55 East 52nd Street

New York, New York 10055

Submission No. 20-152

November 19, 2020

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: New Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future and Related

Amendments (11 of 11)

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

Dear Mr. Kirkpatrick:

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

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

Rules 18.E.142-18.E.147, 19.A.50, 19.C.128-19.C.129, and 19.D.81-19.D.82, amendments to Resolutions 

1 and 2 of Chapter 18, and amendments to Resolutions 1 and 2 of Chapter 19. The new rules and 

amendments provide for five new futures contracts and six new option on futures contracts, which will be 

listed on or about December 7, 2020, or such other date as the Exchange shall determine which shall be 

no sooner than the second business day following the business day on which this submission is received 

by the Commission.

New Financial Power Fixed Price Option on Futures Contracts

The Exchange is listing two new American-style option on futures contracts based on the price of futures 

contracts currently listed by the Exchange. The Option on PJM NI Hub Real-Time Peak Fixed Price 

Future (“PNL”) and Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future (“NIO”) are monthly 

option on futures for the corresponding contract period of the underlying future. The contract sizes are 

consistent with the underlying future: 1MW. The contracts will cease trading at 2:30 pm EPT on the 

second business day prior to the first calendar day of the contract period. Positions held in the option on 

futures contracts will be aggregated with the underlying futures contracts for position limit and 

accountability purposes.

Lastly, the Exchange is listing three new European-style calendar year one-time option on futures 

contracts based on the price of futures contracts currently listed by the Exchange. The Option on PJM 

AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price Future (“MSC”), Option on PJM 

NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future (“PNK”), Option on ISO New 

England Massachusetts Hub Day-Ahead Peak Calendar Year One Time Fixed Price Future (“NEN”) are 

options on a basket of yearly contract periods, January-December, of the corresponding underlying 

futures contracts. For purposes of this Exchange option, the term “One Time Option” shall mean that the 

option will exercise in each of the contract periods of the underlying futures contracts in the basket using 

a single reference price, as defined in the contract specifications, but generally relates to the price of 

electricity at the price hub noted in the contract. The contract sizes are consistent with the underlying 
future: 1MW. The contracts will cease trading at 2:30 pm EPT on the second Friday prior to the first 

calendar day of the first contract period in the basket. Positions held in the option on futures contracts will 

be aggregated with the underlying futures contracts for position limit and accountability purposes.

The contract size, minimum price fluctuation, No-Cancellation Ranges (NCRs), spot month position 

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

Exhibit A. All relevant terms of the contracts are similar to other Financial Power contracts listed by the 

Exchange. Each of the new option on futures contracts are block eligible. The minimum block trade size 

has been set consistent with existing Financial Power option on futures contracts. The listing cycle and 

other relevant specifications are provided in the contract specifications in Exhibit A. New Exchange 

Rules 18.E.142-18.E.146 list the new option on futures contracts. For each new product the Exchange has 

set spot month position limits, and single and all month accountability levels consistent with similar 

Financial Power contracts that reference the PJM AEP Dayton, PJM NI, and ISO New England 

Massachusetts price hubs. Positions held in the option on futures contracts will be aggregated with the 

underlying futures contracts for position limit and accountability purposes. Additionally, it is the 

Exchange’s good faith belief that these five Financial Power option on futures contracts do not meet the 

definition of referenced contract as prescribed in CFTC §150.1.1

Financial Gas Option on Futures Contracts

The Exchange is listing one new option on futures contract which supplements the existing Henry LD1 

Fixed Price Future (“H”) contract. The Henry Hub is a series of interstate interconnects with the Sabine 

natural gas pipeline. Located in southern Louisiana, it has historically been considered the most liquid 

trading point in the natural gas distribution system and is used as the benchmark for natural gas priced 

across North America, which is generally priced at differentials to Henry Hub. The Henry Cal 1X Fixed 

Price Option (“HHA”) is a European-style option on a basket of yearly contract periods, JanuaryDecember, of the Henry LD1 Fixed Price Future. For purposes of this Exchange option on future, the 

term “One Time Option” shall mean that the option on futures will exercise into each of the contract 

periods of the Henry LD1 Fixed Price Future in the basket using a single reference price, as detailed in the 

contract specifications, but which generally relates to the price of natural gas delivered at the Henry Hub 

and the NYMEX Natural Gas Futures (“NG”) contract. The contract will cease trading at 2:30 pm EPT on 

the sixth business day prior to the first calendar day of the first contract period in the basket. The contract 

size of the product, 2,500 MMBtus, is consistent with the size of the futures contract that underlies the 

option on futures. Positions held in the option on futures contracts will be aggregated with the underlying 

futures contracts for position limit and accountability purposes.

