ICE SWAP TRADE, LLC

Swap Execution Facility Rulebook

Version: 2.31

EFFECTIVE DATE: April 23, 2021

This material may not be reproduced or redistributed in whole or in part without the express, 

prior written consent of ICE Swap Trade, LLC.

© Copyright ICE Swap Trade, LLC 2013-2021.

All Rights Reserved.

EXHIBIT C
2

CHAPTER 1: DEFINITIONS..................................................................................................... 15

CHAPTER 2: OWNERSHIP AND GOVERNANCE....................................................................... 32

Rule 201. Management..................................................................................................... 32

Rule 202. Committees....................................................................................................... 32

Rule 203. Participation Committee................................................................................... 33

Rule 204. Regulatory Oversight Committee. .................................................................... 33

Rule 205. Nominating Committee. ................................................................................... 34

Rule 206. Chief Compliance Officer. ................................................................................. 34

Rule 207. Conflicts of Interest of Named Persons............................................................ 36

Rule 208. Emergency Actions. .......................................................................................... 37

Rule 209. Conflict of Interest in Emergencies................................................................... 40

Rule 210. Reporting to the CFTC....................................................................................... 41

Rule 211. Information-Sharing Agreements..................................................................... 41

Rule 212. Services Agreement with a Regulatory Services Provider................................ 42

Rule 213. Use of Data Collected from Market Participants and Clearing Members........ 42

Rule 214. Dissemination of Transaction Data................................................................... 43

Rule 215. Prohibited Use of Certain Property and Data................................................... 44

CHAPTER 3: ACCESS ............................................................................................................. 46

Rule 301. Applicability of Rules; Jurisdiction. ................................................................... 46

Rule 302. Impartial Access. ............................................................................................... 46

Rule 303. Criteria for Becoming a Participant. ................................................................. 46

Rule 304. Additional Criteria for Participants Trading for Customers.............................. 48
3

Rule 305. ISVs.................................................................................................................... 50

Rule 306. Authorized Traders. .......................................................................................... 51

Rule 306.A. Compliance with the Commodity Exchange Act .......................................... 51

Rule 307. Application, Withdrawal and Termination of Status. ....................................... 52

Rule 308. Participant User Administrators; Passwords. ................................................... 53

Rule 309. Trading Privileges/Limitations. ......................................................................... 55

Rule 310. Dues, Assessments and Fees. ........................................................................... 56

Rule 311. General Notices to Participants........................................................................ 56

Rule 312. Communications Between the SEF and Participants........................................ 56

Rule 313. Activities of Non-Participant Brokers. .............................................................. 57

CHAPTER 4: OBLIGATIONS OF PARTICIPANTS ....................................................................... 58

Rule 401. Duties of Participants........................................................................................ 58

Rule 402. Required Disclosures. ....................................................................................... 59

Rule 403. Right of Inspection............................................................................................ 59

Rule 404. Financial Notices. .............................................................................................. 60

Rule 405. Customers......................................................................................................... 60

Rule 406. Trading Limitations, Termination, Suspension. ................................................ 61

Rule 407. Certain Acknowledgements of Market Participants......................................... 62

Rule 408. Books and Records of ISVs................................................................................ 62

Rule 409. Access to Position Information......................................................................... 63

CHAPTER 5: TRADING PRACTICES AND BUSINESS CONDUCT................................................. 64

Rule 501. Business Days and Trading Hours. .................................................................... 64
4

Rule 502. Rule Violations; Prohibited Trading Activity; Prohibitions on Fictitious 

Transactions, Fraudulent Activity and Manipulation.................................... 64

Rule 503. Messaging Abuse. ............................................................................................. 65

Rule 504. Use of Trading Privileges................................................................................... 66

Rule 505. Supervision........................................................................................................ 66

Rule 506. Misuse of the Platform. .................................................................................... 66

Rule 507. Mishandling of Customer Orders. .................................................................... 66

Rule 508. Withholding Orders Prohibited. ....................................................................... 66

Rule 509. Priority of Customers’ Orders........................................................................... 66

Rule 510. Trading Against Customers’ Orders.................................................................. 67

Rule 511. Disclosing Orders Prohibited. ........................................................................... 67

Rule 512. Cross Trades; Simultaneous Buy And Sell Orders............................................. 67

Rule 513. Execution of Required Transactions. ................................................................ 68

Rule 514. Execution of Permitted Transactions................................................................ 68

Rule 514.A. Post-Trade Name Give-Up............................................................................. 69

Rule 514.B. Package Transactions.................................................................................... 69

Rule 515. Written Record of the Terms of Transactions. ................................................. 69

Rule 516. Pre-Execution Limit Checks............................................................................... 70

Rule 517. Position Limits................................................................................................... 71

Rule 518. Exemptions from Position Limits. ..................................................................... 72

Rule 519. Position Accountability. .................................................................................... 72

Rule 520. Aggregation of Positions................................................................................... 73
5

Rule 521. Orders Eligible for Post-Execution Allocation................................................... 73

Rule 522. Orders Entered Prior to SEF Opening. .............................................................. 73

Rule 523. Rejection of Orders; Cancellation..................................................................... 74

Rule 524. Pre-Execution Communications........................................................................ 74

Rule 525. Acceptable Orders. ........................................................................................... 75

Rule 526. Revising Orders. ................................................................................................ 78

Rule 527. Deactivating and Deleting Orders..................................................................... 78

Rule 528. Execution of Orders. ......................................................................................... 78

Rule 529. Order Entry. ...................................................................................................... 80

CHAPTER 6: INTENTIONALLY OMITTED................................................................................. 82

CHAPTER 7: BLOCK TRADES, BROKERED TRADES AND NONCOMPETITIVE TRANSACTIONS .... 83

Rule 701. Block Trades...................................................................................................... 83

Rule 702. Brokered Trades................................................................................................ 85

CHAPTER 8: DISCIPLINARY RULES......................................................................................... 87

Rule 801. General.............................................................................................................. 87

Rule 802. Notice of Charges.............................................................................................. 89

Rule 803. Answer to Notice of Charges; Reply. ................................................................ 90

Rule 804. Settlement. ....................................................................................................... 90

Rule 805. Disciplinary Panel.............................................................................................. 91

Rule 806. Hearing (Disciplinary Procedures & Sanctions). ............................................... 92

Rule 807. Respondent Review of Evidence....................................................................... 92

Rule 808. Conducting Hearings......................................................................................... 92
6

Rule 809. Decision of Disciplinary Panel........................................................................... 93

Rule 810. Sanctions; Expenses.......................................................................................... 94

Rule 811. Summary Fines.................................................................................................. 95

Rule 812. Effective Date of Penalties................................................................................ 96

Rule 813. Publication and Written Notice of Disciplinary Actions. .................................. 96

CHAPTER 9: ARBITRATION ................................................................................................... 98

Rule 900. Jurisdiction........................................................................................................ 98

Rule 901. Definitions......................................................................................................... 99

Rule 902. Quorum and Disqualification.......................................................................... 100

Rule 903. Procedure........................................................................................................ 100

Rule 904. Withdrawal of Claims...................................................................................... 106

Rule 905. Modification of Award.................................................................................... 106

Rule 906. Compensation of Arbitrators.......................................................................... 107

Rule 907. Failure to Comply With Award........................................................................ 107

CHAPTER 10: CLEARING AND FINANCIAL RESPONSIBILITY; REPORTING ...............................109

Rule 1001. Designation of Clearing Houses.................................................................... 109

Rule 1002. Cleared Swaps............................................................................................... 109

Rule 1003. Uncleared Swaps........................................................................................... 109

Rule 1004. Transaction Reporting. ................................................................................. 110

CHAPTER 11: MISCELLANEOUS............................................................................................111

Rule 1101. Governing Law. ............................................................................................. 111

Rule 1102. Transaction Terms. ....................................................................................... 111
7

Rule 1103. Limitation on Liability. .................................................................................. 111

Rule 1104. Limitation on Damages. ................................................................................ 113

Rule 1105. Indemnification............................................................................................. 113

Rule 1106. Disclaimer of Warranties. ............................................................................. 116

Rule 1107. Arbitration and Venue. ................................................................................. 117

Rule 1108. Suspension and Waiver of Rules................................................................... 118

Rule 1109. Trading by Employees Prohibited................................................................. 118

Rule 1110. Forms; Transmission of Data. ....................................................................... 119

Rule 1111. Amendments to the Rules. ........................................................................... 119

CHAPTER 12: CREDIT CONTRACTS TERMS AND CONDITIONS ...............................................120

Rule 1201. Scope............................................................................................................. 120

Rule 1202. Definitions..................................................................................................... 120

Rule 1203. Reserved ....................................................................................................... 120

Rule 1204. Reserved ....................................................................................................... 120

Rule 1205. Contract Months........................................................................................... 120

Rule 1206. Price Basis ..................................................................................................... 121

Rule 1207. Last Trading Day............................................................................................ 122

Rule 1208. Daily and Final Settlement Price................................................................... 123

Rule 1209. Position Limits............................................................................................... 123

Rule 1210. Trading Hours................................................................................................ 123

Rule 1211. Reserved ....................................................................................................... 123

Rule 1212. Reserved ....................................................................................................... 123
8

Rule 1213. Reserved ....................................................................................................... 123

Rule 1214. Reserved ....................................................................................................... 123

Rule 1215. Reserved ....................................................................................................... 123

Rule 1216. Reserved ....................................................................................................... 123

Rule 1217. Reserved ....................................................................................................... 123

Rule 1218. Reserved ....................................................................................................... 123

Rule 1219. Reserved ....................................................................................................... 123

Rule 1220. Reserved ....................................................................................................... 123

Rule 1221. Markit CDX.NA.IG.......................................................................................... 124

Rule 1222. Markit CDX.NA.HY......................................................................................... 126

Rule 1223. Markit CDX.NA.IG.HIVOL .............................................................................. 128

Rule 1224. Markit CDX.EM.............................................................................................. 130

Rule 1225. Markit iTraxx Europe Main ........................................................................... 132

Rule 1226. Markit iTraxx Crossover................................................................................ 134

Rule 1227. Markit iTraxx Main HiVol .............................................................................. 136

Rule 1228. Markit iTraxx® Europe Senior Financials Index............................................. 138

Rule 1229. Markit iTraxx® Europe Subordinated Financials Index ................................. 140

Rule 1230. Markit CDX® North American Investment Grade Index Option................... 141

Rule 1231. Markit CDX® North American High Yield Index Option ................................ 143

Rule 1232. Markit iTraxx® Europe Main Option ............................................................. 145

Rule 1233. Markit iTraxx® Crossover Index Option ........................................................ 147

Rule 1234. Markit iTraxx® Europe Senior Financials Index Option ................................ 149
9

Rule 1235. Markit CDX® North American Investment Grade Index Tranche ................. 151

Rule 1236. Markit CDX® North American High Yield Index Tranche .............................. 153

Rule 1237. Markit iTraxx® Europe Main Index Tranche ................................................. 155

Rule 1238. Markit iTraxx Asia Ex-Japan .......................................................................... 157

Rule 1239. Markit iTraxx Japan....................................................................................... 159

Rule 1240. Markit iTraxx Australia.................................................................................. 161

Rule 1241. Markit iTraxx® Corp CEEMEA........................................................................ 163

Rule 1242. Markit ITraxx® Sovx CEEMEA........................................................................ 165

Rule 1243. Markit iTraxx® Sovx CEEMEA EXEU............................................................... 167

Rule 1244. Markit CDX® EM EX-EU................................................................................. 169

Rule 1245. Markit® iBoxx® EUR Corporates ................................................................... 171

Rule 1246. Markit® iBoxx® EUR Liquid High Yield........................................................... 173

Rule 1247. Markit® iBoxx® USD Liquid High Yield .......................................................... 175

Rule 1248. Markit® iBoxx® USD Liquid Investment Grade ............................................. 177

Rule 1249. Markit® iTraxx® Crossover Index Tranche .................................................... 179

CHAPTER 13: COMMODITIES CONTRACT TERMS AND CONDITIONS.....................................181

Rule 1301. Scope............................................................................................................. 181

Rule 1302. Definitions..................................................................................................... 181

Rule 1303. Trading Hours................................................................................................ 184

Rule 1304. - Rule 1369. Reserved ................................................................................... 184

Rule 1370. Daily CFD - Dated Brent vs First Month BFOE Swap..................................... 185

Rule 1371. Weekly CFD - Dated Brent vs First Month BFOE Swap................................. 186
10

Rule 1372. Weekly CFD - Dated Brent vs Second Month BFOE Swap ............................ 187

Rule 1373. Fuel Oil 1% FOB NWE Cargoes Swap ............................................................ 188

Rule 1374. Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Swap ......... 189

Rule 1375. Fuel Oil 180 CST Singapore Swap.................................................................. 190

Rule 1376. Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Swap....... 191

Rule 1377. Fuel Oil 3.5% FOB Rotterdam Barges Swap.................................................. 192

Rule 1378. Fuel Oil 380 CST Singapore Swap.................................................................. 193

Rule 1379. Fuel Oil 1% FOB NWE Cargoes Balmo Swap ................................................. 194

Rule 1380. Fuel Oil 1% FOB NWE Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges 

Balmo Swap ................................................................................................. 195

Rule 1381. Fuel Oil 180 CST Singapore Balmo Swap ...................................................... 196

Rule 1382. Fuel Oil 3.5% FOB Med Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges 

Balmo Swap ................................................................................................. 197

Rule 1383. Fuel Oil 380 CST Singapore Balmo Swap ...................................................... 198

Rule 1384. Marine Fuel 0.5% FOB Rotterdam Barge Swaps........................................... 199

Rule 1385. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Swap.............................. 200

Rule 1386. Fuel Oil 180 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap............. 201

Rule 1387. Fuel Oil 380 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap.............. 202

Rule 1388. Singapore Gasoil Swap.................................................................................. 203

Rule 1389. Singapore Gasoil Balmo Swap ...................................................................... 204

Rule 1390. Marine Fuel 0.5% FOB Singapore Swap........................................................ 205

Rule 1391. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Balmo Swap .................. 206

Rule 1392. Reserved ....................................................................................................... 207
11

Rule 1393. Reserved ....................................................................................................... 208

Rule 1394. Marine Fuel 0.5% FOB Rotterdam Barges vs Fuel Oil 3.5% FOB Rotterdam 

Barges Swap ................................................................................................ 209

