MARKET RULES and appendices

FUTURES

ICE Endex Derivatives B.V.

Atlas Arena Amsterdam

Australia Building, 3rd floor

Hoogoorddreef 7

1101 BA Amsterdam

The Netherlands

Tel: +31 (0)20 305 5100
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TABLE OF CONTENTS

Chapter I. – General Rules 5

I-1 Definitions ........................................................................................................................... 5

I-2 Structure of the Rules ....................................................................................................... 12

I-3 Objective of the Rules....................................................................................................... 12

I-4 Requirements for Membership.......................................................................................... 12

I-5 Responsible Individual ...................................................................................................... 15

I-6 Application Procedure....................................................................................................... 17

I-7 Obligations of Members .................................................................................................... 17

I-8 Rights of ICE Endex.......................................................................................................... 19

I-9 Disciplinary Sanctions....................................................................................................... 19

I-10 Suspension of a Member.................................................................................................. 19

I-11 Termination of the Membership ........................................................................................ 21

I-12 Dispute Resolution............................................................................................................ 21

I-13 Liability .............................................................................................................................. 23

I-14 Confidentiality and Non-Disclosure................................................................................... 23

I-15 Market Conduct and Conduct in Relation to Trading........................................................ 25

I-16 Position Limits ................................................................................................................... 25

I-17 Reporting of the Position................................................................................................... 26

I-18 Trading Days and Hours ................................................................................................... 26

I-19 Suspension, Postponement and Prolongation of Services............................................... 26

I-20 Eligible Products ............................................................................................................... 27

I-21 Price Limits........................................................................................................................ 27

I-22 Reasonability Limits .......................................................................................................... 27

I-23 Trades ............................................................................................................................... 27

I-24 No Joint Venture or Advisory Relationship ....................................................................... 28

I-25 Severability........................................................................................................................ 28

I-26 Notifications....................................................................................................................... 28

I-27 Recording.......................................................................................................................... 28

I-28 Opening of Accounts......................................................................................................... 28

I-29 Fees and Other Sums....................................................................................................... 29
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I-30 Governing Law and Competent Court .............................................................................. 29

Chapter II. – Rules applicable to the ICE Endex Block Trade Facility 29

II-1 Block Trades ..................................................................................................................... 29

II-2 Exchange for Physicals ("EFPs") and Exchange for Swaps ("EFSs").............................. 32

Chapter III. – Rules applicable to the ICE Endex Futures Exchange 35

III-1 General ICE Endex Platform Operations .......................................................................... 35

III-2 Entry of Orders.................................................................................................................. 35

III-3 Matching of Orders and Execution of Trades ................................................................... 36

III-4 Provision of Information .................................................................................................... 37

III-5 Liquidity Provision / Market Making .................................................................................. 38

Chapter IV. – Rules applicable to Clearing of Trades 38

IV-1 Clearing Process............................................................................................................... 38

IV-2 Clearing by the Clearing House ........................................................................................ 39

Chapter V. – Determination of Settlement Prices 39

V-1 Settlement Prices - General.............................................................................................. 39

V-2 Procedures determining preliminary Settlement Prices.................................................... 40

V-3 Miscellaneous ................................................................................................................... 42

Appendix A.1 – Product Specifications ICE Endex Belgian Power Baseload Futures .................. 43

Appendix A.2 - Product Specifications ICE Endex Dutch Power Baseload Week Futures ........... 45

Appendix A.3 - Product Specifications ICE Endex Dutch Power Baseload Futures ..................... 47

Appendix A.4 - Product Specification ICE Endex Dutch Power Peakload Futures ....................... 49

Appendix A.5 - Product Specifications ICE Endex TTF Natural Gas Futures ............................... 51

Appendix A.6 - Product Specifications ICE Endex TTF Natural Gas Daily Futures ...................... 54

Appendix A.7 - Product Specification ICE Endex TTF Natural Gas Options................................. 57

Appendix A.8 - Product Specification ICE Endex NCG Natural Gas Futures................................ 59

Appendix A.9 - Product Specification ICE Endex NCG Natural Gas Daily Futures....................... 61

Appendix A.10 - Product Specification ICE Endex GASPOOL Natural Gas Futures .................... 64

Appendix A.11 - Product Specification ICE Endex GASPOOL Natural Gas Daily Futures........... 66

Appendix A.12 - [Intentionally left blank]........................................................................................ 69

Appendix A.13 - [Intentionally left blank]........................................................................................ 70

Appendix A.14 - [Intentionally left blank]........................................................................................ 71
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Appendix A.15 - Product Specification ICE Endex ZTP Natural Gas Futures............................... 72

Appendix A.16 - Product Specification ICE Endex ZTP Natural Gas Daily Futures...................... 74

Appendix A.17 - Product Specification ICE Endex Italian Power Financial Base Futures ............ 77

Appendix A.18 - Product Specification ICE Endex Italian Power Financial Peak Futures ............ 80

Appendix A.19 - Product Specification ICE Endex Italian PSV Natural Gas Futures.................... 83

Appendix A.20 - Product Specification ICE Endex Dutch Power Financial Base Futures ............ 85

Appendix A.21 - Product Specification ICE Endex Dutch Power Financial Peak Futures ............ 87

Appendix A.22 - Product Specification ICE Endex Belgian Power Financial Base Futures.......... 89

Appendix A.23 - Product Specification ICE Endex German Power Financial Base Futures......... 91

Appendix A.24 - Product Specification ICE Endex German Power Financial Peak Futures......... 93

Appendix A.25 - Product Specification ICE Endex French Power Financial Base Futures........... 95

Appendix A.26 - Product Specification ICE Endex French Power Financial Peak Futures........... 97

Appendix A.27 - Product Specification ICE Endex Nordic Power Financial Base Futures ........... 99

Appendix A.28 - Product Specification ICE Endex Spanish Power Financial Base Futures....... 101

Appendix A.29 - Product Specification ICE Endex German Power Financial Base Daily 

Futures ............................................................................................................................ 103

Appendix A.30 - Product Specification ICE Endex German Power Financial Peak Daily 

Futures ............................................................................................................................ 105

Appendix A.31 - Product Specification ICE Endex French Power Financial Base Daily 

Futures ............................................................................................................................ 107

Appendix A.32 - Product Specification ICE Endex French Power Financial Peak Daily 

Futures ............................................................................................................................ 109

Appendix A.33 - Product Specification ICE Endex Spanish Power Financial Base Daily 

Futures ............................................................................................................................ 111

Appendix A.34 - Product Specification ICE Endex Nordic Power Financial Base Daily 

Futures ............................................................................................................................ 113

Appendix A.35 - Product Specification ICE Endex Italian Power Financial Base Daily 

Futures ............................................................................................................................ 115

Appendix A.36 - Product Specification ICE Endex NCG Natural Gas Options ........................... 117

Appendix B.1 - Operating Time Schedule.................................................................................... 119

Appendix B.2 - Trading Calendar 120

Appendix B.3 - Gas Trading and Delivery Periods Overview ...................................................... 121

Appendix C - Price Adjustment and Trade Cancellation.............................................................. 122

Appendix D - Settlement Parameters and Settlement Spreads................................................... 125
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All rights reserved. No part of this publication may be reproduced, stored in a database or retrieval 

system, or published, in any form or by any means, electronically, mechanically, by print, photo print, 

recording or otherwise without prior written permission from ICE Endex.
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Chapter I. – General Rules

I-1 Definitions

Wherever used in these Rules, or in the Appendices to these Rules, the following expressions shall 

have the following meaning:

Accountability Limit A threshold for positions held set by ICE Endex which if 

exceeded may trigger enhanced reporting requirements.

Affiliate Any undertaking that is part of the corporate group of which a 

Party is part of, i.e. (i) an undertaking that participates 

directly or through intermediaries, in the share capital of such 

Party, (ii) an undertaking in whose share capital such Party 

participates directly or through intermediaries, (iii) an 

undertaking that is affiliated to a Party as a result of its parent 

undertaking holding directly or indirectly a participation in the 

share capital of such Party. For the avoidance of doubt, the 

notion of control is not determining for the determination of 

the applicability of this term.

AFM The Netherlands Authority for the Financial Markets 

("Autoriteit Financiële Markten").

AFS Dutch Act on Financial Supervision ("Wet op het financieel 

toezicht").

Anchor Price The price set by ICE Endex from which Reasonability Limits

and No Cancellation Ranges are determined. The Anchor 

Price shall be based on the front month, provided however, 

that when the front month nears expiration, the Anchor Price 

will be based on the delivery month with the open interest. 

The determination as to when to shift the Anchor Price based 

on open interest will be made by ICE Endex. The Anchor 

Price may be the settlement price of the previous trading day 

or the last traded price of the front delivery or expiration 

month as determined by ICE Endex. The Anchor Price of 

each successive expiration or delivery month is determined 

by applying a spread differentials against the Anchor Price.

Appendix Appendix to these Rules.

Applicant A legal entity that seeks admission as a Member.

Application The written request, made in conformity with the model for 

the Membership Agreement, of an Applicant.

Articles of Association Articles of Association of ICE Endex.

Balance Responsible Party or BRP A licensed shipper, pursuant to any law or regulation that 

stipulates a market party must meet in order to submit 

energy schedules, nominations and/or notifications to any 

relevant TSO.

Best Price The highest firm price for a buy order and the lowest firm 

price for a sell order.

Block Trade A transaction organised and executed in relation to Block 

Trade Products pursuant to these Rules.
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Block Trade Products Those Products designated by ICE Endex as contracts that 

may be traded as a Block Trade pursuant to these Rules (but 

excluding for the avoidance of doubt, EFPs and EFSs, 

notwithstanding that EFPs and EFSs may be entered using 

the Block Trade Facility).

Block Trade Facility The facility operated by ICE Endex which permits Members 

to organise and execute transactions in relation to the trading 

of Block Trade Products, EFPs and EFSs pursuant to these 

Rules.

Business Day Each weekday, except for the days ICE Endex is closed as 

set out in the Trading Calendar as specified for each Product 

in Appendix B.2.

Buyer Member who buys a Product in a Trade.

Cash Settlement Price In respect of a Product on its last settlement date as 

described in the respective Product Specification.

Cleared Product A Product which Trades will be subsequently offered for 

Clearing.

Clearing The process of open offer contract formation, variation, 

collateralisation and settlement of Trades, whereby the 

Clearing House becomes the central counter party to 

contracts between it and the relevant Clearing Counterparty, 

which contracts arise as a result of a Trade, subject to the 

Clearing House Rules.

Clearing Counterparty A Clearing Member or a Sponsored Principal.

Clearing House Any clearing house which is, for the time being, appointed by 

ICE Endex as the clearing house to ICE Endex.

Clearing House Rules The rules of the Clearing House, together with its 

procedures, as interpreted in accordance with guidance and 

circulars issued by the Clearing House, in each case, as 

amended from time to time.

Clearing Member A person which has entered into a clearing membership 

agreement with the Clearing House and which has been 

admitted as a clearing member of the Clearing House under 

the Clearing House Rules to clear Products.

Competent Authority Any local, federal, state, provincial, national or supra-national 

or other government, government department, authority, 

agency, department, regulatory, commission, secretary of 

state, inspectorate, ministry, official, court, tribunal, judicial 

body, arbitral body or public or statutory persons or any other 

person (whether autonomous or not) which has jurisdiction or 

exercises a regulatory or supervisory function under the laws 

of any jurisdiction over ICE Endex, the Clearing House, any 

Member, the subject matter of these Rules, financial 

services, the financial markets, Exchanges, clearing 

organisations or trade repositories, including, without 

limitation any college of such competent authorities and any 

person exercising judicial, executive, interpretative, 
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enforcement, regulatory, investigative, fiscal, taxing or 

legislative powers or authority anywhere in the world with 

competent jurisdiction.

Cross Trade Has the meaning as defined under article III-3.4.

Customer CM Transaction Has the meaning given to it in the Clearing House Rules, in 

relation to a transaction between a non-Clearing 

Counterparty and a Clearing Counterparty with respect to a 

Product.

Daily Product A calendar day and where applicable its consecutive 

calendar days of the security as specified in Appendix A 

(including Tradable Spreads) that is traded via ICE Endex 

and can be cleared by the Clearing House under the 

Clearing House Rules.

Dispute Any dispute, difference, controversy or claim (of any and 

every kind or type, whether based on contract, tort, statute, 

regulation, or otherwise) arising out of, in relation to, or in 

connection with these Rules including any dispute as to the 

existence, construction, validity, interpretation, enforceability, 

termination or breach of these Rules.

€ Euro

EFPs Has the description given in II-2.

EFSs Has the description given in II-2.

Energy Market All natural persons (natuurlijke personen) and legal entities 

(rechtspersonen) that professionally trade energy and energy 

related products and that professionally provide energy 

related services.

Exchange Any exchange or similar body duly authorised, regulated, 

recognised or licensed (to the extent necessary) under 

applicable laws in any jurisdiction, including, but not limited 

to, any recognised investment exchange, recognised 

overseas investment exchange, designated investment 

exchange, designated contract market, exempt commercial 

market, regulated market, alternative trading system, 

multilateral trading facility, swap execution facility, organised 

trading facility, systematic internaliser, trade affirmation or 

confirmation platform or similar entity.

Exchange Delivery Settlement Price In respect of a Product the end of day Settlement

(“EDSP”) Price according to the processes as described under 

Chapter V for the Expiration Day.

Exemption Regulation AFS Exemption Regulation pursuant to the AFS

("Vrijstellingsregeling Wft").

Expiration Day The day on which the contract series will expire, set out for 

each Product in the Trading Calendar.

Fair Market Value In relation to any Block Trade, EFP or EFS price quoted by a 

Member to another Member or to a client or in respect of a 
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Block Trade, EFP or EFS entered into by a Member, a price 

which is considered by the Member, to be the best available 

for a trade of that kind and size.

Fixing The moment at which the Settlement Price for a Product is 

calculated.

Force Majeure An event or circumstance which is beyond the control of ICE 

Endex and which ICE Endex could not prevent or overcome 

with reasonable diligence and foresight and which results in 

or causes the failure of ICE Endex to perform (part of) its 

obligations under these Rules (overmacht).

General Participant A Member as defined in article I-4.1.

ICE Endex ICE Endex Derivatives B.V.

ICE Endex Block Broker An entity which has been admitted to the General Participant 

category of membership for the purpose of (i) accessing the 

Block Trade Facility to enter Block Trades and/or EFPs and 

EFSs (as the case may be), and/or (ii) accessing the ICE 

Endex Platform for the purpose of entering Cross Trades, 

brokered on behalf of Members.

ICE Endex Futures Exchange The regulated market, operated by ICE Endex, which 

enables ICE Endex Members to enter into Trades in eligible 

Products.

ICE Endex Platform The electronic trading system for the trading of such 

contracts as determined by ICE Endex from time to time and 

administered by ICE Endex and, in the case of an ICE Endex 

Block Broker, the term 'the ICE Endex Platform' shall, where 

applicable, mean the Block Trade Facility and any other 

implied or explicit terms relating to the ICE Endex Platform 

shall be construed accordingly.

Website www.theice.com.

ITM A unique individual trade mnemonic assigned by ICE Endex 

to a Responsible Individual.

LCIA The London Court of International Arbitration or any 

successor thereto.

LCIA Rules The arbitration rules of the LCIA.

Limit Order Order to buy or sell a stated quantity at a specified price, or 

at a better price, if obtainable. 

Limit Price The price up to which the Member is willing to buy, 

respectively down to which the Member is willing to sell.

Long Position An obligation to take delivery of the commodity during a 

certain period of time pursuant to a Trade registered at the 

Block Trade Facility or executed on the ICE Endex Futures 

Exchange.

Market Order A Market Order is executed at the best price or prices 

available in the order book at the time the Order is received 
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by the ICE Endex Platform until the Order has been filled in 

its entirety. Market Orders can only be entered if the market 

is open.

Member A legal entity that has entered into a Membership Agreement 

with ICE Endex and admitted to a category of membership 

referred to in article I-4.1 and therefore has been granted 

access to the Services as indicated in the Membership 

Agreement.

Membership Agreement The membership agreement between ICE Endex and a 

Member under which, inter alia, ICE Endex agrees to provide 

Services to a Member and the Member agrees to be bound 

by and subject to these Rules.

Member Representative Any employee, director, officer, partner, agent or 

representative of a Member (whether a natural person or 

corporation).

Month Calendar month.

Monthly Product A Calendar month and where applicable its consecutive 

Calendar months of the security as specified in Appendix A 

(including Tradable Spreads) that is traded via ICE Endex 

and can be cleared by the Clearing House under the 

Clearing House Rules.

No Cancellation Range The price range above and below the Anchor Price for each 

Product contract within which a Trade will not be cancelled or 

price adjusted when such request is made by a Member.

Open Position The net amount expressed in the trading unit of all unclosed 

Long Positions and Short Positions of a Member with regard 

to a Product.

Order A firm order in an eligible Product, made by a Member on the 

ICE Endex Futures Exchange.

Position Limit The limit ICE Endex may set for an Open Position of a 

Member. Position Limits as specified in article I-17.1.

Pricing The process of establishing Settlement Prices.

Product A security as specified in Appendix A (including Tradable 

Spreads) that is traded via ICE Endex and can be cleared by 

the Clearing House under the Clearing House Rules.

Product Specifications The contract terms applicable to Trades in Products eligible 

for trading on the ICE Endex Platform and Clearing by the 

Clearing House under the Clearing House Rules as 

described in Appendix A.

Quarter January - March, April - June, July - September and October 

- December.

Reasonability Limit The Reasonability Limit is the amount the price may change 

in one trading sequence from the last traded price of that 

contract month, or from a price determined by an algorithm in 

the Trading Server.
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Registered Office Registered office of ICE Endex as published on the Website.

Responsible Individual An individual registered by a Member with ICE Endex to 

conduct business on the ICE Endex Platform.

Rules for Dispute Resolution The Rules for dispute resolution set out in article I-12, I-13 

and Appendix D, relating to dispute resolution between ICE 

Endex on the one hand and an Applicant, Member or former 

Member on the other hand or under specific conditions 

between Members amongst themselves.

Rules or ICE Endex Rules These rules, appendices and procedures issued by ICE 

Endex as interpreted in accordance with any guidance and 

circulars issued by ICE Endex from time to time and as 

amended from time to time in accordance with article I-3.4.

Season The period from and including April up to and including 

September or the period from and including October up to 

and including March.

Seller A Member who sells a Product in a Trade.