The contract size, minimum price fluctuation, No-Cancellation Ranges (NCRs), spot month position 

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

Exhibit A. All relevant terms of the contracts are similar to other Financial Gas contracts listed by the 

Exchange. This option on futures contract is block eligible. The minimum block trade size has been set 

consistent with existing Financial Gas option on futures contracts. The listing cycle and other relevant 

specifications are provided in the contract specifications in Exhibit A. New Exchange Rule 18.E.147 lists 

the new option on futures contract. The Exchange has set spot month position limits, and single and all 

month accountability levels consistent with similar Financial Gas contracts that reference the Henry Hub

price hub for natural gas delivery and consistent with CFTC Regulations §150.2 and §150.5. Positions 

held in the option on futures contracts will be aggregated with the underlying futures contracts for 

position limit and accountability purposes. It is the Exchange’s good faith belief that this option on 

futures contract meets the definition of referenced contract as prescribed in CFTC §150.1.

1 17 C.F.R. § 150.1 (October 15, 2020) (providing for referenced contract definition).
Oil Americas and Financial NGL Futures Contracts

a. Crude Oil Differential Futures Contracts

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

vs Dated Brent (Platts) Future (“ACB”), based on the difference between the Argus daily assessment 

price for WTI Houston and the Platts daily assessment price for Dated Brent. The product will cash settle 

to a price in USD and cents per barrel based on the difference between the average of the quotations 

appearing in the "Argus Crude" report under the heading "US Gulf Coast and Midcontinent", subheading 

“Weighted average” for "WTI Houston" and the average of the “Mid” quotations appearing in the “Platts 

Crude Oil Marketwire” under the heading “Key benchmarks ($/barrel)” for “Brent (Dated)” for each 

business day in the determination period. A non-common pricing applies to the settlement price 

calculation for this future.

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

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

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

similar to other Financial Power contracts listed by the Exchange. Each of the new futures contracts are

block eligible. The minimum block trade size has been set consistent with existing Oil Americas futures 

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

Exhibit A. New Exchange Rule 19.C.129 lists the new futures contract. A Deliverable Supply Analysis 

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

Diff - Argus WTI Houston vs Dated Brent (Platts) Future is attached hereto as Exhibit B. Additionally, it 

is the Exchange’s good faith belief that this futures contract does not meet the definition of referenced 

contract as prescribed in CFTC §150.1. Further, Exchange Rule 19.01 has been amended to include 

reference to the Platts Crude Oil Marketwire publication utilized in settlement price calculations. The 

amendments are provided in Exhibit C.

b. Natural Gas Liquids Futures Contracts

The Exchange is listing two monthly cash settled futures contracts, Propane, OPIS Edmonton Future and

Normal Butane, OPIS LST ISOM Grade Future, based on the daily prices published by OPIS for propane 

at Edmonton, AB and normal butane at Mont Belvieu, TX. The two futures contracts will cease trading on 

the last business day of the contract month. Each futures contract will have a contract size of 1,000 

barrels, which is consistent with other natural gas liquids futures.

For the Propane, OPIS Edmonton Future (“EDO”), the product will final settle to a price in USD and 

cents per gallon based on the average of the “NGL-EDMONTON PROPANE” daily prices published in 

OPIS for contract month, which will generally reflect the average price of propane in Edmonton, Alberta 

during the contract month. For the Normal Butane, OPIS LST ISOM Grade Future (“BUE”), the product 

will final settle to a price in USD and cents per gallon based on the average of the “NGL-TET Isom N. 

Butane” daily price published in OPIS for the contract month, which will generally reflect the average 

price of isomerization-grade butane traded in the original TET facility at Mont Belvieu, TX. 

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

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

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

similar to other Financial NGL contracts listed by the Exchange. Each of the new futures contracts are

block eligible. The minimum block trade size has been set consistent with existing Financial NGL futures 

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

Exhibit A. New Exchange Rules 19.D.81-19.D.82 lists the new futures contracts. A Deliverable Supply 

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

Propane, OPIS Edmonton Future and Normal Butane, OPIS LST ISOM Grade Future is attached hereto 
as Exhibit B. Additionally, it is the Exchange’s good faith belief that these futures do not meet the 

definition of referenced contract as prescribed in CFTC §150.1.

c. Fuel Oil - Marine Fuel 0.5% Balmo and Differential Futures

The Exchange is listing one balance of the month cash settled future based on the Platts daily assessment 

price for 0.5% FOB US Gulf Coast Barge Marine Fuel. The Fuel Oil Outright - Marine Fuel 0.5% FOB 

USGC Barges (Platts) Balmo Future (“RBT”) will generally reflect the average price of low sulfur 

Marine Fuel on the US Gulf Coast for a given month. The product will cease trading on the last trading 

day of the contract month and cash settle to a price in USD and cents per barrel based on the average of 

the “$/barrel” quotations appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for 

“0.5% FOB US Gulf Coast barge" for each business day in the determination period. The product 

supplements the current Marine Fuel futures contract currently offered by the Exchange. 