Rule 1395. Marine Fuel 0.5% FOB USGC Barges Swap ................................................... 210

Rule 1396. Marine Fuel 0.5% FOB USGC Barges vs USGC HSFO Swap ........................... 211

Rule 1397. Singapore Mogas 95 Unleaded Swap ........................................................... 212

Rule 1398. Singapore Mogas 95 Unleaded Balmo Swap................................................ 213

Rule 1399. Singapore Jet Kerosene Swap....................................................................... 214

Rule 13100. Singapore Jet Kerosene Balmo Swap.......................................................... 215

Rule 13101. Reserved ..................................................................................................... 216

Rule 13102. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Swap.......................... 217

Rule 13103. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Balmo Swap............... 218

Rule 13104. Singapore Mogas 92 Unleaded Swap ......................................................... 219

Rule 13105. Reserved ..................................................................................................... 220

Rule 13106. Naphtha CIF NWE Cargoes Swap................................................................ 221

Rule 13107. Naphtha CIF NWE Cargoes Balmo Swap..................................................... 222

Rule 13108. Naphtha CIF NWE Cargoes vs Brent 1st Line Swap .................................... 223

Rule 13109. Naphtha CIF NWE Cargoes vs Brent 1st Line Balmo Swap ......................... 224

Rule 13110. Eurobob Oxy FOB Rotterdam Barges Swap................................................ 225

Rule 13111. Platts LNG Derivatives Swap....................................................................... 226

Rule 13112. 180cst Middle East FOB Arab Gulf Swap .................................................... 227

Rule 13113. 380cst Middle East FOB Arab Gulf Swap .................................................... 228
12

Rule 13114. 180cst Middle East FOB Arab Gulf Balmo Swap......................................... 229

Rule 13115. Reserved ..................................................................................................... 230

Rule 13116. Reserved ..................................................................................................... 231

Rule 13117. Reserved ..................................................................................................... 232

Rule 13118. Reserved ..................................................................................................... 233

Rule 13119. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Swap .................. 234

Rule 13120. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Balmo Swap....... 235

Rule 13121. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap.......... 236

Rule 13122. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo 

Swap ............................................................................................................ 237

Rule 13123. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap.......... 238

Rule 13124. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo 

Swap ............................................................................................................ 239

Rule 13125. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap ........... 240

Rule 13126. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Balmo Swap 241

Rule 13127. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap............... 242

Rule 13128. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap ... 243

Rule 13129. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap........................ 244

Rule 13130. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap............. 245

Rule 13131. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap........ 246

Rule 13132. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Balmo Swap .... 247

Rule 13133. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap........ 248
13

Rule 13134. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo 

Swap ............................................................................................................ 249

Rule 13135. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap........ 250

Rule 13136. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo 

Swap ............................................................................................................ 251

Rule 13137. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line 

Swap ............................................................................................................ 252

Rule 13138. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line 

Balmo Swap ................................................................................................. 253

Rule 13139. Urals NWE vs Dated Brent Balmo Swap .................................................... 254

Rule 13140. Urals NWE vs Dated Brent Swap............................................................... 255

Rule 13141. Urals NWE vs Dated Brent Half Monthly Swap......................................... 256

Rule 13142. Urals Med vs Dated Brent Balmo Swap ..................................................... 257

Rule 13143. Urals Med vs Dated Brent Swap ............................................................... 258

Rule 13144. Urals Med vs Dated Brent Half Monthly Swap ......................................... 259

Rule 13145. Singapore Mogas 92 Unleaded Balmo Swap............................................. 260

Rule 13146. Reserved .................................................................................................... 261

Rule 13147. Reserved .................................................................................................... 262

Rule 13148. Reserved .................................................................................................... 263

Rule 13149. Fuel Oil 1% FOB Rotterdam Barges Swap .................................................. 264

Rule 13150. Fuel Oil 1% FOB Rotterdam Barges Balmo Swap....................................... 265

Rule 13151. Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Swap ......... 266

Rule 13152. Fuel Oil 1% FOB Rotterdam Barges vs Fuel Oil 1% FOB NWE Cargoes 

Balmo Swap ................................................................................................. 267
14

Rule 13153. New York 1% Fuel Oil Swap ....................................................................... 268

Rule 13154. New York 1% Fuel Oil Balmo Swap ............................................................ 269

Rule 13155. New York 1% Fuel Oil vs Brent 1st Line Swap............................................ 270

Rule 13156. New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Swap.................. 271

Rule 13157. New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap ...... 272

Rule 13158. New York 1% Fuel Oil vs USGC HSFO Fuel Oil Swap .................................. 273

Rule 13159. New York 1% Fuel Oil vs USGC HSFO Fuel Oil Balmo Swap....................... 274

Rule 13160. USGC HSFO Fuel Oil Swap.......................................................................... 275

Rule 13161. USGC HSFO Fuel Oil Balmo Swap............................................................... 276

Rule 13162. USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Swap.......... 277

Rule 13163. USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo 

Swap ............................................................................................................ 278

Rule 13164. Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap.................................... 279

Rule 13165. USAC HSFO vs USGC HSFO Fuel Oil Swap .................................................. 280

Rule 13166. New York 1% Fuel Oil vs WTI 1st Line Swap .............................................. 281

Rule 13167. USGC HSFO Fuel Oil vs Brent 1st Line Swap .............................................. 282

Rule 13168. USGC HSFO Fuel Oil vs. WTI 1st Line Swap................................................ 283

Rule 13169. Gasoil 0.1% FOB ARA Barges vs Brent 1st Line Swap ................................ 284

Rule 13170. Reserved .................................................................................................... 285

Rule 13171. Naphtha C+F Japan Cargo Swap ................................................................ 286

Rule 13172. Naphtha C+F Japan Cargo Balmo Swap ..................................................... 287

Rule 13173. Platts Dubai Swap ...................................................................................... 288
 

15

CHAPTER 1: DEFINITIONS

Except where the context requires otherwise, as used herein, (i) use of the singular shall include 

the plural and vice versa; (ii) the term “include” means “include without limitation”; (iii) reference 

to the masculine, feminine or neuter gender includes each other gender; (iv) any reference to a 

number of days shall mean calendar days unless Business Days are specified; (v) any reference to 

a time shall mean the local time in New York, New York unless otherwise specified; (vi) any 

reference to dollars, $ or USD shall mean U.S. dollars; (vii) any reference to a Rule, Chapter, 

Appendix or Exhibit refers to a Rule, Chapter, Appendix or Exhibit of these Rules; and (viii) any 

reference to these Rules, and the words herein, hereof, hereto and hereunder and words of 

similar import refer to these Rules as a whole and not to any particular Rule.

The following terms shall have the following meanings when used herein:

AAA Rules

The meaning specified in Rule 1107.

Access Privileges

The meaning specified in Rule 309.

Account Manager

A Person other than an Authorized Trader that is authorized to act and acts as an agent 

to enter into Transactions on the SEF or subject to the Rules in the name of and on behalf 

of another Person that is a Participant or a Customer. An Account Manager that executes 

the relevant Participant Documentation is deemed to be a Participant under the Rules. 

Advisory Committees

The meaning specified in Rule 202.

Affiliate

With respect to a particular Person, any other Person that directly or indirectly through 

one or more intermediaries Controls, is Controlled by or is under common Control with, 

that particular Person.

Answer

The meaning set forth in Rule 803.
 

16

Applicable CFTC Regulations

Rules promulgated by the CFTC that are applicable to the SEF, including but not limited to 

Parts 37, 40, 43 and 45 of the CFTC’s regulations, together with any interpretations, policy 

statements or other publicly stated positions of the CFTC or its staff with respect thereto.

Applicable Law

Any and all applicable U.S. and non-U.S. governmental laws, rules and regulations 

(including but not limited to Applicable CFTC Regulations), judicial orders or decisions, 

and applicable interpretations and protocols, as amended from time to time, and unless 

the context otherwise requires, applicable rules, policies and procedures of any relevant 

Clearing House or other applicable self-regulatory organization. For the avoidance of 

doubt, the SEF is deemed to be a self-regulatory organization under Applicable CFTC

Regulations.

Appropriate Minimum Block Size

The minimum notional or principal amount of a category of a Credit Contract that qualifies 

as a Block Trade pursuant to CFTC Regulation 43.6 and as further described in Rule 701(k).

Authorized Jurisdiction

The United States of America and such other jurisdictions in which the SEF may be 

authorized under Applicable Law to provide services from time to time, as identified by 

Circular.

Authorized Trader

A natural person who is either employed by or is an agent of a Participant, Customer or 

an Account Manager and who is duly authorized by such entity to access the SEF and 

transact on the SEF or subject to the Rules of the SEF on behalf of such Participant, 

Customer or Account Manager, as applicable.

Available to Trade Contract

Any Contract that has been designated by a swap execution facility (including the SEF) or 

designated contract market as “available to trade” in accordance with CFTC Rule 37.10 or 

38.12, as applicable.
 

17

Block Trade

A Transaction that is a “block trade” in accordance with Applicable CFTC Regulations, 

including the definition in Part 43 of the CFTC Regulations1, and is entered into in 

accordance with Rule 701. 

Board

The Board of Managers of the SEF.

Broker

Collectively, a Non-Participant Broker and a Participant Broker.

Brokered Trade

The meaning set forth in Rule 702.

Business Day

Any day on which the SEF is open for trading, as determined by the SEF from time to time.

CEA

The U.S. Commodity Exchange Act, as amended from time to time.

1 Pursuant to Part 43 of the CFTC Regulations, Block Trade means a publicly reportable swap 

transactions that (i) involves a swap that is listed on a registered swap execution facility or 

designated contract market; (ii) occurs away from the registered swap execution facility’s or 

designated contract market’s trading system or platform and is executed pursuant to the 

registered swap execution facility’s or designated contract market’s rules and procedures; (iii) 

has a notional or principal amount at or above the appropriate minimum block size applicable to 

such swap; and (iv) is reported subject to the rules and procedures of the registered swap 

execution facility or designated contract market and the rules described in Part 43 of the CFTC 

Regulations, including the time delay requirements set forth in CFTC Regulation §43.5.
 

18

CFTC

The U.S. Commodity Futures Trading Commission.

Chief Compliance Officer or CCO

The individual appointed by the President as the SEF’s chief compliance officer.

Circular

The meaning specified in Rule 311.

Cleared Swap

A Contract that is a Swap that is to be submitted for clearing to a Clearing House under 

the applicable Contract Specifications (either on a mandatory or voluntary basis).

Clearing House

One or more clearing organizations (including, as applicable, registered derivatives 

clearing organizations, registered securities clearing agencies, and clearing organizations 

exempt from such registration) designated by the SEF as such with respect to particular 

Contracts in accordance with the Rules and relevant Contract Specifications.

Clearing Member

A member of or participant in a Clearing House that is authorized pursuant to the rules of 

such Clearing House to clear Transactions in Contracts on its own behalf or on behalf of a 

Participant or Customer and if such Clearing Member is not a Participant, such Clearing 

Member has entered into and has in effect an ICE Swap Trade Clearing Member 

Agreement.

Commodity or Commodities Contract

Any Contract, agreement or Transaction listed for trading on the SEF or trading subject to 

these Rules from time to time relating to a commodity, as such term is defined in the CEA,

and as reflected in Chapter 13 of the Rulebook.

Confirmation Supplement

The meaning specified in Rule 515.
 

19

Contract

Means collectively, all Credit Contracts and Commodity Contracts, as well as any other

contract, agreement or transaction listed for trading on the SEF or trading subject to these 

Rules from time to time.

Contract Specifications

The terms and conditions of any Contract, as specified by the SEF pursuant to Rule 1102.

Control

With respect to the relationship between or among two or more Persons, the possession, 

directly or indirectly, of the power to direct or cause the direction of the affairs or 

management of a Person, whether through the ownership of voting securities, as trustee, 

personal representative or executor, by contract, credit arrangement or otherwise.

Credit Contract

Credit Contract means those Contracts listed for trading by the SEF and reflected in 

Chapter 12 of the Rulebook.

Cross

When the bid exceeds the offer.

Customer

A Person that is (i) an Eligible Contract Participant and is either a (ii) customer of a 

Participant that enters into Transactions on its behalf or authorizes it to enter into 

Transactions or (iii) customer of a Clearing Member for whom the Clearing Member 

provides clearing services for Transactions.

Designated Contract

The meaning specified in Rule 503.

Disciplinary Panel

The SEF’s three or five-member panel, as determined and selected by the Chief 

Compliance Officer pursuant to Chapter 8 of these Rules to conduct hearings relating to 

any alleged Violation.
 

20

Dispute

The meaning specified in Rule 1107.

Eligible Account Manager

The meaning specified in Rule 521.

Eligible Contract Participant

An “eligible contract participant” as defined in Section 1a of the CEA.

Emergency

Means any occurrence or circumstance which, in the opinion of the Board or an individual 

or individuals duly authorized to issue such an opinion on behalf of the Board and 

pursuant to procedures that are specified by rule, requires immediate action and 

threatens or may threaten such things as the fair and orderly trading in, or the liquidation 

of or delivery pursuant to, any agreements, Contracts, Swaps or Transactions or the timely 

collection and payment of funds in connection with clearing and settlement by a 

derivatives clearing organization, including: (a) any manipulative or attempted 

manipulative activity; (b) any actual, attempted or threatened corner, squeeze, 

congestion or undue concentration of positions; (c) any circumstances which may 

materially affect the performance of agreements, Contracts, Swaps or Transactions, 

including failure of the payment system or the bankruptcy or insolvency of any 

Participant; (d) any action taken by any governmental body, or any other registered 

entity, board of trade, market or facility which may have a direct impact on trading or 

clearing and settlement; and (e) any other circumstance which may have a severe, 

adverse effect upon the functioning of the SEF.

Emergency Action

The meaning specified in Rule 208.

Error Trade Policy

The SEF’s error trade policy as in effect from time to time, as published on the SEF’s 

website at https://www.theice.com/swap-trade.

Exchange Act

The U.S. Securities Exchange Act of 1934, as amended from time to time.
 

21

Executed Anonymously

Shall include a Swap that is pre‐arranged or pre‐negotiated anonymously, including by a 

Market Participant.

Family Relationship

The meaning specified in Rule 207.

Fees

The meaning specified in Rule 310.