Settlement Parameters Parameters as defined and published according to Appendix 

D.

Settlement Prices Prices established by ICE Endex and based on the 

processes as defined in Chapter V exclusively for the 

purpose of the daily margining process of the Clearing 

House.

Settlement Spread Settlement spread as defined and published according to 

Appendix D.

Settlement Window Primary process of establishing Settlement Prices.

Services All services provided by ICE Endex.

Short Position An obligation to deliver the relevant commodity underlying of 

a Product during a certain period of time pursuant to a Trade 

registered at the Block Trade Facility or executed on the ICE 

Endex Futures Exchange.

Sponsored Principal Has the meaning given to such term in the Clearing House 

Rules.

Spread Order An Order on a Tradable Spread.

Tradable Spread Trading modality defined by reference to two Products 

allowing for the trading of the price difference between these 

two Products by the simultaneous completion of a purchase 

and a sale, as described in Appendix A.

Trade An agreement between two Members to buy or sell a 

Product.

Trade Participant A Member as defined in article I-4.1.

Trader A Member Representative or Responsible Individual 

registered with ICE Endex.
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Trading Calendar Yearly calendars for each ICE Endex Product with the 

contents as specified in Appendix B.2 and published on the 

Website.

Trading Server The ICE Endex Platform central processing system.

Tribunal Any arbitral tribunal established under article 1-12 (Dispute 

Resolution).

TSO Transmission System Operator: the operator who is assigned 

in accordance with the European and national legislation for 

the usage and operation of one or more power grids or 

natural gas transmission networks.

User Guide The ICE Platform User Guide, or user guide of any front-end 

application used by a Member.

Week Calendar week.

Year Calendar year

Capitalised terms used in the plural shall, where the context requires, have the same meaning in the 

singular and vice versa.

Any reference to time is to Central European Time or Central European Summer Time as applicable 

("CET"), unless explicitly stated otherwise.

Any reference to a period of time, such as a day, week, month, quarter or year is a reference to a 

period of time according to the Gregorian calendar, unless explicitly stated otherwise.
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I-2 Structure of the Rules

I-2.1 These Rules are structured as follows:

(a) Chapter I Rules applicable to all Services;

(b) Chapter II Rules applicable to the ICE Endex Block Trade Facility;

(c) Chapter III Rules applicable to the ICE Endex Futures Exchange;

(d) Chapter IV Rules applicable to Clearing of Trades; and

(e) Chapter V Rules applicable to Pricing.

I-3 Objective of the Rules

I-3.1 Pursuant to its Articles of Association, ICE Endex is inter alia charged with the development, 

organisation and operation of one or more markets for trading energy (such as power and 

natural gas), energy derivatives, (fossil) fuels, and/or similar and related products and assets, 

as well as with providing services related to the foregoing or cause any of the foregoing to be 

done.

I-3.2 In order to create liquidity and transparency, as well as the possibility to manage price risks 

and counter party risks in the energy market, ICE Endex runs a Block Trade Facility, the ICE 

Endex Futures Exchange and establishes Settlement Prices.

I-3.3 The objective of these Rules is to regulate the organisation and operation of the Services 

provided by ICE Endex. These Rules are adopted by the statutory management of ICE 

Endex.

I-3.4 These Rules may be amended by ICE Endex from time to time. ICE Endex will notify the 

AFM of any such amendment in accordance with its obligations pursuant to article 5:27, 

section 4, AFS. The amendments are subject to approval by the AFM,

I-3.5 Any amendment to these Rules will be notified to the Members at least 14 days prior to the 

day on which the amendment will enter into force, unless ICE Endex deems an earlier entry 

into force necessary. ICE Endex will notify the Members of such an earlier entry into force. 

Should ICE Endex amend these Rules materially and adversely to the interests of a Member, 

then the Member has the right to terminate the Membership Agreement with due observance 

of article I-11.2 of these Rules.

I-4 Requirements for Membership

I-4.1 ICE Endex recognizes two different categories of Members:

(a) General Participant: permitted to transact own business and business for clients 

(whether such clients are other Members or non-Members);

(b) Trade Participant: permitted to transact own business only.

"Own business" means business for its own account or for the account of a subsidiary (which 

shall have the meaning as stipulated in art. 2:24A of the Dutch Civil Code) or holding 

company of the relevant Member.

Any person seeking access to the Block Trade Facility as an ICE Endex Block Broker must 

elect and apply for the General Participant category of membership.
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I-4.2 The following parties may be admitted as a Member:

(a) investment firms within the meaning of article 1:1 AFS who hold a licence pursuant 

to article 2:96 AFS;

(b) financial institutions within the meaning of article 1:1 AFS who hold a licence 

pursuant to article 2:11 AFS, but only if this licence allows them to also perform 

investment services and investment activities;

(c) investment firms and financial institutions who have their statutory seat in a state 

that belongs to the European Economic Zone and who hold the equivalent of a 

licence mentioned under a or b respectively from the equivalent regulatory 

Competent Authority of their home country, provided that the financial institution in 

question is duly notified to the Dutch Central Bank or in case of an invest firm that 

such investment firm is duly notified to the AFM, pursuant to article 2:98 AFS;

(d) investment firms and financial institutions that are exempted from having a license to 

perform investment services and investment activities pursuant to article 10 of the 

Exemption Regulation AFS;

(e) other legal entities who – to the satisfaction of ICE Endex – have proved to be 

professionally active in trading power, natural gas, biomass and/or (financial) 

products related thereto.

I-4.3 An applicant for access to trading on the ICE Endex Platform as a Member must, at the time 

of its application and at all times thereafter:

(a) be able to demonstrate, to the satisfaction of ICE Endex, that the applicant is fit and 

proper to be a Member;

(b) be able to demonstrate, to the satisfaction of ICE Endex, that the applicant has 

sufficient systems and controls in place to ensure that all the Member

Representatives who may act on its behalf or in its name in the conduct of business 

on the ICE Endex Platform are fit and proper, suitable, adequately trained and 

properly supervised to perform such functions;

(c) maintain a properly established office (in a location which is acceptable to ICE 

Endex as they may determine in their absolute discretion) for the conduct of its 

business on the ICE Endex Platform;

(d) satisfy the minimum financial standing requirements for the time being stipulated by 

ICE Endex in relation to the relevant category of membership, supporting its claim to 

do so by copies of its last three years of audited accounts (or in the case of an ICE

Endex Block Broker, a copy of its last audited accounts) and by a copy of its latest 

audited accounts from time to time as they become available, or such other 

evidence as ICE Endex may require;

(e) be party to an electronic user agreement, which is in full force and effect, in the form 

prescribed by ICE Endex from time to time for use by the Member of the ICE Endex 

Platform at the address(es) notified to ICE Endex;

(f) be able to access the ICE Endex Platform via a front end application which meets 

any conformance criteria determined by ICE Endex from time to time;

(g) have appropriate clearing arrangements in place to the satisfaction of ICE Endex 

and in accordance with article I-4.4;
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(h) hold all necessary licences, authorisations and consents, or benefit from available 

exemptions, so as to allow it to carry on business as a Member on the ICE Endex 

Platform in accordance with all applicable laws and regulations; and

(i) have arrangements in place to ensure that its physical deliveries or the physical 

deliveries of its Clearing Member, resulting from Open Positions, can be settled or 

physically delivered.

I-4.4 A General Participant and Trade Participant are eligible to be clearing members for the 

purposes of these Rules in relation to the ICE Endex Platform, on the basis set out below:

(a) Trade Participants may elect to be Clearing Counterparties for the purpose of 

clearing own business (subject to them also being a Clearing Member or Sponsored 

Principal of the Clearing House) or non-Clearing Members, in which case they must 

have in place a clearing agreement with a General Participant that is a Clearing 

Member or be a party to or satisfy ICE Endex that it will become a party to a clearing

agreement with a General Participant in respect of all types of Product covered by its 

trading and/or clearing permissions or privileges.

(b) General Participant (other than those General Participants who are ICE Endex Block 

Brokers) may elect to be Clearing Counterparties for the purpose of clearing own 

business and/or client business (subject to them also being a Clearing Member or 

Sponsored Principal of the Clearing House) or non-Clearing Members, in which case 

they must have in place a clearing agreement with another General Participant in 

respect of all types of Product covered by its trading and/or clearing permissions or 

privileges.

I-4.5 A Member shall forthwith inform ICE Endex upon becoming or ceasing to be a Clearing 

Member or Sponsored Principal of the Clearing House or any change in any particulars which 

it has notified to ICE Endex as part of its obligations under these Rules.

I-4.6 An applicant to be a General Participant or Trade Participant must, at the time of its 

application and at all times thereafter, be a legal entity which is a body corporate.

I-4.7 An applicant to be a General Participant or a Trade Participant must satisfy any other specific 

criteria or other requirements stipulated by ICE Endex from time to time in relation to the 

particular category of membership applicable to it, supplying such documents in support 

thereof as they may require.

Member Responsibility

I-4.8 In these articles I-4.8, I-4.9, I-4.10 and I-4.11, "conduct" means any act, omission, conduct or 

behaviour in relation to these Rules.

I-4.9 For the purposes of determining a Member's liability to be sanctioned for any conduct, a 

Member shall be responsible for:

(a) all conduct of that Member Representatives; and

(b) conduct by a Member's client when placing orders under the ITM of a Responsible 

Individual registered to that Member,

as if that conduct were the conduct of the Member itself. For the avoidance of doubt, all 

conduct referred to in (a) and (b) shall, for the purpose of these articles I-4.8, I-4.9, I-4.10 and 

I-4.11, be attributed to that Member and be treated as the conduct of that Member. 

Notwithstanding the attribution of such conduct to the Member, the identified Responsible 

Individual or Member Representative responsible for such conduct might also be liable to be 

sanctioned for such conduct.
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I-4.10 Notwithstanding article I-4.9, no sanction shall be imposed on a Member in respect of:

(a) conduct by a trader registered to that Member;

(b) conduct by a Member Representative placing orders under the ITM of a Responsible 

Individual registered to that Member; or

(c) conduct by a Member's client placing orders under the ITM of a Responsible 

Individual registered to that Member,

where it is established to the reasonable satisfaction of ICE Endex that the Member had taken 

all reasonable steps to prevent any conduct of the kind in question.

I-4.11 The provisions on Member Responsibility shall apply:

(a) without prejudice to the liability of any other person subject to these Rules for the 

same conduct;

(b) in the case of inconsistency with any other provision of the Rules, in priority to that 

other provision;

(c) whether or not the Member Representative is a person subject to these Rules;

(d) whether or not the Member and/or Member Representative is/are exercising rights to 

use ICE Endex Services; and

(e) whether or not the individual Member Representative can be conclusively identified, 

provided that it is established that the relevant conduct was carried out by a Member

Representative, albeit the individual remaining unidentified.

I-5 Responsible Individual

I-5.1 A Member shall not enter Orders into or execute Trades on the ICE Endex Platform except 

through a Responsible Individual registered with ICE Endex pursuant to the applicable 

procedures. At least one individual shall be registered by a Member as a Responsible 

Individual pursuant to procedures described under Responsible Individual Registration 

Procedures.

I-5.2 A Member must ensure it has sufficient number of Responsible Individuals for the nature and 

scale of business being conducted.

I-5.3 A Responsible Individual must:

(a) be adequately trained pursuant to article I-7(k) and fully conversant with these Rules 

and procedures;

(b) be assigned at least one ITM, and a valid password for each, by ICE Endex; and

(c) conduct all telephone conversations on audio logged lines.

I-5.4 Trading may also be conducted by other individuals within the Member, at the discretion of 

the Member, provided such individuals are fit and proper, suitable and adequately trained in 

accordance with article I-7(k). These individuals may only submit Orders under the ITM(s) of a 

Responsible Individual registered to the Member, and under his supervision.

I-5.5 Trading may also be conducted by a Member's client (order routing) where access to the ICE 

Endex Platform is granted by the Member to clients, provided the client orders are submitted 

under an ITM assigned to a Responsible Individual.
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I-5.6 ICE Endex will direct all queries in relation to business submitted under his ITM(s) to the 

Responsible Individual concerned, whether or not the business was actually input directly by 

him. The Responsible Individual must be contactable by ICE Endex while his ITM(s) is/are in 

use or the Member must nominate another Responsible Individual when a Responsible 

Individual is absent whilst his/her ITM(s) is/are continued to be used. In this respect, a 

Responsible Individual must, in relation to his ITM(s) and the ITM(s) of any absent 

Responsible Individual for which he has been nominated:

(a) have the authority to adjust or withdraw any orders submitted under the relevant 

ITM(s);

(b) satisfy himself of the competence, fitness and properness and suitability of any 

person conducting business under the relevant ITM(s);

(c) ensure, as far as possible, that all business conducted under the relevant ITM(s) is 

conducted in accordance with the Rules; and

(d) know, and be willing to disclose to ICE Endex, the immediate source of all orders.

Responsible Individual Responsibility

I-5.7 A Responsible Individual shall be responsible for trading activity conducted under his ITM(s).

I-5.8 Where trading is also conducted, pursuant to article I-5.4 by other individuals within the 

Member under the ITM(s) of a Responsible Individual registered to the Member, such trading 

shall be under the supervision of the relevant Responsible Individual.

I-5.9 Where access is granted by the Members to clients (order routing) and, pursuant to article I5.5 the client orders are submitted under an ITM assigned to a Responsible Individual, the 

submission shall be under the relevant Responsible Individual's supervision.

I-5.10 Notwithstanding article I-4.8 to I-4.11 ('member responsibility') no sanction shall be imposed 

on a Responsible Individual in respect of:

(a) conduct of, or trading activity conducted under his ITM(s), by an individual of the 

Member with whom that Responsible Individual is registered;

(b) conduct by a Member Representative placing orders under the ITM of that 

Responsible Individual; and

(c) conduct by a Member's client placing orders under the ITM of that Responsible 

Individual,

where it is established to the satisfaction of ICE Endex that the Responsible Individual had 

taken all reasonable steps to prevent any conduct of the kind in question.

Responsible Individual Registration Procedures

I-5.11 A Member must register at least one Responsible Individual with ICE Endex, in a form as 

prescribed by ICE Endex from time to time, in order to access the ICE Endex Platform.

I-5.12 A Member must register with ICE Endex all staff that are required to work as Responsible 

Individuals.

No later than three Business Days before the intended starting day of a Responsible 

Individual, the Member needs to submit:

(a) a completed Responsible Individual Registration Form;
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(b) written confirmation of the authorisation status of the individual (if applicable) and the 

Member firm to which he is registered (if applicable), under any relevant Competent 

Authority.

I-5.13 ICE Endex will inform the Member when the individual has been registered as a Responsible 

Individual and notify the Responsible Individual of his password, ITM(s) and log-in details and 

the date from which he may access the ICE Endex Platform.

I-5.14 A Member must de-register all staff who are no longer required to work as Responsible 

Individuals or who leave their employment. Such de-registration must be submitted by written 

notice to ICE Endex before the intended de-registration day.

I-6 Application Procedure

I-6.1 An Applicant seeking admission as a Member must submit an Application to that end, as well 

as, upon first request of ICE Endex, all other information that ICE Endex deems necessary for 

the orderly conduct of trading on the ICE Endex Platform. An Applicant will not be a Member 

until both ICE Endex and the Applicant have duly signed the Membership Agreement and 

until the Applicant has provided ICE Endex with all information requested. 

I-6.2 ICE Endex will send the Applicant a written notification of its decision regarding the 

Applicant's Application to the address stated in the Application. ICE Endex will do so within 

six (6) weeks after receipt of the Application. ICE Endex is allowed to extend this period one 

(1) time for a further period of six (6) weeks. ICE Endex will give written notice of such an 

extension to the Applicant within the first six (6) weeks after receipt of the Application. Where 

the Member is or has applied to be a Clearing Counterparty, ICE Endex will request from the 

Clearing House proof of admission of the Applicant for the Clearing of the requested ICE 

Endex Product(s). ICE Endex will publish the name of the new Member on the Website.

I-6.3 The Application will in any case be rejected if the Applicant does not meet the criteria set forth 

in article I-4 for being an ICE Endex member. ICE Endex shall have absolute discretion, 

subject to the Applicant's rights in respect of reconsideration and appeal under these Rules, 

whether to approve an Application. ICE Endex will inform the Applicant about the reason(s) 

for its rejection as a Member.

I-6.4 The Applicant may challenge ICE Endex's decision to reject the Application before the 

Tribunal in accordance with these Rules.

I-6.5 A Member may, at any time, apply to vary its category of membership, its clearing status, the 

Products it wishes to trade and/or clear, its election to access the ICE Endex Platform for the 

purpose of entering Cross Trades or the Products for which it may have access, and, in the 

case of an ICE Endex Block Broker, its election to access the Block Trade Facility for Block 

Trades and/or EFPs and EFSs. Such an application shall be made in the manner prescribed 

by ICE Endex from time to time and shall be processed by reference to the criteria set out in 

article I-4 of these Rules.

I-7 Obligations of Members

I-7.1 Without prejudice and in addition to any other specific requirement in these Rules regarding 

obligations and compliance with these Rules by a Member, the Member shall, on a 

continuous basis, be responsible for making adequate arrangements, systems and controls 

for ensuring that it:

(a) meet the membership requirements as mentioned in article I-4 of these Rules;

(b) act with due care and diligence vis-à-vis ICE Endex and the other Members and 

comply with these Rules and any other rule in force;
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(c) comply with the technical requirements of the ICE Endex Platform and immediately 

notify ICE Endex of any irregularity in the ICE Endex Platform;

(d) comply with any requirement of ICE Endex with regard to the execution of a Trade 

conducted by the Member on the ICE Endex Platform;

(e) comply with any obligation that may arise from applicable legislation and/or 

regulations, including any amendment thereto;

(f) comply with any rule imposed by the Clearing House;

(g) respect and comply with the established operating procedures;

(h) refrain from any action that may jeopardise the proper functioning of the ICE Endex 

Platform or trading on the ICE Endex Platform;

(i) have and continue to have all necessary regulatory authorisations, approvals and 

consents for trading on the ICE Endex Platform in place;

(j) have Responsible Individual(s) registered as set forth in article I-5;

(k) ensure that all of its Responsible Individuals, Member Representatives and other 

individuals involved in the conduct of business on the ICE Endex Platform and/or 

Block Trade Facility are fit and proper, suitable, adequately trained and properly 

supervised;

(l) ensure prompt and complete fulfilment of all its obligations towards ICE Endex at the 

moment ICE Endex requires the Member to do so, amongst which – but not limited 

to – timely payment of any amount charged to it by ICE Endex;

(m) inform ICE Endex in writing about any fact or circumstances or anticipated fact or 

circumstance which may affect its legal status or organisation, its activities on the 

Energy Market, its ability to meet the membership criteria set out in article I-4, or any 

other information ICE Endex may reasonably specify from time to time;

(n) inform ICE Endex in writing of any change in the information communicated by or on 

behalf of the Member to ICE Endex;

(o) comply with any applicable regulatory rules in force, among which, but not limited to, 

compliance with any applicable know your customer rule and best execution rule. It 

will be the Member's sole responsibility that it complies with all applicable regulatory 

rules in force;

(p) ensures that no Responsible Individual enters Orders or makes trades on the ICE 

Endex Platform in or from a jurisdiction where ICE Endex does not have the relevant 

regulatory status (if such regulatory status is required) if to do so would bring ICE 

Endex into disrepute with any Competent Authority within such jurisdiction or put ICE 

Endex in breach of any regulatory obligations to which it might be subject within that 

jurisdiction; and

(q) shall notify ICE Endex immediately of any infringement of these Rules and as soon 

as practicable thereafter, give ICE Endex full details of such infringement.

