirmation that it will take delivery of electricity for all 

the Settlement Periods on all Delivery Days referred to on the 

By 19:45 CET

on M-2 
DELIVERY PROCEDURES: ICE ENDEX GERMAN POWER FUTURES

LNDOCS01/919901.12 163

Transferee Form ICE Endex German Power Delivery Confirmation Form and 

submits it to the Clearing House.

ICE Endex German

Power Futures:

Transferor Form

The Seller must ensure that the Transferor submits and signs this

form, as confirmation that it will make delivery of electricity for

all the Settlement Periods on all Delivery Days referred to on the

ICE Endex German Power Delivery Confirmation Form and 

submits it to the Clearing House.

By 19:45 CET

on M-2 

Name of Delivery 

Document

Explanation Timing

ICE Endex German

Power Futures: Delivery 

Confirmation Form

The Clearing House makes this report available to Buyers and

Sellers. Buyers and Sellers must promptly provide a copy of this 

report to the relevant Transferor(s) and Transferee(s). The report

is in Transferor/Transferee order and informs Buyers and Sellers

of: Clearing Member name, Transferee/Transferor name, Delivery

Day, lots to be delivered, and Buyer’s/Seller’s delivery details in

MWh.

By 21:00 CET

on M-2

Invoice Report and

Account Sale Report

The Clearing House makes this report available to Buyers and

Sellers. The report gives Buyers and Sellers details of Clearing

Member mnemonic, Clearing Member account, Contract, 

Delivery Month, Delivery Day, contracted MWh, actual delivered 

MWh, price in Euro per MWh, value of electricity; and a 

summary of the Invoice and Account Sale.

By 10:00 CET 

on the day 

following the 

Invoice Period
DELIVERY PROCEDURES: ICE DELIVERABLE US EMISSIONS CONTRACTS

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PART N: ICE DELIVERABLE US EMISSIONS CONTRACTS

1. APPLICABLITY AND DEFINITIONS

1.1 This Part N applies to all ICE OTC Contracts and ICE Futures US Contracts for which physical 

delivery is specified as being ‘Applicable’ in the relevant Contract Terms and which go to physical 

delivery on the expiry date. Such ICE OTC Contracts and ICE Futures US Contracts are referred to in 

this part as “ICE Deliverable US Emissions Contracts”.

1.2 The following additional definitions apply to this part of the Delivery Procedures:

(a) “Allowance” means an instrument, certificate, permit, asset, security, right, contract or 

allowance that is designated as a deliverable instrument for an ICE Deliverable US Emissions 

Contract in the relevant Contract Terms.

(b) “Registry” means a registry, custodian, depository or other system used for physical delivery 

of Allowances pursuant to an ICE Deliverable US Emissions Contracts that is approved by the 

Clearing House for purposes of physical delivery for the particular ICE Deliverable US 

Emissions Contract Set in question. The Registry for a particular ICE Deliverable US 

Emissions Contract Set may be specified in the Contract Terms.

(c) “Registry Operator” means the operator of a Registry.

2. DELIVERY SPECIFICATION

2.1 Delivery

Deliveries pursuant to ICE Deliverable US Emissions Contracts are effected by the transfer of required 

Allowances directly from a Transferor (nominated by the Seller, which may be the Seller itself) to a 

Transferee (nominated by the Buyer, which may be the Buyer itself) through a Registry. Rule 703(d) 

applies to such deliveries.

2.2 Quantity

Quantities are as required under the relevant Contract Terms.

2.3 Price

The price at which the Contract is delivered is the relevant Market Delivery Settlement Price (MDSP) 

for the Contract Set on expiry.

2.4 Cessation of Trading

Contracts cease trading on the last trading day, as defined in the Contract Terms.

2.5 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

EFPs and EFSs may be made only in accordance with either ICE OTC Participant Agreements and 

applicable procedures of the ICE OTC Operator or the ICE Futures US Rules (as applicable).

3. LIABILITY

3.1 The provisions of this paragraph 3 are without prejudice to the generality of, and subject to, the 

provisions of the Rules relating to liability and apply in addition to the general requirements of these 

Delivery Procedures.
DELIVERY PROCEDURES: ICE DELIVERABLE US EMISSIONS CONTRACTS

LNDOCS01/919901.12 165

3.2 None of the Clearing House, the ICE OTC Operator nor ICE Futures US is responsible for, and none of 

them shall have any liability whatsoever as a result of, the performance or non-performance of any 

Registry or Registry Operator. Neither the Buyer nor the Seller, their Transferees or Transferors, shall 

have any claim against the Clearing House for any loss, cost, damage or expense incurred or suffered 

as a result of the condition or operation of any Registry or the performance or non-performance of any 

Registry Operator. This provision is without prejudice to the Clearing House’s liability under 

Contracts.

3.3 None of the Clearing House, ICE Futures US nor the ICE OTC Operator makes any representation 

regarding the authenticity, validity or accuracy of any delivery tender notice, description of a registry, 

market tracking system or any other registry instructions, confirmation of transfer or any other notice, 

document, file, record or instrument used or delivered pursuant to the Rules and Procedures or pursuant 

to the procedures of any Registry.

4. DELIVERY CONTRACT SECURITY AND CONTRACT VALUE

4.1 At end-of-day on the relevant Notice Day for the Contract Set, the Clearing House will call for the full 

contract value of the Contract from the Buyer, such amount to be paid in accordance with the Finance 

Procedures.

4.2 At end-of-business on the last trading day, the Clearing House will call for delivery Margin (Seller’s 

Security) from the Seller, such amount to be paid in accordance with the Finance Procedures. The 

Clearing House will retain the Seller’s Security until such time as the full contract value is released to 

the Seller under the table in paragraph 5.

5. DELIVERY TIMETABLE AND OBLIGATIONS

Delivery under an ICE Deliverable US Emissions Contract is based on Open Contract Positions after 

expiration of the relevant Contract Set. Delivery is a three Business Day process consisting of three 

consecutive days which must be Business Days: the Notice Day, Delivery Instruction Day and Delivery 

Day. However, payments may take place after the end of the Delivery Day, as provided in the table 

below and the Finance Procedures.

5.1 All times in this Part N are to U.S. Central Time.

5.2 Use of relevant registry

(a) Clearing Members and their Transferors or Transferees must have established accounts in the 

relevant Registry for the ICE Deliverable US Emissions Contract in question.

Notice Day 

First Business Day following expiration of the Contract Set

By 

10:00 

Clearing Members must report their Long Open Contract Positions and 

tender delivery notices to the Clearing House.

Clearing Members must report to their Long futures positions and tender 

delivery notices to the Clearing House by sending a “Delivery Position 

Reporting” form. 

There

after

Following receipt of all such required forms from Clearing Members in 

respect of a particular Set, the Clearing House will make appropriate 

delivery assignments, matching Clearing Members that are Buyers to 

Clearing Members that are Sellers for the purposes of them making 

delivery to one another for purposes of Rule 703(d).
DELIVERY PROCEDURES: ICE DELIVERABLE US EMISSIONS CONTRACTS

LNDOCS01/919901.12 166

Clearing House calls Buyer for full contract value.

Delivery Instruction Day 

Notice Day +1 Business Day

By 

16:00

The Seller must provide to the Buyer a description of the underlying 

Allowances to be delivered. 

The Buyer must provide the Seller with information of the account at the 

Registry to which Allowances are to be transferred, which may be an 

account of its Transferee.

By 

17:00

The Seller must ensure that appropriate Allowances (delivery of which 

would satisfy its delivery obligations) are in its designated account at the 

relevant Registry.

Delivery Day

Notice Day + 2 Business Days

By 

12:00

The Seller shall ensure that it or its Transferor has electronically 

submitted the transfer instructions in respect of all Allowances required 

to be transferred pursuant to the Contract to the relevant Registry.

Following 

delivery

Buyer must deliver a “Receipt of Delivery Confirmation” form to the 

Clearing House, following receipt in its account at the relevant Registry 

of the Allowances. Such a form will constitute a representation and 

warranty from the Buyer to the Clearing House that the Buyer has 

received delivery of all required Allowances pursuant to the Contract 

under delivery, and that the Buyer is not aware of any dispute relating to 

the Allowances that have been delivered.

Payment

Delivery Day (if Receipt of Delivery Confirmation received before 13:00) or 

a following Business Day

By 

13:00

Buyer must deliver the “Receipt of Delivery Confirmation” to the 

Clearing House on Delivery Day.

After 

receipt

After receipt by the Clearing House of the “Receipt of Delivery 

Confirmation” from the Buyer, the Clearing House releases the delivery 

proceeds to the Seller.

The delivery proceeds and Seller’s Security will be released to the Seller

at the end-of-day on the same day as receipt by the Clearing House of 

the “Receipt of Delivery Confirmation” (for credit to the account of the 

Seller, this not being required prior to the morning of the Business Day 

after the Delivery Day), provided that the “Receipt of Delivery 

Confirmation” is received by the Clearing House at or before 1:00 p.m. 

U.S. Central Time on the Delivery Day.

If the Clearing House receives a “Receipt of Delivery Confirmation”

after such time on the Delivery Day or any subsequent day, it will be 

treated as if it were received on the next Business Day and payments to 
DELIVERY PROCEDURES: ICE DELIVERABLE US EMISSIONS CONTRACTS

LNDOCS01/919901.12 167

the Seller shall be delayed accordingly.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 168

PART O: FINANCIALS & SOFTS COCOA CONTRACTS

1. DELIVERY SPECIFICATION

1.1 Quality

Cocoa shall be delivered of a growth and quality as specified in the LIFFE Rules or the ICE Futures 

Europe Rules, as applicable.

1.2 Price

The price at which the Cocoa is delivered is the Market Delivery Settlement Price on the Business Day 

immediately preceding the day of tender, adjusted in accordance with the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.3 Scope

Cocoa shall be delivered from a nominated warehouse as defined in the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.4 Cessation of Trading

Cocoa delivery months cease trading on the last trading day, as specified in the Contract Terms, which 

unless specified otherwise in the Market Rules is at 12:00, eleven Business Days prior to the last 

Business Day of the delivery month. Sellers’ Tenders must be submitted by 10:00 the following day 

(the “Notice Day”). 
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 169

DELIVERY TIMETABLE FOR FINANCIALS & SOFTS COCOA CONTRACTS

TIME ACTION

Cessation of 

Trading

11 Business Days prior to the last Business Day of the delivery month

By 12:00 The cocoa delivery month ceases trading.

Notice Day The day following cessation of trading (Notice Day)

By 10:00 All Clearing Members perform position maintenance.

Remaining Open Contract Positions automatically become subject to 

delivery obligations.

Clearing Members with a deliverable Short Open Contract Position 

must submit the details of the lots to be delivered via Guardian (or any 

successor system).

Clearing Members with an Open Contract Position as Buyer must 

submit a Buyer’s Position Notice via Guardian (or any successor 

system) which should give details of the ‘shape’ of the positions that 

are required for delivery. 

Sellers must input delivery notices via Guardian (or any successor 

system). Sellers’ delivery notices may be deleted by Clearing 

Members via Guardian (or any successor system).

Clearing Members must ensure that all settlements and transfers 

are completed in UCP (or any successor system) by the 10:00 

deadline.

First Allocation After 10:00 MPFE report available on UCP (or any successor system), informing 

Buyers of the number of lots allocated.

First allocation of cocoa to Buyers. Buyers are not informed of the 

allocation details at this time unless there are no conversions to be 

made. If there are no conversions to be made, the following are made 

available to Sellers via Guardian (or any successor system):

account sale report

delivery details.

The following are made available to Buyers via Guardian (or any 

successor system):

invoice report

delivery details.

Conversion of 

lots

By 16:00 The Clearing House may direct Sellers to convert bulk (“BDU”) or 

large (“LDU”) delivery units into LDU or standard (“SDU”) delivery 

units.

LIFFE or ICE Futures Europe, as applicable, will be notified of these 

directions.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 170

TIME ACTION

After 16:00 Sellers can obtain details of the BDU and LDU to be converted via 

Guardian (or any successor system).

Conversion 

Notice

First Business Day after the Notice Day

By 12:00 Sellers who have been directed to convert must give notice via 

Guardian (or any successor system) that they will either:

- comply with the conversion as instructed

or

- convert alternative delivery units, and provide details of 

those units

or

- provide substitute delivery units, and give details of those 

units.

In the cases where different delivery units will be converted, the 

alternate units proposed for conversion must both match the Clearing 

House’s requirements to fulfil delivery to Buyers and must be of an 

equivalent or better quality.

In the cases where a Seller, in place of performing a conversion, 

substitutes a delivered unit via Guardian (or any successor system), 

the substitution must meet the Clearing House’s requirements to 

facilitate delivery.

Second 

Allocation

By 16:00 Second allocation of Cocoa to Buyers.

The following are made available to Sellers via Guardian (or any 

successor system):

- account sale report.

- delivery details.

The following are made available to Buyers via Guardian (or any 

successor system):

- invoice report.

- delivery details.

LDU Conversion 

Notice

First Business Day prior to the Settlement Day

At or prior to 

10:00

Sellers who have been directed to convert LDU must give notice via 

Guardian (or any successor system) that:

- they have complied with the conversion as instructed.

and

- arranged for the warehousekeeper/s to provide updated 

delivery details in respect of the converted delivery units.

By 16:00 Where necessary the following are made available to Sellers via 

Guardian (or any successor system):

- final account sale report.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 171

TIME ACTION

- warrant delivery instructions report.

- delivery details.

Where necessary the following are made available to Buyers via 

Guardian (or any successor system):

- final invoice report.

- delivery details.

Settlement Day Last Business Day of delivery month (Settlement Day)

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices

After 09:30 The Clearing House credits Sellers, as detailed on the Account Sales.

The Clearing House transfers the warrants to Buyers via Guardian (or 

any successor system).

BDU Notice First Business Day prior to the Conversion Settlement Day

At or prior to 

10:00

Sellers who have been directed to convert BDUs must give notice via 

Guardian (or any successor system) that:

- they have complied with the conversion as instructed

and

- arranged for the warehousekeeper/s to provide updated 

delivery details to Guardian (or any successor system) in 

respect of the converted delivery units

or

- they are unable to complete conversion in time and wish to 

apply for an extension to conversion.

Where a Seller has applied for an extension to conversion, it must 

provide reasons for the conversion having not been completed and 

Buyers and LIFFE or ICE Futures Europe, as applicable, will be 

informed of such Seller’s application.

Where it is determined that an extension is to be granted, the Seller

and Buyer will be informed accordingly.

Extension to 

conversion

By 16:00 Where necessary the following are made available via Guardian (or 

any successor system) to Sellers:

- final account sale report.

- delivery details.

Where necessary the following are made available to Buyers:

- final invoice report.

- delivery details.

BDU Notice First Business Day prior to the Extended Conversion Settlement Day

At or prior to Sellers who have been directed to convert BDUs must give notice via 
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 172

TIME ACTION

10:00 Guardian (or any successor system) that:

- they have complied with the conversion as instructed

and

- arranged for the warehousekeeper/s to provide updated 

delivery details in respect of the converted delivery units

By 16:00 Where necessary the following are made available to Sellers via 

Guardian (or any successor system):

- final account sale report.

- delivery details.

Where necessary the following are made available to Buyers:

- final invoice report.

- delivery details.

Settlement Day, 

Conversion 

Settlement Day

and Extended 

Settlement Day

Last Business Day of delivery month/10 Business Days after Settlement Day/ 10 

Business Days after Conversion Settlement Day

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices.

After 09:30 The Clearing House credits Sellers, as detailed on the Account Sales.