Additionally, the Exchange is listing one new Marine Fuel differential futures contract based on the 

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

and the Platts daily assessment price for 0.5% FOB Rotterdam Barges Marine Fuel. Generally, the 

contract will reflect the average premium, or discount, of North American and European 0.5% Marine 

Fuel for a given month. The product will cease trading on the last trading day of the contract month and 

cash settle to a price in USD and cents per barrel based on the difference between the average of the 

“$/barrel” quotations appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for 

“0.5% FOB US Gulf Coast barge” and the average of the “$/MT” quotations appearing in the “Platts 

European Marketscan” under the heading “Marine Fuel” for “0.5% FOB Rotterdam barge” for each 

business day in the determination period. A non-common pricing calendar will apply to the final 

settlement price for this future.

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

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

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

similar to other Oil Americas contracts listed by the Exchange. The new futures contracts are block 

eligible. The minimum block trade size has been set consistent with existing Oil Americas futures 

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

Exhibit A. New Exchange Rule 19.A.50 lists the new Fuel Oil Outright - Marine Fuel 0.5% FOB USGC 

Barges (Platts) Balmo Future contract and new Exchange Rule 19.C.128 lists the Fuel Oil Diff - Marine 

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

Bbls) contract. The Exchange has set spot month position limits and single and all month accountability 

levels for the new contracts consistent with existing Marine Fuel contracts currently listed by the 

Exchange. It is the Exchange’s good faith belief that these futures do not meet the definition of referenced 

contract as prescribed in CFTC §150.1. Further, Exchange Rule 19.01 has been amended to include 

reference to the Platts US Marketscan publication utilized in the settlement price calculation for these 

Marine Fuel futures. The amendments are provided in Exhibit C.

New Option on Futures Contracts

As indicated above, the Exchange is listing six new option on futures contracts based on the price of an 

underlying futures contract currently listed by the Exchange. The contract sizes, minimum price 

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

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

contracts are similar to other Financial Power and Financial Gas options contracts currently listed by the 

Exchange. The listing cycle and other relevant specifications are provided in the contract specifications 

in Exhibit A. New Exchange Rules 18.E.142-18.E.147 list the new option on futures contracts. The 

position limits and single and all month accountability levels for the options contracts will be based on the 

position limits and accountability levels for the futures contracts underlying the options. Positions held in 
the options contracts will be aggregated with positions held in the underlying futures contracts. It is the 

Exchange’s good faith belief that the five Financial Power option on futures contracts do not meet the 

definition of referenced contract as prescribed in CFTC §150.1; however, it is the Exchange’s good faith 

belief that the one Financial Gas option on futures contract, the Henry Cal 1X Fixed Price Option 

(“HHA”), is a referenced contract.

Certifications

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

on futures contracts. The Exchange is not aware of any substantive opposing views to the new futures 

and option on futures contracts. The Exchange certifies that the new contract rules and rule amendments 

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

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

the Act and has determined that the listing of the contracts complies with the following relevant Core 

Principles: 

COMPLIANCE WITH RULES

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

Rules 18.E.142-18.E.147, 19.A.50, 19.C.128-19.C.129, and 19.D.81-19.D.82, amendments to 

Resolutions 1 and 2 of Chapter 18, and amendments to Resolutions 1 and 2 of Chapter 19, and 

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

Exchange rules which are enforced by the Market Regulation Department. 

CONTRACTS NOT READILY SUBJECT TO MANIPULATION

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

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

contracts will be monitored by the Market Regulation Department. 

POSITION LIMITS OR ACCOUNTABILITY

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

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

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

in the cash market. Where applicable, a Deliverable Supply Analysis is attached hereto as Exhibit 

B. Positions held in option on futures contracts will be aggregated with the relevant underlying 

futures contract.

FINANCIAL INTEGRITY OF CONTRACTS

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

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

futures commission merchants qualified to handle customer business. 

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

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

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

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

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

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

submission is received by the Commission.