Force Majeure Event

A delay or failure that is the result of acts of God, lightning, earthquake, fire, epidemic, 

landslide, drought, hurricane, tornado, storm, explosion, flood, nuclear radiation, act of a 

public enemy or blockade, insurrection, riot or civil disturbance, strike or labor 

disturbance, or any other cause beyond the SEF’s reasonable control (whether or not 

similar to any of the foregoing).

ICE Swap Trade Clearing Member Agreement 

An agreement or other documentation that the SEF requires a Clearing Member to 

execute or provide to the SEF in order to act as a Clearing Member pursuant to the Rules 

with respect to the SEF’s Participants and Customers for Transactions executed on the 

SEF or subject to the Rules.

Insolvency Event

The meaning specified in Rule 402.

IST’s Off-Facility Block Trade Workflow

The meaning specified in Rule 701(d).

ISV

An independent software vendor, including an order routing system or automated trading 

system, that has entered into an ISV Development and Maintenance Agreement with the 

SEF.
 

22

ISV Development and Maintenance Agreement

An agreement that an ISV must execute in order to have access to the SEF, in the form 

specified by the SEF from time to time.

Locks

When a bid and offer are the same Price.

Major Swap Participant

A “major swap participant” registered as such under the CEA and CFTC Regulations.

Manager

A member of the Board.

Manual Order Ticket

A trading function provided by the SEF that allows a Market Participant (or a NonParticipant Broker on behalf of a Market Participant) to send an Order to another Market 

Participant for the purposes of executing a Transaction.

Market Data

The meaning specified in Rule 214.

Market Maker

A Participant that has agreed to act as a market maker or liquidity provider pursuant to a 

Market Maker Program and is acting in such capacity.

Market Maker Program

One or more market maker, liquidity provider or incentive programs that the SEF may 

establish from time to time.

Market Participant

Means collectively or individually, as the context requires, a Participant, Non-Participant 

Broker, Customer, Account Manager, Authorized Trader or any other Person with the 
 

23

ability to enter, whether directly or indirectly through an intermediary, into any Order or 

submit any Transaction into the SEF.

Minimum Period

The meaning specified in Rule 512.

Named Party in Interest

The meaning specified in Rule 207.

Nominating Committee

The standing committee established pursuant to Rule 205.

Non-Participant Broker

A Person that (i) is not a Participant, (ii) is registered as a futures commission merchant, 

introducing broker and/or broker or dealer or in another appropriate capacity, or is 

exempt from such registration, and (iii) has executed the Non-Participant Broker 

Agreement allowing such Non-Participant Broker to solicit and/or enter Orders or 

otherwise execute Transactions on the SEF or subject to the Rules on behalf of one or 

more Participants.

Non-Participant Broker Agreement

An agreement or other documentation, in the form specified by the SEF from time to 

time, that the SEF may require a Non-Participant Broker to execute or provide to the SEF 

in order for the Non-Participant Broker to act in such capacity in accordance with the SEF’s 

Rules.

Notice of Charges

The meaning set forth in Rule 802.

OCO

The meaning specified in Rule 525(l).

OFAC

The meaning specified in Rule 303.
 

24

Officer

The meaning set forth in Rule 201.

Operating Agreement

The limited liability company agreement of ICE Swap Trade, LLC, as amended from time 

to time.

Order

An actionable bid or offer of an eligible type entered into the Order Book, or with respect 

to another execution method for Permitted Transactions, a bid, offer or response as 

specified by the SEF. The SEF may specify different types of eligible Orders for particular 

Contracts and/or execution methods from time to time in these Rules or by Circular.

Order Book

One or more trading methods operated by the SEF that constitute an “order book” as 

defined in CFTC Rule 37.3(a)(3) (or any successor regulation).

Package Transaction2

Means a Transaction involving two or more Contracts:

(1) that is executed between two or more counterparties;

(2) that is Priced or quoted as one economic transaction with simultaneous or 

near simultaneous execution of all components;

(3) that has at least one component that is a Contract that is made available to 

trade and therefore is subject to the CEA section 2(h)(8) trade execution 

requirement; and

2 The definition of Package Transaction is intended to follow the meaning assigned to such term in CFTC § 

37.9(a)(4).
 

25

(4) where the execution of each component is contingent upon the execution of 

all other components.

Participant

A Person that satisfies the Participant criteria as described in Rule 303 and has entered 

into and has in effect the applicable Participant Documentation.

Participant Broker

A Person that (i) is a Participant, (ii) is registered as a futures commission merchant, 

introducing broker and/or broker or dealer or in another appropriate capacity, or is 

exempt from such registration, and (iii) solicits and/or enters Orders or executes 

Transactions on the SEF or subject to the Rules on behalf of one or more Participants or 

their Customers.

Participant Documentation

An agreement or other documentation that the SEF may require a Participant to execute 

or provide to the SEF in order to have access to the SEF for purposes of executing 

Transactions or accessing its services, in the form specified by the SEF from time to time.

Participant User Administrator

The individual or individuals designated as such pursuant to Rule 308.

Participation Committee

The standing committee established in Rule 203.

Permitted Transaction

A Transaction other than a Required Transaction.

Person

An individual, sole proprietorship, partnership, limited liability company, association, 

firm, trust, corporation or other entity, as the context may require.
 

26

Platform

The SEF’s proprietary electronic trading and price dissemination platforms and underlying 

proprietary systems that are used for trading Contracts, in the form in which they may 

exist from time to time.

Platts

S&P Global Platts, a division of S&P Global Inc.

Pre-Execution Communication

The meaning set forth in Rule 524.

Pre-Execution Limit Checking Service

Means any third party pre-execution credit or limit checking service that the SEF may 

utilize for the purpose of confirming that the designated Clearing Member on an Order 

will accept the resulting Transaction in a Cleared Swap for clearing, prior to such Order 

being accepted by the SEF for execution.

President

The individual appointed by the Board as the SEF’s president.

Price

The rate or amount that a Participant or Customer is willing to pay or receive for entering 

into a Transaction or group of related Transactions, based on the applicable pricing or 

quoting convention for the relevant Contract.

Proprietary Data

The meaning specified in Rule 213.

Public Director

A Manager that has been found on the record by the Board to have no material 

relationship with ICE Swap Trade, LLC and that satisfies the requirements for a “public 

director” as defined in Part 40 of the CFTC regulations.

Regulatory Oversight Committee or ROC
 

27

The standing committee established pursuant to Rule 204.

Regulatory Services Provider

Such regulator services provider as the SEF may designate from time to time.

Reply

The meaning specified in Rule 803.

Reporting Counterparty

Shall have the meaning set forth in Part 45 of the CFTC Regulations. The general hierarchy 

for determining the Reporting Counterparty is set forth as:

• If one party is a Swap Dealer, the Swap Dealer is the Reporting Counterparty.

• If both parties are a Swap Dealer, the selling Swap Dealer is the Reporting 

Counterparty.

• If one party is a Major Swap Participant, the Major Swap Participant is the 

Reporting Counterparty.

• If both parties are a Major Swap Participant, the selling Major Swap Participant is 

the Reporting Counterparty.

• If neither party is a Swap Dealer or Major Swap Participant and only one party is 

a financial entity (as defined in CEA Section 2(h)(7)(C)), the financial entity is the 

Reporting Counterparty.

• If neither party is a Swap Dealer, Major Swap Participant nor a financial entity and 

one party is a US Person, the US Person will be the Reporting Counterparty.

• If neither party is a Swap Dealer, Major Swap Participant, a financial entity nor a 

US Person, the parties will agree which party will be the Reporting Counterparty.

Representatives

An entity’s directors, managers, officers, employees, members of any standing or ad hoc 

committee formed by that entity, shareholders, board members, agents, consultants and 

licensors.
 

28

Required Transaction

A transaction in a Contract that is required to be executed on a swap execution facility or 

designated contract market pursuant to CEA Section 2(h)(8). For the avoidance of doubt, 

a Required Transaction does not include a transaction that is a Block Trade, or a

transaction that is exempt from mandatory execution pursuant to the end-user exception 

from clearing under CEA Section 2(h)(7) and Applicable CFTC Regulations or that is not an 

Available to Trade Contract.

For the avoidance of doubt, a Package Transaction with a component leg that is a 

Required Transaction is eligible for relief from Section 2(h)(8) of the CEA under CFTC § 

37.9(a)(4), or under any subsequent temporary or permanent CFTC rule, guidance or 

other action.

Respondent

Any Market Participant, Clearing Member or Supervised Persons who is charged with a 

Violation.

Rules

Any relevant Participant Documentation, and the rules of this rulebook, resolutions, 

trading protocols, interpretations, circulars, statements of policy, to include the Error 

Trade Policy and Messaging Policy, decisions, directives and orders of the SEF.

SDR

A registered swap data repository under the CEA.

SEF

Means ICE Swap Trade, LLC or any successor thereto, a registered swap execution facility, 

including the Trading System thereof.

SEF Activity

Activity conducted on the SEF or subject to the Rules, including the submission of Orders, 

submission of Block Trades, and execution of Transactions.

SEF Confirmation

The meaning specified in Rule 515.
 

29

SEF Messaging Policy

The meaning specified in Rule 503.

Standing Committee

The meaning specified in Rule 202.

Statutory Disqualification

Statutory disqualification under Section 8a(2) or 8a(3) of the CEA, CFTC Regulation 

1.63(b)(1)-(6) or other Applicable Law.

Supervised Persons

With respect to a Participant, any directors, managers, officers, employees, agents or 

representatives thereof.

Swap

A Swap as defined in the CEA and CFTC regulations.

Swap Dealer

A “swap dealer” registered as such under the CEA and CFTC regulations.

Swap Intermediary

A Participant that is a registered Swap Dealer (or a dealer not subject to such registration) 

and has in that capacity entered into a Swap Intermediation Arrangement with one or 

more other Participants or Customers.

Swap Intermediation Arrangement

A swap prime brokerage or similar arrangement pursuant to which a Swap Intermediary 

agrees (either directly or through one or more Participant Brokers) that with respect to a 

Transaction in an Uncleared Swap executed by a Participant or Customer (the “Executing 

Party”), such Swap Intermediary will enter into any such Transaction with the relevant 

counterparty and enter into an offsetting transaction with the Executing Party.

Terms Incorporated by Reference
 

30

The meaning specified in Rule 515.

Trade Communication

The meaning specified in Rule 515.

Trading Hours

The meaning specified in Rule 501.

Trading Privileges

The meaning specified in Rule 309.

Trading System

All facilities and services provided by the SEF to permit trading, including, but not limited 

to, data entry services, the Platform, all other computer-based trading systems and 

programs and price quotations and other market information services and applies to the 

provision, use (direct or indirect), performance, maintenance or malfunction of the whole 

or any part thereof. For the avoidance of doubt, the Trading System does not include the 

ICE Link® Platform provided by Intercontinental Exchange, Inc. or its subsidiaries or any 

Pre-Execution Limit Checking Service. 

Transaction or Trade

A transaction in a Contract that is executed on the SEF or otherwise executed subject to 

the Rules.

Transaction Data

The meaning specified in Rule 214.

Uncleared Swap

A Contract other than a Cleared Swap.

User ID

With respect to an Authorized Trader, the identifier and/or password for access to the 

SEF’s electronic systems that are provided for the use of such Authorized Trader by 

the SEF.
 

31

Violation

The meaning specified in Rule 502.
 

32

CHAPTER 2: OWNERSHIP AND GOVERNANCE

Rule 201. Management.

(a) The SEF will be managed by or subject to the direction of the Board and such officers 

(“Officers”) as are appointed by the Board, in each case in accordance with the Operating 

Agreement. Without limiting the rights, powers, privileges and obligations of the Board 

as set forth in the Operating Agreement, the Board has the power to review, and to 

approve, modify, suspend or overrule, any and all decisions of committees of the SEF 

and any Officers, subject to Applicable Law. Qualifications for Managers will be as set 

forth in the Operating Agreement, CFTC Regulation 1.64(b)(1) and (3), and hereunder. 

No Manager may be subject to Statutory Disqualification.

(b) The Board shall at all times have at least 35% Public Directors or two Public Directors, 

whichever results in a higher number of Public Directors.

(c) The compensation of Public Directors (Managers) and other non-executive Managers 

shall not be linked to the business performance of the SEF.

Rule 202. Committees.

(a) The SEF shall establish three standing committees of the Board (“Standing 

Committees”): the “Participation Committee,” the “Regulatory Oversight Committee”

and the “Nominating Committee”. The Board may from time to time constitute and 

appoint such additional Standing Committees as it may deem necessary or advisable.

(b) The SEF may from time to time establish one or more advisory committees (“Advisory 

Committees”) as it may deem necessary or advisable. Each Advisory Committee may 

consist of Managers, Officers, representatives of Participants and their Customers and 

other Persons, as determined by the SEF. Advisory Committees may make 

recommendations to the Board or SEF Officers, but will not be authorized to make 

decisions or act on behalf of the SEF.

(c) Each member of a Standing Committee or Advisory Committee shall serve until the due 

appointment of his successor, or until his earlier resignation or removal, with or without 

cause, as a member of such committee or as a Manager.

(d) Committees shall meet on such schedules and with such frequency as may be established 

by the Board or, subject to any direction by the Board, by such committee itself.
 

33

(e) No Person may serve on a Standing Committee or Advisory Committee if such Person is 

subject to Statutory Disqualification.

Rule 203. Participation Committee.

(a) The Participation Committee shall consist of two Managers appointed from time to time 

by the Board, all of which shall be Public Directors (Managers).

(b) The Participation Committee shall:

i. determine the standards and requirements for initial and continuing Participant 

eligibility;

ii. review appeals of staff denials of Participant applications; and

iii. review and approve rules that would result in different categories or classes of 

Participants receiving disparate access to the SEF.

(c) In reviewing appeals of staff denials of Participant applications, the Participation 

Committee shall not uphold any staff denial if the relevant application meets the 

standards and requirements established by the Participation Committee or the Board.

(d) The Participation Committee shall not, and shall not permit the SEF to, restrict access or 

impose burdens on access in a discriminatory manner, within each category or class of 

Participants or between similarly-situated categories or classes of Participants.

(e) The Participation Committee shall report to the Board.

Rule 204. Regulatory Oversight Committee.

(a) The Regulatory Oversight Committee (“ROC”) shall consist of two Managers, all of which 

shall be Public Directors (Managers). The ROC shall report to the Board.

(b) The ROC shall oversee the regulatory program of the SEF on behalf of the Board. The 

Board shall delegate sufficient authority, dedicate sufficient resources and allow 

sufficient time for the ROC to fulfill its mandate.