The Clearing House transfers the warrants to Buyers via Guardian (or 

any successor system).

Substitution of 

Delivery Unit

10 Business Days after Settlement Day or 7 Business Days after either the Conversion 

Settlement Day or the Extended Conversion Settlement Day

By 12:00 A Seller may substitute a delivery unit with the Buyer’s prior consent 

(or in the case of dispute, if ordered to do so by LIFFE or ICE Futures 

Europe, as applicable), via Guardian (or any successor system) and in 

such case, Guardian (or any successor system) will notify any changes 

in pricing resulting from the substitution and a Substitution Invoice or

Account Sale will be made available to the Buyer and Seller 

respectively.

If the Buyer does not consent to such a substitution, then the Seller 

remains obliged to make delivery in accordance with the original 

Tender. If the Seller fails to make delivery against the original Tender 

then the Seller will be in default in performance.

Deemed 

acceptance of 

delivery

By 12:00 The Buyer will be deemed to have accepted each delivery unit that has 

been received.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 173

2. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full.

Name of Delivery Document Explanation Timing

Financials & Softs Cocoa 

Contract: Seller’s Delivery 

Notice

The Seller’s Delivery Notice screen is 

completed via Guardian (or any successor 

system) including details of:

(i) the port in which 

the cocoa is stored;

(ii) the warehouse in 

which the cocoa is stored; and

(iii) the shed in which 

the cocoa is stored.

On the Notice 

Day. 

Financials & Softs Cocoa 

Contract: Buyer’s Invoice

Buyers are provided with Invoices via

Guardian (or any successor system). 

Provisional Invoices and Accounts Sales are 

issued where a delivery unit is the subject of an 

instruction to convert.

By 16:00 on the 

day that is (i) 10 

Business Days 

prior to the last 

Business Day of 

the delivery 

month; (ii) First 

Business Day 

prior to the 

Conversion 

Settlement Day; 

(iii) First 

Business Day 

prior to the 

Extended 

Conversion 

Settlement Day.

Financials & Softs Cocoa 

Contract: Seller’s Account 

Sales

Sellers are provided with Account Sales via

Guardian (or any successor system). 

Provisional Invoices and Accounts Sales are 

issued where a delivery unit is the subject of an 

instruction to convert.

Financials & Softs Cocoa 

Contract:

Buyer’s Position Notice

Clearing Members with buying positions must 

submit a Buyer’s Position Notice via Guardian 

(or any successor system) which should give 

details of the ‘shape’ of the positions that are 

required for delivery.

By 10:00 on the 

Notice Day.

Financials & Softs Cocoa 

Contract:

Seller’s Conversion Notice

Sellers who have been directed to convert must 

give notice via Guardian (or any successor 

system) that they will either: (i) comply with 

the conversion as instructed; (ii) convert 

alternative delivery units, and provide details of 

those units; or (iii) provide substitute delivery 

units, and give details of those units.

By 12:00 on the 

first Business 

Day after the 

Notice Day.

Financials & Softs Cocoa 

Contract:

Seller’s LDU Conversion 

Notice

Sellers who have been directed to convert 

LDUs must give notice via Guardian (or any 

successor system) that: (i) they have complied 

with the conversion as instructed; and (ii) 

arranged for the warehousekeeper/s to provide 

updated delivery details in respect of the 

converted delivery units.

At or prior to 

10.00 on the first 

Business Day 

prior to 

Settlement Day.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COCOA CONTRACTS

LNDOCS01/919901.12 174

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full.

Name of Delivery Document Explanation Timing

Financials & Softs Cocoa 

Contract:

Seller’s BDU Conversion 

Notice

Sellers who have been directed to convert 

BDUs must give notice via Guardian (or any 

successor system) that: (i) they have complied 

with the conversion as instructed; and (ii) 

arranged for the warehousekeeper/s to provide 

updated delivery details to Guardian (or any 

successor system) in respect of the converted 

delivery units; or (iii) they are unable to 

complete conversion in time and wish to apply 

for an extension to conversion

At or prior to 

10.00 on the first 

Business Day 

prior to 

Conversion 

Settlement Day 

or the Extended 

Conversion 

Settlement Day.
DELIVERY PROCEDURES: FINANCIALS & SOFTS COFFEE – 10 TONNE

LNDOCS01/919901.12 175

PART P: FINANCIALS & SOFTS COFFEE CONTRACTS

1. DELIVERY SPECIFICATION

1.1 Quality

Coffee shall be delivered of a growth and quality as specified in the LIFFE Rules or the ICE Futures 

Europe Rules, as applicable.

1.2 Price

The price at which the Cocoa is delivered is the Market Delivery Settlement Price on the Business Day 

immediately preceding the day of Tender, adjusted in accordance with the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.3 Scope

Coffee shall be delivered from a nominated warehouse as defined in the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.4 Cessation of Trading

Coffee delivery months cease trading on the last trading day, as specified in the Contract Terms, which 

unless specified otherwise in the Market Rules is at approximately 12:30 on the last Business Day of 

the delivery month. Sellers’ Tenders may be submitted by 12:00 on any Business Day during the 

delivery month (excluding the last trading day when the Tender must be submitted by 14:30). 
DELIVERY PROCEDURES: FINANCIALS & SOFTS COFFEE – 10 TONNE

LNDOCS01/919901.12 176

DELIVERY TIMETABLE FOR FINANCIALS & SOFTS COFFEE − 10 TONNE CONTRACTS

TIME ACTION

Tender Day 

(excluding last 

Tender day)

Tender Day

By 12:00 All Clearing Members perform position maintenance.

Sellers who wish to tender input Delivery Notices via both UCP (or 

any successor system) and Guardian (or any successor system).

On each Business Day during the delivery month a Seller may input a 

delivery notification via UCP (or any successor system). Clearing 

Members submitting a delivery notification to UCP (or any successor 

system) must also submit via Guardian (or any successor system) the 

details of the lots to be tendered.

Tender notifications may be deleted by Clearing Members.

Submission of a delivery notification to UCP (or any successor 

system) without the corresponding input to Guardian (or any 

successor system) (or vice versa) will not constitute valid notification 

of Tender to the Clearing House.

Clearing Members must ensure that all settlements and transfers 

are completed in UCP (or any successor system) by the 12:00 

deadline.

First Allocation After 12:00 MPFE report available on UCP (or any successor system) informing 

Buyers of the number of lots allocated.

Coffee allocated to Buyers on a pro rata basis.

The following are made available to Buyers via Guardian (or any 

successor system):

- invoice report.

- delivery details.

The following are made available to Sellers via Guardian (or any 

successor system):

- account sale report.

- delivery details.

Cessation of 

Trading

Last Tender Day

At 12:30 The Coffee delivery month ceases trading.

By 14:30 All Clearing Members perform position maintenance. Remaining 

Open Contract Positions automatically become subject to delivery 

obligations.

Sellers submit delivery notices via Guardian (or any successor 

system).

Sellers holding Open Contract Positions must submit via Guardian (or 

any successor system) the details of the lots to be tendered.

Tender notifications may be deleted by Clearing Members.
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TIME ACTION

Sellers are not required to give notification via UCP (or any successor 

system).

Clearing Members must ensure that all assignments, settlements 

and transfers are completed in UCP (or any successor system) by 

the 14:30 deadline. Clearing Members with Open Contract Positions 

in the expired delivery month are obliged to make or take delivery.

Second 

Allocation

After 14:30 The MPFE report is made available on UCP (or any successor system)

informing Buyers of the final number of lots allocated.

Second allocation of coffee to Buyers on a pro rata basis.

The following are made available to Sellers via Guardian (or any 

successor system):

- account sale report.

- delivery details.

The following are made available to Buyers via Guardian (or any 

successor system):

- invoice report.

- delivery details.

Early Take Up Business Day prior to Business Day on which the Buyer wishes to take up and pay for 

the warrants

By 16:00 A Buyer may take up warrants prior to the due Settlement Day, by 

inserting instructions via Guardian (or any successor system).

The early take up is then processed and an Early Take Up Invoice or 

Account Sale is made available to the Buyer and Seller respectively.

Payment Settlement Day 14 days after the Tender Day (or the next Business Day in the case of 

a Bank Holiday or a day declared a non-Business Day by LIFFE or ICE Futures 

Europe, as applicable)

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices

After 09:00 The Clearing House credits Sellers, as detailed on the Account Sales.

The Clearing House transfers the warrants to Buyers via Guardian (or 

any successor system).

Substitution of 

Tenders

7 Business Days after Settlement Day

By 17:00 A Seller may substitute a Tender with the Buyer’s prior consent (or in 

the case of dispute, if ordered to do so by LIFFE or ICE Futures 

Europe, as applicable) via Guardian (or any successor system) and 

Guardian (or any successor system) will notify any changes in pricing 

resulting from the substitution. A Substitution Invoice or Account 

Sale is made available to the Buyer and Seller respectively.

If the Buyer does not consent to such a substitution, then the Seller 
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TIME ACTION

remains obliged to make delivery in accordance with the original 

Tender. If the Seller fails to make delivery against the original Tender 

then the Seller will be in default in performance.

2. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full, 

including standard details such as Clearing Member name, mnemonic, etc.

Name of Delivery Document Explanation Timing

Financials & Softs Coffee −

10 tonne: Buyer’s Invoice

Buyers are provided with Invoices via 

Guardian (or any successor system). 

Provisional Invoices are issued where a 

delivery unit is the subject of an instruction to 

convert.

Early Take Up, Substitution and Adjustment 

Invoices are identical to the original Invoices 

except the title reflects why they have been 

produced and the information that has changed.

By 16:00 on the 

day that is (i) 10 

Business Days 

prior to the last 

Business Day of 

the delivery 

month; (ii) First 

Business Day 

prior to the 

Conversion 

Settlement Day; 

(iii) First 

Business Day 

prior to the 

Extended 

Conversion 

Settlement Day.

Financials & Softs Coffee − 10 

tonne: Seller’s Account Sales

Sellers are provided with Account Sales via

Guardian (or any successor system). 

Provisional Account Sales are issued where a 

delivery unit is the subject of an instruction to 

convert.

Early Take Up, Substitution and Adjustment 

Account Sales are identical to the original 

Account Sales except the title reflects why they 

have been produced and the information that 

has changed.

Financials & Softs Coffee – 10 

Tonne: Seller’s Delivery 

Notice

Sellers submit this notice via Guardian (or any 

successor system).

By 14:30 on the 

last tender 

day/last trading 

day.
DELIVERY PROCEDURES: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

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PART Q: FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

1. DELIVERY SPECIFICATION

1.1 Quality

White sugar shall be delivered of an origin and quality as specified in the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.2 Price

The price at which the white sugar contracts are delivered for a particular delivery month is the Market 

Delivery Settlement Price as calculated by LIFFE or ICE Futures Europe, as applicable, on the Last 

Trading Day, as defined in the LIFFE Rules or the ICE Futures Europe Rules, as applicable.

1.3 Scope

White sugar contracts are for the sale and delivery of white beet or cane crystal sugar or refined sugar, 

in bags, of any origin of the crop current at the time of delivery, conforming to the specifications set 

out in the LIFFE Rules or the ICE Futures Europe Rules, as applicable. Delivery is permissible on a 

day in the period between the first day of the delivery month and the last day of the succeeding month.

Delivered white sugar must, inter alia, be free of all liens and claims of any kind.

1.4 Cessation of Trading

White sugar delivery months cease trading on the last trading day, as specified in the Contract Terms, 

which unless specified otherwise in the Market Rules is at 18:30, sixteen calendar days preceding the 

first day of the delivery month (or, if not a Business Day, then the first Business Day immediately 

preceding).

1.5 Taking White Sugar “Off the Market”

If Clearing Members opt for alternative delivery procedures, notification must be made via Guardian

(or any successor system).
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DELIVERY TIMETABLE FOR FINANCIALS & SOFTS WHITE SUGAR CONTRACTS

TIME ACTION

Last Trading Day

At 18:30 The white sugar delivery month ceases trading.

Seller’s Notice of 

Tender

Last Trading Day +1

By 10:30 All Clearing Members perform position maintenance.

Remaining Open Contract Positions automatically become subject to 

delivery obligations.

Sellers holding Open Contract Positions must deliver a Seller’s Notice 

of Tender via Guardian (or any successor system). Clearing Members 

are not required to give notification via UCP (or any successor 

system).

Clearing Members must ensure that all assignments, settlements 

and transfers are completed in UCP (or any successor system) by 

the 10:30 deadline. 

Clearing Members with Open Contract Positions in the expired 

delivery month are obliged to make or take delivery.

First Allocation After 10:30 MPFE report available on UCP (or any successor system) which 

confirms the number of lots taken to delivery.

First allocation of white sugar to Buyers on a pro-rata basis by “Port 

of Loading” and the information is made available via Guardian (or 

any successor system).

Clearing Members are informed of the identity of the Buyers and ports 

from which delivery will be made via Guardian (or any successor 

system).

Non-Qualifying 

Port(s)

By 11:00 Where any Sellers (“Insufficient Sellers”) have submitted Seller’s 

Delivery Notification via Guardian (or any successor system) in 

respect of a port or ports which is/are not Qualifying Port(s) under the 

LIFFE Rules or ICE Futures Rules, as applicable (“Non-Qualifying 

Port(s)”), Insufficient Seller(s) will be notified, as specified under the 

relevant Contract Terms, that the Tenders should be revised in 

accordance with the relevant Contract Terms.

Insufficient 

Sellers

By 13:00 Insufficient Seller(s) deliver, in accordance with the relevant Contract 

Terms, revised Seller’s Delivery Notification via Guardian (or any 

successor system). If the Insufficient Seller(s) have not delivered the 

revised Seller’s Delivery Notification by 13:00, LIFFE or ICE Futures 

Europe, as applicable, will determine in accordance with the relevant

Contract Terms, the port of loading from which Tenders will be made, 

and LIFFE or ICE Futures Europe, as applicable, shall notify the 

Clearing House of such determination by 14:00.

Seller’s Delivery 

Notification

By 14:00 Where Sellers’ Delivery Notifications continue to be made in respect 

of Non-Qualifying Port(s), LIFFE or ICE Futures Europe, as 

applicable, will determine in accordance with the relevant Contract 
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TIME ACTION

Terms, the port of loading from which Tenders will be made and shall 

notify the Clearing House of such determination.

LIFFE or ICE Futures Europe, as applicable, shall notify the 

Insufficient Seller(s) of the port of loading at which their Tender(s) 

shall take place.

After 14:00 The Buyers are advised of the identity of the Seller via Guardian (or 

any successor system).

Last Trading 

Day +2

Second Business Day following the Last Trading Day

By 12:00 With the consent of LIFFE or ICE Futures Europe, as applicable, 

Buyers may exchange notices of Tender via Guardian (or any 

successor system).

Delivery day(s) -

14 Calendar 

Days

Last Business Day of delivery month (Settlement Day)

By 16:00 Delivery may commence on any day within the delivery period, the 

Buyer having given fourteen calendar days notice of the name of the 

vessel to the Seller via Guardian (or any successor system).

Clearing Members should refer to the LIFFE Rules or the ICE Futures 

Europe Rules, as applicable, for further requirements in respect of 

nomination of vessels for delivery for delay in delivery.

Document Notice 

Day

20 days after vessel has completed loading

By 12:00 The Seller must notify document presentations via Guardian (or any 

successor system). Once the presentation has been processed, the 

Buyer will be notified via Guardian (or any successor system). 

After 12:00 Buyer informed via Guardian (or any successor system) of next day 

presentation of documents.

Invoices and Account Sales are made available to the Buyers and 

Sellers respectively via Guardian (or any successor system).