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

patrick.swartzer@theice.com. 
Sincerely,

Patrick Swartzer

Director

Market Regulation

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

Rule Contract Name 

Commodity 

Code

Contract 

Size Unit of Trading

Minimum Tick 

[1] IPL Amount

IPL Recalc 

Time (Seconds)

IPL Hold 

Period 

(Seconds) NCR

18.E.142 Option on PJM NI Hub Real-Time Peak Fixed Price Future PNL 1 MW 0.01 n/a n/a n/a

20% of Premium 

FMV up to 5.00; 

Min/Max Range = 

0.50/5.00

18.E.143 Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future NIO 1 MW 0.01 n/a n/a n/a

20% of Premium 

FMV up to 5.00; 

Min/Max Range = 

0.50/5.00

18.E.144 Option on PJM AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price 

Future MSC 1 MW 0.01 n/a n/a n/a

20% of Premium 

FMV up to 5.00; 

Min/Max Range = 

0.50/5.00

18.E.145 Option on PJM NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future PNK 1 MW 0.01 n/a n/a n/a

20% of Premium 

FMV up to 5.00; 

Min/Max Range = 

0.50/5.00

18.E.146 Option on ISO New England Massachusetts Hub Day-Ahead Peak Calendar Year One Time 

Fixed Price Future NEN 1 MW 0.01 n/a n/a n/a

20% of Premium 

FMV up to 5.00; 

Min/Max Range = 

0.50/5.00

19.D.81 Propane, OPIS Edmonton Future EDO 1,000 Barrels 0.00001 $0.125 3 5 $0.005 

19.D.82 Normal Butane, OPIS LST ISOM Grade Future BUE 1,000 Barrels 0.00001 $0.125 3 5 $0.005 

18.E.147 Henry Cal 1X Fixed Price Option HHA 2,500 MMBtu 0.0001 n/a n/a n/a

20% of Premium 

FMV up to 0.05; 

Min/Max Range = 

0.005/0.05

19.C.128 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB 

Rotterdam Barges (Platts) Future (in Bbls) JFO 1,000 Barrels 0.001 $6.25 3 5 $0.25 

19.A.50 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future RBT 1,000 Barrels 0.001 $6.25 3 5 $0.25 

19.C.129 Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future ACB 1,000 Barrels 0.001 $6.25 3 5 $0.25 

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

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

Rule Number Product

Minimum Price Fluctuations

Screen

Blocks and 

other trades 

outside the 

central limit 

order book

* * *

18.E.142 Option on PJM NI Hub Real-Time Peak Fixed Price Future 0.01 0.01

18.E.143 Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future 0.01 0.01

18.E.144 Option on PJM AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price Future 0.05 0.01

18.E.145 Option on PJM NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future 0.05 0.01

18.E.146 Option on ISO New England Massachusetts Hub Day-Ahead Peak Calendar Year One Time Fixed Price 

Future 0.05 0.01

18.E.147 Henry Cal 1X Fixed Price Option 0.0001 0.0001

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

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

Rule Number Product

Minimum Price Fluctuations

Screen

Blocks and other 

trades outside the 

central limit order 

book

* * *

19.D.81 Propane, OPIS Edmonton Future 0.00005 0.00001

19.D.82 Normal Butane, OPIS LST ISOM Grade Future 0.00005 0.00001

19.C.128 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB 

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

19.A.50 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future 0.01 0.01

19.C.129 Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future 0.01 0.01

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

Rule Contract Name

Commodity 

Code

Contract 

Size

Unit of 

Trading

Spot 

Month 

Limit

Single Month 

Accountability 

Level

All Month 

Accountability 

Level

Aggregate 

1 (Positive 

Correlation)

Aggregate 

2 (Negative 

Correlation)

Exchange 

Reportable 

Level

18.E.142 Option on PJM NI Hub Real-Time Peak Fixed Price Future PNL 1 MW 5,952 10,000 12,500 PNL 1

18.E.143 Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future NIO 1 MW 5,196 6,282 10,051 NIO 1

18.E.144 Option on PJM AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price Future MSC 1 MW 7,031 7,031 11,905 MSO 1

18.E.145 Option on PJM NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future PNK 1 MW 5,952 10,000 12,500 PNL 1

18.E.146 Option on ISO New England Massachusetts Hub Day-Ahead Peak Calendar Year One Time Fixed Price Future NEN 1 MW 7,143 7,143 23,810 NEP 1

19.D.81 Propane, OPIS Edmonton Future EDO 1,000 Barrels 1,400 1,400 1,400 EDO 25

19.D.82 Normal Butane, OPIS LST ISOM Grade Future BUE 1,000 Barrels 600 600 600 BUE 25

18.E.147 Henry Cal 1X Fixed Price Option HHA 2,500 MMBtu 4,000 24,000 48,000 H 200

19.C.128 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam Barges (Platts) Future (in 

Bbls) JFO 1,000 Barrels 1,905 1,905 1,905 MGB 25

19.A.50 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future RBT 1,000 Barrels 1,000 1,000 1,000 MF1 1