I-7.2 Every Member shall seek the consent of ICE Endex in relation to:

(a) any proposed change in the nature of business or legal status of the Member, any 

proposed change in legal or beneficial ownership of the equity capital of the Member 

or any other circumstance that to the directors’ belief would or might have the effect 

of changing the control of the Member;
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(b) any proposed change in the identity of the Responsible Individuals registered on 

behalf of the Member and any proposed change in the location from which any such 

Responsible Individual will access the ICE Endex Platform (where the new location 

is in a different jurisdiction from that previously notified to ICE Endex);

(c) any other material change in the way in which the Member accesses and uses the 

ICE Endex Platform.

I-8 Rights of ICE Endex

I-8.1 ICE Endex may, without prejudice to any of the other powers conferred upon it, perform the 

following activities:

(a) verify, if necessary through an investigation, the Member's compliance with these 

Rules;

(b) monitor the functioning of the ICE Endex Platform;

(c) investigate Trades and Orders; and/or

(d) withhold or delete an Order, which - in the view of ICE Endex - could jeopardize the 

fair and orderly trade on the markets maintained by ICE Endex.

I-8.2 A Member, its Member Representative or its Responsible Individual is obliged to co-operate 

with any investigation as mentioned in article I-8.1 and is required to provide ICE Endex, upon 

first request, access to its premises, books, records and other relevant information as ICE 

Endex deems necessary and appropriate. In exercising these rights, ICE Endex may make 

use of independent third-party experts.

I-8.3 Subject to a reasonable notice period, ICE Endex will inform the Member in writing of an 

investigation as referred to in the previous paragraphs, stating the reason(s) for the 

investigation. The Member may request the presence of a designated representative while 

the investigation is being conducted.

I-8.4 In certain events, ICE Endex has the right to close out transactions of a Member at the 

request of the Clearing House.

I-9 Disciplinary Sanctions

I-9.1 If ICE Endex has determined that a Member violates a provision of these Rules, or acts in a 

manner that is potentially detrimental to the interests of ICE Endex or to the interests of 

another Member, ICE Endex may, at any time, without prejudice to the other powers 

conferred upon it, take one or more of the following measures against the Member:

(a) deliver a warning;

(b) suspend the Member;

(c) impose a fine up to a maximum of € 250,000 (two hundred fifty thousand euro) per 

offence;

(d) terminate the Membership Agreement.

I-9.2 ICE Endex has the right to publish such measures including the name of the Member.

I-10 Suspension of a Member

I-10.1 In the following events, ICE Endex may suspend a Member for a maximum period of six (6) 

months:
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(a) if any circumstance or fact arises, which, had it arisen before the granting of 

admission as a Member, would have resulted in the Application being rejected;

(b) if it has established that the Member has failed to comply with any provision of these 

Rules, or any provision of any other rule in force;

(c) if the Member is a Clearing Counterparty: upon receipt of a copy of a default notice, 

issued by the Clearing House;

(d) if the Member is not a Clearing Counterparty: upon receipt of a copy of a default 

notice, issued by the Clearing House to the Clearing Counterparty with whom the 

Member (or the relevant General Participant) has entered into clearing 

arrangements with pursuant to article I-4.5;

(e) if the Clearing House demands ICE Endex to suspend the Member; and/or

(f) if a relevant Competent Authority demands ICE Endex to suspend the Member.

I-10.2 ICE Endex will inform the Member in writing about the reason(s) for its suspension. A Member 

has no access to ICE Endex's Services while suspended.

I-10.3 ICE Endex shall immediately cease to process and submit any transaction data to the 

Clearing House if a Member is suspended.

I-10.4 The Member has the right to challenge ICE Endex's decision to suspend him before the 

Tribunal in accordance with these Rules (including the Rules for Dispute Resolution). The 

procedure before the Tribunal shall not stay (opschorten) the suspension.

I-10.5 The suspension will remain in force until ICE Endex has terminated the suspension. ICE 

Endex may terminate the suspension if:

(a) the decision to suspend the Member is reversed by the Tribunal;

(b) the Clearing House has notified ICE Endex that it has revoked its request to 

suspend the Member;

(c) the relevant Competent Authority has notified ICE Endex that it has revoked its 

request to suspend the Member;

(d) the cause for the suspension has been remedied by the Member;

(e) ICE Endex has other reasons to terminate the suspension.

I-10.6 ICE Endex may inform the other Members and the Clearing House of the suspension. ICE 

Endex may publish a decision to suspend a Member on the Website.

I-10.7 A suspension will not relieve the Member from any of its obligations under the Membership 

Agreement and these Rules, unless ICE Endex decides otherwise. More particularly, a 

suspension will not relieve the suspended Member from its monetary obligations vis-à-vis ICE 

Endex.

I-10.8 ICE Endex may, in its sole discretion, decide to extend a suspension with six (6) weeks after 

six (6) months have lapsed without the cause for suspension having been remedied, if ICE 

Endex has reason to believe that the cause for suspension will be remedied in those six (6) 

weeks. ICE Endex will notify the Member of such an extension in writing.
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I-11 Termination of the Membership

I-11.1 Without prejudice to the rights conferred on ICE Endex and the Member in article I-11.2 and I11.3, both ICE Endex and the Member may terminate the Membership Agreement upon one

(1) month written notice.

I-11.2 Should a Member not be willing to continue the Membership Agreement as a result of ICE 

Endex having amended these Rules materially and adversely to the interests of the Member, 

then the Member may terminate the Membership Agreement effective from the date the 

amended Rules come into force. Such termination should be made in writing within fourteen 

(14) days after ICE Endex has informed the Member about the amended Rules and should be 

sent to the address of ICE Endex's Registered Office.

I-11.3 ICE Endex is entitled to terminate the Membership Agreement with immediate effect, if:

(a) the Member has ceased to satisfy the requirements for being a Member;

(b) a Member has been suspended pursuant to article I-10 of these Rules and six (6) 

months have elapsed without the Member having remedied the cause for its 

suspension and without ICE Endex having extended the suspension;

(c) a Member acts against or fails to act in accordance with these Rules, or if a Member 

acts against or fails to act in accordance with any regulatory rule in force;

(d) a Member is passing a resolution for its dissolution or a court of competent 

jurisdiction makes an order for the Member's dissolution;

(e) a receiver is appointed over or a creditor has taken possession of or is selling a 

substantial part of the Member's assets;

(f) a Member has made an arrangement or composition with its creditors or if a Member 

has made an application to a court of competent jurisdiction for protection of its 

assets from its creditors; or

(g) ICE Endex cannot reasonably be expected to continue the admission of the 

Member.

I-11.4 The Member has the right to challenge ICE Endex's decision to terminate the Membership 

Agreement before the Tribunal in accordance with these Rules (including the Rules for 

Dispute Resolution). The procedure before the Tribunal shall not stay (opschorten) the 

execution of the termination.

I-11.5 ICE Endex shall inform the other Members of the termination of the Membership Agreement 

and may publish its decision to terminate the Membership Agreement on the Website.

I-12 Dispute Resolution 

I-12.1 Any Dispute shall be referred to and finally resolved by arbitration under the LCIA Rules, 

which LCIA Rules are deemed to be incorporated into this article I-12. In the event of a 

conflict between any provision of the LCIA Rules and this article I-12, this article I-12 will 

prevail. Any provision of the LCIA Rules relating to the nationality of an arbitrator shall to that 

extent not apply.

I-12.2 The seat of arbitration will be London and the language of the arbitration proceedings shall be 

English, unless otherwise agreed in writing between the parties in accordance with this article 

I-12. 

I-12.3 The Tribunal will be comprised of three arbitrators appointed by the LCIA. The LCIA shall 

appoint one of the arbitrators to act as the chairman of the Tribunal. The Tribunal members 
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will be persons considered by the LCIA in its discretion to have experience with respect to the 

subject matter of the Dispute. Tribunal members shall not be current or former employees or 

directors of the Member, current or former employees or directors of any other Member that is 

party to the arbitration, current or former employees of ICE Endex or Intercontinental 

Exchange, or any person or persons with a material interest or conflict of interest in the 

outcome of the Dispute. 

I-12.4 The Tribunal shall have the power on the application of any party to an existing arbitration, to 

require one or more Members to be joined to an existing arbitration. Each Member agrees 

that it may be joined as an additional party to an arbitration involving ICE Endex and another 

Member.

I-12.5 If more than one arbitration is begun under these Rules and ICE Endex or a Member that is a 

party to an arbitration so concerned serves notice upon the Tribunals concerned that it 

believes two or more arbitrations are substantially related and that the issues should be heard 

in one set of proceedings, the Tribunal appointed in the first-filed of such proceedings shall 

have the power to determine whether, in the interests of justice and efficiency, the 

proceedings should be consolidated and heard together before that Tribunal.

I-12.6 In the case of such joinder or consolidation, the Tribunal shall make a single, final award 

determining all Disputes between the relevant parties in those proceedings. Each Member 

and ICE Endex irrevocably waives any right to challenge any award or order of any Tribunal 

by reason of the fact that it arises from a joined or consolidated arbitration. Each Member and 

ICE Endex hereby irrevocably waives any right to challenge any award or order of any 

tribunal appointed under the Membership Agreement by reason of the fact that it arises from a 

consolidated arbitration.

I-12.7 The award of the Tribunal will be final and binding on ICE Endex and the Member from the 

day it is made. Judgment upon the award may be entered or the award enforced through any 

other procedure in any court of competent jurisdiction. 

I-12.8 The provisions of this article I-12 may not be varied by a Member, save where each Member 

that is party to the Dispute or arbitration proceedings and ICE Endex agree in express written 

terms. 

I-12.9 The commencement of any arbitral proceedings shall be without prejudice to and shall not 

limit in any way the right of ICE Endex to instigate any procedure under articles I-9 

(Disciplinary Sanctions), I-10 (Suspension of a Member) or I-11 (Termination of Membership) 

of these Rules, any investigation, disciplinary proceedings or the imposition of a sanction.

I-12.10 Each Member that now or hereafter has a right to claim sovereign immunity from suit or 

sovereign immunity from enforcement for itself or any of its assets shall be deemed to have 

waived any such immunity to the fullest extent permitted by any applicable national, federal, 

supranational, state, regional, provincial, local or other statute, law, ordinance, regulation, 

rule, code, guidance, order, published practice or concession, judgment or decision of a 

governmental authority. Such waiver shall apply in respect of any immunity from: 

(a) any proceedings commenced pursuant to this article I-12; 

(b) any judicial, administrative or other proceedings to aid an arbitration commenced pursuant 

to this article I-12; and 

(c) any effort to confirm, enforce or execute any decision, settlement, award, judgment, 

service of process, execution order or attachment (including pre-judgment attachment) that 

results from any judicial or administrative proceedings commenced pursuant to this article I12.
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I-12.11 The rights and obligations of the Member under these Rules are of a commercial and not a 

governmental nature

I-12.12 No Member shall raise or in any way whatsoever assert a defense of sovereign immunity in 

relation to any claim or enforcement proceedings arising from a Dispute under these Rules.

I-12.13 The fact of a Member being suspended or expelled shall not affect the rights of any person to 

arbitration under this article I-12, however the procedure before the Tribunal shall not stay the 

suspension, in accordance with article I-10.5 above.

I-13 Liability

I-13.1 ICE Endex's liability for loss and damages, both direct and indirect, that a Member may suffer 

due to an act or an omission to act by ICE Endex shall be restricted to losses and damages 

that are the immediate consequence of willful misconduct or gross negligence of ICE Endex.

I-13.2 If ICE Endex, as a result of any contingency, breakdown or malfunctioning of equipment used 

by ICE Endex, will be unable to promptly and fully perform its obligations under these Rules, 

then ICE Endex can call upon Force Majeure (overmacht) for ICE Endex. In these 

circumstances, ICE Endex may suspend its Services without being liable for any loss or 

damage a Member may incur.

I-13.3 Events of Force Majeure include, but are not limited to:

(a) international conflicts;

(b) violent or armed actions;

(c) measures taken by any domestic, foreign or international government;

(d) measures taken by any Competent Authority;

(e) boycotts;

(f) labour disturbances among ICE Endex's staff or staff of persons auxiliary to ICE 

Endex;

(g) power failures or breakdowns in communication links, equipment, other IT systems, 

or software of ICE Endex or of persons auxiliary to ICE Endex;

(h) disruption or blackout of power grids; and

(i) actions of the relevant TSO's.

I-14 Confidentiality and Non-Disclosure

I-14.1 A Member is obliged to observe confidentiality with regard to the Services. Until ICE Endex 

has published information about the Services itself, a Member may not disclose any trading 

data to third parties without ICE Endex's prior written approval.

I-14.2 The obligation of confidentiality shall not apply if it will restrict a Member from compliance with 

any law, regulation or decision of any Competent Authority requiring disclosure of the 

information or if such information is already in the public domain or independently developed 

by the Member.

I-14.3 ICE Endex shall be entitled to keep records in an electronic or durable medium of all data or 

information available to it under these Rules or otherwise concerning Members. All such 

information received or held by ICE Endex provided to it by the Member at ICE Endex's 

request, or pursuant to the Rules or applicable laws shall be held in confidence by ICE Endex 
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and shall not be made known to the public or any other person in such manner that it can be 

directly related to one of its Members except that each Member hereby consents to ICE 

Endex making the following disclosures, subject to such terms and conditions as ICE Endex 

may from time to time deem appropriate:

(a) to any member of the ICE group, any other Exchange or clearing organisation and 

any of their committees, experts, auditors, advisers or lawyers, each such recipient 

being subject to a confidentiality obligation which ICE Endex, in its discretion, 

considers satisfactory, including (without limitation) for audit, compliance, market 

surveillance or disciplinary purposes, for the purposes of an arbitration or other 

dispute in accordance with the Rules for Dispute Resolution or any proceedings in 

support of such an arbitration, or in relation to any possible or actual event of default 

under the rules of an Exchange or clearing house or the termination or suspension 

of such Member's membership of ICE Endex or any other Exchange or clearing 

membership;

(b) to any person who has provided or is considering entering into a loan, insurance 

policy, guarantee or other financial arrangement with ICE Endex or any of its 

affiliates, provided that information identifying the positions or name of a Member or 

any of its accounts or the name of any of a Member's clients will not be so disclosed, 

except, in the case of a Member and its accounts only, as is necessary to respond to 

any enquiries of such a person concerning ICE Endex's or any of its affiliates' 

potential losses or exposures relating to an event of default (whether or not 

declared);

(c) in the case of information relating to any Trade (including details of the parties 

thereto and related margin), to a trade repository or Competent Authority for 

purposes of transaction reporting;

(d) to any person if the information comes into the public domain, other than as a result 

of a breach of this Rule by ICE Endex;

(e) otherwise with the written consent of the person or persons to whom the confidential 

information relates; or

(f) otherwise as set out in these Rules.

I-14.4 ICE Endex shall be entitled to provide the Clearing House and any affiliates of ICE Endex with 

all such data or information with regard to Trades in Cleared Products as ICE Endex or the 

Clearing House deem necessary for the purpose of carrying out their activities.

I-14.5 ICE Endex has the right to supply to the Competent Authorities with all data and information 

of the activities carried out by Members on the ICE Endex Platform and all other data and 

information the provision of which is necessary either under a formal request made to ICE 

Endex or to comply with its obligations towards those authorities or where disclosure is

required under applicable laws.

I-14.6 The Member agrees to use the ICE Endex software, manuals and/or other operating 

information only for its intended purpose. The Member agrees to keep the information 

confidential. The Member agrees that the information will remain the sole and exclusive 

property of ICE Endex or of the provider of the software, as the case may be. Members will 

not copy or reproduce the information by any means whatsoever or provide or make 

otherwise available to any third party the whole or a portion of the information without ICE 

Endex's prior written consent. Upon termination of the Membership Agreement the Member 

shall return to ICE Endex and/or the provider of the software – as the case may be – all 

confidential information, including copies thereof, which it has in its possession or under its 

control or which is under control or in possession of its affiliates, contractors or agents.
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I-15 Market Conduct and Conduct in Relation to Trading

I-15.1 Each Member must behave honestly when trading on the ICE Endex Futures Exchange, 

thereby enhancing the confidence in the functioning of the markets maintained by ICE Endex, 

with due observation of the interests of all other Members, even if this might entail, in 

particular instances, relinquishing certain immediate financial advantages.

I-15.2 In order to maintain confidence in the integrity of the markets maintained by ICE Endex, each 

Member must trade in a fair and orderly manner and observe professional ethics at all times. 

In particular, a Member must refuse to assist any person or legal entity attempting to deviate 

from the principles of honest market behaviour and may not lend itself to actions as a result of 

which normal market operation might be suspended or impeded.

I-15.3 Each Member shall refrain from manipulating the markets maintained by ICE Endex, 

regardless whether by intentionally submitting manipulative orders, spreading rumours, 

providing false information or otherwise, resulting in a disturbance of normal trading activity 

on those markets, including unduly influencing orders submitted by other Members.

I-15.4 A Member shall not, in any capacity whatsoever, whether directly or indirectly, buy or sell 

power or natural gas on its own account or on the account of a third party, when in 

possession of confidential price-sensitive information in relation to the markets maintained by 

ICE Endex, unless the price-sensitive information is originating from an order or from the 

intent to issue an order by the Member itself. No Member shall induce a third party to deal or 

refrain from dealing in reliance upon confidential price-sensitive information.