Document 

Delivery Day/ 

Settlement Day 

(Document 

Notice Day +1)

First Business Day following Document Notice Day

By 09:00 The Clearing House receives payment from the Buyer as detailed on 

the Invoice.

By 10:00 The Seller must lodge the following delivery documentation:

(i) a commercial invoice;

(ii) a complete set of original signed clean on board bills of

lading;

(iii) an original certificate of origin; and

(iv) an original certificate of weight, packing, quality, 

(polarisation, moisture and colour), issued by an 

internationally-recognised independent or state-owned 
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TIME ACTION

supervision company appointed by the Seller at its own 

expense.

After 11:00 LIFFE or ICE Futures Europe, as applicable, advises the Buyer that 

documents are available for collection. The Buyer collects the 

delivery documents from LIFFE or ICE Futures Europe, as applicable.

By 14:00 If the Buyer informs LIFFE or ICE Futures Europe, as applicable, via 

Guardian (or any successor system) by 14.00 that he wishes to reject 

the documents specified under the relevant Contract Terms, LIFFE or 

ICE Futures Europe, as applicable, will advise the Clearing House to 

withhold payment from the Seller. All documents to be returned to 

LIFFE or ICE Futures Europe, as applicable, at the Buyer’s expense 

by 15:00.

Notification of 

rejection of 

documents

After 14:00 LIFFE or ICE Futures Europe, as applicable, shall notify the Seller in 

the event that the Buyer has rejected the documents, and shall advise 

the Seller that the original documents shall be held at their disposal at 

LIFFE or ICE Futures Europe, as applicable, for collection at the 

Seller’s expense after 15:00. If the documents have been rejected, the 

Clearing House credits back to the Buyer the sum debited earlier.

The Clearing House credits the Seller, unless informed by 14:00 by 

the Buyer that the documents have been rejected.

2. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full, 

including standard details such as Clearing Member name, mneumaric, etc.

Name of Delivery Document Explanation Timing

Financials & Softs White 

Sugar Contract: Seller’s 

Notice of Tender

The Clearing House sends the Buyer’s Notice 

of Tender to Buyers.

The notice informs Buying Clearing Members, 

in respect of each delivery, of the number of 

lots, the Clearing House reference number(s), 

country of origin (if known), the port from 

which delivery will be made and the name of 

the Seller.

By 10:30 on Last 

Trading Day +1.

Financials & Softs White 

Sugar Contract: Seller’s 

Delivery Notification

Sellers submit this notice to the Clearing 

House.

Last Trading 

Day +1.

Financials & Softs White 

Sugar Contract: Invoice and 

Account Sale

The Clearing House issues invoices (for 

Buyers) and Account Sales (for Sellers). A 

separate document is issued for each delivery.

After 12:00 on 

Document 

Notice Day.
DELIVERY PROCEDURES: FINANCIALS & SOFTS WHEAT CONTRACTS

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PART R: FINANCIALS & SOFTS WHEAT CONTRACTS

1. DELIVERY SPECIFICATION

1.1 Quality

Wheat shall be delivered of an EC origin and of a standard as specified in the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.2 Price

The price at which the wheat is delivered is the Market Delivery Settlement Price on the Business Day 

immediately preceding the day of tender, adjusted in accordance with the LIFFE Rules or the ICE 

Futures Europe Rules, as applicable.

1.3 Scope

Wheat shall be delivered from a registered store as defined in the LIFFE Rules or the ICE Futures 

Europe Rules, as applicable.

1.4 First Tender day and Cessation of Trading

The normal first tender day is:

(i) For January - the second Business Day after Christmas day; and

(ii) For other delivery months - the seventh day prior to the first Business Day of the delivery 

month. If this is not a Business Day the next Business Day becomes the first tender day.

Wheat delivery months (with the exception of the July delivery month) normally cease trading on the 

last trading day, as specified in the relevant Contract Terms, which unless specified otherwise in the 

Market Rules is at 12:30 on the 23rd day of the delivery month. The July delivery month normally 

ceases trading at 12:30 on the 7th calendar day of July. If this is not a Business Day, trading ceases on 

the previous Business Day.

Sellers may tender from 10:30 on the first tender day up to 14:00 on the last trading day.
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DELIVERY TIMETABLE FOR FINANCIALS & SOFTS WHEAT CONTRACTS

TIME ACTION

Tender day (excluding Last Tender Day)

By 10:30 All Clearing Members perform position maintenance.

On any Business Day during the tender period as defined above, a 

Seller may input a delivery notification via UCP (or any successor 

system). Clearing Members submitting a delivery notification to UCP 

(or any successor system) must also enter delivery notices via 

Guardian (or any successor system). Submission of a delivery 

notification via UCP (or any successor system) without the 

corresponding delivery notice in Guardian (or any successor system), 

or vice versa, will not constitute valid notification to the Clearing 

House.

Clearing Members must ensure that all assignments, settlements 

and transfers are completed in UCP (or any successor system) by 

the 10:30 deadline.

First Allocation After 10:30 The Clearing House allocates the wheat to Buyers on a pro rata basis 

by store and makes available the delivery details for each lot via 

Guardian (or any successor system).

A MPFE report will be available on UCP (or any successor system), 

indicating the number of lots allocated to Buyers.

Cessation of 

trading

Last Tender Day

At 12:30 The wheat delivery month ceases trading.

By 14:00 Clearing Members with Open Contract Positions in the expiry contract 

month are obliged to make or take delivery.

Sellers holding Open Contract Positions must enter delivery notices 

via Guardian (or any successor system). Clearing Members are not 

required to give notification via UCP (or any successor system).

Clearing Members must ensure that all assignments, settlements 

and transfers are completed via UCP (or any successor system) by 

the 14:00 deadline.

After 14:00 The Clearing House allocates the wheat to Buyers and makes 

available the delivery details via Guardian (or any successor system) 

for each lot.

A MPFE report will be available on UCP (or any successor system), 

indicating the number of lots allocated to Buyers.

Settlement 

Day -1

First Business Day prior to Settlement Day

By 16:00 The Clearing House makes available via Guardian (or any successor 

system) the Invoice and Account Sale details to Buyers and Sellers 

respectively.
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Settlement Day 7 days after the Tender Day (unless such a day is not a Business Day, in which case 

the Settlement Day will be the preceding day)

By 09:00 The Clearing House debits Buyers, as detailed on the Invoices

After 09:00 The Clearing House credits Sellers, as detailed on the Account Sales.

The Clearing House makes the warrants available for Buyers to 

collect via Guardian (or any successor system).

By 12:00 Under the e-Warrant Collection Scheme (“the Scheme”) operated by 

LIFFE or ICE Futures Europe, as applicable, rent due and payable by 

a Seller in accordance with the relevant Contract Terms is collected 

from the Seller by the Clearing House and transferred to LIFFE or 

ICE Futures Europe, as applicable, who are responsible for paying the 

Warehouses.

Any unpaid rent payable by the Seller will be collected by the 

Clearing House from the Seller through Clearing Member’s accounts 

at an Approved Financial Institution no later than 12:00 on the 

relevant Settlement Day in respect of that Tender.

The Clearing House has no principal liability whatsoever for the 

payment of any such unpaid rent and, in transferring such amounts to 

LIFFE or ICE Futures Europe, as applicable, acts on behalf of the 

Seller with whom the liability to make such payment rests.

Without prejudice to the provisions of the Rules relating to liability, 

the Clearing House’s only liability in respect of the operation of the 

Scheme shall be to make payment to LIFFE or ICE Futures Europe, as 

applicable (who will be responsible for making payment to any 

grainstorekeeper) of any sums properly collected under the Scheme by 

the Clearing House from any Clearing Member, and, in the unlikely 

event of that the Clearing House collects any sum erroneously from a 

Clearing Member, promptly to return such sum to that Clearing 

Member through the relevant Clearing Member’s account at an 

Approved Financial Institution or otherwise.

2. DELIVERY DOCUMENTATION SUMMARY

Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full.

Name of Delivery Document Explanation Timing

Financials & Softs Wheat 

Contract: Seller’s Delivery 

Notice

Seller notifies Clearing House by submission 

of a delivery notification via UCP (or any 

successor system) and the corresponding 

delivery notice in Guardian (or any successor 

system).

On any Business 

Day during the 

Tender.

Financials & Softs Wheat 

Contract: Seller’s Account 

The Clearing House issues invoices (for 

Buyers) and Account Sales (for Sellers). A 

After 12:00 on 
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Sellers and Buyers should ensure that relevant Delivery Documentation is completed in full.

Name of Delivery Document Explanation Timing

Sales and Buyer’s Invoice separate document is issued for each delivery. Settlement Day.
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PART S: FINANCIALS & SOFTS DELIVERIES 

1. FINANCIALS & SOFTS DELIVERIES

1.1 Introduction

These Delivery Procedures should be read in conjunction with the rest of the Rules, the Contract 

Terms Procedures and the UCP (or any successor system) User Manual.

Clearing Members must be fully aware of their obligations under the relevant contracts.

In the event of any conflict between the Clearing Rules and the Contract Terms Procedures, the 

Clearing House Rules shall prevail.

Enquiries concerning the procedures in this Part S should be directed to Business Operations staff at the 

Clearing House.
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PART T: FINANCIALS & SOFTS COMMON DELIVERY PROCEDURES

1. COMMON DELIVERY PROCEDURES FOR FINANCIALS & SOFTS CONTRACTS

1.1 Allocation Method

For all deliverable bond contracts the following method is used by the Clearing House to allocate stock 

delivered by Sellers to Buyers:

(a) Buyers’ accounts are listed in mnemonic sequence and numbered sequentially

(b) a number is chosen at random

(c) the allocation of the lowest coupon bond commences with the selected mnemonic and 

progresses through the list referred to in (a) above

(d) when no further allocation of the lowest coupon bond can be made, the allocation continues 

with the next lowest coupon bond and so on, until the process is completed with the allocation 

of the highest coupon bond.

If bonds of equal coupon but with different maturity dates have been nominated then the bond with the 

earliest maturity will be allocated first.

1.2 Clearing Accounts

Pursuant to Part 7 of the Rules, Clearing Members’ Proprietary Accounts and Customer Accounts are 

treated separately for deliveries. Clearing Members must submit separate notifications (Seller’s 

Delivery Notices, etc) to the Clearing House for each such account.

1.3 Market Delivery Settlement Prices (MDSP)

LIFFE or ICE Futures Europe, as applicable, sets a Market Delivery Settlement Price for bond 

deliveries as determined pursuant to the relevant Contract Terms and LIFFE Rules or ICE Futures 

Europe Rules, as applicable. This is published on UCP (or any successor system) as soon as possible 

after it has been set.

1.4 Delivery Details for Bond Deliveries

Clearing Members submit and receive these details electronically via Guardian (or any successor 

system), the content of the electronic message will vary depending on the contract being delivered.

1.5 Seller’s Delivery Notice

Sellers must submit a Delivery Notice via Guardian (or any successor system). The Seller must 

provide all relevant information as required by Guardian (or any successor system) and the Clearing 

House.

1.6 Buyer Notifications

Buyers must submit a Buyer Notification via Guardian (or any successor system). The Buyer must 

provide all relevant information as required by Guardian (or any successor system) and the Clearing 

House.

1.7 Delivery Account Sales for Sellers

The Delivery Account Sale informs Sellers of the details of the invoice amount payable by the Clearing 

House.
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1.8 Delivery Invoice for Buyers

The Delivery Invoice informs Buyers of the details of the invoice amount payable to the Clearing 

House and details of the bonds allocated.

1.9 Delivery Instructions for Sellers

The Delivery Instruction provides Sellers with:

(i) precise instructions to be given to the delivery system; and 

(ii) details of the payment to be received from the Clearing House as advised in the Delivery 

Account Sale.

1.10 Delivery Instructions for Buyers

This Delivery Instruction provides Buyers with:

(i) precise instructions to be given to the delivery system; and 

(ii) details of the bonds to be transferred from the Clearing House’s delivery system.

1.11 Delivery Status

Clearing Members must provide the Clearing House with confirmation that relevant delivery statuses 

have been reached, as defined in these Delivery Procedures, by the appropriate deadline for a 

Financials & Softs Contract via Guardian (or any successor system). Failure to conform to notification 

requirements will result in a referral to LIFFE or ICE Futures Europe, as applicable, and potentially to 

disciplinary action by LIFFE under the LIFFE Rules or by ICE Futures Europe under the ICE Futures 

Europe Rules, as applicable, or by the Clearing House under the Rules.

1.12 Delivery Invoice/Account Sales for Buyer and Seller Dissemination

Delivery Invoice/Account Sale notices for Buyers and Sellers may be obtained via Guardian (or any 

successor system).

1.13 Delivery Instruction Notices for Buyer and Seller Dissemination

Delivery Instruction notices for Buyers and Sellers may be obtained via Guardian (or any successor 

system).

1.14 Transferors and Transferees

Transferors and Transferees may not be nominated for Financials & Softs Gilt Contracts, Financials & 

Softs Physically Delivered Equity Futures/Options Contracts, and Financials & Softs Stock Contingent 

Trades Contracts. Any transfers to Customers or Clearing Members must be arranged for by Clearing 

Members after their receipt of the relevant gilts or securities, as applicable, and any transfers to 

Clearing Members from Customers must be arranged with sufficient time to enable the Clearing 

Member to comply with its delivery obligations.
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PART U: FINANCIALS & SOFTS GILT CONTRACTS

1. GILT CONTRACTS

The following applies to each of the Financials & Softs Long, Medium and Short gilts contracts. These kinds of 

Financials & Softs Contract differ only in their maturity dates.

1.1 Delivery Mechanism

Financials & Softs gilt contracts must be delivered through the Clearing House’s account at CREST. 

The Clearing House CREST account name is ICE Clear Europe Limited.

1.2 Delivery Communication and Guardian (or any successor system)

Delivery documentation must be submitted using Guardian (or any successor system). Clearing 

Members must always ensure they allow sufficient time to connect and transmit their delivery details 

within the deadlines prescribed in these Delivery Procedures. Failure to do so will result in late delivery 

and therefore may be subject to disciplinary action by LIFFE or ICE Futures Europe, as applicable, or 

the Clearing House.

1.3 Invoice Value Calculation

The amount due to Sellers and payable by Buyers is calculated in accordance with the relevant Contract 

Terms (all values in GBP):

Invoice value per lot = (1000 x MDSP x Price Factor) + Initial Accrued + (Daily Accrued x Delivery 

Days in Month)

Invoice Calculation Example

MDSP(N) = 107.41

Prime Factor = 1.2554334

Initial Accrued = 1746.58

Daily Accrued = 17.1233

Delivery Days in Month = 10

Single lot value = = (100 x 107.41 x 1.2554334) + 1746.58 + (17.1233x10)

= 136,763.914494

Invoice value per lot = 136,763.91

The Clearing House establishes the invoicing amount by calculating the full value of 1 lot using the 

formula (i.e. up to 7 decimal places on the price factor and 5 on the MDSP) and rounding to the nearest 

whole penny (.5 rounded down). This per lot value is then multiplied by the number of lots to establish 

the total invoice value.

1.4 Deliverable Bonds

A Deliverable Bond is a bond which is listed on the final list of deliverable bonds for a delivery month 

as defined in the relevant Contract Terms. This list is published by LIFFE or ICE Futures Europe, as 

applicable, and is available to download from Guardian (or any successor system).