19.C.129 Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future ACB 1,000 Barrels 6,700 6,700 6,700 ACB 25
11

SUBCHAPTER 18E - ENERGY OPTIONS CONTRACTS

* * *

18.B.142 Option on PJM NI Hub Real-Time Peak Fixed Price Future

18.B.143 Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future 

18.B.144 Option on PJM AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price Future

18.B.145 Option on PJM NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future

18.E.146 Option on ISO New England Massachusetts Hub Day-Ahead Peak Calendar Year One Time Fixed Price 

Future

18.E.147 Henry Cal 1X Fixed Price Options

* * *
12

18.E.142 Option on PJM NI Hub Real-Time Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM NI Hub Real-Time Peak Fixed 

Price Future

Contract Symbol: PNL

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

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

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

Listing Cycle: Up to 50 consecutive monthly Contract Periods

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

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

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

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

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

"out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-NI HUB-REAL TIME-PEAK MONTHLY-ICE

a) Description: ELECTRICITY-PJM-NI HUB-REAL TIME-PEAK MONTHLY-ICE means that the price for 

a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM NI Hub RealTime Peak Fixed Price Futures Contract for the Delivery Date, stated in U.S. Dollars, as made public by 

ICE on that Pricing Date.

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

c) Specified Price: Settlement Price

d) Pricing calendar: ICE

e) Delivery Date: Contract Period

Strike Price Listing Provisions: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below 

the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

MIC: IFED

Clearing Venue: ICEU
13

18.E.143 Option on PJM NI Hub Real-Time Off-Peak Fixed Price Future

Description: A monthly Option on the corresponding Contract Period of the PJM NI Hub Real-Time Off-Peak 

Fixed Price Future

Contract Symbol: NIO

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

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

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

Listing Cycle: Up to 50 consecutive monthly Contract Periods

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

Period

Options Style: American

Exercise Method: Manual; Automatic on Last Trading Day

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

Organization in accordance with Clearing Organization Rules.

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

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

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

"out of the money" expire automatically.

REFERENCE PRICE A: ELECTRICITY-PJM-NI HUB-REAL TIME-OFF-PEAK MONTHLY-ICE

a) Description: ELECTRICITY-PJM-NI HUB-REAL TIME-OFF-PEAK MONTHLY-ICE means that the 

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

Real-Time Off-Peak Fixed Price Futures Contract for the Delivery Date, stated in U.S. Dollars, as made 

public by ICE on that Pricing Date.

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

c) Specified Price: Settlement Price

d) Pricing calendar: ICE

e) Delivery Date: Contract Period

Strike Price Listing Provisions: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below 

the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

MIC: IFED

Clearing Venue: ICEU
14

18.E.144 Option on PJM AEP Dayton Hub Real-Time Peak Calendar Year One Time Fixed Price Future

Description: An Option on a basket of yearly Contract Periods, January-December, of the Underlying Future 

Contract. For purposes of this Exchange Option, the term “One Time Option” shall mean that the Option will 

exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference 

price, as defined in Reference Price A

Contract Symbol: MSC

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

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

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

Listing Cycle: Up to 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the 

Exchange

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

in the basket

Options Style: European

Exercise Method: Automatic Only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The Last Trading Day

Automatic Exercise Provisions: At Exercise Time, options which are “in the money”, with respect to the weighted 

average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one 

for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average 

shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by 

its Weighting Factor to determine the weighted prices, summing the weighted prices, and then dividing that sum by 

the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a 

number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each 

Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires 

automatically

REFERENCE PRICE A: ELECTRICITY-PJM-AEP DAYTON HUB-REAL TIME-PEAK MONTHLY-ICE

a) Description: ELECTRICITY-PJM-AEP DAYTON HUB-REAL TIME-PEAK MONTHLY-ICE means 

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

AEP Dayton Hub Real-Time Peak Fixed Price Swap Futures Contract for the Delivery Date, stated in U.S. 

Dollars, as made public by ICE on that Pricing Date.

b) Pricing Date: Second to Last Friday in December preceding the Contract Period

c) Specified Price: Settlement Price

d) Pricing calendar: ICE

e) Delivery Date: Contract Period
15

Strike Price Listing Provisions: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below 

the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

MIC: IFED

Clearing Venue: ICEU
16

18.E.145 Option on PJM NI Hub Real-Time Peak Calendar Year One Time Fixed Price Future

Description: An Option on a basket of yearly Contract Periods, January-December, of the Underlying Future 

Contract. For purposes of this Exchange Option, the term “One Time Option” shall mean that the Option will 

exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference 

price, as defined in Reference Price A

Contract Symbol: PNK

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

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

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

Listing Cycle: Up to 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the 

Exchange

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

in the basket

Options Style: European

Exercise Method: Automatic Only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The Last Trading Day