(c) The ROC shall:

i. oversee all facets of the SEF’s regulatory program, including trade practice and 

market surveillance, audits, examinations, and other regulatory responsibilities 

with respect to members (including ensuring compliance with, if applicable, 
 

34

financial integrity, financial reporting, sales practice, recordkeeping and other 

requirements), and the conduct of investigations, including any such actions 

taken by a Regulatory Service Provider;

ii. review the size and allocation of the regulatory budget and resources, and the 

number, hiring, termination, and compensation of regulatory personnel;

iii. monitor the regulatory program of the SEF for sufficiency, effectiveness and 

independence;

iv. review the performance of the Chief Compliance Officer (in accordance with 

Section 5h(f)(15) of the CEA) and make recommendations with respect to such 

performance to the Board;

v. recommend changes that would ensure fair, vigorous and effective regulation; 

and

vi. review all regulatory or compliance proposals prior to implementation and 

advising the Board as to whether and how such changes may impact regulation 

or compliance, as applicable.

Rule 205. Nominating Committee.

(a) The Nominating Committee will consist of two Managers appointed from time to time 

by the Board, all of which shall be Public Directors (Managers). One of the Public 

Directors (Managers) will serve as chair of the Nominating Committee. The Nominating 

Committee will report to the Board.

(b) The Nominating Committee shall (i) identify individuals qualified to serve on the Board 

consistent with the criteria approved by the Board and the requirements of Applicable 

Law, and (ii) administer a process for the nomination of individuals to the Board.

Rule 206. Chief Compliance Officer.

(a) The President shall appoint the Chief Compliance Officer of the SEF and approve the 

compensation of the Chief Compliance Officer. The Chief Compliance Officer shall report 

directly to the President. The Chief Compliance Officer can only be removed by a 

majority of the Board.

(b) The Chief Compliance Officer shall have the authority and resources to develop and 

enforce policies and procedures necessary to perform his duties hereunder and under 
 

35

the CEA and CFTC regulations. The Chief Compliance Officer shall have authority over all 

staff acting at his direction.

(c) The Chief Compliance Officer shall be responsible for performing the following duties 

and functions:

i. Overseeing and reviewing the SEF’s compliance with Section 5h of the CEA and 

the related rules adopted by the CFTC, including the core principles in Part 37 of 

the CFTC Regulations;

ii. In consultation with the President, resolving any conflicts of interest that may 

arise, including (i) conflicts between business considerations and compliance 

requirements; (ii) conflicts between business considerations and the 

requirement that the SEF provide fair, open and impartial access as set forth in 

CFTC Rule 37.202; and (iii) conflicts between the SEF’s management and 

members of the Board. In the event the Chief Compliance Officer determines 

that the conflict of interest cannot be resolved after consultation with the 

President, then the Chief Compliance Officer shall resolve such conflict of interest

in consultation with the Board;

iii. Establishing and administering written policies and procedures reasonably 

designed to prevent violations of the CEA and the rules of the CFTC;

iv. Taking reasonable steps to ensure compliance with the CEA and the rules of the 

CFTC, including rules prescribed by the CFTC pursuant to Section 5h of the CEA;

v. Establishing procedures for the remediation of noncompliance issues identified 

by the Chief Compliance Officer through compliance office reviews, look-backs, 

internal or external audit findings, self-reported errors, or through validated 

complaints;

vi. Establishing and following appropriate procedures for the handling, management 

response, remediation, retesting and closing of noncompliance issues;

vii. Establishing and administering a compliance manual designed to promote 

compliance with Applicable Law and a written code of ethics designed to prevent 

ethical violations and to promote honesty and ethical conduct;

viii. Supervising the SEF’s self-regulatory program with respect to trade practice 

surveillance, market surveillance, real-time market monitoring, compliance with 

audit trail requirements, enforcement and disciplinary proceedings, audits, 
 

36

examinations, and other regulatory responsibilities with respect to Market 

Participants and Clearing Members (including ensuring compliance with, if 

applicable, financial integrity, financial reporting, sales practice, recordkeeping 

and other requirements);

ix. Supervising the effectiveness and sufficiency of any regulatory services provided 

to the SEF by a Regulatory Service Provider in accordance with CFTC Rule 37.204;

x. Preparing and submitting an annual report in accordance with CFTC Rule 

37.1500(d) and an annual compliance report in accordance with CFTC Rule 

37.1501(e) and (f);

xi. Establishing any other policies or procedures required to be established, and 

performing any other duties specified to be performed, by the Chief Compliance 

Officer under CFTC Rules 37.1500 and 37.1501; and

xii. Performing such other duties not inconsistent with the foregoing as may be 

designated by the Board from time to time.

(d) The Chief Compliance Officer will be required to meet with the Board at least annually 

and with the Regulatory Oversight Committee at least quarterly, and shall provide any 

information regarding the SEF’s self-regulatory program that is requested by the Board 

or such committee.

(e) The Chief Compliance Officer must not be subject to Statutory Disqualification. The Chief 

Compliance Officer must have the background and skills appropriate for fulfilling the 

responsibilities of the position.

(f) Any compliance questions and concerns regarding the SEF may be submitted to the Chief 

Compliance Officer at the address specified by the SEF from time to time.

(g) The SEF will maintain the records relating to the compliance function required by CFTC 

Rule 37.1501(g).

Rule 207. Conflicts of Interest of Named Persons.

(a) Definitions. For purposes of this Rule the following definitions shall apply:

(i) The term “Family Relationship” shall mean a Person’s spouse, former spouse, parent, 

stepparent, child, stepchild, sibling, stepbrother, stepsister, grandparent, grandchild, 

uncle, aunt, nephew, niece or in-law.
 

37

(ii) The term “Named Party in Interest” shall mean a Person that is identified by name as 

a subject of any matter being considered by the Board or a committee.

(b) Prohibition. No member of the Board or of any committee which has authority to take 

action for and in the name of the SEF (not including any committee which is only 

authorized to make recommendations for action by the Board or some other committee) 

shall knowingly participate in such body’s deliberations or voting in any matter involving 

a Named Party in Interest where such member (i) is a Named Party in Interest, (ii) is an 

employer, employee or fellow employee of a Named Party in Interest, (iii) is associated 

with a Named Party in Interest through a Broker association, (iv) has a Family 

Relationship with a Named Party in Interest or (v) has any other material, ongoing 

business relationship with a Named Party in Interest, excluding relationships limited to 

executing transactions opposite each other or to clearing transactions through the same 

Clearing Member.

(c) Disclosure. Prior to consideration of any matter involving a Named Party in Interest, 

each member of the deliberating body shall disclose to the CCO, or his designee, whether 

such member has one of the relationships listed in paragraph (b) of this Rule with a 

Named Party in Interest.

(d) Procedure and Determination. The CCO shall determine whether any member of the 

deliberating body is subject to a conflict restriction under this paragraph (d). Such 

determination shall be based upon a review of the following information:

(i) information provided by the member pursuant to paragraph (b), above, and

(ii) any other source of information that is maintained by and reasonably available to 

the SEF.

Rule 208. Emergency Actions.

(a) Upon the occurrence of an event that may lead to the determination of an Emergency, 

pursuant to the procedures described in these Rules, the SEF’s Chief Compliance Officer 

should be contacted initially by telephone at (770) 738-2101 with a follow-up 

communication via Email at iceswapcompliance@theice.com. Following such 

notification, and if in the opinion of the Chief Compliance Officer, or such other Officer 

so authorized, an event has in fact occurred that may require the Board to take 

Emergency Action, the Board shall be notified.
 

38

(b) During an Emergency, the Board may take temporary emergency action and/or 

implement temporary emergency procedures and rules, to include any such action, 

procedures or rules described in Rule 208(d) (“Emergency Action”). 

(c) Besides the Board, Emergency Action may be taken by the following:

i. By the President in the case of an Emergency where it is impracticable, in the 

opinion of the President, to call a meeting of the Board to deal with the 

Emergency;

ii. If the President is unavailable to take Emergency Action, either due to incapacity 

or unavailability, and it is otherwise impracticable, in the opinion of the Chief 

Compliance Officer or the General Counsel, to call a meeting of the Board to deal 

with the Emergency, then the Chief Compliance Officer may take such Emergency 

Action or in the absence of the Chief Compliance Officer, then the General 

Counsel may take such Emergency Action. 

iii. In the event that Emergency Action must be implemented with respect to an 

Emergency before a meeting of the Board can reasonably be convened, then the 

President or such other Officer that instituted the Emergency Action in the 

President’s absence, shall promptly notify the Board of the Emergency Action, 

and the President shall convene a Board meeting, including by teleconference, 

and the Board shall take the necessary action as soon as practicable thereafter to 

ratify, modify or rescind such Emergency Action.

(d) In the event of an Emergency, the SEF, subject to Applicable Law and in consultation with 

the CFTC, is authorized to take such actions as necessary or appropriate to respond to 

the Emergency, including, but not limited to, the following:

i. imposing or modifying position limits;

ii. imposing or modifying Price limits;

iii. imposing or modifying intraday market restrictions;

iv. extending or shortening the expiration date or the Trading Hours;

v. suspending or curtailing trading in any Contract;

vi. limiting access to the Trading System by any Market Participant, Clearing 

Member, ISV or other Person;
 

39

vii. taking such other actions as may be directed by the CFTC or other regulatory 

authority; 

viii. imposing special margin requirements;

ix. ordering the liquidation or transfer of open positions in any Contract;

x. ordering the fixing of a settlement Price;

xi. transferring Contracts and the margin associated therewith;

xii. altering any Contract’s settlement terms or conditions; or

xiii. if applicable, providing for the carrying out of such actions through its

agreements with a Clearing House or provider of regulatory services.

(e) The SEF will document the decision-making process and the reasons for taking any 

Emergency Action. The SEF, through its President, Chief Compliance Officer or General 

Counsel, will timely notify the CFTC in a certified rule pursuant to the requirements of 

Part 40 of the CFTC’s regulations, of any Emergency Action, explaining the decisionmaking process, the reasons for taking such action, and how conflicts of interest were 

minimized, including the extent to which the SEF considered the effect of its Emergency 

Action on the underlying markets and on markets that are linked or referenced to the 

Contracts traded on the SEF, including similar markets on other trading venues. Such 

documentation will be maintained in accordance with Applicable CFTC Regulations.

(f) Whenever the Board, the President or any other Officer so authorized to take Emergency 

Action necessary or appropriate to respond to an Emergency (including the actions set 

forth in paragraph (d) above), the SEF, through its President, Chief Compliance Officer or 

General Counsel will post a notice in the manner provided in Rule 311 regarding such 

Emergency, as soon as practicable. When the Board, the President or any other Officer 

so authorized to take Emergency Action on behalf of the Board in the event of an 

Emergency determines that the Emergency is no longer in effect and the SEF is capable 

of resuming normal functioning, then any such Emergency Actions that were taken by 

the SEF in responding to an Emergency will be terminated. Following the termination of 

the Emergency Action, the President shall convene a Board meeting, including by 

teleconference, and the Board shall take the necessary action as soon as practicable 

thereafter to ratify, modify or rescind such Emergency Action.

(g) The SEF will use reasonable efforts to notify the CFTC prior to implementing, modifying 

or terminating an Emergency Rule. If such prior notification is not possible or practicable, 
 

40

the SEF will notify the CFTC as soon as possible or reasonably practicable, but in all 

circumstances within twenty-four (24) hours of the implementation, modification or 

termination of such Emergency Rule. Further, if any governmental body or regulator 

other than the CFTC takes any action that is or purports to be an Emergency, or the SEF 

receives notice or direction from any governmental body or regulator other than the 

CFTC in connection with an Emergency, the SEF shall seek to coordinate its response with 

the CFTC.

Rule 209. Conflict of Interest in Emergencies.

Whenever any Emergency Action or other significant action which, in the judgment of the 

deliberating body, is likely to have a material effect upon the price of any Contract or might 

otherwise have a material impact on the market for such Contracts is being considered by the 

Board or any committee which has authority to take action for and in the name of the SEF (not 

including any advisory committee), the following procedures shall apply:

(a) Disclosure. Prior to consideration of the matter, each member of the Board or 

committee who desires to participate in deliberations or voting on such action shall 

disclose to the Board or committee position information that is known to such member, 

with respect to any particular Contracts that are under consideration, and any other 

positions which the Board or committee reasonably expects could be affected by the 

action under consideration. The size of positions shall be disclosed by reference to 

ranges as determined by the Board or committee and shall be made with respect to the 

following categories:

(i) gross positions in Contracts carried in (1) accounts in which the member’s 

ownership interest is 10% or greater, (2) “controlled accounts” as defined in CFTC 

Regulation 1.3(j) and (3) accounts of any individual with whom the member has a 

“Family Relationship” as such term is defined in Rule 207;

(ii) gross positions in Contracts carried in proprietary accounts, as defined in CFTC 

regulations, at any Affiliated Participant of such member;

(iii) net positions in Contracts in “customer” accounts, as defined in CFTC regulations, 

at any Affiliated Participant of such member; and

(iv) any other types of positions, whether maintained in Contracts or otherwise, that 

the Board or committee reasonably expects could be affected by the action being 

considered.
 

41

To the extent that a member desires to make the required disclosures but does not know 

position information with respect to any of the foregoing categories, the President or his 

designee shall make the disclosure for such member to the extent that such information 

can be obtained from data and clearing records readily available to the SEF under the 

exigency of the action being contemplated.

(b) Disqualification. Any member who does not want to make position disclosures must 

withdraw from the meeting before disclosure by other members begins and may not 

participate in the discussion of, or voting on, the matter under consideration. Any 

member who has, or whose Affiliated Participant has, a position required to be disclosed 

under paragraph (a)(i) (other than a position which the Board or committee has 

determined to be de minimis), shall be disqualified from voting and must withdraw from 

the room before a vote is taken. If such withdrawal results in the lack of a quorum, the 

Board or committee shall appoint an ad hoc committee comprised of those members 

who are not disqualified from voting and shall delegate to such ad hoc committee all the 

powers of the Board or relevant committee with respect to the matter under 

consideration. No member shall be disqualified from voting upon the appointment of 

an ad hoc committee solely because of positions held by such member or an Affiliated 

Participant of such member.

(c) Documentation. The minutes of any meeting at which Emergency or other significant 

action is considered shall reflect the following information:

(i) the names of all members who attended the meeting in person or by electronic 

means;

(ii) the name of any member who voluntarily recused himself or was required to 

abstain from deliberations or voting; and

(iii) information on the position disclosures made by each member.