1.5 Delivery Day Definition

The First and Last Notice Day, and Delivery Days, are defined in the relevant Contract Terms and the 

LIFFE Rules or the ICE Futures Europe Rules, as applicable.
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1.6 Delivery Timetable (except for Last Notice Day)

DAY TIME ACTION

Notice Day

Seller’s Delivery 

Notice 

By 11:00 Sellers submit Seller’s Delivery Notices to the UCP (or any 

successor system) and Guardian (or any successor system).

Deliverable positions are based on Clearing Members’ Open 

Contract Positions at the close of business the previous day. 

The Open Contract Positions may be transferred or settled to 

establish the deliverable position.

On each Business Day during the notice period, a Seller may 

input a ‘Delivery Notification’ and must then, in addition, 

submit the corresponding Seller’s Delivery Notice via 

Guardian (or any successor system). 

The input of a delivery notification without the 

corresponding Seller’s Delivery Notice (or vice versa) will 

not constitute a valid notification. 

Any notices submitted after this deadline will be treated as 

being submitted on the following Business Day (if the next 

Business Day is the Last Notice Day, then the Last Notice 

Day procedures apply).

By 11:30 LIFFE or ICE Futures Europe, as applicable, announces the 

MDSP and this is published on UCP (or any successor 

system) as soon as possible.

Allocation By 12:00 Allocation of lots to Buyers.

A MPFE report indicating the number of lots allocated to 

Buyers is made available on UCP (or any successor system).

By 15:00 Deliverable gilts are allocated to Buyers.

The Delivery Invoice and Delivery Account Sale are made 

available to Sellers and Buyers respectively via Guardian (or 

any successor system).

Buyer’s 

Notification

By 16:30 Buyers must submit a Buyer’s Delivery Notification via 

Guardian (or any successor system).
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DAY TIME ACTION

Notice Day +1

Matching By 05:00 The following are made available via Guardian (or any 

successor system):

(i) Delivery Instructions for Sellers 

(ii) Delivery Instructions for Buyers.

The instructions as described must be utilised by Clearing 

Members in order to match the instructions. Clearing 

Members should endeavour to match at the earliest possible 

time. 

From 09:00 Clearing Member to commence matching.

Details of the Financials & Softs Contracts subject to 

delivery obligations must be submitted and matched in 

CREST.

All entries must be made with the necessary fields 

completed in order to match with the instruction.

By 12:30 Sellers and Buyers respectively update delivery status to 

‘Matched’ in CREST.

Failure to match contravenes the Clearing House Procedures 

and applicable Contract Terms.

The Clearing House informs LIFFE or ICE Futures Europe, 

as applicable, of any outstanding matching problems after 

this time.

Settlement Day

Settlement Day

(Notice day + 2)

By 13:00 Gilts delivered by Sellers against payment

Gilts received by Buyers against payment.

First day after Settlement Day

S + 1 Original and Variation Margin is released.

1.7 Last Trading Day (LTD)

At 11:00

Trading ceases two Business Days prior to the last Business Day in the delivery month.

1.8 Last Notice Day

The Last Notice Day is the Business Day following the Last Trading Day.
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1.9 Delivery Timetable (Last Notice Day)

DAY TIME ACTION

Last Notice Day

Last Notice Day

(the Business 

Day following the 

last trading day)

By 10:00 Sellers holding Open Contract Positions must submit a 

Seller’s Delivery Notice via Guardian (or any successor 

system). 

Clearing Members are not required to give notification via 

UCP (or any successor system). Clearing Members with 

Open Contract Positions in the Set of the expired delivery 

month are obliged to make or take delivery.

By 11:00 A MPFE report indicating the number of lots allocated to 

Buyers is made available on UCP (or any successor system).

By 12:00 Allocation of lots and gilts to Buyers.

Seller’s Delivery Account Sale and Buyer’s Delivery 

Invoice are made available via Guardian (or any successor 

system).

By 14:00 Buyers must submit a Buyer’s Notification via Guardian (or 

any successor system).

By 15:00 Delivery Instructions are made available to Buyers and 

Sellers via Guardian (or any successor system).

Clearing Members should endeavour to match at the earliest 

time possible.

Clearing Member to commence matching.

By 17:30 Sellers and Buyers update delivery statuses to “Matched” in 

CREST.

The Clearing House informs LIFFE or ICE Futures Europe, 

as applicable, of any outstanding matching problems after 

this time.

Settlement Day

Settlement Day

(Last Notice Day 

+ 1)

By 13:00 Gilts delivered against payment.

Gilts received against payment.

Settlement day occurs on the second Business Day after the 

Notice Day. Where the Notice Day is the Last Notice Day,

settlement day will be the next Business Day after the Last 

Notice Day.

The Clearing Member must ensure that their CREST priority 

settings and cap permit their trades to settle before the 
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DAY TIME ACTION

settlement deadline.

Gilts will have passed from the Selling Clearing Member’s 

CREST account to the Clearing House’s CREST account 

and subsequently to the Buying Clearing Member’s CREST 

account on Settlement Day.

S + 1

First day after Settlement Day

Original Margin and Variation Margin are released.
DELIVERY PROCEDURES: FINANCIALS & SOFTS JAPANESE GOVERNMENT BOND (JGB)

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PART V: FINANCIALS & SOFTS JAPANESE GOVERNMENT BOND CONTRACTS

1. JAPANESE GOVERNMENT BOND (JGB)

1.1 Cash Settlement Procedure

The Japanese Government Bond (JGB) is cash settled daily by means of settlement margin. Cash 

settlement is calculated using the Tokyo Stock Financials & Softs (TSE) opening price versus the trade 

price.

As no open interest is carried forward, ordinarily Original Margin is not charged.

1.2 Absence of TSE Opening Price

In the case of a TSE non-working day (or when a TSE opening price is otherwise unavailable) 

positions are original and variation margined using the closing price established on LIFFE’s APT or 

ICE Futures Europe’s automated trading system, as applicable. This will generate an interim variation 

margin as opposed to a cash settlement. Original Margin will be charged on net uncovered positions.

This process will be repeated until the next TSE opening price is available, at which stage all positions 

are cash settled and Original Margins returned.
DELIVERY PROCEDURES: FINANCIALS & SOFTS EDGB CONTRACTS

PART W: EURO-DENOMINATED GOVERNMENT BOND CONTRACTS

1. EURO-DENOMINATED GOVERNMENT BOND CONTRACTS

The following applies to each Euro-denominated government bond ("EDGB") Contract. 

1.1 Delivery Mechanism

EDGB Contracts must be delivered through the Clearing House's account at Euroclear NV/SA or 

Clearstream Banking AG (as applicable) (the "Relevant Settlement System").

1.2 Delivery Communication and Guardian

Delivery documentation must be submitted using Guardian (or any successor system). Clearing 

Members must always ensure they allow sufficient time to connect and transmit their delivery details 

within the deadlines prescribed in these Delivery Procedures. Failure to do so will result in late delivery 

and therefore may be subject to disciplinary action by ICE Futures Europe or the Clearing House. 

1.3 Invoice Value Calculation

The amount due to Sellers and payable by Buyers is calculated in accordance with the relevant Contract 

Terms (all values in EUR):

Invoice value per lot = (1000 x EDSP x Price Factor) + Accrued Interest 

The Clearing House establishes the invoicing amount by calculating the full value of 1 lot using the 

formula (i.e. up to 7 decimal places on the price factor and 5 on the EDSP) and rounding to the nearest 

whole eurocent (€0.005 rounded down). This per lot value is then multiplied by the number of lots to 

establish the total invoice value.

1.4 Deliverable Bonds

A Deliverable Bond is a bond which is listed on the final list of deliverable bonds for a delivery month 

as defined in the relevant Contract Terms. This list is published by ICE Futures Europe and is available 

to download from Guardian (or any successor system). 

1.5 Delivery Day Definition

The Delivery Day and Last Trading Day are defined in the relevant Contract Terms and the ICE 

Futures Europe Rules.

1.6 Last Trading Day 

Clearing Members are obliged to deliver or take delivery in respect of their total gross EDGB Contract 

position remaining open after the close of trading in the EDGB Contract delivery month on the Last 

Trading Day and must ensure that their gross position (open buying and selling EDGB Contracts) 

registered with the Clearing House or submitted to the Clearing House for registration allows such 

delivery.

1.7 Effecting Delivery

The Clearing House may effect delivery under an EDGB Contract by dividing and/or amending the 

notional amount of the underlying bond and/or the EDSP, provided that the amount calculated as the 

aggregate notional amount multiplied by the EDSP for the affected EDGB Contract remains the same.

1.8 Delivery Timetable
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TIME ACTION

Last Trading Day (Delivery Day – 2)

At 11:30 Trading for EDGB Contracts in the current delivery month shall cease. 

As soon as reasonably 

practicable

ICE Futures Europe announces the EDSP and this is published on UCP

(or any successor system). 

By 13:00 Sellers holding Open Contract Positions must submit a Seller's Delivery 

Notice via Guardian (or any successor system). Clearing Members are 

not required to give notification via UCP (or any successor system). 

Clearing Members with Open Contract Positions in the Set of the 

expired delivery month are obliged to make or take delivery.

Deliverable positions are based on Clearing Members' Open Contract 

Positions at the close of business the previous day. The Open Contract 

Positions may be transferred or settled to establish the deliverable 

position.

In respect of EDGB Contracts remaining open at the close of trading on 

the Last Trading Day:

(i) The input of a Seller's Delivery Notice without the corresponding 

delivery notification (or vice versa) will not constitute a valid 

notification. 

(ii) Each Seller's Delivery Notice shall specify in respect of each lot: 

(A) full details of the Deliverable Bond, the delivery amount 

of which is to be transferred in accordance with the 

Contract Terms on the Delivery Day; and

(B) the name of the Seller. 

Only one Deliverable Bond shall be nominated in respect of each lot 

referred to in the Seller's Delivery Notice.

By 15:00 Allocation of lots to Buyers.

A MPFE report indicating the number of lots allocated to Buyers is 

made available on UCP (or any successor system). The Clearing House 

will allocate each lot to a Buyer for the purpose of delivery. The 

allocation of Deliverable EDGB Contracts to Buyers will be made on a 

random basis.

By 18:00 The following are made available via Guardian (or any successor 

system):
DELIVERY PROCEDURES: FINANCIALS & SOFTS EDGB CONTRACTS

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TIME ACTION

(i) Delivery Instructions for Sellers

(ii) Delivery Instructions for Buyers

The instructions as described must be utilised by Clearing Members in 

order to match the instructions. Clearing Members should endeavour to 

match at the earliest possible time.

From 18:00 Clearing Members to commence matching

Details of the Contracts subject to delivery obligations must be 

submitted to and matched in the Relevant Settlement System on the Last 

Trading Day in order for settlement to occur on the Delivery Day

All entries must be made with the necessary fields completed in order to 

match with the instruction

Clearing Members update delivery status to "Matched" in the Relevant 

Settlement System. 

Failure to match contravenes the Clearing House Procedures and 

applicable Contract Terms. 

The Clearing House informs ICE Futures Europe of any outstanding 

matching problems.

TIME ACTION

Delivery Day 

By 8:00 Bonds delivered by Seller against payment of invoice amount. Bonds 

received by Buyer against payment of invoice amount.

The Clearing Member must ensure that their Relevant Settlement System 

priority settings and cap permit their trades to settle before the settlement 

deadline.

Bonds will have passed from the Seller's Relevant Settlement System 

account to the Clearing House's Relevant Settlement System account and 

subsequently to the Buyer's Relevant Settlement System account on 

Delivery Day.

TIME ACTION

Delivery Day + 1

Original and Variation Margin is released.
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PART X: SWISS CONFEDERATION BOND CONTRACTS

1. SWISS CONFEDERATION BOND CONTRACTS

The following applies to each Swiss Confederation Bond ("CONF") Contract. 

1.1 Delivery Mechanism

CONF Contracts must be delivered through the Clearing House's account at SIX SIS AG (the 

"Relevant Settlement System").

1.2 Delivery Communication and Guardian

Delivery documentation must be submitted using Guardian (or any successor system). Clearing 

Members must always ensure they allow sufficient time to connect and transmit their delivery details 

within the deadlines prescribed in these Delivery Procedures. Failure to do so will result in late delivery 

and therefore may be subject to disciplinary action by ICE Futures Europe or the Clearing House. 

1.3 Invoice Value Calculation

The amount due to Sellers and payable by Buyers is calculated in accordance with the relevant Contract 

Terms (all values in CHF):

Invoice value per lot = (1000 x EDSP x Price Factor) + Accrued Interest 

The Clearing House establishes the invoicing amount by calculating the full value of 1 lot using the 

formula (i.e. up to 7 decimal places on the price factor and 5 on the EDSP) and rounding to the nearest 

whole cent (CHF0.005 rounded down). This per lot value is then multiplied by the number of lots to 

establish the total invoice value.

1.4 Deliverable Bonds

A Deliverable Bond is a bond which is listed on the final list of deliverable bonds for a delivery month 

as defined in the relevant Contract Terms. This list is published by ICE Futures Europe and is available 

to download from Guardian (or any successor system). 

1.5 Delivery Day Definition

The Delivery Day and Last Trading Day are defined in the relevant Contract Terms and the ICE 

Futures Europe Rules.

1.6 Last Trading Day 

Clearing Members are obliged to deliver or take delivery in respect of their total gross CONF Contract 

position remaining open after the close of trading in the CONF Contract delivery month on the Last 

Trading Day and must ensure that their gross position (open buying and selling CONF Contracts) 

registered with the Clearing House or submitted to the Clearing House for registration allows such 

delivery.

1.7 Effecting Delivery

The Clearing House may effect delivery under an CONF Contract by dividing and/or amending the 

notional amount of the underlying bond and/or the EDSP, provided that the amount calculated as the 

aggregate notional amount multiplied by the EDSP for the affected CONF Contract remains the same.

1.8 Delivery Timetable
DELIVERY PROCEDURES: FINANCIALS & SOFTS CONF CONTRACTS 

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TIME ACTION

Last Trading Day (Delivery Day – 2)

At 11:30 Trading for CONF Contracts in the current delivery month shall cease. 

As soon as reasonably 

practicable

ICE Futures Europe announces the EDSP and this is published on UCP

(or any successor system). 

By 13:00 Sellers holding Open Contract Positions must submit a Seller's Delivery 

Notice via Guardian (or any successor system). Clearing Members are 

not required to give notification via UCP (or any successor system). 

Clearing Members with Open Contract Positions in the Set of the 

expired delivery month are obliged to make or take delivery.

Deliverable positions are based on Clearing Members' Open Contract 

Positions at the close of business the previous day. The Open Contract 

Positions may be transferred or settled to establish the deliverable 

position.

In respect of CONF Contracts remaining open at the close of trading on 

the Last Trading Day:

(i) The input of a Seller's Delivery Notice without the corresponding 

delivery notification (or vice versa) will not constitute a valid 

notification. 

(ii) Each Seller's Delivery Notice shall specify in respect of each lot: 

(A) full details of the Deliverable Bond, the delivery amount 

of which is to be transferred in accordance with the 

Contract Terms on the Delivery Day; and

(B) the name of the Seller. 

Only one Deliverable Bond shall be nominated in respect of each lot 

referred to in the Seller's Delivery Notice.

By 15:00 Allocation of lots to Buyers.

A MPFE report indicating the number of lots allocated to Buyers is 

made available on UCP (or any successor system). The Clearing House 

will allocate each lot to a Buyer for the purpose of delivery. The 

allocation of Deliverable CONF Contracts to Buyers will be made on a 

random basis.