Automatic Exercise Provisions: At Exercise Time, options which are “in the money”, with respect to the weighted 

average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one 

for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average 

shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by 

its Weighting Factor to determine the weighted prices, summing the weighted prices, and then dividing that sum by 

the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a 

number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each 

Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires 

automatically

REFERENCE PRICE A: ELECTRICITY-PJM-NI HUB-REAL TIME-PEAK MONTHLY-ICE

a) Description: ELECTRICITY-PJM-NI HUB-REAL TIME-PEAK MONTHLY-ICE means that the price 

for a Pricing Date will be that day's Specified Price per MWh of electricity on ICE of the PJM NI Hub 

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

public by ICE on that Pricing Date.

b) Pricing Date: Second to Last Friday in December preceding the Contract Period

c) Specified Price: Settlement Price

d) Pricing calendar: ICE

e) Delivery Date: Contract Period
17

Strike Price Listing Provisions: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below 

the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

MIC: IFED

Clearing Venue: ICEU
18

18.E.146 Option on ISO New England Massachusetts Hub Day-Ahead Peak Calendar Year One Time Fixed 

Price Future

Description: An Option on a basket of yearly Contract Periods, January-December, of the Underlying Future 

Contract. For purposes of this Exchange Option, the term “One Time Option” shall mean that the Option will 

exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference 

price, as defined in Reference Price A

Contract Symbol: NEN

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 1 MW

Currency: USD

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

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

Listing Cycle: Up to 4 consecutive January-December yearly Contract Periods, or as otherwise determined by the 

Exchange

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

in the basket

Options Style: European

Exercise Method: Automatic Only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The Last Trading Day

Automatic Exercise Provisions: At Exercise Time, options which are “in the money”, with respect to the weighted 

average of the Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one 

for each contract month in the Contract period, with a contract price equal to the Strike Price. The weighted average 

shall be determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by 

its Weighting Factor to determine the weighted prices, summing the weighted prices, and then dividing that sum by 

the sum of the Weighting Factors. For purposes of this Exchange Option, the “Weighting Factor” shall mean a 

number equal to the number of Pricing Days in the Contract Period of the Underlying Futures Contract. Each 

Contract Period in the basket will have its own Weighting Factor. If the option is “out of the money”, then it expires 

automatically

REFERENCE PRICE A: ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD-PEAK 

MONTHLY-ICE

a) Description: "ELECTRICITY-ISO NEW ENGLAND-MASS HUB-DAY AHEAD-PEAK MONTHLYICE" means that the price for a Pricing Date will be that day's Specified Price per MWh of electricity on 

ICE of the ISO New England Massachusetts Hub Day-Ahead Peak Fixed Price Futures Contract for the 

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

b) Pricing Date: Second to Last Friday in December preceding the Contract Period

c) Specified Price: Settlement Price

d) Pricing calendar: ICE

e) Delivery Date: Contract Period
19

Strike Price Listing Provisions: A minimum of ten Strike Prices in increments of $1.00 per MWh above and below 

the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. Userdefined Strike Prices are allowed in $0.05 increments.

MIC: IFED

Clearing Venue: ICEU
20

18.E.147 Henry Cal 1X Fixed Price Options 

Description: An Option on a basket of yearly Contract Periods, January-December, of the Underlying Futures 

Contract. For purposes of this Exchange Option, the term "One Time Option" shall mean that the Option will 

exercise into each of the Contract Periods of the Underlying Futures Contract in the basket using a single reference 

price, as defined in Reference Price A.

Contract Symbol: HHA

Settlement Method: Exercise into Underlying Futures Contract

Contract Size: 2,500 MMBtus

Currency: USD

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

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

Listing Cycle: Up to 10 consecutive January - December yearly Contract Periods, or as otherwise determined by the 

Exchange.

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

Period in the basket

Option Style: European

Exercise Method: Automatic only

Exercise Procedure: Manual exercise or abandon is not permitted

Exercise Day: The Last Trading Day

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

Reference Price A prices, will exercise automatically into twelve Underlying Futures Contracts, one for each 

contract month in the Contract Period, with a contract price equal to the Strike Price. The weighted average shall be 

determined by multiplying the Specified Price for each Delivery Date, as specified in Reference Price A, by its 

Weighting Factor to determine the weighted prices, summing the weighted prices, and then dividing that sum by the 

sum of the Weighting Factors. 

For purposes of this Exchange Option, the "Weighting Factor" shall mean a number equal to the number of calendar 

days in the Contract Period of the Underlying Futures Contract. Each Contract Period in the basket will have its own 

Weighting Factor. 