Rule 210. Reporting to the CFTC.

If the Board rejects a recommendation or supersedes an action of the Regulatory Oversight 

Committee or the Participation Committee, the SEF shall provide a written report to the CFTC 

detailing (i) the recommendation of or action proposed to be taken by such committee; (ii) the 

rationale for such recommendation or proposed action; (iii) the rationale of the Board for 

rejecting such recommendation or superseding such action; and (iv) the course of action that the 

Board decided to take contrary to such recommendation or action.

Rule 211. Information-Sharing Agreements.
 

42

The SEF shall enter into information-sharing arrangements as it determines necessary or 

advisable to obtain any necessary information to perform any monitoring of trading or trade 

processing, to provide information to the CFTC upon request and to carry out such international 

information-sharing agreements as the CFTC may require. The SEF shall share information with 

other regulatory organizations, data repositories and any other third-party as required by the 

CFTC or other regulatory authority to fulfill its self-regulatory and reporting responsibilities. Such 

information shall be provided in a form and manner acceptable to the regulatory authority to 

which such information is being provided.

Furthermore, the SEF may enter into any arrangement with any other Person (including any 

governmental authority, trading facility or clearing organization) where the SEF determines that 

such Person exercises a legal or regulatory function under any Applicable Law or considers such 

arrangement to be in furtherance of the operation or duties of the SEF under Applicable Law.

Rule 212. Services Agreement with a Regulatory Services Provider.

The SEF has entered into an agreement with the Regulatory Services Provider to provide certain 

regulatory services to the SEF, including certain surveillance, investigative and regulatory 

functions. Any such function specified in the Rules to be performed by the SEF may be performed 

by the Regulatory Services Provider in accordance with this Rule 212. The SEF will be authorized 

to provide information to the Regulatory Services Provider in connection with the performance 

of those functions. Consistent with Applicable Law, the SEF will retain ultimate decision-making 

authority with respect to any such functions to be performed by the Regulatory Services Provider.

Rule 213. Use of Data Collected from Market Participants and Clearing Members.

The SEF shall not use for business or marketing purposes any proprietary or confidential data that 

the SEF collects or receives from any Market Participant or Clearing Member for the purposes of 

fulfilling the SEF’s regulatory obligations (“Proprietary Data”), unless the Market Participant or 

Clearing Member from whom it collects or receives such data consents in writing to the SEF’s use 

of such data in such manner. For the avoidance of doubt, Proprietary Data does not include 

Transaction Data as defined in Rule 214 below. The SEF shall not condition access to the SEF or 

its services on a Market Participant’s or Clearing Member’s written consent to the SEF’s use of 

Proprietary Data for business or marketing purposes. Where necessary for regulatory purposes, 

the SEF may share Proprietary Data with one or more other swap execution facilities, designated 

contract markets, derivatives clearing organizations or other trading facilities or clearing 

organizations.

Notwithstanding anything to the contrary herein or in any Participant Documentation, the SEF 

may make available to Participants and Customers from time to time, for purposes of facilitating 
 

43

trading on the SEF or subject to the Rules or in connection with such other services that the SEF 

may offer from time to time, a list of the identities of all Participants and Customers notified to 

the SEF at such time, provided that such list shall not disclose any business transactions or market 

positions of any Participant or Customer.

Rule 214. Dissemination of Transaction Data.

(a) The SEF shall be entitled, in its sole discretion, to use all Orders and other information

concerning Transactions, including all information and content displayed or distributed 

on the Trading System or otherwise provided to the SEF by a Market Participant

(collectively, the “Transaction Data”), to develop and compile market data that the SEF, 

or a third-party service provider that the SEF may utilize for such purpose (including an 

Affiliate of the SEF), may disseminate to third parties (including through a market data 

feed) for business purposes without further consent of any Market Participant, and the 

SEF shall be entitled to any and all revenue derived therefrom (“Market Data”). For the 

avoidance of doubt, Transaction Data is not considered Proprietary Data. 

Notwithstanding the foregoing, and subject to the requirements of Applicable Law, the 

SEF shall not use (or permit any other Person to use) Transaction Data to replicate or 

reverse engineer a Market Participant’s trading strategies. By its use of the SEF, each 

Market Participant consents to such use by the SEF of Transaction Data. Any such Market 

Data disseminated by the SEF, or its third-party service provider, shall be disseminated 

in an anonymous and aggregated fashion and shall not identify the Market Participant

who provided or entered into such Orders, bids, offers or Transactions, except for when 

such Market Data is used as the basis for price assessments by Platts in connection with 

its publication of prices and price indices including without limitation bids, offers, 

requests for quotation, and Transactions, in non-anonymous Commodity Contract

markets. Participant specifically acknowledges that, with regard to any activity in nonanonymous Commodity Contract markets: (i) Participant’s identity and, if applicable, its 

Broker’s identity, will be displayed publicly on the Platform and (ii) its bids, offers, 

requests for quotation, and Transactions may be reported to the public, including the 

CFTC or other regulatory authority, by SEF or Platts, and taken into account by Platts in 

determining publicly reported prices or price indices. For the avoidance of doubt, these 

non-anonymous Commodity Contract markets are in addition to, and will be clearly 

differentiated from, anonymous and confidential markets that are also available for 

trading on the Platform. Notwithstanding anything to the contrary in these Rules or 

otherwise, it is understood and agreed that any and all Market Data is the exclusive 

property of ICE Swap Trade or its Affiliates constituting their trade secrets.
 

44

(b) Without limiting subsection (a), each Market Participant acknowledges and consents to 

the reporting to an SDR of all Transaction Data or other data required to be so reported 

under Applicable Law.

Rule 215. Prohibited Use of Certain Property and Data.

No Person with access to the SEF may do the following (i) copy, modify, create derivative works 

from, reverse engineer, reverse assemble or reverse compile any technology used to provide the 

Trading System or the Transaction Data displayed on, accessed through or derived from the 

Trading System; (ii) remove or alter any copyright, trademark, patent or other notices on the SEF; 

(iii) except as may be provided herein or as otherwise provided in any ICE Swap Trade Participant 

Documentation or Clearing Member Agreement or any other agreement, distribute, rent, sell, 

retransmit, redistribute, release or license the Trading System, Transaction Data, Market Data,

or any part thereof to any third party or otherwise allow access by a third party (other than to its 

Authorized Traders, Account Managers and Customers subject to and in strict accordance with 

the Rules), to include its Affiliates and their Representatives; (iv) take or authorize any action that 

could detrimentally interfere with the proper workings of the Trading System, use any robot, 

spider or other device or process to monitor or copy the Trading System, or knowingly transmit 

any virus or other potentially harmful device in connection with its use of the Trading System; or 

(v) assist or encourage any third party in engaging in any activity prohibited under the Rules. No 

Person with access to the SEF may, other than as provided in any ICE Swap Trade Participant 

Documentation, Clearing Member Agreement or the Rules, (i) communicate, disclose, 

redistribute, or otherwise furnish (or permit to be communicated, disclosed, redistributed or 

otherwise furnished) all or any portion of the Transaction Data, or Market Data in any format, to 

any third party (other than to its Authorized Traders, Account Managers or Customers in strict 

accordance with these Rules), including its Affiliates; (ii) use the Transaction Data for the 

purposes of constructing or calculating the value of any index or indexed products or for the 

purpose of creating any derivative works; or (iii) make any use whatsoever at any time of the 

Transaction Data that could compete with the business of the SEF or its provision of the Trading 

System or any related services. Each Participant, Customer and Account Manager will use its 

commercially reasonable efforts to ensure that its Authorized Traders maintain sole control and 

possession of, and sole access to, Transaction Data obtained through its access to the Trading 

System. Notwithstanding the foregoing, it is understood and agreed that any and all Transaction 

Data submitted to the Trading System by a Participant or Customer shall be the joint and nonexclusive property of the SEF and such submitting Participant or Customer, as the case may be, 

and the SEF shall have the right to use, sell, retransmit or redistribute such information, on an 

anonymous and aggregated basis, subject to the provisions of Rule 214. For the avoidance of 

doubt, nothing in this Rule 215 shall prevent or restrict the Participant, Customer or NonParticipant Broker from using its own Transaction Data.
 

45
 

46

CHAPTER 3: ACCESS

Rule 301. Applicability of Rules; Jurisdiction.

EACH MARKET PARTICIPANT, CLEARING MEMBER, ISV AND SUPERVISED PERSON OR ANY OTHER 

PERSON ENTERING, WHETHER DIRECTLY OR INDIRECTLY THROUGH AN INTERMEDIARY, INTO 

ANY ORDER OR SUBMITTING ANY TRANSACTION INTO THE SEF (I) SHALL BE BOUND BY AND 

SUBJECT TO, AND AGREES TO COMPLY WITH, THE RULES RELATING TO SUCH STATUS OR ITS 

ACTIONS OR OMISSION WITH RESPECT TO SUCH STATUS OR USE OR ACCESS TO THE SEF; (II) 

CONSENTS TO AND SHALL BE SUBJECT TO THE JURISDICTION OF THE SEF WITH RESPECT TO ALL 

MATTERS ARISING OUT OF OR RELATING TO SUCH STATUS OR ITS ACTIONS OR OMISSIONS WITH 

RESPECT TO SUCH STATUS AND USE OF OR ACCESS TO THE SEF; (III) SHALL ASSIST THE SEF IN 

COMPLYING WITH ITS LEGAL AND REGULATORY OBLIGATIONS AND COOPERATE WITH THE SEF, 

REGULATORY SERVICES PROVIDER AND ANY REGULATORY AUTHORITY IN ANY INQUIRY, 

INVESTIGATION, AUDIT, EXAMINATION OR PROCEEDING; AND (IV) AUTHORIZES THE SEF (AND 

ITS REGULATORY SERVICES PROVIDER, AS APPLICABLE) TO PROVIDE INFORMATION WITH 

RESPECT TO IT TO THE REGULATORY SERVICES PROVIDER OR ANY GOVERNMENT, REGULATORY 

OR SELF-REGULATORY ORGANIZATION.

Rule 302. Impartial Access.

Consistent with Applicable Law, the SEF provides access to Market Participants and ISVs on a fair, 

non-discriminatory and open basis. Market Participant and ISV status, and access to, and usage 

of, the Trading System in such capacity is available to all Market Participantsthat meet the criteria 

set forth herein and validly engage in Transactions.

Rule 303. Criteria for Becoming a Participant.

No Person shall be admitted as a Participant, or permitted to remain a Participant, unless it 

satisfies the following criteria:

(a) It is an Eligible Contract Participant at such time as it is admitted as a Participant and on 

an ongoing basis with respect to each Transaction that it enters into either for its own 

account or the account of a customer, and it provides written confirmation of such status 

or otherwise reasonably demonstrates such status to the satisfaction of the SEF.

(b) It demonstrates business integrity and sound reputation satisfactory to the SEF.

(c) It demonstrates, in a manner satisfactory to the SEF, that it has sufficient financial 

resources to perform its obligations in connection with an Uncleared Swap, or has the 

financial capability to ensure a Cleared Swap will be cleared by the Participant or by a 
 

47

third-party Clearing Member that, in either case, has sufficient financial resources to 

perform the obligations thereunder.

(d) It has legal capacity and authority to enter into Transactions.

(e) It is organized in an Authorized Jurisdiction. If it is organized in a jurisdiction other than 

the United States, it maintains an agent for service of process in the United States 

suitable to the SEF and provides such other information and makes such representations 

or certifications as the SEF determines necessary.

(f) It is not subject to Statutory Disqualification.

(g) If it enters into Transactions in Cleared Swaps for its own account, it is either a Clearing 

Member of each relevant Clearing House for such Contracts, or it has in effect an 

arrangement with such a Clearing Member to clear all such Transactions (and such 

Clearing Member has so confirmed to the SEF).

(h) If it enters into Transactions that are Uncleared Swaps for its own account, it is either a 

Swap Dealer or it has in effect a Swap Intermediation Arrangement with a Swap 

Intermediary; provided that this subsection (viii) shall not apply to any Uncleared Swap 

involving a Commodity Contract.

(i) If it is required to be registered in any capacity under Applicable Law, it has duly 

registered in such capacity and such registration is in effect and has not lapsed or been 

revoked, suspended or withdrawn. 

(j) It is not legally or otherwise prohibited from using the SEF or entering into Transactions 

on the SEF or subject to the Rules.

(k) It demonstrates operational capacity to execute Transactions.

(l) If it is a Swap Dealer or a Major Swap Participant, it is capable of complying (and will 

comply with) with (i) any pre-trade disclosure obligations it may owe to any other Person 

when engaging in a Transaction on the SEF or subject to the Rules on a disclosed basis 

and (ii) any due diligence and analysis obligations it may owe to its counterparty.

(m) It is not an officer, employee or affiliate of the SEF or one of its Affiliates.

(n) It is not an ISV; unless such ISV participates in the SEF’s Market Maker Program.
 

48

(o) It complies with the applicable technical access standards, security protocols and 

technical specifications for connection to the SEF’s electronic system as may be specified 

by the SEF from time to time.

(p) It is not subject to any economic or trade sanctions programs administered by the Office 

of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or other 

relevant U.S. or non-U.S. authority, and is not listed on OFAC’s List of Specially 

Designated Nationals and Blocked Persons.

(q) It is not a swap execution facility, designated contract market or other trading facility.

(r) It is accessing the SEF solely for purposes of entering into Transactions for itself or for 

Customers.

(s) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule 

302 and Applicable Law.

(t) It shall be responsible for promptly informing the SEF of any material changes to its 

satisfaction of the above described eligibility criteria. 

Rule 304. Additional Criteria for Participants Trading for Customers.

Each Participant that will enter into Transactions for or on behalf of Customers or otherwise 

permits Customers to access the Trading System must satisfy the following criteria, in addition to 

those set forth in Rule 303:

(a) By executing the Participant Documentation, such Participant expressly represents that 

each of its Customers is an Eligible Contract Participant at all relevant times.

(b) Each of its Customers that enters into Transactions in Cleared Swaps is either a Clearing 

Member of each relevant Clearing House for such Contracts or has in effect an 

arrangement with such a Clearing Member to clear all such Transactions (and such 

Clearing Member has so confirmed to the SEF for such Customer).