By 18:00 The following are made available via Guardian (or any successor 

system):
DELIVERY PROCEDURES: FINANCIALS & SOFTS CONF CONTRACTS 

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TIME ACTION

(i) Delivery Instructions for Sellers

(ii) Delivery Instructions for Buyers

The instructions as described must be utilised by Clearing Members in 

order to match the instructions. Clearing Members should endeavour to 

match at the earliest possible time.

From 18:00 Clearing Members to commence matching

Details of the Contracts subject to delivery obligations must be 

submitted to and matched in the Relevant Settlement System on the Last 

Trading Day in order for settlement to occur on the Delivery Day.

All entries must be made with the necessary fields completed in order to 

match with the instruction

Clearing Members update delivery status to "Matched" in the Relevant 

Settlement System. 

Failure to match contravenes the Clearing House Procedures and 

applicable Contract Terms. 

The Clearing House informs ICE Futures Europe of any outstanding 

matching problems.

TIME ACTION

Delivery Day 

By 8:00 Bonds delivered by Seller against payment of invoice amount. Bonds 

received by Buyer against payment of invoice amount.

The Clearing Member must ensure that their Relevant Settlement System 

priority settings and cap permit their trades to settle before the settlement 

deadline.

Bonds will have passed from the Seller's Relevant Settlement System 

account to the Clearing House's Relevant Settlement System account and 

subsequently to the Buyer's Relevant Settlement System account on 

Delivery Day.

TIME ACTION

Delivery Day + 1

Original and Variation Margin is released.
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PART Y: DEBT EVENTS

The provisions of this Part Y shall apply to all government bond Contracts.

1. DEBT EVENTS

1.1 The Clearing House shall not be responsible for any act with regard to any debt event relating to 

any underlying or Deliverable of any bond other than set out below.

For the purposes of these Delivery Procedures, the term 'debt event' is used to refer to: (i) cash claims 

in relation to an underlying Contract (for example a coupon payment, redemption or a cash obligation 

arising from a fractional entitlement (a "Cash Claim")); (ii) the issuance of Deliverables and/or 

Investments to a bondholder (e.g. by way of payment in kind) (a "Distribution"); or (iii) a 

transformation of the underlying (for example pursuant to a currency redenomination or debtrestructuring of the issuer) (a "Transformation").

Where a Transformation occurs, notwithstanding whether the relevant record or reference date and time 

occurs prior to or after the expiry of a Contract, the Clearing House may, in relation to affected 

Contracts, amend the notional amount or currency of the underlying bond and/or the EDSP in respect 

of a Set subject to delivery obligations. Without prejudice to the preceding sentence, amendments to 

the notional amount deliverable (or the currency of such notional amount) under an Contract or the 

underlying bonds to be delivered in relation thereto arising as a result of a debt event where the relevant 

record or reference date or time is on or after the expiry of such contract shall generally be determined 

by the Clearing House in accordance with these Delivery Procedures.

While the Clearing House will use reasonable efforts to carry out the steps set out below, it shall have 

no liability for any loss or damage arising out of or connected with any action or inaction on its part or 

on its behalf in connection with any debt event.

The Clearing House shall not be obliged to provide or forward any information, or deliver any notice, 

document or instruction received by it, or of which it is aware, relating to or in connection with any 

debt event, to any Clearing Member.

In the event that a Clearing Member fails to take delivery of a Deliverable by the final date for delivery 

of such Deliverable, due to insufficient funds, failure to match, by not allowing transactions to settle 

because of priority settings or for any other reason, the Clearing House may charge to that Clearing 

Member any costs incurred by the Clearing House or of which it is aware as a result thereof. Such 

charges will be debited to the Clearing Member's relevant Account.

Although Clearing Members are not permitted to delete claims in the relevant settlement system, the 

Clearing House may, in its discretion at any time, agree with a Clearing Member to give effect to a debt 

event claim processed outside the relevant settlement system. In such circumstances, and always 

subject to the Clearing House's prior approval, the Clearing Member concerned may, in accordance 

with the Clearing House's instructions, thereafter delete the claim within the relevant settlement system 

and the Clearing House will seek to facilitate settlement through the Clearing House's systems. 

Without limiting the Clearing House's discretion in this regard, Clearing Members are advised that 

generally this is only likely to occur when there are, in the Clearing House's opinion, circumstances 

that would be likely to prevent settlement in the relevant settlement system.

1.2 Elective Debt Events

Neither the Clearing House nor any Seller is under any obligation to accept any instructions from a 

Buyer in relation to any debt event requiring an election to be made, where such election would occur 

after the expiry date but prior to the date of settlement, unless the Buyer notifies the Clearing House of 

a request to make an election prior to 11 a.m. on the day before the relevant deadline set by the relevant 

issuer of the Deliverable for such election (or such other deadline as the Clearing House may specify). 
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If the Clearing House receives a valid and timely request from a Buyer to make an election, it shall 

promptly notify the Seller of the request and the Seller and Buyer shall, upon receipt of the request by 

the Seller, simultaneously become bound by the effects of the request.

Where no instructions are received by the Clearing House by 11 a.m. on the day before the relevant 

deadline, the Seller shall select the elective debt event to default to the 'default option' for elections, as 

directed by the relevant settlement system. The Seller and Buyer shall simultaneously become bound 

by the default option election.

Where a Seller does not act in accordance with an election relating to a Deliverable and/or an 

Investment made pursuant to the Contract Terms (including pursuant to any instructions made by the 

Clearing House in accordance with this paragraph 1.2), that Seller will be responsible for reimbursing 

the Clearing House for any costs, expenses and other losses suffered by the Clearing House or Buyer in 

connection with or as a result of that failure or omission. 

Where a Buyer provides the Clearing House with a request for instructions in relation to an election 

after 11 a.m. on the day before the relevant deadline set by the relevant Issuer for such election, such 

claim shall be treated as invalid by the Clearing House and neither the Clearing House nor the Seller 

shall be under any obligation whatsoever to effect settlement on the basis of such election.

1.3 Cash Claims

Subject to paragraphs 1.1 and 1.2, where a debt event giving rise to a Cash Claim occurs where the 

relevant record or reference date is after the expiry date of the relevant Contract, the Buyer shall be 

entitled, in addition to delivery of the Deliverable (if applicable), to such Cash Claim, and the Clearing 

House and (if applicable) the Seller shall be obliged to effect settlement of such Contract taking into 

account such Cash Claim. 

Subject to paragraphs 1.1 and 1.2, in the event of a failure of settlement, a Buyer's rights in respect of 

reimbursement or settlement shall be calculated to include the Cash Claim (or may, consist entirely of 

the Cash Claim, as the case may be).

All such Cash Claims amounts should be settled on their intended settlement date in accordance with 

the relevant settlement system rules and procedures. If the Seller receives the proceeds of a Cash 

Claim, the relevant amount shall be transferred by it to the Clearing House in accordance with the 

Finance Procedures. If the Clearing House receives the proceeds of a Cash Claim or an amount in 

respect thereof from a Seller, the relevant amount shall be transferred by it to the Buyer in accordance 

with the Finance Procedures. 

Where Cash Claims are not settled in accordance with the procedures of the relevant settlement system, 

the Clearing House compensates Cash Claims on a net of tax basis, in accordance with Part 3 of the 

Rules and the Finance Procedures. The cash compensation is not itself a dividend payment and the 

Clearing House does not provide tax vouchers or certificates in respect of dividends. The Clearing 

House does not reclaim Tax on a Clearing Member's behalf. If a Clearing Member is entitled to 

receive Tax benefit, then it will need itself to deal directly with the relevant Tax authority.

If the Clearing House incurs any liability to pay any Tax (including but not limited to any stamp duty, 

income tax, withholding tax and corporation tax) in respect of the cash compensation then it will 

require reimbursement in respect of such Tax liability and any costs and other expenses incurred in 

relation thereto, from the Clearing Member who is or was party to the Contract concerned in 

accordance with Part 3 of the Rules. The Clearing House will debit such amounts from the relevant 

account of that Clearing Member.

1.4 Distributions
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Subject to paragraphs 1.1 and 1.2, where a debt event giving rise to a Distribution occurs where the 

relevant record or reference date is after the expiry date of the relevant Contract, the Buyer shall be 

entitled, in addition to delivery of the Deliverable, to such Distribution and the Clearing House and (if 

applicable) the Seller shall be obliged to effect settlement of such Contract taking into account such 

Distribution (including, for the avoidance of doubt, any rights or warrants under a rights issue or any 

other rights in relation to the underlying bond except for Cash Claims or Transformations). 

Subject to paragraphs 1.1 and 1.2, in the event of a failure of settlement, a Buyer's rights in respect of 

reimbursement or settlement shall be calculated to include such Distribution.

All such claims in respect of Distributions should be settled on their intended settlement date in 

accordance with the relevant settlement system rules and procedures. If the Seller receives the 

Distribution, it shall transfer such Distribution to the Clearing House as soon as reasonably practicable 

following receipt, through the same settlement system as that in which the relevant Deliverable and/or 

Investment is settled. If the Clearing House receives the Distribution from a Seller, it shall transfer 

such Distribution to the Buyer as soon as reasonably practicable following receipt, through the same 

settlement system as that in which the relevant Deliverable and/or Investment is settled.

Where Distributions are not settled in accordance with the procedures of the relevant settlement 

system, the Clearing House compensates Distributions on a net of tax basis, in accordance with Part 3 

of the Rules. The cash compensation is not itself a dividend payment and the Clearing House does not 

provide tax vouchers or certificates in respect of dividends. The Clearing House does not reclaim Tax 

on a Clearing Member's behalf. If a Clearing Member is entitled to receive Tax benefit, then it will 

need itself to deal directly with the relevant Tax authority.

If the Clearing House incurs any liability to pay any Tax (including but not limited to any stamp duty, 

income tax, withholding tax and corporation tax) in respect of the cash compensation then it will 

require reimbursement in respect of such Tax liability and any costs and other expenses incurred in 

relation thereto, from the Clearing Member who is or was party to Contract concerned in accordance 

with Part 3 of the Rules . The Clearing House will debit such amounts from the relevant account of 

that Clearing Member.

1.5 Transformations

Subject to paragraphs 1.1 and 1.2, where a debt event giving rise to a Transformation occurs where the 

relevant record or reference date is after the expiry date of the relevant Contract, the Buyer shall be 

entitled, in addition to the delivery of the relevant Deliverable (if applicable), to such Deliverable 

and/or Investment to which it would be entitled to pursuant to a Transformation if it were the owner of 

record of the relevant Deliverable at the relevant record or reference date, and the Clearing House and 

(if applicable) the Seller (subject to below) shall be obliged to effect settlement of such Contract upon 

the basis of such Transformation. 

A Seller may only deliver the original underlying bond provided the delivery occurs prior to the Last 

Time for Delivery. The Last Time for Delivery is the close of delivery versus payment bond settlement 

in the relevant settlement system, one relevant settlement system business day prior to the call payment 

or registration date. Thereafter, such a Seller must deliver the new underlying bond. In the event that 

the original underlying bond continues to exist, a Seller delivers the original underlying bond and the 

Buyer declines to accept delivery of such original underlying bond, then the Clearing House will return 

the original underlying bond to the Seller and the Seller shall be obliged to deliver to the Clearing 

House the new underlying bond in accordance with such directions as may be given by the Clearing 

House.

Subject to paragraphs 1.1 and 1.2, in the event of a failure of settlement, a Buyer's rights in respect of 

reimbursement or settlement shall be calculated upon the basis of such Transformation.
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All such claims in respect of Transformations should be settled on their intended settlement date in 

accordance with the relevant settlement system rules and procedures. If the Seller receives Deliverables 

and/or Investments pursuant to a Transformation, the relevant Deliverables and/or Investments shall be 

transferred by it to the Clearing House as soon as reasonably practicable following receipt, through the 

same settlement system as that in which the relevant Deliverable and/or Investment is settled. If the 

Clearing House receives Deliverables and/or Investments pursuant to a Transformation from a Seller, 

the relevant Deliverables and/or Investments shall be transferred by it to the Buyer as soon as 

reasonably practicable following receipt, through the same settlement system as that in which the 

relevant Deliverable and/or Investment is settled. 

Where the relevant settlement system does not perform a Transformation, the Clearing House will 

manually enter the particulars of the physically delivered Contract, which will include particulars of the 

new underlying bond. Clearing Members must immediately input matching instructions in order to 

match with those new particulars.

Where Transformations are not settled in accordance with the procedures of the relevant settlement 

system, the Clearing House compensates Transformations on a net of tax basis, in accordance with Part 

3 of the Rules. The cash compensation is not itself a dividend payment and the Clearing House does 

not provide tax vouchers or certificates in respect of dividends. The Clearing House does not reclaim 

Tax on a Clearing Member's behalf. If a Clearing Member is entitled to receive Tax benefit, then it 

will need itself to deal directly with the relevant Tax authority.

If the Clearing House incurs any liability to pay any Tax (including but not limited to any stamp duty, 

income tax, withholding tax and corporation tax) in respect of the cash compensation then it will 

require reimbursement in respect of such Tax liability and any costs and other expenses incurred in 

relation thereto, from the Clearing Member who is or was party to Contract concerned in accordance 

with Part 3 of the Rules. The Clearing House will debit such amounts from the relevant account of that 

Clearing Member.
DELIVERY PROCEDURES: FINANCIALS & SOFTS EQUITY FUTURES/OPTIONS 

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PART Z: FINANCIALS & SOFTS EQUITY FUTURES/OPTIONS

1. PHYSICALLY DELIVERED EQUITY FUTURES/OPTIONS, AND STOCK CONTINGENT 

TRADES DELIVERY PROCEDURES

1.1 Introduction

For the purposes of these Delivery Procedures any reference to Equity Futures/Options Contracts 

means the following Financials & Softs physically delivered Contracts:

(i) Universal Stock Futures;

(ii) Individual Equity Options; and

(iii) Contracts arising from Bclear.

1.2 Delivery System

Physical deliveries resulting from Financials & Softs Equity Futures/Options Contracts and stock 

contingent trades are made through CREST for UK and Irish securities, the Euroclear Group Single 

Platform (“EGSP”) for French, German, Netherlands and Switzerland securities and Euroclear for all 

other securities.

All deliveries resulting from Financials & Softs Equity Futures/Options Contracts must be made gross 

because netting is not available. 

1.3 Clearing House Settlement Details

Settlement details for the Clearing House will be as notified to Clearing Members.

1.4 Deliverable Equities

A “deliverable equity” means the equity underlying an Equity Future or Option Contract, published 

(from time to time) by means of a Financials & Softs General Notice or by other means determined by 

LIFFE or ICE Futures Europe, as applicable.

If an “equity underlying” is subject to a corporate event, the deliverable security may become a 

combination of shares and entitlements. Should such a corporate event occur, Clearing Members will 

be advised of the settlement details by the issue of a ‘Corporate Action Notice’ or by other means 

determined by LIFFE or ICE Futures Europe, as applicable. See Section 4 on corporate events.

2. PHYSICALLY DELIVERED EQUITY DELIVERY TIMETABLES

2.1 Physically Delivered Equity Futures and Options Contracts: Summary Timetable

DAY TIME ACTION

Day following the Day of Early Exercise or Expiry

Exercise day + 1 By 07:00 Summary Clearing Member Delivery Details Report (MDD) 

available on UCP (or any successor system). 

Clearing Members must establish their delivery obligations 

by reference to the Clearing Member Delivery Details 

Report (MDD) and the MPFE report.
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DAY TIME ACTION

By 11:30 All settlement instructions submitted to the relevant 

settlement system.

CREST

Details of the Contracts subject to delivery obligations 

resulting from early exercise or expiry of UK and Irish 

contracts must be submitted and matched in CREST.