I-15.5 A Member shall not seek to accomplish, whether directly or indirectly, by acting independently 

or in concert with someone else, anything that would violate the provisions of the Membership 

Agreement, these Rules or any other ICE Endex rule in force.

I-15.6 A Member shall refrain from taking any action or making any statement that is detrimental to 

the good name and reputation of the markets maintained by ICE Endex.

I-15.7 A Member shall refrain from committing any act of fraud or bad faith.

I-15.8 A Member shall refrain from continuing to trade (otherwise than to liquidate existing positions) 

to trade or enter into such Trades or Customer CM Transactions or accept margin when not in 

compliance with the minimum financial requirements applicable in relation to the category of 

memberships to which it belongs.

I-15.9 A Member must at all times subordinate his own interests to those of his clients and act fairly 

between his clients.

I-15.10 Members and persons subject to these Rules, whose behaviour amounts to market abuse as 

set out in the Dutch Financial Services Act and the implementation Decision Market Abuse 

Financial Services Act ("Besluit marktmisbruik Wft"), Regulation No 596/2014 on Market 

Abuse and any other applicable European Union directives or regulations, shall be in breach 

of these Rules.

I-16 Position Limits

I-16.1 In order to enhance the confidence in the integrity of the markets maintained by ICE Endex, 

as is mentioned in the previous article, ICE Endex may at all times set and modify Position 

Limits for a Product, a group of Products, an individual Member or a group of Members.

I-16.2 For the purpose of this article, a position held by a third party on behalf of a Member or jointly 

with such third party, if applicable, shall be considered a position held by the Member.
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I-16.3 ICE Endex may monitor the positions of the Members on an ongoing basis in order to verify 

compliance by the Members with the Position Limits. ICE Endex will not be liable to its 

Members for not having exercised the powers conferred upon it by this clause.

I-16.4 Any modification of a Position Limit will be notified to the Members at least fourteen (14) days 

prior to the day on which the modified Position Limit will enter into force. In the event that ICE 

Endex determines that a modification has to enter into force earlier on a shorter term, ICE 

Endex will notify the Members of the entry into force of such a Position Limit as soon as 

reasonably practicable.

I-17 Reporting of the Position

I-17.1 Each Member or person that owns, controls, or carries for another person an account with 

reportable positions in any Product shall submit to ICE Endex:

(i) an account identification form as specified by ICE Endex for each account;

and

(ii) a daily report with respect to such positions, in a form acceptable to ICE 

Endex, containing the account numbers and the number of open contracts in 

each such Product that equals or exceeds the applicable reporting level 

specified in I-17.2 and such other information as ICE Endex may require. 

In addition, with respect to any person that owns, controls or carries positions that meet or 

exceed Accountability Limits of any Product, the Member shall report to ICE Endex the 

positions carried by such person in all Monthly Products and Daily Products, regardless of 

size. Without limiting any provision of the Rules, Members shall provide such additional 

information with respect to positions, and the ownership of such positions, as may be 

requested by ICE Endex.

I-17.2 The reportable levels for all Products will be as notified by ICE Endex to Members from time 

to time.

I-17.3 The data received by ICE Endex will be used for internal compliance purposes only.

I-18 Trading Days and Hours

I-18.1 Subject to article I-19 below, ICE Endex's Services will be provided on all Business Days, as 

specified in the Trading Calendar, during the hours as indicated in the Operating Time 

Schedule as specified in Appendix B.1.

I-19 Suspension, Postponement and Prolongation of Services

I-19.1 ICE Endex may:

(a) suspend all or part of its Services if it determines that trading will materially affect the 

fair and orderly operation of the Energy Market and of the Services;

(b) suspend its Services for a Cleared Product if the Clearing House suspends its 

services with regard to a Cleared Product;

(c) suspend its Services in the event of a serious technical malfunction or other 

exceptional circumstances;

(d) postpone the start of its Services or prolong its Services beyond the scheduled 

hours, if it is of the opinion that this is necessary for improving the functioning of the 

Energy Market or its operations; and
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(e) suspend, postpone or prolong trading hours in respect of its Services at the request 

of a Competent Authority.

I-19.2 ICE Endex will give notice to its Members of a suspension, postponement or any prolonging 

of trading hours in relation to its Services as soon as reasonably practicable.

I-19.3 ICE Endex will not be liable for any damage a Member may incur because of a suspension, 

postponement or prolonging of trading hours in relation to all or part of its Services, except in 

case of gross negligence or wilful misconduct on ICE Endex's part.

I-20 Eligible Products

I-20.1 Eligible Products are the Products as set out in Appendix A. All Trades are handled by ICE 

Endex on the basis of the Product Specifications as they may be amended from time to time.

I-20.2 ICE Endex decides which of these Products will be placed on its screens for trading on the 

ICE Endex Futures Exchange. ICE Endex may remove certain Products as specified in 

Appendix A from, or may add certain of these Products to its screens.

I-20.3 General Participants and Trade Participants must inform ICE Endex which ICE Endex 

Product(s) they wish to trade.

(a) ICE Endex will enable the General Participant and Trade Participant to trade the 

requested Products after ICE Endex has received the written confirmation from the 

Clearing House that the General Participant or Trade Participant is admitted for 

Clearing of the relevant ICE Endex Product(s) by a clearing member of the Clearing 

House.

I-21 Price Limits

I-21.1 ICE Endex may implement procedures for Products to establish the maximum price 

fluctuations on the ICE Endex Platform in respect of each Product, and to provide for any 

consequential restrictions or suspension of business.

I-21.2 The absence of such procedures shall not prevent the exercise of any other power under 

these Rules to curtail or suspend trading on the ICE Endex Platform.

I-22 Reasonability Limits

I-22.1 ICE Endex shall set and may vary a Reasonability Limit within the ICE Endex Platform for 

each contract beyond which the Trading Server will not execute Limit or Market Orders. 

I-22.2 The ICE Endex Platform will reject an Order to sell at prices below the lower Reasonability 

Limit, and an Order to buy at prices above the upper Reasonability Limit.

I-23 Trades

I-23.1 All Trades executed by Members on the ICE Endex Futures Exchange or reported to ICE

Endex via the Block Trade Facility are for the Members' own account, unless the Member is a 

General Participant and not trading for its own account.

I-23.2 All Trades in Cleared Products executed by Members on the ICE Endex Futures Exchange or 

reported to ICE Endex via the Block Trade Facility will be cleared by the Clearing House in 

accordance with the Clearing House Rules.

I-23.3 A Trade in a Cleared Product that is rejected by the Clearing House for Clearing will be 

considered null and void.
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I-23.4 Trades on the ICE Endex Futures Exchange can only be cancelled in accordance with the 

provisions of Appendix C. The cancellation of Block Trades must take place in writing with the 

confirmation of cancellation by both parties and submitted to the ICE Endex operation 

department.

I-23.5 ICE Endex will record all Trades in the ICE Endex Platform. Each contract shall have a 

unique identification number and will be recorded including:

(a) the name of the Buyer and Seller, including trader ID;

(b) the name of the Product and contract series;

(c) the time and date of execution of the Trade; and

(d) the price and volume of the contract.

I-24 No Joint Venture or Advisory Relationship

I-24.1 These Rules do not constitute a joint venture, nor does it constitute an advisory relationship 

between ICE Endex and the Members. Trade Participants, are independent entities that act 

for their own account.

I-25 Severability

I-25.1 Any provision of these Rules or of the Appendices thereto held to be invalid or unenforceable 

by a court of law or arbitration panel of competent jurisdiction shall be ineffective to the extent 

of such prohibition or unenforceability, without invalidating the remaining provisions of these 

Rules.

I-26 Notifications

I-26.1 All written notifications between ICE Endex and its Members can be sent by regular mail, 

email or the ICE Endex Platform, unless these Rules explicitly require dispatch by registered 

or certified mail, or by recognised express courier.

I-26.2 All notices by ICE Endex will be delivered to the Member at the address and to the attention 

of the person as notified in writing by the Member to ICE Endex. Notifications by Members to 

ICE Endex shall be sent to the address of ICE Endex's Registered Office.

I-26.3 Information concerning practical day-to-day operations will be communicated by ICE Endex to 

the Members via the ICE Endex Platforms operated by ICE Endex or via email, or telephone. 

Such notices are deemed to have been received by the Members on the day of dispatch with 

immediate effect.

I-27 Recording

I-27.1 The Member is aware of and agrees to it that all telephone calls with ICE Endex will be taped, 

in order to safeguard the interests of ICE Endex, its employees, its Members and third parties 

in case a dispute arises regarding the contents of a telephone conversation, as well as for 

internal monitoring purposes. The recording of telephone conversations is in accordance with 

the Dutch Personal Data Protection Act ('Wet bescherming persoonsgegevens').

I-28 Opening of Accounts

I-28.1 A Member shall not open an account for the trading of Products or enter into Trades or 

Customer CM Transactions or accept an order to enter into a Trade or Customer CM 

Transaction, unless the Member entered into a written agreement with the client containing 

such terms as may from time to time be prescribed in these Rules or otherwise notified to a 
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Member. Without prejudice to any terms which may be amended from time to time, a 

Member shall ensure that its written agreement with each client:

(a) imports all the terms of these Rules into every Customer CM Transaction made with 

the client, insofar they are applicable, and

(b) with regard to business done with the client, enables the Member to perform all 

Trades and Customer CM Transaction to which the Member is party and to comply 

with all requirements of these Rules, including, without limitations, requirements 

relating to disclosure and emergencies.

I-29 Fees and Other Sums

I-29.1 For participating in the ICE Endex Futures Exchange and Block Trade Facility a fee will be 

due. Paid fees will not be reimbursed in case of early termination of membership. Variable 

fees are due for transactions on the ICE Endex Futures Exchange and Block Trade Facility. 

All fees payable by a Member to ICE Endex in accordance with the Rules will be published on 

the Website. The fees and other sums payable will be invoiced in a manner as 

communicated from time to time by ICE Endex.

I-29.2 All amounts due to ICE Endex must be paid within thirty (30) days after the invoice date. A 

Member that fails to pay its outstanding debt in due time will owe ICE Endex a default interest 

rate equal to the Netherlands statutory rate ("wettelijke rente") plus two per cent. (2%) per 

annum.

I-30 Governing Law and Competent Court

I-30.1 These Rules and all the contractual relationships between ICE Endex and its Members shall 

be governed by the laws of the Netherlands.

I-30.2 All disputes between ICE Endex and any Applicant and/or Member will be exclusively 

submitted to the Tribunal in accordance with article I-12 of these Rules.

Chapter II. – Rules applicable to the ICE Endex Block Trade Facility

II-1 Block Trades

II-1.1

(a) Block Trades may take place in respect of Products designated by ICE Endex from 

time to time pursuant these Rules.

(b) Block Trades may be organised only during such trading hours of the Block Trade 

Products concerned and on such trading days as specified by ICE Endex in 

Appendix B.2. Block Trades that have not been accepted before the time frame as 

specified in Appendix B.3 or – as the case may be – before the time to which trading 

hours have been prolonged, will be null and void.

II-1.2

(a) Any Member is permitted to arrange Block Trades subject only,

(i) to the individual arranging the Block Trade on behalf of the Member, having 

such individual registration or authorisation to trade as is required by 

applicable laws;

(ii) in the case of a Trade Participant, to the Block Trade being in respect of 

business for his own account and the counterparty with whom he arranges 

the Block Trade being another Member;
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(iii) to Members having completed such form of enrolment as may be prescribed 

by ICE Endex from time to time; and

(iv) to ICE Endex Block Brokers having being approved by ICE Endex and 

completed such form of enrolment as may be prescribed by ICE Endex from 

time to time;

(b) Where a General Participant enters into a Block Trade with or on behalf of a client 

who is not a Member of ICE Endex, it must comply with all applicable laws, including 

in relation to suitability and appropriateness.

(c) Members must, prior to entering into a Block Trade for the first time with a client(s) 

who is not a Member of ICE Endex, notify such client(s) in writing of the client's 

classification under the AFM rules or other applicable laws for the purpose of the 

Block Trade Facility and must provide the client with details of the facility and its 

written terms of business and satisfy such other documentary requirements, in each 

case to the extent required by applicable laws.

II-1.3 Members shall ensure, when arranging or organising Block Trades, that the price of any Block 

Trade being quoted represents the Fair Market Value for that trade. On each occasion of 

quoting a Block Trade price, the Member must, at the time, make it clear to the potential 

counterparty(ies) whether a Member or a client who is not a Member of ICE Endex, that the 

price being quoted is a Block Trade price and not the prevailing price on the ICE Endex 

Platform.

When determining a Block Trade price, a Member should, in particular, take into account the 

prevailing price and volume currently available in the ICE Endex Platform, the liquidity of the 

Product eligible for trading on the ICE Endex Platform and general market conditions, but 

shall not be obliged to obtain prices from other Members, unless this would be appropriate in 

the circumstances.

Prices of Block Trades will not be included in the determination or calculation of Settlement

Prices.

Minimum Volume Thresholds

II-1.4 The minimum number of lots in respect of each Block Trade Product that can be traded as 

Block Trade (minimum volume thresholds) shall be determined by ICE Endex and published 

from time to time.

(a) Members are, subject to II-1.1 above, permitted to enter into Block Trades which 

involves the trading of two or more different contracts or Block Trades that involve 

the trading of two or more different contract months and/or strike prices of the same 

contract.

(i) Where a Block Trade involves the trading of two or more contracts, the 

minimum threshold of each contract composing the Block Trade will apply to 

the lot size of the relevant leg of the Block Trade, except where specific 

provisions has been made within the published minimum volume thresholds 

(e.g. volatility trades).

(ii) Where a Block Trade involves the trading of two or more contract months 

and/or strike prices of the same contract, the minimum volume threshold will 

apply to each side of the Block Trade.

An order for a Block Trade for two or more contract months and/or strike prices of the same 

contract may be matched with Block Trade orders for individual contract months provided that 

each such order meets or exceeds the minimum volume threshold for that contract.
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Aggregation of lots

II-1.5 Members must not aggregate separate orders in order to meet the minimum volume 

thresholds.

Members may aggregate separate orders provided each such separate order meets or 

exceeds the minimum volume threshold for the relevant Product contract series.

Likewise Members may not combine separate orders in respect of different Product contract 

series to generate an inter-contract spread trade unless each such separate order meets or 

exceeds the minimum volume threshold for the relevant Product contract series.

II-1.6 When arranging a Block Trade and, in particular, when aggregating orders on the matching 

side to facilitate arrangement of a Block Trade in accordance with these Rules, Members 

must ensure that they act with due skill, care and diligence; and the interest of the client(s) 

are not prejudiced.

Submission of details of Block Trades

II-1.7 Once a Block Trade has been organised, the Members must submit the Block Trade details to 

ICE Endex in accordance with the following articles.

II-1.8 Block Trades must be submitted to ICE Endex through the Block Trade Facility by:

(a) the Member itself, provided that;

(i) where a General Participant or ICE Endex Block Broker executes a Block 

Trade with or on behalf of a client who is not a Member or an ICE Endex 

Block Broker of ICE Endex, it complies with all applicable laws, including in 

relation to suitability and appropriateness; or

(ii) in the case of a Trade Participant, the Block Trade is in respect of business 

for its own account and the counterparty with whom it arranges the Block 

Trade is another Member or ICE Endex Block Broker,

(b) a Member Representative; where it has been authorised by the Member, and has

been granted permission by ICE Endex to access ICE Endex Block;

(c) an ICE Endex Block Broker, where the ICE Endex Block Broker trades on its own 

account or has the permission from its client's Clearing Member(s) to execute 

business on the client's behalf; or

(d) any other means determined by ICE Endex from time to time.

Members may also submit the details of Block Trades set out in articles II-1.11 and II-1.12 to 

the ICE Help Desk, for entry into the Block Trade Facility in the name of the Clearing Member 

with whom such Member, or its client on whose behalf the Member is executing business, has 

a clearing account. The Member must have been permitted to submit Block Trades by such 

Clearing Member. 

A Block Trade must be submitted to ICE Endex immediately after the Block Trade has been 

arranged or concluded, but in no event later than the applicable timeframe set by ICE Endex 

and notified to Members from time to time. The period of time for the submission of a Block 

Trade to ICE Endex commences as soon as verbal agreement on the terms of the Block 

Trade is reached between the parties to the Block Trade. Such time of commencement shall 

be recorded by the Members arranging the Block Trade on the relevant order slip.

II-1.9 Where the Block Trade is agreed between two separate Members ("Non-cross Trades") and 

unless agreed otherwise between the two Members party to the Non-crossed Trade, the 
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Buyer shall enter details of the Non-crossed Trade into ICE Endex Block and such details 

shall be confirmed / accepted by the Seller provided that it is the responsibility of both 

Members to discuss and resolve any matters preventing the confirmation/acceptance of the 

transaction submitted to ICE Endex Block.

II-1.10 If ICE Endex, in its absolute discretion, is not satisfied that Block Trade details as notified to 

ICE Endex are correct or valid, or if the Buyer and/or Seller fail to submit the Block Trade to 

the Block Trade Facility or confirm details of the same to ICE Endex within the applicable 

timeframe set by ICE Endex and notified to Members from time to time, then ICE Endex may, 

in its absolute discretion, choose to void the Block Trade and not submit the Block Trade for 

Clearing to the Clearing House. ICE Endex will notify the relevant Members of any such 

decision, which decision is final.

II-1.11 A Buyer or – as the case may be – an ICE Endex Block Broker must submit the following 

Block Trade details into the Block Trade Facility:

(a) the name of the Buyer, Seller and – if applicable – ICE Endex Block Broker;

(b) the name of the Product and contract series;

(c) the time and date of execution of the Block Trade;

(d) the price and volume of the Block Trade; and

(e) if applicable, the position account.

II-1.12 Upon receipt of the confirmation from the Buyer and the Seller, ICE Endex will submit the 

confirmed Block Trade for Clearing to the Clearing House. ICE Endex may check the Block 

Trade details submitted to the Block Trade Facility prior to the submission to the Clearing 

House.