(c) Each of its Customers that enters into Transactions in Uncleared Swaps is either a Swap 

Dealer or has in effect a Swap Intermediation Arrangement with a Swap Intermediary for 

such Transactions (and such Swap Intermediary has so confirmed to the SEF for such 

Customer).

(d) It is in compliance with all applicable registration and regulatory requirements under 

Applicable Law with respect to its acting on behalf of Customers.
 

49

(e) If it is subject to the U.S. Bank Secrecy Act, the USA PATRIOT Act and the regulations 

thereunder, or similar legislation in any jurisdiction, it has implemented a written antimoney laundering program that has been approved in writing by its senior management 

and is reasonably designed to promote and monitor its compliance with the applicable 

requirements of such laws.

(f) It will screen Customers for compliance with economic or trade sanctions programs 

administered by OFAC or other relevant U.S. or non-U.S. authority, including screening 

Customer names against OFAC’s List of Specially Designated Nationals and Blocked 

Persons.

(g) It will identify all of its Customers to the SEF in the manner, at the times and in such detail 

as is specified by the SEF. 

(h) Each Participant that is an Account Manager will (i) cause its Customers to become 

subject to the jurisdiction of the SEF and (ii) provide to the SEF, upon request, evidence 

of its authority to act on behalf of its Customers satisfactory to the SEF.

(i) To the best of its knowledge, after reasonable inquiry, each Customer is not legally or 

otherwise prohibited from using the SEF or entering into Transactions on the SEF or 

subject to the Rules.

(j) To the best of its knowledge, after reasonable inquiry, each Customer trading on the SEF 

or subject to the Rules is only trading for its own account (or the account of a Person 

managed by the Customer).

(k) If its Customer is a “special entity” as defined in the CEA or is otherwise subject to law or 

regulation affecting the Customer’s ability to enter into Transactions or the liabilities or 

responsibilities of other Persons with respect thereto, to the best of the Participant’s

knowledge, after reasonable inquiry, the Customer’s use of the SEF in accordance with 

the Rules is in compliance with such law or regulation and any related requirements of 

its constituent or other documents.

(l) To the best of its knowledge, after reasonable inquiry, each Customer is located in an 

Authorized Jurisdiction.

(m) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule 

302 and Applicable Law.
 

50

Rule 305. ISVs.

Each ISV that enters into an ISV Development and Maintenance Agreement with the SEF must 

satisfy the following criteria:

(a) If required to be registered in any capacity under Applicable Law, it has duly registered 

in such capacity and such registration is in effect and has not lapsed or been revoked, 

suspended or withdrawn.

(b) It complies with the applicable technical access standards, security protocols and 

technical specifications for connection to the SEF’s electronic system as may be specified 

by the SEF from time to time.

(c) It must ensure that each Person that uses the ISV to access the SEF is a Market Participant 

authorized as such by the SEF in accordance with these Rules, to include Rule 303 and 

Rule 304.

(d) It may provide Market Data obtained from the SEF solely to Participants and/or 

Customers in connection with such Participants’ and/or Customers’ actual and proposed 

trading activity in Contracts on the SEF and related or similar contracts on any other

trading facility operated by ICE Swap Trade, LLC or an Affiliate. The ISV shall not provide 

Market Data to any other swap execution facility, security-based swap execution facility, 

designated contract market, national securities exchange or other trading facility or 

system without the prior written consent of the ICE Swap Trade, LLC. 

(e) With respect to Contracts listed on the SEF, the ISV shall only accept an Order from a 

Participant or Customer when such Participant or Customer designates a registered swap 

execution facility to which the Participant or Customer instructs the ISV to direct the 

respective Order. The ISV shall transmit such Order directly to the designated swap 

execution facility, and shall not disclose such Order to any internal party or other Person, 

including Affiliates of the ISV or a swap execution facility other than the swap execution 

facility specified on the Order, except to the extent that such internal party, other Person 

or Affiliate is engaged in activities supporting the transmission of such Orders from the 

ISV to the designated swap execution facility, and only to the limited extent that such 

disclosure is necessary for such support activities. 

(f) Except for Orders and Transactions subject to rule 701, an ISV may not facilitate, directly 

or indirectly, trading off of the SEF. 

(g) It must disclose to the SEF and each Participant and Customer (i) the identity of any other 

swap execution facility, security-based swap facility, designated contract market, 
 

51

national securities exchange or other trading facility or system to which it connects and 

(ii) what market data the ISV uses and for what purpose. 

(h) In the case of any Order submitted to the SEF through an ISV, the ISV will provide 

sufficient detail to identify the Participant (and, in the case of a Customer transaction, 

the Customer) as required by the SEF.

(i) It satisfies such other criteria as the SEF may specify from time to time, subject to Rule 

302 and Applicable Law.

Rule 306. Authorized Traders.

(a) Each Participant shall designate from time to time one or more Authorized Traders for 

itself and one or more Authorized Traders for each of its Customers. Such designated 

Authorized Traders will be the sole Persons authorized to enter into Transactions on 

behalf of the Participant or such Customer, as applicable.

(b) Each Authorized Trader must satisfy the following criteria:

(i) It must be a natural person located in an Authorized Jurisdiction.

(ii) It is an Authorized Trader only for one Participant or group of affiliated 

Participants (and, if applicable, its or their respective Customer(s)).

(iii) It must be an employee of or otherwise designated as an agent of the relevant 

Participant(s) or Customer(s).

(iv) It must comply with such technical access procedures and security protocols 

(including identification requirements) as the SEF may specify from time to time.

(v) It is not subject to Statutory Disqualification.

(vi) It meets such standards of technical proficiency and business integrity as are 

satisfactory to the SEF.

(vii) It must satisfy such other criteria as the SEF may specify from time to time, subject 

to Applicable Law.

Rule 306.A. Compliance with the Commodity Exchange Act
 

52

Each Person entering into any Order or submitting any Transaction into the SEF shall comply with 

all relevant provisions of the CEA and the regulations duly issued pursuant thereto by the CFTC, 

including the filing of reports, and the maintenance of books and records.

Rule 307. Application, Withdrawal and Termination of Status.

(a) A Person that wishes to become a Participant, Non-Participant Broker, Clearing Member 

ISV or Authorized Trader must satisfy the following:

(i) Provide such information and documentation as may be requested by the SEF or 

its Regulatory Services Provider acting on behalf of the SEF.

(ii) Follow the application procedures designated by the SEF with respect to the status 

being requested.

(iii) In the case of an applicant requesting to access the SEF as a Participant, NonParticipant Broker, Clearing Member or ISV, execute the applicable access 

documentation relevant to the requested status and any other documentation 

that may be required by the SEF from time to time.

(iv) In the case of an applicant for Participant or Non-Participant Broker status, 

designate one or more Participant User Administrators, and such Participant User 

Administrator shall identify to the SEF and, if desired, one or more initial 

Authorized Traders.

(b) The SEF may conduct such investigations or inquiries as it determines appropriate in 

connection with an application to become a Participant, Authorized Trader or ISV or any 

Customer of a Participant or as relates to the termination of such status by the SEF in 

accordance with these Rules.

(c) If the SEF determines to admit a Participant, Authorized Trader or ISV, it shall promptly 

notify the applicant and specify the date as of which such status will be effective. The 

SEF may accept a Participant, Authorized Trader or ISV subject to conditions as it 

determines, subject to Rule 302 and Applicable Law (in which case the SEF shall notify 

the applicant of such conditions).

(d) The SEF may deny or terminate the status of a Participant, Authorized Trader or ISV if (i) 

such Person is unable to demonstrate its ability to satisfy the applicable criteria set forth 

in Chapter 3 of these Rules, (ii) such Person is unable to demonstrate its compliance with 

all other applicable Rules, (iii) such Person’s acting or continued acting as such would 

bring the SEF into disrepute or cause the SEF to fail to be in compliance with Applicable 
 

53

Law, as determined by the SEF; (iv) such Person (or any of its Supervised Persons, if 

applicable) has committed a Violation; or (v) other good cause is shown as the SEF may 

reasonably determine.

(e) If the SEF denies an application for Participant, Authorized Trader or ISV status or 

terminates such status in accordance with the provisions of 307(d), it shall promptly 

notify such Person thereof in writing, stating the reasons for such denial or termination.

Within 10 Business Days thereafter, such Person may request the SEF to reconsider such 

decision (and may provide any relevant statements or information in connection 

therewith) and/or request that the Participation Committee review such denial or 

termination.

(f) Any Participant, ISV or Authorized Trader may withdraw from its status as such, by filing 

a request therefor with the SEF in the form specified by the SEF. Such withdrawal shall 

not affect the obligations of such Person incurred prior to the effective date of such 

withdrawal or affect the jurisdiction of the SEF over such Person with respect to matters 

occurring or arising prior to the effective date of such withdrawal.

Rule 308. Participant User Administrators; Passwords.

(a) Each Participant and Non-Participant Broker shall have at all times one or more 

“Participant User Administrators,” and each Customer with direct access to the Platform 

shall have at all times one or more “Customer User Administrators” (together with 

Participant User Administrators, “User Administrators”). The SEF will issue to each

Participant or Customer requesting access to the Platform and its/their Authorized 

Traders or Account Managers, a User ID enabling access to the Platform. The User 

Administrator shall be responsible for requesting User IDs for Authorized Traders and 

Account Managers and notifying the SEF of the need to terminate any previously issued 

User IDs to Authorized Traders and Account Managers for that Participant or Customer.

(b) The User Administrator shall be responsible for all communications between the SEF and 

Participant or Customer, as applicable, with respect to User IDs and access to the 

Platform, and any notices or other communications sent to the User Administrator by 

the SEF relating to User IDs and other related administrative matters shall be binding on 

Participant or Customer, as applicable. The Participant or Customer will promptly notify 

the SEF of any change in its User Administrators.

(c) Each Participant and Customer with direct access to the Platform acknowledges and 

agrees that it will be bound by any actions taken through the use of User IDs of any of its 

Authorized Traders or Account Managers, whether or not such actions were actually 
 

54

authorized (except if such action was the result of the willful misconduct, fraud or gross 

negligence of the SEF). In addition, each Participant and Customer with access to the 

Platform acknowledges that the SEF may rely upon, and will be fully released and 

discharged by Participant or Customer for acting upon, any information, data, 

Transaction details, Orders, acknowledgements or instructions that are (i) entered, 

imported, transmitted or otherwise communicated under its Authorized Trader’s or 

Account Manager’s User ID (whether or not such action was actually authorized by such 

Participant or Customer), or (ii) are otherwise reasonably believed by the SEF to be 

genuine and to have been communicated or presented on behalf of Participant or 

Customer by an Authorized Trader or Account Manager, whether via the Platform or 

otherwise. Each Participant and Customer with accessto the Platform acknowledges and 

agrees that in no event will such Participant or Customer provide a User ID to anyone 

other than an Authorized Trader or Account Manager of Participant or its Customer with 

authority to access the Platform. Each User ID must be assigned to a single, unique 

Authorized Trader or Account Manager of Participant or its Customer with access to the 

Platform, or, if the User ID is associated with an automated trading strategy/system, the 

User ID must be assigned to the individual who administers and/or monitors the 

automated trading strategy/system. In no event may a Person enter an Order or permit 

the entry of an Order by a Person other than the Person assigned to such User ID. Each 

Participant and Customer are solely responsible for controlling and monitoring the use 

of the User IDs issued to them. Each Participant and Customer agrees to immediately 

notify the SEF of any unauthorized disclosure, unauthorized use of the User ID or access 

to the Platform, or of the need to deactivate any User ID. In the event the SEF becomes 

aware that a Participant, Authorized Trader, Account Manager or Customer’s User ID has 

become lost, stolen, or compromised, the SEF shall promptly cancel or suspend such User 

ID and notify the party of such action. 

(d) Any request for the deactivation of a User ID received by the SEF from a User 

Administrator shall be deemed effective no later than the end of the next business day 

after the SEF receives written notice of such request. Deactivation of a User ID may occur 

either (i) pursuant to the provisions of this Section 308(d) or (ii) due to the service of 

notice to withdraw by the Participant, ISV or Authorized Trader pursuant to the 

provisions of Section 307. For the purposes of this Section 308(d), any request to 

deactivate a User ID shall be in writing and sent by a User Administrator to 

ICESwapoperations@theice.com. Such request shall be deemed received by the SEF 

when sent from the User Administrator’s electronic email address reflected in the 

records of the SEF.

(e) By requesting and receiving a User ID, each Market Participant agrees that it will only 

use a User ID to access and use the Platform from an Authorized Jurisdiction. For the 
 

55

avoidance of doubt, no Participant or Customer shall have the right to permit access to 

the Platform to any Authorized Traders, Account Managers, Customers or other 

individuals who are located in jurisdictions outside an Authorized Jurisdiction, even if 

Participant or such Customer is based in an Authorized Jurisdiction.

(f) Participant agrees to provide the SEF with information related to Participant’s, 

Customer’s and their Authorized Traders’ and Account Managers’ use of the Platform 

upon the SEF’s written request.

(g) Upon request, the SEF agrees to provide the Participant with either (a) a report, to the 

Participant User Administrator, or such other individual(s) identified by the Participant 

User Administrator, with a list of all active and inactive (only as relates to any User IDs 

deactivated since the last provided report) Participant User IDs, or (b) a system by which 

the Participant User Administrator can access or download the same information as 

provided in (a). 

Rule 309. Trading Privileges/Limitations.

(a) At any time, the SEF, acting through its Chief Compliance Officer after consulting with 

the Regulatory Oversight Committee (if practicable under the circumstances), may 

revoke, suspend, limit, restrict, condition or qualify the privileges of any Market 

Participant to enter Orders and Transactions on the SEF or subject to these Rules 

(“Trading Privileges”), with or without advance notice to the Market Participant, if such 

action is necessary or advisable for the protection of the SEF or otherwise in the best 

interests of the SEF, to include for failure to pay the SEF Fees as provided in Rule 310, in 

each case as determined by the SEF.

(b) At any time, the SEF, acting through its Chief Compliance Officer after consulting with 

the Regulatory Oversight Committee (if practicable under the circumstances), may 

revoke, suspend, limit, restrict, condition or qualify the privileges of any ISV to access the 

Trading System (“Access Privileges”), with or without advance notice to the ISV, if such 

action is necessary or advisable for the protection of the SEF or otherwise in the best 

interests of the SEF, in each case as determined by the SEF.