All entries must be made with the following fields 

completed (where applicable standard entries are indicated 

and encapsulated in brackets):

(a) Intended Settlement Date;

(b) Transaction Type;

(c) Participant ID;

(d) Consideration;

(e) Payment Type (Central);

(f) Cash Movement Type (set to ‘A’ to reflect a 

standard movement between principals);

(g) Debit Party Cash ID;

(h) Credit Party Cash ID;

(i) Stock ISIN;

(j) Quantity;

(k) Debit Party Stock ID;

(l) Credit Party Stock ID;

(m) Trade System of Origin (LIFFE or ICE Futures 

Europe, as applicable);

(n) Trade Price;

(o) Trade Date;

(p) RO Condition (result of option) (for Equity Options 

only);

(q) Agent/Principal Indicator (‘S’ for a principal sale 

and ‘P’ for a principal purchase); and

(r) Special Condition (Special cum condition should 

only be entered in the event of a corporate action).

Clearing Members should note that CREST requires perfect 

matching and does not provide for tolerance. Clearing 

Members should also note that a Nationality Declaration is 

required for certain securities, see CREST manual.

Euroclear

Details of the Contracts subject to delivery obligations

resulting from Physically Delivered Equity Futures or 

Options Contracts in all stocks with the exception of UK, 

Irish, French, German, Dutch and Swiss equities must be 
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DAY TIME ACTION

submitted and matched.

France

Details of the delivery contracts resulting from Physically 

Delivered Equity Futures or Options Contracts French stocks 

must be submitted and matched.

Germany

Details of the delivery contracts resulting from Physically 

Delivered Equity Futures or Options Contracts German 

stocks must be submitted and matched.

Netherlands

Details of the delivery contracts resulting from Physically 

Delivered Equity Futures or Options Contracts Dutch stocks 

must be submitted and matched.

Switzerland

Details of the delivery contracts resulting from Physically 

Delivered Equity Futures or Options Contracts Swiss stocks 

must be submitted and matched.

By 17.00 Euroclear

Clearing Members must have successfully matched all trades 

with the Clearing House in the relevant settlement system by 

the times set out in these Delivery Procedures. All matched 

trades are then available for settlement in the relevant 

settlement system.

It is the responsibility of the Clearing Member to contact the 

Clearing House and agree any amendments required to 

achieve matched status.

All amendments required to achieve matching must have 

been submitted prior to the end of the day.

Intended Settlement day

By the close of 

delivery versus 

payment (DVP) 

equity settlement 

in the relevant 

settlement 

system.

Movement of shares complete.

Clearing Members who have failed to deliver must contact 

the Clearing House to give reasons for the failure.

The Clearing House releases Original and non-realised 

Variation Margin for settled instructions.
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2.2 Stock Contingent Trading Delivery: Summary Timetable

DAY TIME ACTION

Business Day following the Day of Trade

Trade day + 1 By 05:00 All trades submitted to relevant settlement system.

By 07:00 Clearing Member Stock Contingent Trade Report (SCTM) 

and Reconciliation Report (SCTR) available on UCP (or any 

successor system).

Clearing Members must establish their delivery obligations 

by reference to the Clearing Member Stock Contingent 

Trade Report (SCTM) and Stock Contingent Trade 

Reconciliation Report (SCTR).

By 11:30 Details of the Financials & Softs Contracts subject to 

delivery obligations resulting from stock contingent trades in 

all UK and Irish equities must be submitted and matched in 

CREST.

The reporting of stock contingent trades to the Clearing 

House will automatically generate the Clearing House’s 

entries into CREST. The Clearing Member will enter their 

trade details into CREST against the Clearing House’s 

participant ID.

All entries must be made with the following fields 

completed:

Where applicable standard entries are indicated and 

encapsulated in brackets.

(a) Intended Settlement Date

(b) Transaction Type

(c) Participant Id

(d) Consideration

(e) Payment Type (Central)

(f) Cash Movement Type (set to ‘A’ to reflect a 

standard movement between principals)

(g) Debit Party Cash ID

(h) Credit Party Cash ID

(i) Stock ISIN

(j) Quantity

(k) Debit Party Stock ID

(l) Credit Party Stock ID

(m) Trade System of Origin (LIFFE or ICE Futures 

Europe, as applicable)
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DAY TIME ACTION

(n) Trade Price

(o) Trade Date

(p) Agent/Principal Indicator (‘S’ for a principal sale 

and ‘P’ for a principal purchase)

By 16:00 Euroclear

Details of the delivery contract resulting from stock 

contingent trades in all stocks with the exception UK and 

Irish equities, French, German, Dutch & Swiss must be 

submitted and matched in Euroclear.

France

Details of the delivery contract resulting from stock 

contingent trades in all French stocks must be submitted and 

matched in ESES.

Germany

Details of the delivery contract resulting from stock 

contingent trades in all German stocks must be submitted 

and matched in Clearstream Frankfurt.

Netherlands

Details of the delivery contract resulting from stock 

contingent trades in all Dutch stocks must be submitted and 

matched in ESES.

Switzerland

Details of the delivery contract resulting from stock 

contingent trades in all Swiss stocks must be submitted and 

matched in SIX SIS.

Clearing Members that require the allocation of the Stock 

Contingent Bargain to be changed must submit an Allocation 

Change Request form. The form must be completed in full 

by the members of LIFFE who executed the trade on LIFFE

or by the members of ICE Futures Europe who executed the 

trade on ICE Futures Europe, as applicable (each, an 

“Originating Member”) and the relevant receiving members 

and communicated to the Clearing House by no later than 

the 16:00 deadline. 

By 17:00 Clearing Members must have successfully matched all trades 

with the Clearing House in the relevant settlement system by 

the times set out in these Delivery Procedures. All matched 

trades are then available for settlement in the relevant 

settlement system.

It is the responsibility of the Clearing Member to contact the 

Clearing House and agree any amendments required to 

achieve matched status.

All amendments required to achieve matching must have 
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DAY TIME ACTION

been submitted prior to the end of the day.

Intended 

Settlement day

By the close of Equity Settlement in the Relevant Settlement System

By 09:30 Movement of shares complete.

Securities will have passed from the Selling Clearing 

Member’s account in the relevant settlement system to the 

Clearing House’s account in the relevant settlement system 

and then into a Buying Clearing Member’s account in the 

relevant settlement system on the Intended Settlement Day.

Clearing Members must ensure that their priority settings 

and credit facilities permit trades to settle before the close of 

delivery versus payment (DVP) equity settlement on the

Intended Settlement Day. For the purposes of Euroclear and 

local CSD, the close of DVP equity settlement is the close of 

“daylight” DVP equity settlement.

Following the close of DVP Equity Settlement in the 

relevant settlement system Clearing Members must notify 

the Clearing House of any failed deliveries and confirm what 

measures have been taken to facilitate delivery. Clearing 

Members are reminded they are responsible for the timely 

settlement of Financials & Softs Contracts subject to 

delivery obligations.

The Clearing House releases Original and non-realised 

Variation Margin for settled instructions.

2.3 Partialling

(a) Automatic partialling

It is a Selling Clearing Member’s obligation to ensure full delivery of all securities. When the Clearing 

House as Buyer does not receive delivery of all the securities to satisfy its position, then the Clearing 

House may not have sufficient securities to completely fulfil its own delivery obligations. This can 

result in the Clearing House holding an amount of securities that it cannot pass on.

If the Clearing House’s holding is insufficient to fulfil a larger delivery obligation then, in order to 

reduce the risk associated with corporate actions and costs, the Clearing House may split the fulfilment 

of that obligation into multiple deliveries. Euroclear, CREST and Local CSD offer an auto-splitting 

service and the Clearing House may use these services where they are available and suitable to its 

needs.

(b) Euroclear and local CSD manual partialling

Notwithstanding the above automatic process, the Clearing House may in its absolute discretion decide 

to accept a partial delivery or a request to do so, provided that the following criteria are fulfilled: 

(i) the partial delivery to the Clearing House enables the Clearing House to fulfil any 

one or more onward delivery obligations in full and does not result in the Clearing 
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House being in such a position that it cannot deliver the full amount for any onward 

delivery obligation; and

(ii) the Clearing House receives the request via e mail followed by a telephone call from 

the Selling Clearing Member concerned by 15:00 (London time) on the intended 

settlement date.

If in the event that the Clearing House decides to accept such request from a Seller, manual partialling 

may require the Clearing Member to rematch, and the Clearing House will advise its Clearing Members 

and agree the relevant details. Both affected Clearing Members will then be required to match the 

Clearing House’s cancellation and rematch the subsequent new instructions as per the Clearing House’s 

advice. Where partialling is possible at either Euroclear or CREST, Clearing Members must match by 

the relevant Market deadlines to ensure settlement. Any costs incurred due to failure to instruct prior to 

the deadline after agreeing previously to do so, will be passed onto the relevant Clearing Member.

(A) where it can be initiated unilaterally in a CSD; or

(B) where bilateral instructions are required, by prior agreement with the 

Clearing House.

In the event that the Clearing House decides in its absolute discretion not to accept any partial delivery 

or request to do so, it shall be under no obligation to provide any reason for such decision.

If the Clearing House decides to accept a request for a partial delivery then it shall use its reasonable 

endeavours to advise the Selling Clearing Member and agree the cancellations and rematch that are 

required in order to do so by 15.30 (London Time) on the day to make such partial delivery.

It is the responsibility of the Buying Clearing Member to ensure that any onward partial delivery is 

accepted. Such request to make a partial onward delivery will normally be made by the Clearing 

House by 15:30 (London time). In the event that the Clearing House makes any such request, the 

Buying Clearing Member shall to match the Clearing House’s cancellation and rematch the subsequent 

new instructions as per the Clearing House’s advice.

In the event that a Buying Clearing Member fails or omits to comply with these provisions or 

settlement instructions are not cancelled and rematched as per the Clearing House’s advice, the 

Clearing House may charge that Buying Clearing Member and the Buying Clearing Member shall pay 

any costs incurred by the Clearing House as a result of such failure or omission. Such costs will be

debited from the Clearing Member’s relevant account.

2.4 Daylight Indicator

Clearing Members must ensure that their transactions are marked with a Daylight Indicator in 

Euroclear so that settlement can occur during Daylight Settlement. In the event that a Clearing 

Member fails to settle during Daylight Settlement the Clearing House may charge for any losses and 

expenses incurred as a result of non settlement. Such losses and expenses will be debited via the 

Clearing Member’s relevant account.

2.5 Tolerance Matching

Although Euroclear applies tolerance matching to internal instructions, Clearing Members must ensure 

that the Clearing House’s settlement amount is perfectly matched in accordance with the relevant

Contract Terms. In the event that a Seller fails perfectly to match the Clearing House’s settlement 

amount, any tolerance applied will be debited from the Selling Clearing Member. Such funds should 

be paid to the Clearing House as a “cash only” delivery through Euroclear in accordance with Clearing 

House instructions. In the event that a Clearing Member fails or omits to match the Clearing House’s 

instruction, the Clearing House will debit the relevant funds through the relevant account of the 

Clearing Member.
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3. FAILED SETTLEMENTS AND NON-DELIVERY OF STOCK

Under the relevant Contract Terms, failure to comply with the Clearing House’s instructions will 

constitute a delivery default by the Clearing Member. If the Seller has not made delivery to the 

Clearing House by close of equity settlement on the intended settlement day the Clearing House shall 

take whatever action is appropriate in keeping with its obligation to deliver the securities to the Buyer 

in accordance with the relevant Contract Terms.

3.1 Buying In Summary Timetable

TIME ACTION

Intended Settlement Day + 1 or as soon as reasonable practical

Failure to make 

delivery/payment

Post the close of 

DVP Equity 

Settlement in the 

relevant 

settlement 

system.

As soon as reasonably practical, the Clearing House will 

contact Clearing Members who have failed to deliver to 

ascertain the reason for non-delivery. 

The Clearing House will request for Clearing Members to 

make the share transfer immediately within the settlement 

timetable as dictated by the relevant settlement system. 

If this is not achieved, the Clearing House will take steps to 

acquire shares to fulfil its obligation to make delivery to the 

Buying Clearing Member by instigating Buying In.

Settlement Day plus 2

Satisfaction of 

delivery 

obligations

By the close of 

DVP Equity 

Settlement in the 

relevant 

settlement 

system

Clearing members inform the Clearing House that a delivery 

obligation has been met. Failure to do so may result in the 

purchase of unwanted shares. 

The Clearing House will inform Clearing Members of any 

Buying In instructions issued.

Settlement Day plus 3

“Buying In” Post the close of 

DVP Equity 

Settlement in the 

relevant 

settlement 

system

In its absolute discretion, the Clearing House may require 

the Clearing Members to delete the original bargain and 

match the deletion with the Clearing House. 

In the event that the Clearing House ‘buys in’, the Clearing 

House will deal for T+3 settlement. Clearing Members will 

be advised of the Buying In details. Associated costs will be 

for the account of the defaulting Clearing Member and will 

be debited via the relevant Clearing Member’s account. 

For the purposes of Euroclear and where settlement in local 

CSD markets, the close of Equity Settlement will be the 

close of Daylight settlement on the Settlement Day.
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TIME ACTION

Settlement Day plus 6

Settlement By the close of 

DVP Equity 

Settlement in the 

relevant 

settlement 

system

Settlement effected.

3.2 Margining of Failed Settlements

All physically delivered Equity Futures/Options Contracts going in to delivery are placed within UCP 

(or any successor system) in a pending delivery position at the option strike or delivery price. They are 

held there until Settlement Day. During this period, they are subject to Original and contingent Margin.

In the event of a failed delivery on the settlement day the contracts will continue to be liable for Margin 

until the delivery obligations has been satisfied. Margin is calculated independently on UCP (or any 

successor system).

4. CORPORATE EVENTS

4.1 The Clearing House shall not be responsible for any act with regard to any corporate event 

relating to any underlying or Deliverable of any Financials & Softs Equity Futures or Options 

Contract, or Stock Contingent Trades other than set out below.

For the purposes of these Delivery Procedures, the term “Corporate Event’ is used to refer to a 

corporate event of any description relating to an underlying Financials & Softs Equity Future/Option 

Contract or, Stock Contingent Contract (for example a rights issue, dividend payment, vote or other 

corporate entitlement).

While the Clearing House will use reasonable efforts to carry out the steps set out below, it shall have 

no liability for any loss or damage arising out of or connected with any action or inaction on its part or 

on its behalf in connection with any corporate event.

The Clearing House shall not be obliged to provide or forward any information, or deliver any notice, 

document or instruction received by the Clearing House or of which it is aware to any Clearing 

Member relating to or in connection with any Corporate Event.

In the event that a Clearing Member fails to take delivery of Securities by the final date for delivery of 

such Securities, due to insufficient funds, failure to match, by not allowing transactions to settle 

because of priority settings or for any other reason, the Clearing House may charge to that Clearing 

Member any costs incurred by the Clearing House or of which it is aware as a result thereof. Such 

charges will be debited to the Clearing Member’s relevant account.

4.2 Distributions

(a) Claims

Any claim or distribution in respect of the underlying of a Financials & Softs Equity Future/Option 

Contract or Stock Contingent Contract should be carried out and settled in accordance with the relevant 

settlement system rules and procedures. All claims should be settled on their intended settlement date 
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(ISD) and Clearing Members should ensure that priority settings allow the settlement of a distribution 

in the relevant settlement system.

Where claims or distributions are not settled in accordance with the procedures of the relevant 

settlement system, the Clearing House compensates cash claims on a net of tax basis, in accordance 

with Part 3 of the Rules.

The cash compensation is not itself a dividend payment and the Clearing House does not provide tax 

vouchers.