II-1.13 If a Block Trade is not submitted to the Block Trade Facility or confirmed to ICE Endex within 

the time limits set by ICE Endex in accordance with articles II.1.8 and/or II-1.10, as applicable, 

or the price of the Block Trade deviates significantly from the Fair Market Value, or the price 

of the Block Trade is not within the price range set by the ICE Endex, then ICE Endex and/or 

the Clearing House may reject or decline, in its sole discretion, to submit or register the Block 

Trade until sufficient margin, as calculated by the Clearing House, has been deposited with 

the Clearing House by the relevant Clearing Counterpart(y)(ies). ICE Endex will notify both 

parties to the Block Trade of such a decision by it or the Clearing House.

II-1.14 The Block Trade price and volume will be broadcast by electronic display of the details on the 

ICE Endex Platform.

II-1.15 Submission, by ICE Endex to the Clearing House, of a Block Trade does not preclude ICE 

Endex from instigating disciplinary procedures in the event that the transaction is 

subsequently found to have been made other than in compliance with these Rules, nor does it 

preclude the Clearing House from voiding or taking other action in relation to a Block Trade.

II-2 Exchange for Physicals ("EFPs") and Exchange for Swaps ("EFSs")

II-2.1 These Rules shall apply to all EFP transactions and EFS transactions (including for the 

avoidance of doubt, EFPs and EFSs entered on Block Trade Facility by an ICE Endex Block 

Broker.

(a) EFP and EFS transactions are available in respect of those Monthly Products and 

contract months as determined by ICE Endex from time to time.

(i) EFP and EFS transactions in relation to any particular Monthly Product shall 

be reported to ICE Endex at any time during trading hours, as defined in 
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Appendix B.3 and, at the latest, up to 30 minutes after the close of trading for 

that Monthly Product contract series.

(ii) On an Expiration Day, EFP and EFS transactions in respect of the expiring 

contract month must be reported within 30 minutes after such contract month 

has ceased trading on the last day of trading.

(iii) On an Expiration Day for all ICE Endex option Products, EFS transactions 

must be reported by the end of the designated settlement period of the 

underlying futures Product. 

(b) EFP and EFS transactions are available in respect of those Daily Products and 

contract dailies as determined by ICE Endex from time to time.

(i) EFP and EFS transactions in relation to any particular Daily Product shall be 

reported to ICE Endex at any time during trading hours, as defined in 

Appendix B.3 and, at the latest, up to 30 minutes after the close of trading for 

that Daily Product contract series.

(ii) On an Expiration Day, EFP and EFS transactions in respect of the expiring 

Daily Product must be reported within 30 minutes after such daily contract 

has ceased trading on the last day of trading.

II-2.2 Details of the EFP or EFS must be reported to ICE Endex in accordance with articles II-2.5 to 

II-2.9 below or by any other means determined by ICE Endex. Details of such transactions, 

with the exception of price, shall be displayed on the ICE Endex Platform and may be 

available during trading hours.

II-2.3 Upon demand by ICE Endex, Members are required to obtain and provide independent 

evidence to support the underlying physical or swap transaction.

II-2.4 (a) An EFP or EFS whose price falls within either of the following parameters can be 

submitted, subject to the right of the Clearing House to treat an EFP or EFS 

transaction as void or voided, to ICE Endex directly:

(i) Between the highest and lowest traded prices for the contract month for the 

day at the time of reporting; or

(ii) Within a maximum price movement (as published by ICE Endex from time to 

time) from the previous trading day's Settlement Price.

(b) Any EFP or EFS transaction whose price is not within one of the parameters set out 

of II-2.4(a) above will require the approval of the ICE Endex compliance department 

prior to being recorded, subject to the right of the Clearing House to treat an EFP or 

EFS transaction as void or voided. The ICE Endex compliance department may, 

before granting approval, make such enquiries as necessary to confirm the validity of 

the transaction.

(c) A decision of ICE Endex not to accept for submission or not to present any EFP or 

EFS to the Clearing House is final.

EFP and EFS procedures

II-2.5 (a) EFSs and EFPs must be submitted to ICE Endex through the Block Trade Facility by:

(i) the Member itself, provided that:

a. where a General Participant or ICE Endex Block Broker executes an 

EFP or EFS transaction with or on behalf of a client who is not a 
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Member or an ICE Endex Broker of ICE Endex, it complies with all 

applicable laws, including in relation to suitability and 

appropriateness; or

b. in the case of a Trade Participant, the EFP or EFS is in respect of 

business for its own account and the counterparty with whom it 

arranges the EFP or EFS is another Member or ICE Endex Block 

Broker.

(ii) A Member Representative; where it has been authorised by the Member it

represents and has been granted permission by ICE Endex to access the 

Block Trade Facility; or

(iii) An ICE Endex Block Broker, where the ICE Endex Block Broker trades on its 

own account or has the permission from its client's Clearing Member(s) to 

execute business on the client's behalf.

(b) Members may also submit the details of EFP or EFS to the ICE Help Desk for entry 

into the Block Trade Facility in the name of the Clearing Member with whom such 

Member or its client on whose behalf the Members is executing business has a 

clearing account. The Member must have been permitted to submit EFP or EFS by 

such Clearing Member. 

(c) Where the EFP or EFS is agreed between two separate Members (a "Non-crossed 

Trade") and unless agreed otherwise between the two Members party to such 

transaction, the Buyer shall submit the details of such EFP or EFS into the Block 

Trade Facility, and such details shall be confirmed/ accepted by the Seller, provided 

that it is the responsibility of both Members to discuss and resolve any matters 

preventing the confirmation/acceptance of the transaction submitted to the Block 

Trade Facility.

II-2.6 Upon receipt of the confirmation from the Buyer and the Seller, ICE Endex will submit the 

confirmed EFP or EFS for Clearing to the Clearing House. ICE Endex may check the EFP or 

EFS details submitted to the Block Trade Facility prior to the submission to the Clearing 

House.

II-2.7 If ICE Endex, in its absolute discretion, is not satisfied that EFP or EFS details as submitted to 

the Block Trade Facility are correct or valid, or if the Buyer or Seller fail to submit the EFP or 

EFS into the Block Trade or confirm the EFP or EFS to ICE Endex within the applicable 

timeframes set by ICE Endex and notified to Members from time to time, then ICE Endex 

may, in its absolute discretion, choose to void the EFP or EFS and not submit the EFP or EFS 

for Clearing to the Clearing House. ICE Endex will notify the relevant Members of any such 

decision, which decision is final.

II-2.8 If an EFS or EFP is not submitted to the Block Trade Facility or confirmed to ICE Endex within 

the time limits set by ICE Endex in accordance with articles II-2.1, II-2.5 and II-2.7, or the 

price of the EFS or EFP deviates significantly from the Fair Market Value, or the price of the 

EFS or EFP is not within the price range set by ICE Endex in article II-2.4(a), then ICE Endex 

and/or the Clearing House may reject or decline, in its sole discretion, to submit or register the 

EFS or EFP until sufficient margin, as calculated by the Clearing House, has been deposited 

with the Clearing House by the relevant Clearing Counterpart(y)(ies). ICE Endex will notify 

both parties to the EFS or EFP of such a decision by it or the Clearing House.

II-2.9 Submission, by ICE Endex to the Clearing House, of an EFS or EFP does not preclude ICE 

Endex from instigating disciplinary procedures in the event that the transaction is 

subsequently found to have been made other than in compliance with these Rules, nor does it 

preclude the Clearing House from voiding or taking other action in relation to such EFS or 

EFP.
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Chapter III. – Rules applicable to the ICE Endex Futures Exchange

III-1 General ICE Endex Platform Operations

III-1.1 ICE Endex shall take all reasonable measures for the proper functioning of the ICE Endex 

Platform.

III-1.2 ICE Endex determines the formats of the trading and informational computer screen pages of 

the ICE Endex Platform and may change these from time to time.

III-1.3 ICE Endex shall promptly inform the Members of any of its actions that may affect the 

operation of the ICE Endex Platform.

III-1.4 General Participants and Trade Participants may elect to make use of tools for automatic 

management of their Orders and execution of Trades. Before doing so, the General 

Participant or Trade Participant, as the case may be, has to enter into a bilateral agreement 

with ICE Endex and/or one or more affiliates of ICE Endex, as appropriate, provided for this 

purpose by ICE Endex from time to time, setting out the terms and conditions of such 

services, use of software and facilities.

III-2 Entry of Orders

III-2.1 Only (non-suspended) General Participants and Trade Participants, where the General 

Participant may transact own business and business for clients, may submit Orders in the ICE 

Endex Platform.

III-2.2 An Order is a firm order with a specified quantity and price in a certain Product. It can be 

either a buy order with a maximum price or a sell offer with a minimum price. Each Order 

must be made in a multiple of the minimum trading amount and at a Limit Price that is a 

multiple of the minimum tick size as these are set out in the Product Specifications of 

Appendix A. A Spread Order implies an Order to buy (respectively to sell) the first 

(underlying) Product and an Order to sell (respectively to buy) the second (underlying) 

Product.

III-2.3 All valid Orders are displayed anonymously in the ICE Endex Platform. For Cleared Products 

(including Tradable Spreads), all Orders are tradable for Members allowed to trade that 

Product.

III-2.4 A Member may submit multiple Orders regarding the same Product.

III-2.5 The ICE Endex Platform recognises and processes Limit and Market Orders as set out in the 

User Guide and any order type as advised by ICE Endex from time to time. Where no order 

type is specified, the Order is treated as a Limit Order.

III-2.6 A trader may specify a maximum disclosure volume to be shown on the ICE Endex Platform 

for an Order enabling the Order to be released gradually without revealing the full size. The 

unrevealed part of the Order is released only when the first part of such Order is completely 

filled. When each portion of the Order is released it is placed in its entirety at the end of the 

Order priority queue.

III-2.7 Orders can be modified, withheld or deleted as long as no matching has taken place. If an 

Order has been matched partially, then only the unmatched part can be modified, withheld or 

deleted.

III-2.8 For each Product, Orders will be ranked by the ICE Endex Platform according to their Best 

Price and, subsidiary to that, according to the time of entry as a firm order in the ICE Endex 

Platform. Any modification in an Order will result in a new time of entry.

III-2.9 An Order entered into the ICE Endex Platform remains valid:
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(a) Until it is matched in full in accordance with these Rules (in the event of acceptance 

of part of an order the size of the Order will be correspondingly reduced);

(b) Until it is withheld or deleted by the Member;

(c) Until the price, volume or contract date of such Order is varied by the Member 

creating a new Order;

(note: an increase of volume will constitute a new Order; a decreased in volume will 

retain the time and price priority of the original Order)

(d) if it is entered under the ITM of an individual registered as a Responsible Individual 

authorised to conduct business on ICE Endex;

(e) if it is withheld, because the Member is disconnected;

(f) if it is withheld or deleted by ICE Endex because of the expiration or suspension of 

the Product, or because of termination of the Membership Agreement with the 

Member or suspension of the Member; or

(g) if it is withheld or deleted by ICE Endex pursuant to article I-8.1(d) of these Rules.

III-2.10 A Member may enter Orders into the ICE Endex Platform prior to the start of trading. Such 

Orders will not be disclosed to the other Members until the start of trading.

III-2.11 A Spread Order must be expressed explicitly. For a buy Spread Order (respectively a sell 

Spread Order), a Spread Order corresponds to the simultaneous intention to buy (respectively 

to sell) the first underlying Product and to sell (respectively to buy) the second underlying 

Product for the same quantity. A valid Trade in a Tradable Spread gives rise to the automatic 

creation of two underlying transactions, one transaction per underlying Product, on the two 

underlying Products of the concerned Tradable Spread between Products.

III-3 Matching of Orders and Execution of Trades

III-3.1 To execute a Trade, a General Participant or Trade Participant may either elect to match a 

single Order or elect to deal a specified volume. Trades are executed at the time the 

matching is recorded by the ICE Endex Platform.

Every Trade executed on the ICE Endex Platform shall be executed in accordance with and in 

a form permitted by these Rules and set out in the User Guide and any direction, order or 

other procedure issued or implemented by ICE Endex from time to time.

III-3.2 An Order is matched in the ICE Endex Platform when the following conditions occur:

(a) one Order is a bid and the other an offer;

(b) the two Orders are for the same Product and contract date; and

(c) the price of the bid (offer) Order equals or is greater (lesser) than the price of the offer 

(bid).

III-3.3 A Member undertaking business on its own account as on account of clients shall always give 

priority to the orders of such other clients. However, this article does not require Members 

with house or other proprietary Orders already entered in the ICE Endex Platform when a 

client Order is received at the same price, to give precedence to that client Order.

III-3.4 Should Orders be entered by either a single Responsible Individual (or trader) of a Member or 

different Responsible Individuals (or traders) registered to the same Member match and a 

Trade is executed, that Member shall be deemed to have transacted a Cross Trade.
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III-3.5 In relation to the matching of Orders as a Cross Trade, subject to article III-3.6 and III-3.7

Orders that are immediately executable against each other must be entered without delay by 

the submission of the separate buy and sell Orders.

III-3.6 Where no bid and/or no offer exists on the ICE Endex Platform for the relevant Product, and 

where Members have matching Orders, one side of the Order shall be submitted to the ICE 

Endex Platform without delay (the 'first submission') and the matching Order may only be 

submitted to the ICE Endex Platform when a period of at least:

(i) five second in the case of futures Products;

(ii) five seconds in the case of options Products;

has elapsed since the first submission

If the matching Order is to be submitted, the applicable buy and sell Orders must be 

submitted as soon as practicable and in any event no later than thirty seconds after the first 

Order was submitted. Such Orders may be filled with existing Orders.

III-3.7 A bid and/or offer must not be submitted to the ICE Endex Platform deliberately to circumvent 

the procedures as set out in article III-3.6.

III-3.8 Where a matched Order is to be submitted as a cross, the price of the Trade must be 

representative and must be:

(a) (i) within the prevailing best bid and offer price on the ICE Endex Platform; or

(ii) at the best bid or offer where the differential between such best bid and offer 

is the minimum price movement for the Product concerned (such trade must 

also meet the applicable minimum volume threshold); or

(b) where a bid but no offer, or an offer but no bid, exists on the ICE Endex Platform, 

better than such bid or offer; and

(c) in any event, at a price which represent a fair value for the Trade

III-3.9 Members and Member Representatives must ensure that, when executing client business by 

way of a Cross Trade they fully comply with relevant Rules and, in particular:

(i) they act with due skill, care and diligence and in compliance with any 

applicable best execution requirements, applicable client order handling rules 

and the Member's allocation policy; 

(ii) the interest of the client(s) is/are not prejudiced;

(iii) they are in compliance with the terms and conditions applicable between the 

relevant Member and client; and

(iv) article I-29 in relation to opening of accounts.

III-3.10 After execution of a Trade in a Cleared Product, ICE Endex will report the executed Trade to 

the Clearing House for Clearing.

III-3.11 It shall be an offence for a Member or Member Representatives to prearrange a Trade made 

or intended to be made in a Product, except a Trade made or to be made under Chapter II.

III-4 Provision of Information

III-4.1 For each Product, the following information will be made available to the Members on a real 

time base:
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(a) the price and the quantity of all buy and sell Orders;

(b) the specific conditions attached to those Orders;

(c) the price, quantity, time and clearing status of recently executed Trades;

(d) for each Member, an itemized list of its own recently executed Trades and 

underlying transactions resulting from a Trade in a Tradable Spread; and

(e) for each Member, the status of all its own orders and Orders.

III-4.2 For each Product (including Tradable Spreads), ICE Endex may make the following 

information available to the public:

(a) the price and quantity of the buy and sell Orders in each listed contract;

(b) the volume and the prices of executed Trades (price will not be displayed for 

EFP/EFS transactions);

(c) all other relevant information, the disclosure of which ICE Endex deems necessary 

in order to enhance market transparency; and

(d) the information required to be made public following applicable laws.

III-5 Liquidity Provision / Market Making

III-5.1 In order to establish fair, orderly and liquid markets, ICE Endex will appoint liquidity providers 

and market makers. 

III-5.2 Individual market maker and liquidity providing arrangements will be laid down in bilateral

agreements with a selected amount of companies. Pursuant to either the liquidity provider 

agreement or the market maker agreement, such company shall be required to fulfill certain 

obligations with the aim to support market liquidity.

III-5.3 Liquidity providers and market makers are obliged to support market liquidity by committing 

trade volumes to the market or to post bid and ask prices for minimum sizes within a 

maximum spread respectively.

III-5.4 Performance of market makers and liquidity providers will be monitored on a continuous 

basis. Any material breach of either the liquidity provider agreement or the market maker 

agreement by a person participating in the provision of liquidity pursuant to such agreements 

will be regarded as a breach of the Rules.

Chapter IV. – Rules applicable to Clearing of Trades

IV-1 Clearing Process

IV-1.1 The Rules in this Chapter IV are only applicable to Cleared Products.

IV-1.2 Both Block Trades and ICE Endex Futures Exchange Trades will be cleared in accordance 

with these Rules and the Clearing House Rules. The Member authorizes ICE Endex to submit 

to the Clearing House, for Clearing purposes, details of the Trades that such Member has 

entered into.

IV-1.3 ICE Endex will not be liable towards a Member if a Trade cannot be cleared, regardless of the 

reason for non-Clearing, unless the non-Clearing is attributable to the wilful misconduct or 

gross negligence of ICE Endex.
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IV-2 Clearing by the Clearing House

IV-2.1 Trades executed on the ICE Endex Futures Exchange, Block Trades, EFPs or EFS in the 

same Cleared Product and contract series will be treated as fungible for Clearing purposes. 

Thus, a position in a Cleared Product contract series resulting from a Block Trade, EFP or 

EFS may be netted with an opposite position for the same Cleared Product contract series 

resulting from a Trade executed on the ICE Endex Futures Exchange, and vice versa.

IV-2.2 In order to be registered, the Trade, Block Trade, EFS or EFP and the parties to the Trade, 

Block Trade, EFS or EFP must meet all requirements of the Clearing House at that moment 

as set out in the Clearing House Rules and any other relevant agreement. In order to be 

eligible for Clearing, the Trade, Block Trade, EFS or EFP needs to be registered by ICE 

Endex before the closing times of the Services as specified in Appendix B.1.

IV-2.3 ICE Endex will submit the Trade, Block Trade, EFP or EFS to the Clearing House for 

Clearing. By virtue of the Clearing House Rules and these Rules, and subject to and in 

accordance with the Clearing House Rules: (i) a Trade executed on the ICE Endex Futures 

Exchange is deemed to be registered and accepted for Clearing by the Clearing House when 

the relevant orders have been matched on the ICE Endex Futures Exchange; and (ii) a Block 

Trade, EFS or EFP is deemed to be registered and accepted for Clearing by the Clearing 

House when ICE Endex receives and has recorded on the ICE Endex Platform complete data 

in respect of such Block Trade, EFS or EFP. Once a Trade is executed it is replaced by two 

contracts, one between the Clearing House and each respective Clearing Counterparty. 