If the option is "out of the money", then it expires automatically.

REFERENCE PRICE A: NATURAL GAS-NYMEX

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

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

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

b) Pricing Date: Three Business Days prior to the last scheduled trading day of the NYMEX Henry Hub 

Natural Gas Futures Contract for the Contract Period in the basket

c) Specified Price: Settlement Price

d) Pricing calendar: NYMEX

e) Delivery Date: Each Contract Period in the basket
21

Strike Price Listing: A minimum of 10 Strike Prices in increments of $1.00 per MMBtu above and below the atthe-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined 

Strike Prices are allowed in $0.001 increments.

MIC: IFED

Clearing Venue: ICEU
22

SUBCHAPTER 19A - OUTRIGHT-CRUDE OIL AND REFINED PRODUCTS

* * *

19.A.50 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future

* * *
23

19.A.50 Fuel Oil Outright - Marine Fuel 0.5% FOB USGC Barges (Platts) Balmo Future

Description: A balance of the month cash settled future based on the Platts daily assessment price for 0.5% FOB 

US Gulf Coast Barges Marine Fuel.

Contract Symbol: RBT

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last Trading Day of the contract month

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

based on the average of the “$/barrel” quotations appearing in the “Platts US Marketscan” under the heading 

“Marine Fuel” for “0.5% FOB US Gulf Coast barge" for each business day (as specified below) in the determination 

period.

Contract Series: Up to 2 consecutive months

Final Payment Dates: Two Clearing House Business Days following the Last Day in the determination period.

business days: Publication days for Platts US Marketscan

MIC: IFED

Clearing Venue: ICEU
24

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

PRODUCTS

* * *

19.C.128 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam 

Barges (Platts) Future (in Bbls)

19.C.129 Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future

* * *
25

19.C.128 Fuel Oil Diff - Marine Fuel 0.5% FOB USGC Barges (Platts) vs Marine Fuel 0.5% FOB Rotterdam 

Barges (Platts) Future (in Bbls)

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

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

Barges Marine Fuel.

Contract Symbol: JFO

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last Trading Day of the contract month

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

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

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

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

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

Non-Common Pricing applies.

conversion factor: 1 metric tonne = 6.35 barrels

Contract Series: Up to 60 consecutive months

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

business days: Publication days for Platts US Marketscan and Platts European Marketscan

MIC: IFED

Clearing Venue: ICEU
26

19.C.129 Crude Diff - Argus WTI Houston vs Dated Brent (Platts) Future

Description: A monthly cash settled future based on the difference between the Argus daily assessment price for 

WTI Houston and the Platts daily assessment price for Dated Brent.

Contract Symbol: ACB

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

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

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

Last Trading Day: Last Trading Day of the contract month

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

based on the difference between the average of the quotations appearing in the "Argus Crude" report under the 

heading "US Gulf Coast and Midcontinent", subheading “Weighted average” for "WTI Houston" and the average of

the “Mid” quotations appearing in the “Platts Crude Oil Marketwire” under the heading “Key benchmarks 

($/barrel)” for “Brent (Dated)” for each business day (as specified below) in the determination period.

Non-Common Pricing Applies.

Contract Series: Up to 60 consecutive months

Final Payment Dates: Two Clearing House Business Days following the Last Day in the determination period.

business days: Publication days for Argus Crude and Platts Crude Oil Marketwire

MIC: IFED

Clearing Venue: ICEU
27

SUBCHAPTER 19D - NATURAL GAS LIQUIDS

* * *

19.D.81 Propane, OPIS Edmonton Future

19.D.82 Normal Butane, OPIS LST ISOM Grade Future

* * *
28

19.D.81 Propane, OPIS Edmonton Future

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

published by OPIS for the location specified in Reference Price A.

The conversion factor for this contract is 42 gallons = 1 barrel.

Contract Symbol: EDO

Settlement Method: Cash settlement

Contract Size: 1000 barrels

Currency: US Dollars and cents

Minimum Price Fluctuation: The price quotation convention shall be One thousandth of a cent ($0.00001) per 

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

Listing Cycle: Up to 72 consecutive monthly Contract Periods

Last Trading Day: Last Trading Day of the contract month

Final Settlement: Average of Reference Price A prices

REFERENCE PRICE A: NGL-EDMONTON PROPANE-OPIS

a) Description: "NGL-EDMONTON PROPANE-OPIS" means that the price for a Pricing Date will be that 

day's Specified Price per gallon of propane for delivery on the Delivery Date, stated in U.S. cents, 

published under the heading "OPIS Edmonton Spot Gas Liquids Prices: Propane: Any Current Month" in 

the issue of OPIS that reports prices effective on that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Price

d) Pricing calendar: OPIS

e) Delivery Date: Contract month

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

MIC: IFED

Clearing Venue: ICEU
29

19.D.82 Normal Butane, OPIS LST ISOM Grade Future

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

published by OPIS for the location specified in Reference Price A.