The Clearing House does not reclaim Tax on a Clearing Member’s behalf. If a Clearing Member is 

entitled to receive Tax benefit, then it will need itself to deal directly with the relevant Tax authority.

If the Clearing House incurs any liability to pay any Tax (including but not limited to any stamp duty, 

income tax, withholding tax and corporation tax) in respect of the cash compensation then it will 

require reimbursement in respect of such Tax liability and any costs and other expenses incurred in 

relation thereto, from the Clearing Member who is or was party to Contract concerned. The Clearing 

House will debit such amounts from the relevant account of that Clearing Member.

(b) Scrip Dividends

Where an issuing company announces a Scrip Dividend on an underlying Financials & Softs Equity 

Future/Option or Stock Contingent contract, Buying Clearing Members will only be permitted to 

receive the default option as directed by the relevant settlement system.

(c) Settlement of Claims outside of the relevant settlement system

Although Clearing Members are not permitted to delete claims in the relevant settlement system, the 

Clearing House may, in its discretion at any time, agree with a Clearing Member to co operate with that 

Clearing Member in order to make a Corporate Event “claim” a claim otherwise than through the 

relevant settlement system. In such circumstances, and always subject to the Clearing House’s prior 

approval, the Clearing Member concerned may, in accordance with the Clearing House’s instructions, 

thereafter delete the claim within the relevant settlement system and the Clearing House will provide 

reasonable co-operation with that Clearing Member to facilitate settlement. Without limiting the 

Clearing House’s discretion in this regard, Clearing Members are advised that generally this is only 

likely to occur when there are, in the Clearing House’s opinion, circumstances that would be likely to 

prevent settlement in the relevant settlement system.

(d) Fractional Entitlements

When an Issuer determines that an amount known as a “fractional entitlement” is payable to a 

shareholder entitled to the same, the Clearing House will accept a claim from a Buying Clearing 

Member which must input a cash only transaction in the relevant settlement system against the 

Clearing House for the total amount due. If the Clearing House agrees the claim it will itself input a 

cash only transaction against the Selling Clearing Member, which must match the Clearing House’s 

cash only transaction within twenty four hours of the input of such transaction by the Clearing House. 

Following settlement of the Selling Clearing Member’s cash only transaction, the Clearing House will 

match the cash only transaction of the Buying Clearing Member and that transaction will settle. If the 

Selling Clearing Member fails to match the Clearing House’s cash only transaction within the time 

period set out above, then the Clearing House will debit the total amount of the claim via the Selling 

Clearing Member’s account. Where a Buying Clearing Member issues a claim for a ‘fractional 

entitlement’ more than one month after the Issuer determines that such entitlements are payable, such 

claim will be treated as invalid by the Clearing House, and the Clearing House will be under no 

obligation whatsoever to make any payment to the Buying Clearing Member with regard to the 

fractional entitlement associated therewith.
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(e) Lapsed Rights Proceeds

Where a Buying Clearing Member issues a rights claim more than one month after the appropriate 

deadline nominated by the Issuer for acceptance of an offer in respect thereof, such claim shall be 

treated as invalid by the Clearing House, and the Clearing House shall be under no obligation 

whatsoever to make any payment to the Buying Clearing Member with regard to the lapsed rights 

premium associated therewith.

4.3 Elective Corporate Events

The Clearing House will not accept any instructions from Buying Clearing Members in relation to any 

corporate event. The Clearing House will allow the Corporate Event to default to the ‘default option’

as directed by the relevant settlement system.

Where a Selling Clearing Member does not make an election (where applicable) in accordance with the 

default option as directed by the relevant settlement system, that Clearing Member will be responsible 

for reimbursing the Clearing House for any costs, expenses and other losses suffered by the Clearing 

House in connection with that failure or omission.

4.4 Transformations

(a) Transformation Skip

Clearing Members are not permitted to skip a transformation with regard to any Financials & Softs

physically delivered Equity Future/Option Contract or Stock Contingent Contract. In the event that a 

Clearing Member does skip a transformation, that Clearing Member will be responsible for 

reimbursing the Clearing House for any costs, expenses and other losses suffered by the Clearing 

House as a result of skipping such transformation. Such costs will be debited from the Clearing 

Member’s account.

(b) Last Time for Delivery

Where a Corporate Event occurs, Selling Clearing Members may only deliver the original securities 

providing the delivery occurs prior to the Last Time for Delivery. (The Last Time for Delivery is the 

close of delivery versus payment equity settlement in the relevant settlement system, one relevant 

settlement system business day prior to the call payment or registration date.)

Thereafter, such a Selling Clearing Member must deliver the new securities. In the event that a Selling 

Clearing Member does deliver the original securities, and the Buying Clearing Member declines to 

accept delivery of such original securities, then the Clearing House will return the original securities to 

the Selling Clearing Member and the Selling Clearing Member is obliged to deliver to the Clearing 

House the new securities in accordance with such directions as may be given by the Clearing House.

(c) Non Transformation

Where the relevant settlement system does not perform a transformation, the Clearing House will 

manually enter the particulars of the physically delivered Equity Future/Option Contract or Stock 

Contingent Contract, which will include particulars of the new securities. Clearing Members must 

immediately input matching instructions in order to match with those new particulars.

5. DELIVERY DOCUMENTATION SUMMARY

5.1 Summary Clearing Member Delivery Details Report (MDD)

This report if made available to members upon early exercise or expiry of a physically delivered Equity 

Future or Option Contract and informs Clearing Members of the following:
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(a) the Contract mnemonic of the shares to be delivered or received;

(b) the settlement day on which delivery will occur; and

(c) the quantity of shares to be delivered or received and the delivery price.

It will be available on UCP (or any successor system) to all Clearing Members by 07:00 every Business 

Day.

Clearing Members are advised to print this report on a daily basis and retain it as a record of 

their Contracts which are subject to delivery obligations.

This report is specific to each day of exercise/delivery, it is not cumulative. Clearing Members should 

refer to UCP Delivery Pending Report (DPR) which gives details of all contracts pending delivery and 

the MPFE report.

5.2 Clearing Member Stock Contingent Position Report (SCTM)

This report if made available to Clearing Members who execute stock contingent trades and informs 

Clearing Members of the following:

(a) the Clearing Member’s sub account;

(b) the “underlying mnemonic” of the Financials & Softs contract to be delivered or received;

(c) the “derivative mnemonic” of the Financials & Softs contract;

(d) the settlement day on which delivery will occur;

(e) the trade reference number;

(f) a buy/sell indicator;

(g) the quantity of shares to be delivered or received and the delivery price;

(h) the total consideration;

It will be available on UCP (or any successor system) to all Clearing Members by 07:00 on the 

Business Day following trade.

Clearing Members are advised to print this report and retain it as a record of their Contracts 

subject to delivery obligations.

This report is cumulative until trades have been settled.

5.3 Stock Contingent Trade Reconciliation Report (SCTR)

This report is made available to Clearing Members who execute Stock Contingent Trades and provides 

details of the Volatility Trades. The report enables Clearing Members to reconcile Stock Contingent 

Bargains against the related individual Volatility Trades. The report should be used in conjunction 

with the Clearing Member Stock Contingent Trade Report and provides Clearing Members with the 

following information:

(a) the Clearing Member’s sub account;

(b) the trade date;
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(c) the settlement date;

(d) the UCP (or any successor system) slip number;

(e) the CONNECT reference number;

(f) the EMS reference number;

(g) the trader mnemonic;

(h) the NCM mnemonic;

(i) the expiry date;

(j) the underlying contract mnemonic;

(k) the derivative contract mnemonic;

(l) the exercise price;

(m) the volume traded;

(n) buy/sell details;

(o) contract type;

(p) account; and

(q) account reference.

It will be available on UCP (or any successor system) to all Clearing Members by 07:00 on the 

Business Day following trade.

Clearing Members are advised to print this report and retain it as a record of their Contracts 

subject to delivery obligations.

This report is cumulative until trades have been settled.

5.4 Financials & Softs Physically Delivered Equity Option Settlement Details Form

This form must be completed by each Clearing Member wishing to clear Financials & Softs Equity 

Option Contracts. The form must be signed by an authorised signatory of the Clearing Member.

Clearing Members must give a minimum of five Business Days’ notice of amendments or updates to 

settlement details. A new form fully completed must be provided for each change.

5.5 Financials & Softs Equity Futures Contracts Settlement Details Form

This form must be completed by each Clearing Member wishing to clear the Financials & Softs

Physically Delivered Equity Future Contracts. The form must be signed by an authorised signatory of 

the Clearing Member.

Clearing Members must give a minimum of five Business Days’ notice of amendments or updates to 

settlement details. A new form must be completed and provided for each change.
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5.6 Financials & Softs Stock Contingent Trades Settlement Details Form

This form must be completed by each Clearing Member wishing to clear Financials & Softs Stock 

Contingent Trades. The form must be signed by an authorised signatory of the Clearing Member.

Clearing Members must give a minimum of five Business Days’ notice of amendments or updates to 

settlement details. A new form must be completed and provided for each change.

5.7 Financials & Softs Stock Contingent Allocation Change Request Form

Clearing Members requiring the allocation of the stock leg of a stock contingent trade on trade day plus 

1 must complete this form. The form must be completed in full by all Originating Members and 

relevant receiving Clearing Members involved in the allocation and submitted by no later than 16:00 on 

trade day plus 1. The Clearing House will charge a fee of £6.00 per Originating Member and 

Receiving Member per bargain. Charges will be included in each months general fee invoice.
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PART AA: ICE ENDEX ITALIAN PSV NATURAL GAS FUTURES CONTRACT (“ICE ENDEX PSV

NATURAL GAS FUTURES”)

1. DEFINITIONS

1.1 The following additional definitions apply to this part of the Delivery Procedures:

(u) The term “Acquiring Trade Nomination” means a nomination submitted, in the manner 

required by the Snam Rete Gas Rules and otherwise in accordance with these delivery 

procedures, by the Transferee to acquire rights in respect of one or more lots of Natural Gas at 

the Punto di Scambio Virtuale.

(v) The term “AEEGSI” means the Autorità per l’Energia Elettrica, il Gas e il Sistema Idrico, the 

Italian Energy and Gas Authority. 

(w) The terms “D+” or “D-” relate to the number of Business Days before and after the Delivery 

Day respectively on which rights to Natural Gas are to be transferred. 

(x) The term “Delivery Day” means the period of 24 consecutive hours beginning at 06:00 hours 

CET on a day on which the transfer of rights in respect of Natural Gas is due to be made under 

a Contract in accordance with ICE Endex Rules and these delivery procedures and ending at 

06:00 hours CET on the following calendar day. 

(y) The term “Delivery Month” means the period beginning at 06:00 hours CET on the first 

calendar day of the month until 06.00 hours CET on the first calendar day of the next month.

(z) The term “Disposing Trade Nomination” means a nomination submitted, in the manner 

required by the Snam Rete Gas Rules and otherwise in accordance with ICE Endex Rules and 

these delivery procedures, by the Transferor to dispose of rights in respect of one or more lots 

of Natural Gas at the Punto di Scambio Virtuale.

(aa) The term “GME” means Gestore dei Mercati Energetici S.p.A., the company entrusted with 

the economic management of the Natural Gas market, and which is authorised pursuant to 

AEEGSI Resolution no. 282/2015 dated 12 June 2015, to act as nomination agent to record 

Trade Nominations on behalf of certain third parties on the PSV System for electricity and 

natural gas spot trading in Italy. 

(bb) The term “ICE Endex PSV Natural Gas” means ICE Endex Italian PSV Natural Gas 

Futures.

(cc) The term “Invoice Period” refers to the period beginning at the start of the day on which the 

last invoice was issued, up to the end of the day prior to the date of the current invoice and 

also includes any additional period of time during which payments are made from the Buyer 

to the Seller in respect of completed deliveries.

(dd) The term “M+” or “M-” means, in respect of a Contract, the number of Business Days 

immediately following the last day of the month or the number of Business Days immediately 

preceding the first day of the month in which the Delivery Day specified in the Contract 

commenced.

(ee) The term “Megawatt Hours” or “MWh” means 1000 kWh, where 1 kWh means 3,600,000 

joules and where “joule” is as defined in ISO 1000:1992(E) or any standard replacing the 

same as nominated by ICE Endex.

(ff) The term “Natural Gas” means any hydrocarbons or mixture of hydrocarbons and other gases 

consisting predominantly of methane and, to a lesser extent, ethane, propane and higher 

hydrocarbons, which at a temperature of 15 degrees Celsius and at an absolute pressure of 
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1.01325 bar are or is predominantly in the gaseous state where “degree Celsius” and “bar” are 

as defined in ISO 1000:1992(E) or any standard replacing the same as nominated by ICE 

Endex.

(gg) The term “Network Code” means the code implemented by Snam Rete Gas, approved by 

AEEGSI with Resolution no. 75/2003 dated 1 July 2003, as subsequently amended and 

supplemented, for the regulation of the transport and balancing of Natural Gas. 

(hh) The term “PSV System” means the IT platform for transactions for the purchase, sale and 

transfer of Natural Gas at the PSV, managed by Snam Rete Gas. 

(ii) The term “PSV Terms and Conditions” means the terms and conditions for trading Natural 

Gas at the PSV (Condizioni per la cessione e lo scambio di gas naturale al Punto di Scambio 

Virtuale) that are approved by AEEGSI pursuant to its decision 22/2004 of 26 February 2004, 

as subsequently amended and supplemented setting out Snam Rete Gas’s arrangements for the 

transportation of Natural Gas and operational of the Transmission System and the PSV. 

(jj) The term “Punto di Scambio Virtuale” or “PSV” means, in respect of a Contract, a notional 

point within the Transmission System at which the balancing of the amounts of Natural Gas 

takes place for the purposes of the Transmission Service Conditions.

(kk) The term “Snam Rete Gas” means Snam Rete Gas S.p.A., the Transmission System Operator 

or any successor thereto

(ll) The term “Snam Rete Gas Rules” means the Network Code, the PSV Terms and Conditions 

and any manuals, procedures, practices and directors of Snam Rete Gas that support the 

operation of the PSV Terms and Conditions, as amended from time to time. 

(mm) The term “Trade Nomination” means in respect of a Contract, either a Disposing Trade 

Nomination or an Acquiring Trade Nomination, as the case may be, nominated in MWh.

(nn) The term “Trade Nomination Quantity” means the quantity of Natural Gas nominated in a 

Trade Nomination.

(oo) The term “Transmission System” means the points of entry and exit of the “National Pipeline 

Network”, as defined by the Decree of the Ministry of Industry, Trade and Crafts (presently 

the Ministry of Economic Development) of 22 December 2000, published in The Official 

Gazette, General Series No. 18 of 23 January 2001, and as subsequently amended, onshore 

transmission pipeline system owned and operated by Snam Rete Gas may be enlarged, 

extended or altered from time to time.

2. CLEARING HOUSE AUTHORITY

2.1 The Clearing Member hereby grants authority to the Clearing House to make Trade Nominations in 

connection with deliveries with respect to ICE Endex PSV Natural Gas, and that the Clearing House is 

given the legal authority to make such Trade Nominations, via a third party, including GME (or via 

such other route as the Clearing House deems appropriate).

2.2 The Clearing Member acknowledges that the Clearing House will transmit all Trade Nominations to 

GME via electronic file, and GME shall be responsible for recording all such Trade Nominations on 

the PSV System. 