Customer CM Transactions may also arise between each Clearing Counterparty and a 

Member in accordance with the terms of any agreement between such parties and the 

Clearing House Rules. The Clearing House may reject or void a Trade in accordance with the 

Clearing House Rules. If the Clearing House rejects a Trade for Clearing, the Trade will be 

null and void.

IV-2.4 Once a Trade, Block Trade, EFS or EFP is registered and accepted for Clearing by the 

Clearing House as set out in article IV-2.3, such Trade, Block Trade, EFS or EFP may not be 

transferred to another Member's name without the agreement of ICE Endex, provided that if a 

Member who is a Clearing Counterparty is in default with regard to the Clearing House, the 

Clearing House shall have discretion to transfer any or all of the defaulter's rights, liabilities 

and obligations in respect of any contract to another Clearing Counterparty without reference 

to ICE Endex.

IV-2.5 Members that are not Clearing Counterparties shall have no claim of any nature against the 

Clearing House, whether in tort, contract, restitution, in respect of any contract, pursuant to 

the Clearing House Rules, pursuant to these Rules or otherwise, save for any liability which 

by law cannot be excluded.

Chapter V. – Determination of Settlement Prices

V-1 Settlement Prices - General

V-1.1 Settlement Prices will be established for all Cleared Product contract series (“contract 

period”) in accordance with the procedures in this chapter.

V-1.2 ICE Endex determines Settlement Prices exclusively as input for the daily margining process 

by the Clearing House.

V-1.3 After the display of the preliminary Settlement Prices for an individual contract period, or the 

corrected preliminary Settlement Prices amended in accordance with article V-2.14, and 

within such a period of time as may by published by ICE Endex from time to time, such prices 

shall become the Settlement Prices or Exchange Delivery Settlement Price for such individual 

contract period and shall be communicated to the Clearing House forthwith.
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V-1.4 The last Settlement Price for a Product with physical delivery of a contract period on the 

expiration day serves as EDSP at which the commodity relating to an Open Position will be 

delivered.

The price on the last settlement date for a Product containing a cash settlement obligation as 

in the respective Product Specification serves as the Cash Settlement Price. The Cash 

Settlement Price is set accordingly to the methodology as defined in the respective Product 

Specification.

V-1.5 Prices of EFP, EFS, Block Trades and leg prices from spread Trades (“S”) will not be used to 

determine the preliminary Settlement Prices. 

V-1.6 ICE Endex may, in its absolute discretion, decide to publish or discontinue the publication of 

Settlement Prices, or a selection thereof, on the Website. 

V-2 Procedures determining preliminary Settlement Prices

V-2.1 When determining preliminary Settlement Prices for the individual contract periods, ICE 

Endex will use pricing input from screen activity during the Settlement Window and pricing 

input retrieved by means of the procedure as defined in this paragraph V-2.

V-2.2 In determining whether the preliminary Settlement Prices for individual contract periods are an 

accurate reflection of prevailing values ICE Endex shall take into account:

(a) the number of lots and prices Traded on the ICE Platform during the Settlement 

Window;

(b) the price and volume of bids and offers made during the Settlement Window;

(c) the conduct of trading during the Settlement Window;

(d) observed and reported values of calendar spreads;

(e) any other factor ICE Endex, in its absolute discretion, considers relevant and may, in 

its absolute discretion, disregard any Trades, bids or offers in setting the preliminary 

Settlement Prices.

V-2.3 In determining the preliminary Settlement Prices for options, ICE Endex shall take into 

account any one or more of the following:

(a) any Trades in the contract period during the course of the trading day whether 

outright or strategy trades;

(b) any bids or offers in the contract period during the day whether for strategies or 

otherwise;

(c) any Trades, bids, or offers in the Settlement Window of trading;

(d) assessment of the relevant strategies of previous trading days;

(e) the implied volatility of any traded series during the day;

(f) any other factors they may consider relevant and may, in its absolute discretion, 

disregard any Trades, bids or offers in setting the preliminary Settlement Prices.

V-2.4 The Settlement Window starts at a defined time during opening hours, after which the Fixing 

will take place. The starting time of the Settlement Window is specified for each Product in the 

Settlement Parameters, Appendix D.
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V-2.5 During the Settlement Window only those Trades and Orders which are within the 

specifications as defined in the Settlement Parameters and Settlement Spreads will be taken 

into account when determining the preliminary Settlement Prices. These will be referred to as 

Valid Trade(s) or Valid Order(s).

V-2.6 Trades established during the Settlement Window and cancelled in accordance with article I24.4 during the Settlement Window will not be taken into consideration in the establishment of 

the preliminary Settlement Price. In case such a cancellation occurs, ICE Endex will notify 

the market.

V-2.7 The preliminary Settlement Price is established through either a combination of the Average 

Trade Price and Average Mid Order Price or through Average Trade Price or Average Mid 

Order Price only, as further defined in V-2.10.

V-2.8 The Average Trade Price is the volume weighted average price of all valid trades which were 

executed during the Settlement Window in the respective product.

V-2.9 The Average Mid Order Price is the average of the Best Bid order and Best Ask order during 

the Settlement Window. Only orders which are within the applicable Settlement Spread will 

be taken into account when calculating the Average Mid Order Price.

V-2.10 Preliminary Settlement Prices derived from the Settlement Window are established per 

product according to the following sequence of scenarios:

1. At least one Valid Trade occurs and Valid Orders for settlement are listed on the ICE 

Endex Futures Exchange: 

preliminary Settlement Price = (weighted average percentage*Average Trade Price) +

(weighted average percentage*Average Mid Order Price) 

the applicable weighted average percentage is defined in the Settlement Parameters, 

Appendix D.

2. At least one Valid Trade but no Valid Orders on the ICE Endex Futures Exchange :

preliminary Settlement Price = Average Trade Price

3. No Valid Trades but Valid Orders are on the ICE Endex Futures Exchange :

preliminary Settlement Price = Average Mid Order Price

4. No Valid Trades and no Valid Orders on screen: 

The preliminary Settlement Price will be determined following the procedure as described 

in article V-2.11.

V-2.11 Where no Valid Orders or Valid Trades are available during the Settlement Window, the 

preliminary Settlement Prices for a contract period shall be, at the discretion of ICE Endex, 

either;

(a) An preliminary Settlement Price determined by ICE Endex, taking into account 

objective and verifiable sources, such as Settlement Prices of relevant contract 

periods of the previous trading day, available Orders and Trades during the current 

trading day, spread values, Block Trades, activity in related Products or groups of 

related Products and or in a related or a proxy market, a market sounding of market 

participants, and/or other prices that are recorded by ICE Endex or any other factors 

considered relevant, or;

(b) For options; where no option Trades are executed in the Settlement Window, or no 

option Trade has taken place in a particular option series, ICE Endex may apply a 

price extrapolated from a pricing model (as approved by ICE Endex from time to 

time) which may require a market sounding with market participants;
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V-2.12 In order to establish a correct margining process by the Clearing House Settlement Prices 

shall be free from arbitrage.

V-2.13 If ICE Endex is satisfied that the preliminary Settlement Prices so determined are an accurate 

reflection of prevailing values for all contract periods, these shall be displayed on the ICE 

Platform as the preliminary Settlement Prices.

V-2.14 If ICE Endex is not satisfied that the (preliminary) Settlement Prices so determined are an 

accurate reflection of the prevailing market for one or more individual contract periods, then 

ICE Endex may replace this price for another price. ICE Endex will use objective and 

verifiable sources to determine such an adjustment, such as, Orders or executed Trades from 

the ICE Endex Futures Exchange, Block Trades, market sounding or Settlement Prices of a 

previous Fixing, taking into account the conditions as defined in article V-2.2 and, with respect 

to options, article V-2.3.

V-3 Miscellaneous

V-3.1 ICE Endex may from time to time propose amendments in the method of compilation or 

calculation of the preliminary Settlement Prices.

V-3.2 Any changes in the method of compilation or calculation of the preliminary Settlement Prices 

will be notified to the Members and published on the Website. Any changes can only become 

effective on the first trading day of the month, unless ICE Endex decides otherwise. Article I3 applies to any amendment to these Rules following a proposed change of the method of 

compilation or calculation of the preliminary and official Settlement Price.

V-3.3 ICE Endex cannot be held liable for any loss resulting from applying, supplementing, 

amending, revising or withdrawing the pricing rules, any inaccuracy in the published 

Settlement Prices, the information used for making adjustments to the Settlement Prices, or 

the actual adjustments or changes or any other act or omission to act.

V-3.4 Cases that are not expressly covered by these Rules will be dealt with by ICE Endex in its 

absolute discretion.

V-3.5 ICE Endex will be the sole proprietor of all rights relating to the composition and method of 

computation of the Settlement Prices. Members are not allowed to communicate the 

Settlement Prices to its Affiliates or any other third parties, without the prior written approval.
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Appendix A.1 – Product Specifications ICE Endex Belgian Power Baseload Futures

Description Contracts are for physical delivery of power to 

and from the high voltage grid of Belgium. 

Delivery is made equally each hour throughout 

the delivery period from 00:00 (CET) on the first 

day of the month until 24:00 (CET) on the last 

day of the month.

Contract Symbol BPB

Trading Period Up to 47 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 5 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or 

Oct-Dec.

Up to 3 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan 

- Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter, or calendar.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, 

quarter, or year) x 23, 24 or 25 hours (summer / 

winter time)

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh
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Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule. Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to ELIA 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in megawatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
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Appendix A.2 - Product Specifications ICE Endex Dutch Power Baseload Week Futures

Description Contracts are for physical delivery of power to 

and from the Dutch high voltage grid. Delivery is 

made equally each hour throughout the delivery 

period from 00:00 (CET) until 24:00 (CET) each 

day.

Contract Symbol DPW

Trading Period Up to the front 4 individual week contracts.

Weeks are strips of seven individual and 

consecutive days from Monday to Sunday.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the week.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days per week x 23, 24 or 25 hours

(summer / winter time).

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.
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Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to TenneT 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
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Appendix A.3 - Product Specifications ICE Endex Dutch Power Baseload Futures

Description Contracts are for physical delivery of power 

to/from the Dutch high voltage grid. Delivery is 

made equally each hour throughout the delivery 

period from 00:00 (CET) on the first day of the 

month until 24:00 (CET) on the last day of the 

month.

Contract Symbol DPB

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or 

Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by the ICE Endex 

from time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter or calendar

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, 

quarter or year) x 23, 24 or 25 hours (summer / 

winter time).

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW
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Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to TenneT 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A49 - 20160615 / Version 21.13

Appendix A.4 - Product Specification ICE Endex Dutch Power Peakload Futures

Description Contracts are for physical delivery of power to 

and from the Dutch high voltage grid. Delivery is 

made equally each hour of each day, excluding 

weekend days and regardless of public holidays, 

throughout the delivery period from 08:00 (CET) 

on the first delivery day of the month until 

20:00 (CET) on the last delivery day of the month 

during the contract period.

Contract Symbol DPA

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by the ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by the ICE Endex 

from time to time.

Quarters are strips of three individual and 

consecutive contract months.

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by the ICE Endex 

from time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter or calendar.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (Central European 

Time), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x weekdays in contract period (i.e. month, 

quarter or year) x 12 hours

Minimum Trading Size 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW
ICE Endex Derivatives B.V. - A50 - 20160615 / Version 21.13

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 16:00 hours. All 

timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by buyer, seller and ICEU to TenneT 

before 13:00 (CET) on each day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt per quarter hour. The 

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A51 - 20160615 / Version 21.13

Appendix A.5 - Product Specifications ICE Endex TTF Natural Gas Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of Natural Gas at the 

Title Transfer Facility (TTF) Virtual Trading Point, 

operated by Gasunie Transport Services (GTS), 

the transmission system operator in the 

Netherlands. Delivery is made equally each hour 

throughout the delivery period from 06:00 (CET) 

on the first day of the month until 06:00 (CET) on 

the first day of the next month.

Contract Symbol TFM

Trading Period Up to 71 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 11 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time.

Quarters are strips of three individual and 

consecutive contract months.

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 11 consecutive seasons or as otherwise 

determined and announced by ICE Endex from 

time to time.

Seasons are strips of six individual and 

consecutive contract months.

Seasons always comprise a strip of Apr-Sep or 

Oct-Mar.

Up to 5 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time.

Years are strips of twelve individual and 

consecutive contract months comprising Jan -

Dec.

Months, quarters, seasons and years are listed in 

parallel.

Expiration Date Trading will cease at the close of business two 

Business Days prior to the first calendar day of 

the delivery month, quarter, season, or calendar.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours
ICE Endex Derivatives B.V. - A52 - 20160615 / Version 21.13

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in contract period (i.e. month, 

quarter, season or year) x 23, 24 or 25 hours

(summer or winter time).

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, and end of day at approximately 17:00 

hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICE to GTS via Edig@s before 13:00 

(CET) on each business day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt-hours per hour. The 
ICE Endex Derivatives B.V. - A53 - 20160615 / Version 21.13

EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A54 - 20160615 / Version 21.13

Appendix A.6 - Product Specifications ICE Endex TTF Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

Title Transfer Facility (TTF) Virtual Trading Point, 

operated by Gasunie Transport Services (GTS), 

the transmission system operator in the 

Netherlands.

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be, from 

06:00 to 06:00 (CET) on the following calendar 

day. 

Contract Symbol TFE

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday. 

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 
ICE Endex Derivatives B.V. - A55 - 20160615 / Version 21.13

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day- Ahead 

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW
ICE Endex Derivatives B.V. - A56 - 20160615 / Version 21.13

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICEU to GTS via Edig@s before 

20:00 (CET) on each business day prior to the 

commencement of the delivery period. Delivery 

takes place in kilowatt-hours per hour. 

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU

*The TTF Gas Working Days Next Week contract follows the UK calendar with respect to Business 

Days. On UK Bank Holidays no delivery of TTF Natural Gas takes place.
ICE Endex Derivatives B.V. - A57 - 20160615 / Version 21.13

Appendix A.7 - Product Specification ICE Endex TTF Natural Gas Options

Description The ICE Endex TTF Gas Options contract is an option on the ICE 

Endex TTF Gas Futures contract. At expiry, one lot of TTF Gas 

Options will exercise into one lot of TTF Gas Futures. TTF Gas 

Options are European-style, such that In-The-Money options, 

unless abandoned, are automatically exercised at expiry. AtThe-Money and Out-of-The-Money options will expire unexercised unless the Member has elected to exercise them.

Hedge Instrument ICE Endex TTF Gas Futures contract.

Contract Symbol TFM

Trading Period Up to 36 consecutive months.

Quarterly, seasonal, calendar, and any period of consecutive 

monthly contracts can be registered as a strip. For example, a 

Q1 option is an option on Jan, an option on Feb, and an option 

on Mar, with each option expiring five calendar days before the 

start of the relevant contract month.

Expiration Date Trading will cease at the end of the designated settlement period, 

approximately 17:00 CET, of the underlying futures contract five 

calendar days before the start of the contract month. If that day 

is a non-business day, expiry will occur on the nearest prior 

business day, except where that day is also the expiry date of the 

underlying futures contract, in which case expiry will occur on the 

preceding business day.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for 

Swap (EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period x 23, 24 or 25 hours (summer 

/ winter time)

Minimum Trading Size 5 lots = 5 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Strike Price Increments Strike Range is 5.00 – 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Flux 0.5 Euro Cent per MWh

Maximum Price Flux There are no limits.
ICE Endex Derivatives B.V. - A58 - 20160615 / Version 21.13

Position Limits Positions are reported to the ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations including 

the ability to mandate Members to limit the size of such positions 

or to reduce positions where appropriate.

Option Premium Equity-style such that premiums are paid at the time the 

transaction is executed.

Exercise and Automatic Exercise Expires into a corresponding ICE Endex TTF Gas Futures 

contract with European-style exercise. If the option is not 

abandoned, automatic exercise will occur for options which are 

one or more ticks in the money.

At-The-Money and Out-of-The-Money options will expire 

worthless. Members will have up to one hour 15 minutes after 

the designated settlement period on the option expiry day to 

manually abandon or exercise an option.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A59 - 20160615 / Version 21.13

Appendix A.8 - Product Specification ICE Endex NCG Natural Gas Futures

Description Contracts are for physical delivery through the transfer of 

rights in respect of Natural Gas at the NetConnect Germany 

(NCG) Virtual Trading Point. Delivery is made equally each 

hour throughout the delivery period.

Contract Symbol GNM

Trading Period Up to 59 consecutive months.

Up to 7 consecutive quarters. Quarters are strips of three 

individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 7 consecutive seasons. Seasons are strips of six 

individual and consecutive contract months. Seasons always 

comprise of a strip of Apr-Sep or Oct-Mar.

4 consecutive years. Years are strips of twelve individual 

contract months comprising Jan-Dec.

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business Days 

prior to the first calendar day of the delivery month, quarter, 

season, or year.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, quarter, 

season or year) x 23, 24 or 25 hours (summer / winter time)

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux.

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1 at approximately 

17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 
ICE Endex Derivatives B.V. - A60 - 20160615 / Version 21.13

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Delivery in accordance with NCG Rules.

The EDSP will be the end of day Settlement Price on the day 

the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A61 - 20160615 / Version 21.13

Appendix A.9 - Product Specification ICE Endex NCG Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

NetConnect Germany (NCG) Virtual Trading 

Point. 

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol GND

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day-Ahead 

contract is for delivery on the first weekday after 
ICE Endex Derivatives B.V. - A62 - 20160615 / Version 21.13

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on 

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW
ICE Endex Derivatives B.V. - A63 - 20160615 / Version 21.13

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Delivery in accordance with NCG Rules.

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A64 - 20160615 / Version 21.13

Appendix A.10 - Product Specification ICE Endex GASPOOL Natural Gas Futures

Description Contracts are for physical delivery through the transfer of 

rights in respect of Natural Gas at the GASPOOL Virtual 

Trading Point. Delivery is made equally each hour throughout 

the delivery period.

Contract Symbol GER

Trading Period Up to 59 consecutive months.

Up to 7 consecutive quarters. Quarters are strips of three 

individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 7 consecutive seasons. Seasons are strips of six 

individual and consecutive contract months. Seasons always 

comprise of a strip of Apr-Sep or Oct-Mar.