The conversion factor for this contract is 42 gallons = 1 barrel.

Contract Symbol: BUE

Settlement Method: Cash settlement

Contract Size: 1000 barrels

Currency: US Dollars and cents

Minimum Price Fluctuation: The price quotation convention shall be One thousandth of a cent ($0.00001) per 

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

Listing Cycle: Up to 72 consecutive monthly Contract Periods

Last Trading Day: Last Trading Day of the contract month

Final Settlement: Average of Reference Price A prices

REFERENCE PRICE A: NGL-TET Isom N. Butane-OPIS

a) Description: “NGL-TET Isom N. Butane-OPIS " means that the price for a Pricing Date will be that day's 

Specified Price per gallon of butane for delivery on the Delivery Date, stated in U.S. cents, published under 

the heading "OPIS Mont Belvieu Spot Gas Liquids Prices: TET Isom N. Butane: Any Current Month" in 

the issue of OPIS that reports prices effective on that Pricing Date.

b) Pricing Date: Each day that prices are reported for the Delivery Date

c) Specified Price: Price

d) Pricing calendar: OPIS

e) Delivery Date: Contract month

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

MIC: IFED

Clearing Venue: ICEU
30

EXHIBIT B

[EXHIBIT REDACTED]
31

EXHIBIT C

ICE Futures U.S.®, Inc.

OIL FUTURES AND RELATED OPTION CONTRACTS

TABLE OF CONTENTS

Rule

19.00 Scope

19.01 Definitions

19.02 Obligations of Option Purchasers

19.03 Obligations of Option Grantors

19.04 Exercise of Options

19.05 Open Interest in Oil Contracts

RESOLUTIONS

No. 1 Minimum Price Fluctuation Table

No. 2 Oil Contract Position Limits

SUBCHAPTERS

(Contract Terms and Conditions)

Subchapter A Outright-Crude Oil and Refined Products

Subchapter B Cracks-Crude Oil and Refined Products

Subchapter C Differential Futures Contracts - Crude Oil and Refined Products

Subchapter D Natural Gas Liquids

Subchapter F Options

Subchapter G Petrochemicals
32

CHAPTER 19

OIL FUTURES AND RELATED OPTIONS CONTRACTS

* * *

Rule 19.01 Definitions

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

Argus Crude shall mean the Argus Crude report, or any 

successor publication, published by Argus 

Media Limited or its successor.

Argus International LPG shall mean the Argus International LPG 

report, or any successor publication, 

published by Argus Media Limited or its 

successor.

Average Price Option or APO shall mean an option contract whose value 

is determined by a mathematical average 

of prices over a specific period of time.

Clearing House Business Day shall mean a day on which the Clearing 

Organization is open for business.

Common Pricing shall mean that no date will be used as a 

pricing date under the terms of the 

relevant Commodity Contract unless such 

date is a day on which all commodity 

reference prices for such contract are 

scheduled to be published or announced. 

“Non-Common Pricing” will be construed 

accordingly. 

ICE-NGX shall mean the Natural Gas Exchange Inc., 

or its successor, which reports market 

prices on its website at www.ngx.com or 

its successor.

ICE-NGX Crude Oil Markets shall mean the Natural Gas Exchange Inc. 

crude oil markets prices report, or any 

successor publication, published by the 

Natural Gas Exchange Inc., or its 

successor.

NYMEX shall mean the New York Mercantile 

Exchange, Inc. or its successor.

OPIS shall mean the Oil Price Information 

Service, or any successor publication, 

published by Oil Price Information 

Service, a division of UCG, or its 

successor.

Platts Asia-Pacific or Platts AsiaPacific/Arab Gulf Marketscanshall mean Platts Asia-Pacific/Arab Gulf 

Marketscan, or any successor publication, 

published by The McGraw-Hill 

Companies Inc. or its successor.
33

Platts Crude Oil Marketwire shall mean Platts Crude Oil Marketwire, 

or any successor publication, published by 

The McGraw-Hill Companies Inc. or its 

successor.

Platts European or Platts European 

Marketscan

shall mean Platts European Marketscan, or 

any successor publication, published by 

The McGraw-Hill Companies Inc. or its 

successor.

Platts US Marketscan shall mean Platts US Marketscan, or any 

successor publication, published by The 

McGraw-Hill Companies Inc. or its 

successor.

Tonne shall mean a metric tonne.

[REMAINDER OF RULEBOOK UNCHANGED]