(c) Admission as a Participant, Authorized Trader or ISV does not confer any right of 

ownership in, or right to direct the management of or attend or vote at meetings of, the 

SEF or right to share in the profits or revenues of the SEF.

(d) A Participant, Authorized Trader or ISV shall not be entitled to assign or transfer its status 

as such without the prior written consent of the SEF.
 

56

(e) All Orders entered into on behalf of a Customer must be entered by an Authorized Trader 

designated for such Customer by the relevant Participant; provided that a Participant 

may also permit its Customers to access the SEF through an ISV that provides an order 

routing system, where the Participant maintains appropriate controls to facilitate the 

Participant’s management of the financial risk from such activities by its Customers. The 

foregoing will not prohibit a Participant from trading on behalf of another Participant.

(f) Market Participants are required to comply with the applicable provisions of the CEA and 

the CFTC regulations in connection with their access to and use of the trading facilities 

offered by the SEF.

Rule 310. Dues, Assessments and Fees.

(a) The SEF may establish transaction fees and other charges (“Fees”) for its services from 

time to time. The SEF will notify Market Participants of changes in the Fees schedule by 

Circular.

(b) Each Participant shall be responsible for paying all such Fees with respect to its SEF 

Activity (including SEF Activity by or on behalf of its Customers and Authorized Traders

and Account Managers).

(c) The SEF will provide each Participant an invoice of all such Fees on a monthly or other 

basis determined by the SEF from time to time, which amounts shall be due and payable 

as set forth in such invoice. In addition and notwithstanding anything herein to the 

contrary, in the event of any failure by a Participant to pay such Fees and without 

limitation of any other remedy, the SEF may temporarily or permanently limit, suspend 

or terminate such Participant’s Trading Privileges and/or access to the SEF without prior 

notice to Participant.

Rule 311. General Notices to Participants.

The SEF may issue notices to Persons subject to the SEF’s jurisdiction, pursuant to Rule 301,

(including of matters arising under the Rules or the operation of the Platform) from time to time 

in a form and manner reasonably designed to enable each Person to become aware of the 

matters set forth therein. Without limiting the foregoing, the SEF may provide such notice by 

way of a published circular (“Circular”) posted on the SEF’s website at 

https://www.theice.com/swaptrade.

Rule 312. Communications Between the SEF and Participants.
 

57

(a) The SEF may send any notices hereunder (other than notices provided under Rule 311) 

to a specific Participant, Authorized Trader or ISV in writing and either (i) hand-delivered 

or sent by registered or certified mail or (ii) sent by electronic mail, in either case to the 

relevant address provided by such Person for such purpose. Each Participant, Authorized 

Trader and ISV shall provide to the SEF and maintain a current electronic mail address 

for the receipt of all such notices.

(b) All notices, except as may relate to the deactivation of a User ID which is governed by 

the provisions of Rule 308(e), to the SEF hereunder shall be sent by electronic mail to the 

following address: ICESwaplegal@theice.com or to such other address or by such other 

means as the SEF may specify by Circular from time to time.

Rule 313. Activities of Non-Participant Brokers.

(a) A Non-Participant Broker shall only be entitled to act on the SEF or subject to the Rules 

on behalf of a Participant (or Customer) where such Participant (or Customer) has so 

authorized the Non-Participant Broker and notified the SEF in the form and manner 

specified by the SEF from time to time.

(b) If so authorized, a Non-Participant Broker may enter any Order, submit a Block Trade, a 

Package Transaction or Brokered Trade, or execute any Transaction otherwise 

permissible under the Rules on behalf of such Participant (or its Authorized Trader or 

Customer).

(c) In engaging in any such activity, a Non-Participant Broker shall comply with the Rules and 

be subject to the jurisdiction of the SEF to the same extent as the Participant, Customer 

or Authorized Trader for which it acts.
 

58

CHAPTER 4: OBLIGATIONS OF PARTICIPANTS

Rule 401. Duties of Participants.

Each Participant shall, and shall cause its Authorized Traders and Account Managers to:

(a) Ensure that the Platform and the Trading System are used in a responsible manner and 

not for any improper purpose.

(b) Ensure that all activity, to include Transaction related activity, conducted by it on the SEF 

or subject to the Rules is performed in a manner consistent with the Rules.

(c) Observe high standards of commercial integrity, market conduct, fair dealing and just 

and equitable principles of trade while conducting any activity on the SEF or subject to 

the Rules.

(d) Solely with respect to Participants and subject to the SEF’s Error Trade Policy in each 

instance, be fully liable for all Orders and Transactions effected by it on the SEF or subject 

to the Rules, whether for its own account or for the account of its Customer.

(e) If such Participant is a Swap Dealer or Major Swap Participant, such Participant shall be 

responsible for compliance with the mandatory trading requirement of CEA Section 

2(h)(8) with respect to any Required Transaction.

(f) RESERVED

(g) Comply with the SEF’s Rules and technical standards for access to the SEF’s systems, 

including security protocols.

(h) Keep books and records of its trading on the SEF (including trading on behalf of any 

Customer), including records of its activity in the index or instrument used as a reference 

price, the underlying commodity and related derivatives markets, and make such records 

available, upon request, to the SEF (or its Regulatory Service Provider) and the CFTC or 

other regulatory authority.

(i) Without limiting clause (h), and to the extent required by Applicable Law, maintain an 

audit trail in a form and manner as may be designated by the SEF from time to time of 

all SEF Activity by it, its Customers and its Authorized Traders and make such audit trail 

available to the SEF (or its Regulatory Service Provider) upon request.
 

59

Rule 402. Required Disclosures.

Each Participant, or its Supervised Persons, as applicable, shall notify the SEF via email at 

iceswapcompliance@theice.com immediately following the occurrence or, if applicable, upon 

becoming aware of any of the following events:

(a) Any failure of Participant to timely perform its obligations under or in connection with 

any Transactions entered into by such Participant (or any Customer) on or subject to the 

rules of the SEF.

(b) Participant or any Authorized Trader or Account Manager becomes subject to Statutory 

Disqualification.

(c) Participant ceases to be an Eligible Contract Participant.

(d) Any material system failure or damage to its systems, facilities or equipment used to 

effect Transactions on the SEF or subject to the Rules.

(e) Any expulsion from or withdrawal by the Participant under threat of expulsion, 

suspension or other penalty from membership in any self-regulatory organization, 

designated contract market, trading facility, swap execution facility or clearing 

organization.

(f) RESERVED.

(g) The receipt by the Participant from, or filing by the Participant with, a self-regulatory 

organization of a notice of material inadequacy.

(h) Participant becoming insolvent or the subject of a voluntary or involuntary bankruptcy 

or similar petition or proceeding, or the appointment of a receiver, conservator, trustee 

or administrator for the Participant or all or a substantial portion of its assets, or the 

presenting of a petition or passing a resolution or commencement of a proceeding for 

the winding up or dissolution of Participant (an “Insolvency Event”).

Rule 403. Right of Inspection.

(a) Subject to Applicable Law, each Participant agrees that the SEF (or its representative, 

including the Regulatory Services Provider) shall be entitled, upon reasonable prior 

notice, in connection with determining whether the Rules and obligations of the 
 

60

Participant are being, will be or have been complied with by the Participant, to (i) inspect 

or examine the systems, equipment and software operated or used by Participant in 

connection with activity on the SEF or subject to the Rules, (ii) have access to the books 

and records of the Participant, (iii) have access to the systems, equipment and software 

operated or used by Participant in connection with activity on the SEF, and the premises 

where the same is located, and any data stored therein, and (iv)copy or reproduce any 

data to which the SEF has access under this Rule.

(b) Upon request of the SEF, a Participant shall provide such information concerning the 

Participant’s (and any of its Customers’ and Authorized Traders’) use of and activities on 

the SEF or subject to the Rules and open trading positions as the SEF may reasonably 

designate. A Participant shall submit timely, accurate information/records upon request 

from the SEF in a form and manner as may be designated by the SEF from time to time. 

(c) The SEF shall treat information provided under Rule 403(b) above as Proprietary Data, 

subject to Applicable Law and the SEF’s authority under these Rules.

(d) At any time upon request of the SEF, Participant agrees that it shall provide sufficient 

written evidence that the Participant continues to qualify as Eligible Contract 

Participants as required by CFTC Rule 37.703.

Rule 404. Financial Notices.

Each Market Participant or Clearing Member or any other Person subject to the SEF’s jurisdiction, 

under Rule 301, that is registered with the CFTC shall notify the SEF of any matter required to be 

notified to the CFTC under CFTC Rule 1.12 (or any similar rule), within the time and in the manner 

specified in that rule. Each Participant that is registered with the SEC shall notify the SEF of any 

matter required to be notified to the SEC under Rule 17a-11 or to FINRA under FINRA Rule 

4530(a)(1)(A), (C), (E) and 4530(b) (or any similar rules), within the time and in the manner 

specified in those rules.

Rule 405. Customers.

(a) Each Participant that acts for a Customer, and each Clearing Member that provides 

clearing services to a Customer that does not access the SEF through a Participant, shall 

enter into a written agreement with such Customer setting forth the relationship 

between them. No such Participant or Clearing Member shall submit an Order on behalf 

of any Customer, or allow such Customer to submit an Order, to the Trading System

unless such Customer (i) is an Eligible Contract Participant at the time of execution of 

any Transaction; (ii) consents to the jurisdiction of the SEF or otherwise agrees to be 
 

61

bound by the Rules in connection with Transactions on the SEF or subject to the Rules, 

and (iii) consents or is otherwise subject to the SEF’s (and its Regulatory Service Provider) 

right to access the Customer’s books, records and personnel to the extent required 

under Applicable Law or as otherwise required for the SEF to satisfy its regulatory 

requirements. 

(b) Each Customer shall keep books and records of its trading on the SEF, including records 

of its activity in the index or instrument used as a reference price, the underlying 

commodity and related derivatives markets, and make such records available, upon 

request, to the SEF (or its Regulatory Service Provider) and the CFTC or other regulatory 

authority.

(c) Participants that are Swap Dealers or Major Swap Participants as defined in the CEA shall 

receive a representation as to the status of each counterparty as an Eligible Contract 

Participant to the extent required by Applicable CFTC Regulations, which representation 

the Participant must believe can be reasonably relied upon. Each such Participant shall 

be responsible for compliance with the mandatory trading requirement of CEA Section 

2(h)(8), to the extent applicable.

(d) Each Participant must comply with all disclosure requirements under Applicable Law in 

connection with Transactions and any additional disclosure requirements imposed by 

the Rules.

(e) Each Participant shall notify the SEF of the identity of any Customer on whose behalf an 

Order is submitted to the SEF or a Transaction is executed, in the manner and in the 

detail specified by the SEF.

Rule 406. Trading Limitations, Termination, Suspension.

Without limiting its rights under Rule 309, the SEF may, upon the occurrence of any of the 

following events, impose limitations, conditions and restrictions on a Market Participant or ISV,

as applicable, or suspend or terminate any such status, including without limitation by (i) 

declining to accept new Orders or Transactions from such Person, (ii) in conjunction with the 

relevant Clearing House, causing existing Transactions or positions of such Person to be 

transferred to another Person, (iii) in conjunction with the relevant Clearing House, requiring 

such Person to close out its existing positions, (iv) limiting the types of Transactions that may be 

entered into by such Person or (v) limiting the size or notional amount of positions that may be 

entered into or maintained by such Person, if:
 

62

(a) such Person fails to satisfy the criteria for obtaining or retaining Participant, ISV,

Authorized Trader or Customer status, as applicable;

(b) such Person is in material breach of any agreements it may have entered into with the 

SEF relating to its SEF activity or is in violation of any of the Rules;

(c) such Person is subject to Statutory Disqualification;

(d) such Person is in default to any Clearing House or other exchange, contract market, 

trading facility, swap execution facility or clearing organization;

(e) such Person is subject to an Insolvency Event; or

(f) such Person is in default to a Clearing Member or Swap Intermediary.

Rule 407. Certain Acknowledgements of Market Participants.

(a) Without prejudice to the SEF’s Error Trade Policy, each Market Participant agrees that it 

will not contest the legally binding nature, validity or enforceability of any Transaction 

executed on the SEF or subject to the Rules based on the fact that it was entered, 

executed and confirmed electronically, and expressly waives any and all rights it may 

have to assert any such claim.

(b) Each Market Participant acknowledges that all bids, offers, and transactions entered into 

the Platform or otherwise may be recorded by the SEF and monitored among the books 

and records of the SEF.

(c) Each Market Participant acknowledges that any telephone conversation and any 

electronic messaging, whether via the Platform or otherwise, between it and the SEF will 

be recorded, and expressly consents to such recording and agrees that, to the extent 

permitted by Applicable Law, such recordings may be submitted in evidence in any 

proceedings. Each Participant shall obtain any necessary consent of, and give any 

necessary notice of such recording to, its Authorized Traders, Account Managers and/or 

Customers.

Rule 408. Books and Records of ISVs.

Each ISV shall keep and maintain, for at least five years, books and records of the access it 

provides to the SEF, including records of the Orders routed by it to the SEF on behalf of a Market 

Participant and make such records available, upon request, to the SEF (or its Regulatory Service 

Provider) and the CFTC or other regulatory authority.
 

63

Rule 409. Access to Position Information.

Without limiting any provision of these Rules, the SEF shall have the authority to obtain from any 

Participant or Customer (and its Account Manager) information with respect to positions of such 

Participant or Customer as required by Applicable Law. This authority shall include the authority 

to obtain information concerning positions maintained at other firms or venues. In the event a 

Participant or Customer (or its Account Manager) fails to provide the requested information, the 

SEF, in addition to any other remedy available under these Rules, may order that the Participant

or Customer liquidate the positions that are related to the inquiry. Any such information 

requested by the SEF shall be provided in such form and manner as may be specified by the SEF.
 

64

CHAPTER 5: TRADING PRACTICES AND BUSINESS CONDUCT

Rule 501. Business Days and Trading Hours.

The SEF shall establish from time to time the hours for which the Platform is available for trading 

(“Trading Hours”). The SEF will notify Participants of the Trading Hours (and changes therein) by 

Circular.

Rule 502. Rule Violations; Prohibited Trading Activity; Prohibitions on Fictitious Transactions, 

Fraudulent Activity and Manipulation.

(a) The SEF shall have the power to discipline Market Participants, including by suspension 

or revocation of Trading Privileges, for engaging in conduct inconsistent with just and 

equitable principles of trade, acts detrimental to the welfare of the SEF or for any act or 

practice, or the omission thereof, that violates the Rules or violates the CEA or Applicable 

Law (together, “Violations”).