4 consecutive years. Years are strips of twelve individual 

contract months comprising Jan-Dec.

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business Days 

prior to the first calendar day of the delivery month, quarter, 

season, or year.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period (i.e. month, quarter, 

season or year) x 23, 24 or 25 hours (summer / winter time)

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux.

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1 at approximately 

17:00 hours. Timings are CET.
ICE Endex Derivatives B.V. - A65 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Delivery in accordance with GASPOOL Rules.

The EDSP will be the end of day Settlement Price on the day 

the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A66 - 20160615 / Version 21.13

Appendix A.11 - Product Specification ICE Endex GASPOOL Natural Gas Daily Futures

Description Contracts are for physical delivery through the 

transfer of rights in respect of natural gas at the 

GASPOOL Virtual Trading Point 

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol GES

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day- Ahead 

contract is for delivery on the first weekday after 
ICE Endex Derivatives B.V. - A67 - 20160615 / Version 21.13

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW
ICE Endex Derivatives B.V. - A68 - 20160615 / Version 21.13

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Delivery in accordance with GASPOOL Rules.

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
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Appendix A.14 - [Intentionally left blank] 
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Appendix A.15 - Product Specification ICE Endex ZTP Natural Gas Futures

Description Contracts are for delivery or purchase through the transfer of 

rights in respect of natural gas (H-Gas) at the Zeebrugge 

Trading Point (ZTP) managed by Fluxys Belgium S.A. and 

Huberator. Delivery is made equally each hour throughout the 

delivery period from 06:00 (CET) on the first day of the month 

until 06:00 (CET) on the first day of the next month. The 

delivery days are all the calendar days in the delivery month.

Contract Symbol ZTP

Trading Period Up to 26 consecutive month contracts or as otherwise 

determined and announced by ICE Endex from time to time.

Up to 2 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time

Quarters are strips of three individual and consecutive 

contract months.

Quarters always comprise a strip of Jan-Mar, Apr-Jun, JulSep or Oct-Dec.

Up to 2 consecutive seasons or as otherwise determined and 

announced by ICE Endex from time to time

Seasons are strips of six individual and consecutive contract 

months.

Seasons always comprise a strip of Apr-Sep (Summer 

Season) or Oct-Mar (Winter Season).

Up to 1consecutive calendar years or as otherwise 

determined and announced by ICE Endex from time to time.

Years are strips of twelve individual and consecutive contract 

months comprising Jan - Dec. 

Months, quarters, seasons and years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business 

Days prior to the first calendar day of the delivery month, 

quarter, season, or calendar.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter, 

season, or year) x 23, 24 or 25 hours (summer or winter 

time).
ICE Endex Derivatives B.V. - A73 - 20160615 / Version 21.13

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1, end of day at 

approximately 17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade Nominations (buyer 

from ICEU, seller to ICEU) are input by ICEU to Fluxys 

Belgium S.A. and/or Huberator via EDIg@s before 13:45 

(CET), on each business day prior to the commencement of 

the delivery period. Delivery takes place in kilowatt-hours per 

hour. The EDSP will be the end of day Settlement Price on 

the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A74 - 20160615 / Version 21.13

Appendix A.16 - Product Specification ICE Endex ZTP Natural Gas Daily Futures

Description Contracts are for delivery or purchase through 

the transfer of rights in respect of natural gas (HGas) at the Zeebrugge Trading Point (ZTP) 

managed by Fluxys Belgium S.A. and Huberator.

Delivery is made, equally each hour, on each gas 

day of the delivery period. A gas day means the 

period of twenty-three (23), twenty-four (24) or 

twenty-five (25) hours, as the case may be,

from 06:00 to 06:00 (CET) on the following 

calendar day. 

Contract Symbol ZTS

Trading Period Up to 92 consecutive daily contracts or as 

otherwise determined and announced by ICE 

Endex from time to time. All Daily Products are 

strips of one or more daily contracts and are 

listed in parallel.

1 Day-Ahead contract (DA)

1 Balance of Week contract (BOW)

1 Weekend contract (W/END)

1 Saturday contract (Saturday)

1 Sunday contract (Sunday)

1 Working Days Next Week contract (WK/DY 

NW)

1 Balance of Month contract (BOM)

Up to 2 Month Contracts

Expiration Date Trading of Daily Products will cease at the close 

of business on the business day prior to the start 

of the delivery period.

Contract Security ICE Clear Europe acts as central counterparty to 

all trades thereby guaranteeing the financial 

performance of ICE Endex contracts registered in 

the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00 (CET), Close 18:00 (CET), Monday –

Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period multiplied by 

23, 24 or 25 hours (summer or winter time). Daily 

Products are adjusted for UK Bank Holidays. 

The Day-Ahead contract (DA) is a strip of a single 

gas day from the next weekday at 06:00 (CET) to 

06:00 (CET) on the following calendar day. In 

case UK bank holidays run sequentially either 

after Sunday or before Saturday, the Day-Ahead 
ICE Endex Derivatives B.V. - A75 - 20160615 / Version 21.13

contract is for delivery on the first weekday after 

the bank holiday(s). 

The Balance of Week contract (BOW) is a strip 

that spans four, three or two individual and 

consecutive gas days from Tuesday 6:00 (CET) 

through to Saturday 06:00 (CET), Wednesday 

6:00 (CET) through to Saturday 06:00 (CET) or 

Thursday 6:00 (CET) through to Saturday 06:00 

(CET) respectively. UK Bank Holidays on 

Tuesday and/or Friday are not included in the 

BOW contract. 

The Weekend contract (W/END) is a strip that 

spans two individual and consecutive gas days 

from Saturday 6:00 (CET) through to Monday 

06:00 (CET). The W/END contract is extended to 

three or four consecutive gas days in case UK 

bank holidays runs sequentially either after 

Sunday or before Saturday.

The Saturday contract (Saturday) is a strip of a 

single gas day from Saturday 06:00 (CET) 

through to Sunday 06:00 (CET).

The Sunday contract (Sunday) is a strip of a 

single gas day from Sunday 06:00 (CET) through 

to Monday 06:00 (CET).

The Working Days Next Week contract (WK/DY 

NW) is a strip that spans five individual and 

consecutive gas days from Monday 6:00 (CET) 

through to Saturday 06:00 (CET). UK Bank 

Holidays are not included in the WK/DY NW 

contracts in case UK bank holidays runs 

sequentially either after Sunday or before 

Saturday.

The Balance of Month contract (BOM) is a strip of 

two or more gas days from two business days 

ahead to the end of the contract month, where 

the first day of any period of non-trading days is 

considered to be a business day. N.B. On certain 

days at the end of a contract month there will not 

be a BOM listed.

The Month contracts are strips that span 28, 29, 

30 or 31 individual and consecutive gas days 

from 6:00 (CET) on the first calendar day of a 

particular month through to 6:00 (CET) on the 

first calendar day of the next month.

The trading and delivery specifies for the Daily 

Products are set forth in the Trading and Delivery 

Periods Overview in Appendix B.3.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW
ICE Endex Derivatives B.V. - A76 - 20160615 / Version 21.13

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per 

MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh 

(€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux.

Settlement Price Fixing each Business Day as set out in the 

applicable Operating Time Schedule, Appendix 

B.1, end of day at approximately 17:00 (CET).

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.

Delivery/Settlement Terms Matching Acquiring and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) 

are input by ICEU to Fluxys Belgium S.A. and/or 

Huberator via EDIg@s before 20.00 (CET), on 

each business day prior to the commencement of 

the delivery period. Delivery takes place in 

kilowatt-hours per hour.

The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A77 - 20160615 / Version 21.13

Appendix A.17 - Product Specification ICE Endex Italian Power Financial Base Futures

Description A financially settled monthly futures contract 

based on the Single National Price (“Prezzo 

Unico Nazionale” or “PUN”) for the purchase of 

electricity in Italy, as published by Gestore dei 

Mercati Energetici (“GME”). 

Contract Symbol IPB

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time. Quarters are strips of three 

individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan 

- Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of 

business one Business Day prior to the last 

calendar day of the contract delivery period.

Quarter and year contracts will cease trading at 

the close of business two Business Days prior to 

the first calendar day of the delivery quarter or 

year.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, 

quarter or year) x 23, 24 or 25 hours (summer or 

winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW
ICE Endex Derivatives B.V. - A78 - 20160615 / Version 21.13

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh 

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Cash Settlement Price The cash settlement price of the contract is equal 

to the arithmetic mean of the Single National 

Price (“Prezzo Unico Nazionale” or “PUN”) of 

each hour between 00:00 am and 24:00 of all

days within the contract delivery period. 

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.
ICE Endex Derivatives B.V. - A79 - 20160615 / Version 21.13

Cash Settlement Obligations In respect to each lot (1 MW) the following 

payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the 

Seller to the Clearing House;

(ii) exceeds the contract price, payment by the 

Clearing House to the Buyer;

(iii) is less than the contract price, payment by the 

Clearing House to the Seller;

(iv) is less than the contract price, payment by the 

Buyer to the Clearing House,

of an amount calculated by multiplying the 

difference between the Cash Settlement Price 

and the contract price by the number of hours in 

the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the 

contract price, no payments shall be made 

between the Seller (or Buyer) and the Clearing 

House

The applicable contract price is the applied 

settlement price to the open position at the latest 

marked-to-market. For the position resulting from 

the transactions executed on the last settlement 

date, the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A80 - 20160615 / Version 21.13

Appendix A.18 - Product Specification ICE Endex Italian Power Financial Peak Futures

Description A financially settled monthly futures contract 

based on the Single National Price (“Prezzo 

Unico Nazionale” or “PUN”) for the purchase of 

electricity in Italy, as published by Gestore dei 

Mercati Energetici (“GME”). 

Contract Symbol IPP

Trading Period Up to 59 consecutive month contracts or as 

otherwise determined and announced by ICE 

Endex from time to time.

Up to 9 consecutive quarters or as otherwise 

determined and announced by ICE Endex from 

time to time. Quarters are strips of three 

individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, 

Apr-Jun, Jul- Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise 

determined and announced by ICE Endex from 

time to time. Years are strips of twelve individual 

and consecutive contract months comprising Jan 

- Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of 

business one Business Day prior to the last 

Business Day of the contract delivery period.

Quarter and year contracts will cease trading at 

the close of business two Business Days prior to 

the first calendar day of the delivery quarter or 

year.

Contract Security ICE Clear Europe (ICEU) acts as central 

counterparty to all trades thereby guaranteeing 

the financial performance of ICE Endex contracts 

registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday –

Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), 

Exchange for Swap (EFS) and Block Trades are 

available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x weekdays in contract period (i.e. month, 

quarter or year) x 12 hours

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW
ICE Endex Derivatives B.V. - A81 - 20160615 / Version 21.13

Quotation The contract price is in Euros and Euro cents per 

MWh.

Minimum Price Flux Futures – 1 Euro Cent per MWh (€0.01/MWh)

EFPs/EFSs/Blocks – 1 Euro Cent per MWh 

(€0.01/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum 

Price Flux

Cash Settlement Price The cash settlement price of the contract is equal 

to the arithmetic mean of the Single National 

Price (“Prezzo Unico Nazionale” or “PUN”) of 

each hour between 08:00 am and 20:00 of all 

days within the contract delivery period. 

Position Limits Positions are reported to ICE Endex on a daily 

basis. ICE Endex has powers to prevent the 

development of excessive positions or 

unwarranted speculation or any other undesirable 

situation and may take steps to resolve such 

situations including the ability to mandate 

Members to limit the size of such positions or to 

reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, 

as defined in the ICE Clear Europe Clearing 

Rules, is a deposit held by ICE Clear Europe in 

order to cover the costs that may be incurred in 

closing out a position in default. It is returned 

upon the closing of the position, or at expiry, with 

interest.

Daily Margin All open contracts are 'marked-to-market' daily, 

with Variation Margin, as defined in the ICE Clear 

Europe Clearing Rules, being called for as 

appropriate.
ICE Endex Derivatives B.V. - A82 - 20160615 / Version 21.13

Cash Settlement Obligations In respect to each lot (1 MW) the following 

payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the 

Seller to the Clearing House;

(ii) exceeds the contract price, payment by the 

Clearing House to the Buyer;

(iii) is less than the contract price, payment by the 

Clearing House to the Seller;

(iv) is less than the contract price, payment by the 

Buyer to the Clearing House,

of an amount calculated by multiplying the 

difference between the Cash Settlement Price 

and the contract price by the number of hours in 

the week day (12). 

Where the Cash Settlement Price is equal to the 

contract price, no payments shall be made 

between the Seller (or Buyer) and the Clearing 

House

The applicable contract price is the applied 

settlement price to the open position at the latest 

marked-to-market. For the position resulting from 

the transactions executed on the last settlement 

date, the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A83 - 20160615 / Version 21.13

Appendix A.19 - Product Specification ICE Endex Italian PSV Natural Gas Futures

Description Contracts are for delivery or purchase through the transfer of 

rights in respect of natural gas at the Punto di Scambio 

Virtuale (Virtual Trading Point – PSV) organized and 

managed by Snam Rete Gas. Delivery is made equally each 

day throughout the delivery period from 06:00 (CET) on the 

first day of the month until 06:00 (CET) on the first day of the 

next month. The delivery days are all the calendar days in the 

delivery month.

Contract Symbol IGA

Trading Period Up to 35 consecutive month contracts or as otherwise 

determined and announced by ICE Endex from time to time.

Up to 4 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are 

strips of three individual and consecutive contract months. 

Quarters always comprise a strip of Jan-Mar, Apr-Jun, JulSep or Oct-Dec. 

Up to 4 consecutive seasons or as otherwise determined and 

announced by ICE Endex from time to time. Seasons are 

strips of six individual and consecutive contract months. 

Seasons always comprise a strip of Apr-Sep (Summer 

Season) or Oct-Mar (Winter Season).

Up to 2 calendar years or as otherwise determined and 

announced by ICE Endex from time to time. Calendar years 

are strips of twelve individual and consecutive contract 

months comprising Jan - Dec. Months, quarters, seasons and 

calendar years are listed in parallel.

Expiration Date Trading will cease at the close of business two Business 

Days prior to the first calendar day of the delivery month, 

quarter, season, calendar year. 

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange 

for Swap (EFS) and Block Trades are available for this 

contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter, 

season, or year) x 24 hours.

Minimum Trading Size Electronic Futures: 5 lots = 5 MW

Exchange for Physical (EFP): 1 lot = 1 MW

Exchange for Swap (EFS): 1 lot = 1 MW
ICE Endex Derivatives B.V. - A84 - 20160615 / Version 21.13

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Minimum Price Flux Futures – 0.5 Euro Cent per MWh (€0.005/MWh)

EFPs/EFSs/Blocks - 0.5 Euro Cent per MWh (€0.005/MWh)

Maximum Price Flux There are no limits.

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Settlement Price Fixing each Business Day as set out in the applicable 

Operating Time Schedule, Appendix B.1, end of day at 

approximately 17:00 hours. Timings are CET.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations 

including the ability to mandate Members to limit the size of 

such positions or to reduce positions where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in 

the ICE Clear Europe Clearing Rules, is a deposit held by ICE 

Clear Europe in order to cover the costs that may be incurred 

in closing out a position in default. It is returned upon the 

closing of the position, or at expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation 

Margin, as defined in the ICE Clear Europe Clearing Rules, 

being called for as appropriate.

Delivery/Settlement Terms Matching Acquiring Trade Nominations and Disposing Trade 

Nominations (buyer from ICEU, seller to ICEU) are input by 

ICE to SNAM RETE GAS via PSV System before 11:30 

(CET) on each Business Day prior to the commencement of 

the delivery period. Delivery takes place in gigajoule MWh 

per day. The EDSP will be the end of day Settlement Price 

on the day the contract expires.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A85 - 20160615 / Version 21.13

Appendix A.20 - Product Specification ICE Endex Dutch Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon

the hourly prices of the Dutch Day-Ahead auction.

Contract Symbol NLB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23,

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Dutch Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A86 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A87 - 20160615 / Version 21.13

Appendix A.21 - Product Specification ICE Endex Dutch Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the Dutch Day-Ahead auction.

Contract Symbol NLP

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Dutch Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A88 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A89 - 20160615 / Version 21.13

Appendix A.22 - Product Specification ICE Endex Belgian Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the Belgian Day-Ahead auction.

Contract Symbol BEB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Belgian Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A90 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A91 - 20160615 / Version 21.13

Appendix A.23 - Product Specification ICE Endex German Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol GAB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 00:00 am and 24:00 of all days within the contract delivery 

period.
ICE Endex Derivatives B.V. - A92 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A93 - 20160615 / Version 21.13

Appendix A.24 - Product Specification ICE Endex German Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol GAP

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 08:00 and 20:00 of all days within the contract delivery 

period.
ICE Endex Derivatives B.V. - A94 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A95 - 20160615 / Version 21.13

Appendix A.25 - Product Specification ICE Endex French Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly prices of the French Day-Ahead auction.

Contract Symbol FNB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A96 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A97 - 20160615 / Version 21.13

Appendix A.26 - Product Specification ICE Endex French Power Financial Peak Futures

Description A financially settled peak load monthly futures contract based upon 

the hourly prices of the French Day-Ahead auction.

Contract Symbol FNA

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last Business Day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A98 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A99 - 20160615 / Version 21.13

Appendix A.27 - Product Specification ICE Endex Nordic Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly “Elspot System Price” for the Nordic region as quoted and 

published by Nord Pool Spot AS.

Contract Symbol NRB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of 

twelve individual and consecutive contract months comprising Jan -

Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the hourly “Elspot System Price” for the Nordic region as 

quoted and published by Nord Pool Spot AS of each hour between 
ICE Endex Derivatives B.V. - A100 - 20160615 / Version 21.13

00:00 am and 24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A101 - 20160615 / Version 21.13

Appendix A.28 - Product Specification ICE Endex Spanish Power Financial Base Futures

Description A financially settled base load monthly futures contract based upon 

the hourly "SPEL Index" as quoted and published by OMIP.

Contract Symbol SPB

Trading Period Up to 59 consecutive month contracts or as otherwise determined 

and announced by ICE Endex from time to time.

Up to 9 consecutive quarters or as otherwise determined and 

announced by ICE Endex from time to time. Quarters are strips of 

three individual and consecutive contract months. Quarters always 

comprise a strip of Jan-Mar, Apr-Jun, Jul-Sep or Oct-Dec.

Up to 4 consecutive years or as otherwise determined and 

announced by ICE Endex from time to time. Years are strips of twelve 

individual and consecutive contract months comprising Jan - Dec.