2.3 No Clearing Member shall revoke or terminate, nor purport to revoke or terminate, such authorisation.

Members are not required, and are not able, to send Trade Nominations themselves.
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3. DELIVERY SPECIFICATION

3.1 Delivery

Deliveries of ICE Endex PSV Natural Gas are effected by the transfer of rights to Natural Gas at the 

PSV from a Transferor (nominated by the Seller, which may be the Seller itself) to the Clearing House 

and from the Clearing House (effecting the transfer via its nomination agent, GME) to a Transferee 

(nominated by the Buyer, which may be the Buyer itself), through the input of Acquiring Trade 

Nominations and Disposing Trade Nominations into the PSV System by GME (acting as nomination 

agent for the Clearing House), and following receipt of instructions from the Clearing House. Snam 

Rete Gas will take those Trade Nominations into account when determining whether any costs or 

charges arise from the balancing regime.

3.2 Quantity

ICE Endex PSV Natural Gas trades in MWh and is delivered in MWh.

3.3 Price

The price at which the Contract is delivered is the Exchange Delivery Settlement Price (EDSP) for the 

second Business Day immediately prior to the calendar day on which the Delivery Month for the ICE 

Endex PSV Natural Gas Futures commences in accordance with the ICE Endex Rules.

3.4 Days and Times

All “timings” or times of day are Central European Time (“CET”) or Central European Summer Time 

(“CEST”) as applicable.

3.5 Cessation of Trading

ICE Endex PSV Natural Gas Futures cease trading at 18:00 hours on the day, which is two Business 

Days (as defined in the ICE Endex Rules) prior to the first calendar day of the Delivery Period, in 

accordance with these Delivery Procedures / the ICE Endex Rules.

3.6 Exchange for Physicals (EFPs) and Exchange for Swaps (EFSs)

For ICE Endex PSV Natural Gas Futures, in accordance with ICE Endex Rules, EFPs and EFSs may be 

posted up to one hour following the cessation of trading.

4. LIABILITY 

4.1 The provisions of this paragraph 4 are without prejudice to the generality, and subject to, the provisions 

of the Rules relating to liability and apply in addition to the general requirements of these Delivery 

Procedures.

4.2 The Clearing House is not responsible for, and shall have no liability whatsoever as a result of:

(a) the performance or non-performance of Snam Rete Gas of its obligations under the Network 

Code; 

(b) the performance or non-performance of Snam Rete Gas;

(c) the performance or non-performance of GME of its obligations under the Network Code or

(d) the performance or non-performance of GME, in its capacity as PSV nomination agent 

pursuant to AEEGSI Resolution no. 282/2015, as amended from time to time.
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4.3 Neither the Buyer nor the Seller, nor their Transferees or Transferors, shall have any claim against the 

Clearing House for any loss, cost, damage or expense incurred or suffered as a result of the condition or 

operation of the PSV System, the Transmission System (including any planned unavailability, 

interruptions, suspensions or malfunctions) or any part thereof or the performance or non-performance 

of Snam Rete Gas except as otherwise expressly provided in the ICE Endex Rules.

5. DELIVERY CONTRACT SECURITY

The Clearing House makes the Natural Gas Daily Summary Report available on a daily basis to 

Clearing Members with delivery positions.

(a) Buyer’s Security

Buyer’s Security is calculated by reference to the relevant EDSP plus a “Buyer’s Default Top-up”. The 

“Buyer’s Default Top-up” is an amount calculated against the possibility of costs or charges arising 

from the balancing regime under the Network Code. 

The Clearing House may alter the calculation of Buyer’s Security at any time or make adjustments in 

respect of specific Buyers.

(b) Seller’s Security

Seller’s Security is calculated against the Seller’s Default Price (SDP) for the relevant Delivery Day.

The SDP is calculated by reference to costs and charges arising from the balancing regime under the 

Network Code, or EDSP.

The Clearing House may alter the calculation of Seller’s Security at any time or make adjustments in 

respect of a specific Seller.

6. DELIVERY TIMETABLE FOR ICE ENDEX PSV NATURAL GAS: ROUTINE

6.1 ICE Endex PSV Natural Gas Futures 

2 Business Days prior to the 1st Delivery Day (M-2) 

Confirmation of Delivery 

positions – Provisional

By 

10:00 

CET

The Daily Summary Report identifies Open Contract Positions at the 

close of business on M-3. 

Cessation of Trading At 

18:00 

CET

Contract ceases trading.

By 

19:00 

CET

EFPs and EFSs may be posted up to one hour following the cessation 

of trading.
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Submission of ICE Endex 

Italian PSV Natural Gas 

Futures: Delivery 

Confirmation form

By 

19:45 

CET

The Seller and Buyer must, for each deliverable Open Contract 

Position, each send to the Clearing House a signed and completed ICE 

Endex Italian PSV Natural Gas: Delivery Confirmation Form listing all 

delivery information for all deliverable Open Contract Positions.

Transferor/Transferee 

Nomination

By 

19:45 

CET

A Seller or Buyer who is nominating a Transferor or Transferee in 

respect of a Contract must ensure that the Clearing House has in its 

possession a signed ICE Endex Italian PSV Natural Gas: Blanket 

Transferor Form or ICE Endex Italian PSV Natural Gas: Blanket 

Transferee Form (as applicable) for each nominated Transferor or 

Transferee. This Transferor/Transferee form must be signed by the 

Transferor/Transferee.

By 

19:45 

CET

Clearing Members with Open Contract Positions at this time are 

obliged to make or take delivery.

By 

20:00 

CET

MPFE report available to Clearing Members.

ICE Endex Italian PSV 

Natural Gas Futures 

Confirmation Report

By 

21:00 

CET

The Clearing House makes available to the Clearing Members the 

Confirmation Report listing the deliverable positions in MWh for each 

Settlement Period for each day of the Delivery Month. Where Clearing 

Members will have submitted email details for their 

Transferee/Transferor, this report will also be emailed directly to the 

Transferee/Transferor.

It is the responsibility of the Clearing Member to ensure that each 

nominated Transferor/Transferee has received a copy of the ICE Endex 

Italian PSV Natural Gas Futures Confirmation Report.

M-1

By 

10:00 

CET

The Clearing House makes Daily Summary Report available. The 

report identifies the positions that are deliverable.

Provision of Buyer’s and 

Seller’s Security

By 

10:00 

CET

Seller and Buyer must provide the Clearing House with Seller’s 

Security and Buyer’s Security as appropriate. This is calculated for all 

deliverable Open Contract Positions at close of business on D-2 (which 

corresponds to M-2 for the first Delivery Day and M -1 for the second).

The Clearing House may make adjustments to provisional Seller’s 

Security or Buyer’s Security by making intra-day calls at this time or 

other times on this day.

By 

10:00 

CET

Seller and Buyer must each inform the Clearing House of any details 

on the ICE Endex Italian PSV Natural Gas Futures Confirmation 

Report that do not match their submitted ICE Endex Italian PSV 

Natural Gas Futures Delivery Confirmation Form.

Failure to notify the Clearing House by this deadline will constitute 

acceptance by the Seller and Buyer of their delivery obligations.

If necessary, the Clearing House will then make any appropriate 

amendments to the ICE Endex Italian PSV Natural Gas Futures 

Confirmation Report and resend it to Clearing Members.
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Submission of Nominations

By 

11:00 

CET

The appointed nomination agent will make the nominations to Snam 

Rete Gas representing the final delivery position held at the Clearing 

House.

Identification of nomination 

rejection

Any time after the above

Seller (either by themselves or by their Transferor) and Buyer (either 

by themselves or by their Transferee) must promptly inform the other 

party and the Clearing House as soon as they become aware that a 

nomination is incorrectly submitted or there has been a rejection of all 

or part of a nomination for whatever reason. The Clearing House will 

take such action as is necessary to rectify the situation

The Clearing House may also instruct the Seller or Buyer to take such 

steps as it considers reasonably necessary to ensure that losses are 

mitigated. Seller and Buyer must give effect to any and all such 

instructions.

Delivery Day (D) (or next Business Day if D is a non-Clearing Day)

By 

10:00 

CET

The Clearing House makes the Daily Summary Report available.

D+1

Payment, Seller’s Security 

and Buyer’s Default Top 

Up

By 

10:00 

CET

Seller’s Security for actual delivered amount is released.

The Clearing House releases the ‘Buyer’s Default Top-up’ portion of 

the Buyer’s Security on confirmed deliveries.

Buyers make contract payment via their Nominated Accounts in 

respect of deliveries for the preceding delivery day. Buyer’s Security is

released as part of the payment transaction

Seller receives contract value (payment) for confirmed delivered 

amount in respect of deliveries for the preceding delivery day.

N.B. A credit note may be issued at a later date against the failed 

deliveries.

Invoice and Account Sale 

Details

One Day following the end of the Invoice Period

By 

10:00 

CET

The Clearing House makes the Invoices and Account Sales available to 

Seller and Buyer for the Invoice Period.

7. DELIVERY TIMETABLE FOR ICE ENDEX ITALIAN PSV NATURAL GAS: FAILED 

DELIVERY

7.1 ICE Endex PSV Natural Gas Futures
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Seller’s Security and 

Buyer’s Default Top Up

Delivery Day (D) (or D+1 or D+2 if D is a non-Clearing Day)

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

D+1

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

D+2

By 

10:00 

CET

In the event of a failed delivery, the Clearing House may call 

additional Seller’s Security and/or Buyer’s Security.

10 Business Days following the month or week of delivery (M +10)

Failed Delivery By 

10:00 

CET

The Clearing House makes the Invoice and Credit Note Report 

available to Sellers and Buyers for the previous month’s failed 

deliveries.

12 Business Days following the month or week of delivery (M +12)

Payment for Failed Delivery By 

10:00 

CET

Seller makes payment for previous month’s failed deliveries.

Buyer makes/receives payment or takes receipt for previous month’s 

failed deliveries.

13 Business Days following the month or week of delivery (M +13)

Release of Seller’s and 

Buyer’s Security against 

Failed Deliveries

By 

10:00 

CET

Seller’s Security and Buyer’s Security held against failed deliveries is 

released following confirmation that payment has been made for all 

failed deliveries for the Delivery Month.

Note: in the event of a failed delivery, the Clearing House may retain Buyer’s Security and/or Seller’s 

Security.

Note: the above timetables can be altered without notice at the discretion of the Clearing House.

8. INVOICE AND ACCOUNT SALE CALCULATION

8.1 Invoice and Account Sale 

(a) Previous Month’s Deliveries

The Invoice and Account Sale Report gives details of all deliveries made during the Invoice Period. 

Confirmed deliveries:

MWh * EDSP, plus any additional costs of the Clearing House as appropriate

Where
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MWh = the number of Megawatt Hours delivered.

EDSP = The relevant Exchange Delivery Settlement Price for the day of delivery, quoted in 

Euros per MWh.

Failed Deliveries 

MWh * Delivery Failure Cost, plus any additional costs of the Clearing House, as appropriate

Where

MWh = the number of Megawatt Hours delivered.

Delivery Failure Cost = the costs of the Clearing House per MWh incurred from Snam Rete 

Gas in accordance with the Snam Rete Gas Rules in respect of any failure of a Clearing 

Member to correctly make a delivery.

8.2 Invoice/Credit Note for Failed Deliveries

The Invoice and Credit Note Report gives details of the proportion of the Clearing House’s costs,

incurred from Snam Rete Gas, allocated to Clearing Members as a result of Buyer’s and Seller’s failed 

deliveries.

Credit Notes are issued to Buyers up to the contract value of the failed delivery, dependent on the value 

received by the Clearing House from Snam Rete Gas. In the event that the value received by the 

Clearing House is in excess of the contract value, any such excess will be passed on to ICE Endex.

The Clearing House’s costs are allocated pro rata to those Clearing Members whose failed deliveries 

have caused the Clearing House’s net costs or charges arising from the balancing regime under the 

Network Code operated by Snam Rete Gas.

9. DELIVERY DOCUMENTATION SUMMARY

9.1 ICE Endex Italian PSV Natural Gas Futures 

Reports produced by the Clearing House are made available to Buyers and Sellers electronically.

Name of Delivery Document Explanation Timing

Daily Summary Report This report summarises on a daily basis the 

deliverable positions by Transferee/Transferor.

By 10:00 CET 

Daily

Daily Detail Report This report provides details of each day’s 

deliveries.

By 10:00 CET 

Daily

ICE Endex Italian PSV Natural 

Gas Futures: Blanket 

Transferee Form

Where applicable, the Buyer must ensure that 

this form is submitted by the Transferee to the 

Clearing House. It must be signed by an 

authorised signatory of the Transferee as 

confirmation that they will take delivery of 

Natural Gas on any Delivery Days nominated by 

the Buyer and referred to on the ICE Endex 

Italian PSV Natural Gas Daily Futures Delivery 

Confirmation form.

By 19:45 CET 

on M-2

ICE Endex Italian PSV Natural Where applicable, the Seller must ensure that By 19:45 CET 
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Name of Delivery Document Explanation Timing

Gas Futures: Blanket Transferor 

Form

this form is submitted by the Transferor. It must 

be signed by an authorised signatory of the 

Transferor as confirmation that they will make 

delivery of Natural Gas on any Delivery Days 

nominated by the Buyer and referred to on the 

ICE Endex Italian PSV Natural Gas Daily 

Futures Delivery Confirmation form.

on M-2

ICE Endex Italian PSV Natural 

Gas Futures Delivery 

Confirmation Form 

This form must be completed in full for all 

Contracts subject to delivery. It contains details 

of the Clearing Member mnemonic; Clearing 

Member account; Delivery Day or series of 

Delivery Days as specified in the first and last 

Delivery Day boxes; unique reference code for 

the instruction (free format maximum 10 

characters); whether the instruction is a new 

instruction (N), an update to an existing 

instruction (U), a deletion of one previously 

submitted (D) or an unaltered existing 

instruction (E); number of lots long; number of 

lots short; and name of the nominated 

Transferee or Transferor.

By 19:45 CET 

on M-2

ICE Endex Italian PSV Natural 

Gas Futures Futures 

Confirmation Report

When available, Buyers and Sellers must 

promptly provide a copy of this report to the 

relevant Transferor(s) and Transferee(s). It is a 

Transferor/Transferee order and informs Buyers 

and Sellers of Clearing Member mnemonic; 

Transferee/Transferor; Delivery Day or series of 

Delivery Days as defined in paragraph 1 of these 

delivery procedures from first Delivery Day to 

last Delivery Day; lots to be delivered; and a 

statement that if the Transferor/Transferee fails 

to notify the Clearing House by the necessary 

deadline as specified in these Delivery 

Procedures, then the delivery obligation is 

irrevocably accepted and the Clearing House 

will submit the Trade Nomination(s) to Snam 

Rete Gas based on the Net Hourly Position of 

the Clearing Member, by the relevant deadline. 

By 21:00 CET 

on M-2

ICE Endex Italian PSV Natural 

Gas Futures Invoice and 

Account Sale 

The reports give Buyers and Sellers details of: 

Clearing Member mnemonic; Clearing Member 

account; contract; Delivery Month; contracted 

MWh; actual delivered (matched) MWh; price 

in Euros per MWh; value of Natural Gas.

By 10:00 CET 

on the day 

following the 

Invoice Period

Invoice Report and Credit Note 

Report: Failed Deliveries

The report gives Buyers and Sellers with failed 

deliveries during the previous Delivery Month 

details of Clearing Member mnemonic; Clearing 

Member account; contract; Delivery Month; 

Delivery Day; amount of failed delivery long 

(MWh); amount of failed delivery short (MWh); 

and total costs charged to the Clearing Member 

M+10 at 10:00 

CET.
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Name of Delivery Document Explanation Timing

as a result of failed delivery/deliveries.