Months, quarters and years are listed in parallel.

Expiration Date Month contracts will cease trading at the close of business one 

Business Day prior to the last calendar day of the contract delivery 

period.

Quarter and year contracts will cease trading at the close of business 

two Business Days prior to the first calendar day of the delivery 

quarter or year.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23,

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the OMIP SPEL Index of each hour between 00:00 am and 

24:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 
ICE Endex Derivatives B.V. - A102 - 20160615 / Version 21.13

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A103 - 20160615 / Version 21.13

Appendix A.29 - Product Specification ICE Endex German Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol DGB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 00:00 am and 24:00 of all days within the contract delivery 

period.
ICE Endex Derivatives B.V. - A104 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A105 - 20160615 / Version 21.13

Appendix A.30 - Product Specification ICE Endex German Power Financial Peak Daily Futures

Description A financially settled peak load daily futures contract based upon the 

hourly prices of the German/Austrian Day-Ahead auction.

Contract Symbol DGA

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weeks. Weeks are strips of 5 consecutive daily 

contracts (Monday through Friday).

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the German/Austrian Day Ahead auction price of each hour 

between 08:00 and 20:00 of all days within the contract delivery 

period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.
ICE Endex Derivatives B.V. - A106 - 20160615 / Version 21.13

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A107 - 20160615 / Version 21.13

Appendix A.31 - Product Specification ICE Endex French Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly prices of the French Day-Ahead auction.

Contract Symbol DFB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A108 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A109 - 20160615 / Version 21.13

Appendix A.32 - Product Specification ICE Endex French Power Financial Peak Daily Futures

Description A financially settled peak load daily futures contract based upon the 

hourly prices of the French Day-Ahead auction.

Contract Symbol DFA

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weeks. Weeks are strips of 5 consecutive daily 

contracts (Monday through Friday).

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 12

hours.

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the French Day Ahead auction price of each hour between 

08:00 and 20:00 of all days within the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 
ICE Endex Derivatives B.V. - A110 - 20160615 / Version 21.13

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (12). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A111 - 20160615 / Version 21.13

Appendix A.33 - Product Specification ICE Endex Spanish Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly "SPEL Index" as quoted and published by OMIP.

Contract Symbol DSB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the OMIP SPEL Index of each hour between 00:00 am and 

24:00 of all days within the contract delivery period.
ICE Endex Derivatives B.V. - A112 - 20160615 / Version 21.13

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
ICE Endex Derivatives B.V. - A113 - 20160615 / Version 21.13

Appendix A.34 - Product Specification ICE Endex Nordic Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

hourly “Elspot System Price” for the Nordic region as quoted and 

published by Nord Pool Spot AS.

Contract Symbol DNB

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the 

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the hourly “Elspot System Price” for the Nordic region as 

quoted and published by Nord Pool Spot AS of each hour between 

00:00 am and 24:00 of all days within the contract delivery period.
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Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
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Appendix A.35 - Product Specification ICE Endex Italian Power Financial Base Daily Futures

Description A financially settled base load daily futures contract based upon the 

Single National Price (“Prezzo Unico Nazionale” or “PUN”) for the 

purchase of electricity in Italy, as published by Gestore dei Mercati 

Energetici (“GME”). 

Contract Symbol DIF

Trading Period Up to 92 consecutive daily contracts or as otherwise determined and 

announced by the Exchange from time to time. All Daily Products are 

strips of one or more daily contracts and are listed in parallel.

7 consecutive days.

5 consecutive weekends. Weekends are strips of 2 consecutive daily 

contracts (Saturday and Sunday).

5 consecutive weeks. Weeks are strips of 7 consecutive daily 

contracts (Monday through Sunday)

Expiration Date Trading of Day contracts will cease at the close of business on the

Business Day prior to the delivery day, except when the delivery day 

is a Sunday or Monday in which case trading will cease at the close 

of business on Monday.

Trading of Weekend contracts will cease at the close of business on 

the Business Day prior to the delivery period.

Trading of Week contracts will cease at the close of business on the 

last Business Day before the delivery period.

Contract Security ICE Clear Europe (ICEU) acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and including 

delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours.

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap 

(EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW per day in the contract period (i.e. month, quarter or year) x 23, 

24 or 25 hours (summer or winter time).

Minimum Trading Size 1 lot = 1 MW (Electronic Futures, EFP, EFS)

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh.

Minimum Price Flux 1 Euro Cent per MWh (€0.01/MWh)

Tick Value Contract Size x Minimum Trade Size x Minimum Price Flux

Cash Settlement Price The cash settlement price of the contract is equal to the arithmetic 

mean of the Single National Price (“Prezzo Unico Nazionale” or 

“PUN”) of each hour between 00:00 am and 24:00 of all days within 
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the contract delivery period.

Position Limits Positions are reported to ICE Endex on a daily basis. ICE Endex has 

powers to prevent the development of excessive positions or 

unwarranted speculation or any other undesirable situation and may 

take steps to resolve such situations including the ability to mandate 

Members to limit the size of such positions or to reduce positions 

where appropriate.

Initial Margin Calculated on all open contracts, Initial Margin, as defined in the ICE 

Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe 

in order to cover the costs that may be incurred in closing out a 

position in default. It is returned upon the closing of the position, or at 

expiry, with interest.

Daily Margin All open contracts are 'marked-to-market' daily, with Variation Margin, 

as defined in the ICE Clear Europe Clearing Rules, being called for 

as appropriate.

Cash Settlement 

Obligations 

In respect to each lot (1 MW) the following payments shall be made:

Where the Cash Settlement Price

(i) exceeds the contract price, payment by the Seller to the Clearing 

House;

(ii) exceeds the contract price, payment by the Clearing House to the 

Buyer;

(iii) is less than the contract price, payment by the Clearing House to 

the Seller;

(iv) is less than the contract price, payment by the Buyer to the 

Clearing House,

of an amount calculated by multiplying the difference between the 

Cash Settlement Price and the contract price by the number of hours 

in the day (23, 24 or 25). 

Where the Cash Settlement Price is equal to the contract price, no 

payments shall be made between the Seller (or Buyer) and the 

Clearing House

The applicable contract price is the applied settlement price to the 

open position at the latest marked-to-market. For the position 

resulting from the transactions executed on the last settlement date, 

the contract price is the transaction price.

MIC Code NDEX

Clearing Venue ICEU
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Appendix A.36 - Product Specification ICE Endex NCG Natural Gas Options

Description The ICE Endex NCG Gas Options contract is an option on the 

ICE Endex NCG Gas Futures contract. At expiry, one lot of NCG 

Gas Options will exercise into one lot of NCG Gas Futures. NCG 

Gas Options are European-style, such that In-The-Money 

options, unless abandoned, are automatically exercised at expiry. 

At-The-Money and Out-of-The-Money options will expire unexercised unless the Member has elected to exercise them.

Hedge Instrument ICE Endex NCG Gas Futures contract.

Contract Symbol GNM

Trading Period Up to 36 consecutive months.

Quarterly, seasonal, calendar, and any period of consecutive 

monthly contracts can be registered as a strip. For example, a 

Q1 option is an option on Jan, an option on Feb, and an option 

on Mar, with each option expiring five calendar days before the 

start of the relevant contract month.

Expiration Date Trading will cease at the end of the designated settlement period, 

approximately 17:00 CET, of the underlying futures contract five 

calendar days before the start of the contract month. If that day 

is a non-business day, expiry will occur on the nearest prior 

business day, except where that day is also the expiry date of the 

underlying futures contract, in which case expiry will occur on the 

preceding business day.

Contract Security ICE Clear Europe acts as central counterparty to all trades 

thereby guaranteeing the financial performance of ICE Endex 

contracts registered in the name of its Members up to and 

including delivery, exercise and/or settlement.

Trading Hours Open 08:00, Close 18:00 (CET), Monday – Friday.

Trading Model Continuous trading throughout trading hours

Trading Methods Electronic futures, Exchange for Physical (EFP), Exchange for 

Swap (EFS) and Block Trades are available for this contract.

Units of Trading 1 MW

Contract Size 1 MW x days in the contract period x 23, 24 or 25 hours (summer 

/ winter time)

Minimum Trading Size 5 lots = 5 MW

Minimum Block Order 1 lot = 1 MW

Quotation The contract price is in Euros and Euro cents per MWh

Strike Price Increments Strike Range is 5.00 – 50.00 Euros per MWh

Strike Price Increments are Multiples of 0.01 Euros per MWh

Minimum Price Flux 0.5 Euro Cent per MWh

Maximum Price Flux There are no limits.
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Position Limits Positions are reported to the ICE Endex on a daily basis. ICE 

Endex has powers to prevent the development of excessive 

positions or unwarranted speculation or any other undesirable 

situation and may take steps to resolve such situations including 

the ability to mandate Members to limit the size of such positions 

or to reduce positions where appropriate.

Option Premium Equity-style such that premiums are paid at the time the 

transaction is executed.

Exercise and Automatic Exercise Expires into a corresponding ICE Endex NCG Gas Futures 

contract with European-style exercise. If the option is not 

abandoned, automatic exercise will occur for options which are 

one or more ticks in the money.

At-The-Money and Out-of-The-Money options will expire 

worthless. Members will have up to one hour 45 minutes after 

the designated settlement period on the option expiry day to 

manually abandon or exercise an option.

MIC Code NDEX

Clearing Venue ICEU
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Appendix B.1 - Operating Time Schedule

Until 08:00 CET Pre-market phase

08:00 CET Opening of the Block Trade Facility and ICE Endex Futures Exchange

15:45 CET Start Settlement Window end of day Settlement Prices for Power Products

16:00 CET Establishing end of day Settlement Prices for Power Products

17:00 CET Start Settlement Window establishing end of day Settlement Prices for Gas 

Products

17:15 CET Establishing end of day Settlement Prices for Gas Products

18:00 CET Closing of the ICE Endex Futures Exchange 

18:15 CET Closing of the Block Trade Facility (with respect to Block Trades)

18:30 CET Closing of the Block Trade Facility (with respect to EFP and EFS 

transactions)
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Appendix B.2 - Trading Calendar

The Trading Calendar specifies for each Product the following:

- the days on which ICE Endex is open for business (Business Days);

- the days on which contract series expire (Expiration Day);

- other relevant information regarding ICE Endex's business.

The Trading Calendar is published on the Website and will be updated from time to time.
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Appendix B.3 - Gas Trading and Delivery Periods Overview

The trading and delivery periods overview specifies for each Daily Product relating to gas the 

following:

- the contract trading start clarification;

- the contract trading end clarification;

- the contract delivery start clarification;

- the contract delivery end clarification;

The Daily Product relating to gas delivery periods overview is published on the Website and will be 

updated from time to time.
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Appendix C - Price Adjustment and Trade Cancellation

ICE Endex will consider and investigate a request for price adjustment or Trade cancellation 

according to the details and procedure as determined in this Appendix. It should be noted that ICE 

Endex has the unilateral right to cancel or adjust the price of any Trade which is clearly 

unrepresentative, including in instances where there has been no request from a market participant. 

Where applicable, the price adjust facility will be the preferred method to resolve instances whereby 

transactions have taken place at an unrepresentative price. ICE Endex reserves the right to consider 

all Trade investigations on their individual merits, in doing so it shall endeavor to ensure that the policy 

set out is adhered to but reserves the right to and may amend this policy in light of the circumstances 

of each individual case in the interest of maintaining a fair and orderly market.

General

ICE Endex defines a No Cancellation Range for each tradable contract. ICE Endex shall determine 

and publish from time to time parameters above or below the ICE Endex set Anchor Price for each 

contract within which a Trade requested for cancellation or price adjusted, under normal market 

circumstances, may not be cancelled or adjusted. Such parameters are known as the “No 

Cancellation Range”.

The Anchor Price is set by ICE Endex and is based on the front contract month, provided however 

when the front month nears expiration, the Anchor Price will be based on the delivery month with the 

most open interest. The determination as to when to shift the Anchor Price based on open interest will 

be made by ICE Endex. The Anchor Price may be the settlement price, the opening call price (if 

applicable) and during trading hours updated by the market movement or the last traded price. The 

Anchor Price of the second contract month and successive months onwards is determined by 

applying spread differentials against the front month Anchor Price.

ICE Endex shall under normal circumstances not investigate a Trade when price adjustment or a 

Trade cancellation has been requested in respect of volume. However, in exceptional circumstances 

and in the interest of maintaining a fair and orderly market, at its absolute discretion, ICE Endex can 

determine that a Trade under investigation shall be cancelled or price adjusted.

The registered Responsible Individual will be notified by ICE Endex following an investigation for price 

adjustment or Trade cancellation. 

Trade cancellation or price adjustment process

ICE Endex may, in its absolute discretion, investigate a Trade where a market participant notified the 

dispute to ICE Endex within 8 minutes from the time of the original Trade or if ICE Endex determines 

that a Trade may have been made at an unrepresentative price and where no notification has been 

received from a market participant. 

ICE Endex will notify the market immediately via WebICE broadcast message when a Trade is under 

investigation, giving the details of the trading including the contract month, price and volume, except 

for the trading participants’ identity. 

When investigating a Trade and determining whether the Trade has been made at an 

unrepresentative price, ICE Endex may take into account criteria which include but are not limited to:

(i) price movement in other contract months of the same contract;

(ii) current market conditions, including levels of activity and volatility;

(iii) time period between different quotes and traded prices;

(iv) information regarding price movement in related contracts;

(v) the release of economic data or other relevant news just before or during electronic trading 

hours;

(vi) manifest error;
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(vii) whether there is any indication that the Trade triggered stops or resulted in the execution of 

spread trades;

(viii) number of parties potentially impacted by the investigation;

(ix) whether another market participant relied on the price; or

(x) any other factor that ICE Endex in its sole discretion, may deem relevant.

ICE Endex, in its sole discretion, may consult with market participants, which are not party to the 

Trade under investigation or party to any consequential Trades, when determining whether the Trade 

has been made at an unrepresentative price.

On conclusion of an investigation where ICE Endex determines that the Trade under investigation, or 

any such consequential Trades, was executed at an unrepresentative price, ICE Endex may, in its 

absolute discretion:

(i) adjust the price of the Trade under investigation and consequential Trades to a price that ICE 

Endex evaluates as fair market value at the time of execution, plus or minus the No 

Cancellation Range for that Trade;

(ii) cancel the Trade under investigation and any such consequential Trades; or

(iii) let the Trade under investigation and any such consequential Trades stand.

If ICE Endex determines that the price of the Trade under investigation or any such consequential 

trades is to be adjusted, the adjusted price may be:

(i) outside the terms of the Limit Order for which the Trade under investigation or any such 

consequential Trades were executed, and, in such instances, the adjusted price shall be 

applied to the Limit Order despite being outside the order terms; or,

(ii) below the stop price of a buy stop Order or above the stop price of a sell stop Order, and, in 

such instances, the adjusted price shall be applied to the stop Order despite the fact that the 

trade price sequence after any price adjustments would not have elected the stop Order. 

If ICE Endex determines that a price is outside the No Cancellation Range for a futures contract, the 

price may be adjusted to a price that equals a fair value market price for that contract at the time the 

Trade under review occurred, plus or minus the No Cancellation Range. ICE Endex may, at is 

discretion, allow Trades to stand or cancel the Trades rather than adjusting the price. 

If ICE Endex determines that the premium of an option Trade is not representative of the market value 

fore that option as determined by ICE Endex at the time of execution, then the premium of such option 

Trade may be adjusted to the value of the option at the time the Trade under review occurred, plus or 

minus the No Cancellation Range. ICE Endex may, at its discretion, allow the Trades to stand or 

cancel the premium rather than adjusting the premium.

Considering consequential Trades, ICE Endex may also determine:

(i) whether any Trades resulting from the triggering of contingent Orders, or resulting in spread 

Trades should be cancelled, or the price of such Trades by adjusted; and,

(ii) whether a market participant relied on the price of the Trade to execute subsequent Orders, 

and whether such Trades should be cancelled or the price of such Trades be adjusted.

ICE Endex shall consider situations involving consequential Trades on a case by case basis. ICE 

Endex will consider those consequential Trades directly related to the challenged Trade and consider 

reasonably any Trades (specifically spread Trades) which have been derived from the challenged 

Trade itself and those executed as a result of it. 

Where Trades are executed after the market participants have been notified that a Trade is under 

investigation which is subsequently cancelled, or the price of the Trade under investigation is 

adjusted, such Trades, under normal circumstances shall not be cancelled nor shall the prices be 

adjusted. However, if the price of the Trades in such instance is disputed or ICE Endex determines 

that the Trades have been made at an unrepresentative price, ICE Endex will investigate the Trades 

in accordance with this procedure. 
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ICE Endex may, in exceptional circumstances and at its absolute discretion, determine that a Trade 

under investigation which falls within the No Cancellation Range shall be price adjusted or cancelled.

Price adjustment and cancelled Trades will be cancelled in ICE Endex’s official record of time and 

sales. Trades that are price adjusted will be inserted in the official record of time and sales at the 

adjusted trade price.

All decisions by ICE Endex are final.

Emergency measures in case of technical malfunctioning of the ICE Endex Platform

In case of a serious technical malfunctioning of the ICE Endex Platform, ICE Endex shall cancel all 

Trades which it has determined to be affected by the technical malfunctioning. ICE Endex will inform 

the relevant Members as soon as possible, but in no event later than at 18:00 hour for all markets on 

the same Business Day (or the next business day if the malfunctioning happened after 18.00 hours) 

the ICE Endex Platform malfunctioning occurred.
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Appendix D - Settlement Parameters and Settlement Spreads

applicable to the Settlement Window

A. The Settlement Parameters define the operational settings and requirements applicable to the 

Settlement Window and consists of the following specifications:

- the pricing session(s);

- contracts;

- minimum traded volume;

- minimum volume size orders;

- settlement spreads;

- minimal duration valid best bid-best ask order;

- volume weighting of trades;

- time weighting of orders;

- weighted average percentage applicable to the calculation as defined in article V-2.10).

The Settlement Parameters are further specified per product and published on the Website.

B. The Settlement Spreads are defined for each ICE Endex product. The Settlement Spread is 

the maximum spread value allowed for between each pair of Best Bid/Best Ask orders. Only 

the orders that are within the defined Settlement Spread will be considered in the 

establishment of the Settlement Price.

Settlements spreads will change (double) in case of fast moving market conditions.

The Settlement Spreads are published per product on the Website.