(b) The SEF shall have the power to assess fines or charges against a Market Participant for 

engaging in Violations; provided that such fines or charges may be assessed only in 

accordance with the process outlined in the Disciplinary Rules in Chapter 8 of these 

Rules.

(c) No Person shall engage in any of the following activity in connection with or related to 

any SEF Activity or other activity related to any Clearing House:

(i) any fraudulent act or attempted fraudulent act, or the use or attempted use of 

any manipulative device, scheme or artifice to defraud, deceive, trick or mislead;

(ii) front running;

(iii) fraudulent trading or attempted fraudulent trading;

(iv) entry of Orders for the purpose of entering into Transactions without a net change 

in either party’s open positions but a resulting profit to one party and a loss to the 

other party, commonly known as a “money pass”;

(v) trading ahead of customers;

(vi) trading against a customer order or entering into a cross trade, except as 

permitted by Rule 512;

(vii) accommodation trading;
 

65

(viii) fictitious transactions;

(ix) wash sales or wash transactions;

(x) pre-arranged or non-competitive transactions (except for block trades and other

Transactions specifically permitted under the Rules);

(xi) manipulation or attempted manipulation of the price of any Contract or 

underlying commodity;

(xii) cornering, or attempted cornering, of any Contract;

(xiii) violations of bids or offers;

(xiv) spoofing;

(xv) making fictitious or trifling bids or offers, offering to enter into a Contract at a 

price variation less than the minimum price fluctuation permitted for such 

Contract under the Rules, or knowingly making any bid or offer for the purpose of 

making a market price that does not reflect the true state of the market;

(xvi) other conduct that constitutes a disruptive trading practice, as such term is 

described in Section 4c(a)(5) of the CEA or in interpretive guidance issued by the 

CFTC, or is otherwise prohibited under the CEA or Applicable CFTC Regulation, 

including, without limitation, under Section 9(a)(2) of the CEA or Sections 180.1(a) 

and 180.2 of the CFTC’s Regulations.

(d) Orders entered into the Platform for the purpose of upsetting the equilibrium of the 

market in any Contract or creating a condition in which Prices do not or will not reflect 

fair market values are prohibited, and any Market Participant who makes or assists in 

entering any such Order with knowledge of the purpose thereof or who, with such 

knowledge, in any way assists in carrying out any plan or scheme for the entering of any 

such Order, will be deemed to have engaged in an act detrimental to the welfare of the 

SEF.

Rule 503. Messaging Abuse.

(a) The SEF retains the right to levy a surcharge on any Market Participant whose system 

usage, as configured on the Platform, exceeds specified thresholds, as set forth in the 

SEF Messaging Policy, which can be found on the SEF’s website at 

https://www.theice.com/swaptrade.
 

66

(b) This Rule 503 applies to those Contracts designated from time to time by the SEF (the 

“Designated Contracts”) and will apply to Market Participants with direct access and that 

enter more than 2,000 messages in any such Contract on a particular Business day.

Rule 504. Use of Trading Privileges.

Market Participants are prohibited from using their Trading Privileges or access to the SEF in any 

way that could be expected to bring disrepute upon such Market Participant or the SEF. 

Rule 505. Supervision.

A Participant shall be responsible for establishing, maintaining and administering reasonable 

supervisory procedures to ensure that its Authorized Traders, if any, Account Managers and 

Supervised Persons comply with Applicable Law and the Rules, and such Participant may be held 

accountable for the actions of such Authorized Traders and Supervised Persons with respect to 

the SEF.

Rule 506. Misuse of the Platform.

Misuse of the Platform is prohibited. It shall be deemed an act detrimental to the welfare of the 

SEF to engage in unauthorized use of the Platform, to assist any Person in obtaining unauthorized 

access to the Platform, to alter the equipment associated with the Platform, to interfere with the 

operation of the Platform, to intercept or interfere with information provided thereby, or in any 

way to use the SEF in a manner contrary to the Rules.

Rule 507. Mishandling of Customer Orders.

Any Participant or Customer that mishandles any Order is responsible for all remedial actions and 

potential losses incurred with respect to such Order.

Rule 508. Withholding Orders Prohibited.

Any Participant entering Orders on the SEF for its Customer shall not withhold or withdraw from 

the market any Order, or any part of an Order, for the benefit of any Person other than such 

Customer.

A Participant must enter into the Platform all Orders received from its Customers that are 

immediately acceptable as soon as practicable following receipt for submission to the SEF.

Rule 509. Priority of Customers’ Orders.
 

67

(a) No Person shall knowingly enter an Order into the SEF for its own account, an account in 

which it has a direct or indirect financial interest or an account over which it has 

discretionary trading authority, including, without limitation, an Order allowing 

discretion as to time and price, when such Person is in possession of any competing 

Order for another Person that the SEF is capable of accepting.

(b) For purposes of this Rule, a Person will not be deemed to knowingly enter an Order if (i) 

such Person is a corporate or other legal entity consisting of more than one individual 

trader, (ii) such Person has in place appropriate “firewall” or separation of function 

procedures and (iii) the Authorized Trader entering the Order in question has no direct 

knowledge of the competing Order.

Rule 510. Trading Against Customers’ Orders.

(a) Except as provided in (b) below, no Person in possession of a Customer’s Order shall 

knowingly take, directly or indirectly, the opposite side of such Order for its own account, 

an account in which it has a direct or indirect financial interest, or an account over which 

it has discretionary trading authority.

(b) The foregoing restriction shall not apply to the following:

i. Transactions executed pursuant to Rule 701. 

ii. Transactions executed pursuant to Rule 512.

Rule 511. Disclosing Orders Prohibited.

No Market Participantshall disclose another Person’s Order without that Person’s consent except

(1) in furtherance of executing the Order, (2) to a designated SEF official or the applicable

regulator, or (3) pursuant to Rule 524.

Rule 512. Cross Trades; Simultaneous Buy And Sell Orders.

(a) Any Participant, Customer or Broker that seeks to execute a Required Transaction in the 

Order Book following pre-arrangement or pre-negotiation (in the manner specified in 

Rule 524) of such Orders may knowingly do so only if one Order is first exposed to the 

Order Book for the Minimum Period (as defined below). With respect to such prearranged/negotiated Orders, one party is required to enter its Order into the Order Book 

first and following the expiration of the Minimum Period the second party may then 

enter its Order into the Order Book.
 

68

The “Minimum Period” shall be 15 seconds for all Contracts.

(b) For the avoidance of doubt, independently initiated Orders on opposite sides of the 

market for different beneficial account owners that are immediately executable against 

each other may be entered without delay provided that the Orders did not involve preexecution communications as defined in Rule 524.

Rule 513. Execution of Required Transactions.

(a) Required Transactions (other than Block Transactions) must be executed on the Order 

Book.

(b) Order Book

The Order Books will operate pursuant to one or more matching algorithms designated 

by the SEF from time to time. If the Order Book for a particular Contract permits indicative 

bids, a Participant must indicate if a bid or offer posted on the Order Book is firm or 

indicative. 

Rule 514. Execution of Permitted Transactions.

The SEF may provide various execution methods for Permitted Transactions in addition to the 

Order Book. The SEF will notify Participants by Circular of such available execution methods from 

time to time. At this time the SEF offers the following execution methods for Permitted 

Transactions:

(a) Order Book

The Order Book will operate pursuant to one or more matching algorithms designated 

by the SEF from time to time. If the Order Book for a particular Contract permits 

indicative bids, a Participant must indicate that a bid or offer posted in the Order Book 

is firm or indicative.

(b) Brokered Trade

The SEF will accept Brokered Trades in accordance with Rule 702.

(c) Manual Order Ticket

Transactions may be submitted to the SEF for execution utilizing a Manual Order Ticket.
 

69

Rule 514.A. Post-Trade Name Give-Up

For all Required Transactions, no Person shall directly or indirectly, including through a thirdparty service provider, disclose the identity of a counterparty to a Swap that is Executed 

Anonymously, and intended to be cleared.

Rule 514.B. Package Transactions

In reliance on the relief provided by CFTC No-Action Letter No. 17-553(October 31, 2017), a

Package Transaction or a component of a Package Transaction that is a Required Transaction may 

be executed by any means of execution that the SEF may provide for Permitted Transactions.

For a Package Transaction that includes a component Transaction that is not a Swap intended to 

be cleared, disclosing the identity of a counterparty shall not violate Rule 514.A.

Rule 515. Written Record of the Terms of Transactions.

(a) The SEF will confirm each Transaction at the same time as execution of the Transaction. 

(b) With respect to a Transaction in a Cleared Swap, the SEF will provide each Participant (or 

Customer) that is a party to such Transaction a written record of all of the terms thereof. 

Such terms shall legally supersede any previous agreement and serve as a confirmation 

of the Transaction. The SEF will not include specific customer identifiers for accounts 

included in bunched Orders if the relevant Transaction is not allocated prior to execution 

and the applicable requirements of CFTC Regulation 1.35(b)(5) are met for such bunched 

Order.

(c) With respect to a Transaction in an Uncleared Swap, the trade communication sent by 

the SEF to each Participant (or Customer) that is a party to such Transaction on the SEF

(the “Trade Communication”), together with the documents and agreements (including, 

without limitation, ISDA master agreements, other master agreements, terms 

supplements, master confirmation agreements, and incorporated industry definitions) 

governing such Transaction existing at the time of such commitment to which the 

Participants (or Customers) are a party (the “Terms Incorporated by Reference”) shall, 

taken together, for purposes of CFTC Regulation 37.6(b) comprise all of the terms of such 

Transaction and serve as a confirmation of such Transaction (the Trade Communication 

3

See supra text accompanying note 5.
 

70

and Terms Incorporated by Reference, together, the “SEF Confirmation”), in accordance 

with the relief granted in CFTC No-Action Letter 14-108 (August 14, 2014)4 and as 

extended by CFTC No-Action Letter 17-17 (March 24, 2017)

5

. The SEF Confirmation shall 

legally supersede any previous agreement entered into between the counterparties 

relating to a respective Transaction entered into on or pursuant to the Rules of the SEF

and shall serve as a confirmation of the Transaction. 

(d) In satisfaction of the obligations imposed on the SEF under CFTC Regulation 37.6(b), (i) 

the SEF Confirmation is deemed to incorporate the Terms Incorporated by Reference set 

forth in this Rule 515, and (ii) the Participants (or Customers) hereby agree that in the 

event of any conflict between (x) the SEF Confirmation and (y) the Terms Incorporated 

by Reference, the SEF Confirmation shall prevail to the extent of any inconsistency.

(e) Upon request of the SEF, a Participant (or Customer) shall provide copies of the Terms 

Incorporated by Reference to the SEF and/or the CFTC with respect to a Transaction in 

an Uncleared Swap. The SEF will provide such copies of the Terms Incorporated by 

Reference that were collected according to a CFTC request to the CFTC as soon as they 

are available.

Rule 516. Pre-Execution Limit Checks.

(a) With respect to a Cleared Swap, the SEF will not accept an Order, including an Order 

underlying a Block Trade or a Package Transaction, unless the Participant (or its 

Customer) has first designated a Clearing Member to clear such Transaction. The SEF 

will then, promptly upon receipt of such Order, facilitate pre-execution screening by the 

Clearing Member identified by the Participant (or its Customer). If the SEF (i) receives

confirmation (either an applicable, established risk-based limit of sufficient size, or a 

discrete approval in respect of a particular Order or Transaction, including from a PreExecution Limit Checking Service, as described below) from the designated Clearing 

4

Staff No-Action Position Regarding SEF Confirmations and Recordkeeping Requirements under Certain Provisions 

Included in Regulations 37.6(b) and 45.2 - Extended by the CFTC through No-Action Letter 17-17 (Issue Date March 

24, 2017).

5 Extension of No-Action Relief for Swap Execution Facility Confirmation and Recordkeeping Requirements under 

Commodity Futures Trading Commission Regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a) (Issue Date March 

14, 2016) - Expiration Date being the earlier of 11:59 pm (EST) on March 31, 2017 or the effective date of any changes 

in the regulation.
 

71

Member that it will accept for clearing any Transaction resulting from such Order 

through such Clearing Member at the relevant Clearing House, and (ii) has not been 

notified by the relevant Clearing House that the Clearing Member is at such time not 

eligible to submit such Transaction (or Transactions generally) for clearing at such 

Clearing House, then and only then, may the SEF accept the Order into the Trading 

System.

The SEF shall not require or otherwise conduct pre-execution screening with respect to 

an Order where the Participant (or its Customer) is itself the Clearing Member and the 

Order has been designated for the Clearing Member’s own account.

In making the determination whether to accept an Order from or on behalf of any 

Participant (or its Customer) pursuant to this Rule 516(a), the SEF will be entitled to rely 

on information provided to the SEF by a trade processing platform, a credit hub or preexecution credit or limit checking service provided by one or more third parties (a “PreExecution Limit Checking Service”), and the SEF will not be responsible for any losses to 

a Clearing Member, Participant, Customer or other Person arising from a failure, error or 

communication delay caused by any Pre-Execution Limit Checking Service. Subject to 

Rule 1104, and notwithstanding any other provision of the Rules to the contrary, the SEF 

will be responsible for actual losses of Clearing Members where such losses directly 

result from (i) an Order that was incorrectly accepted by the SEF under this Rule 516(a) 

because of a failure or error of the Trading System; or (ii) the failure of the SEF to comply 

with its obligations described in this Rule 516(a). 

(b) With respect to an Uncleared Swap to be executed in the Order Book, the SEF will not 

accept an Order from or on behalf of any Participant (or its Customer) that is not itself a 

Swap Dealer if the Swap Intermediary for such Participant or Customer has not 

committed, pursuant to one or more procedures to be adopted by the SEF, that it will 

accept any Transaction resulting from such Order under the relevant Swap 

Intermediation Arrangement; provided that this subsection (b) shall not apply to any 

Transaction in a Commodity Contract.

Rule 517. Position Limits.

(a) To reduce the potential threat of market manipulation or congestion, the SEF shall adopt 

for each Contract, as is necessary and appropriate, position limitations or position 

accountability levels for speculators. Where the CFTC has established a position limit for 

any Contract, the SEF’s position limit for that Contract shall not be higher than such limit 

established by the CFTC. Such limits will apply only with respect to trading on the SEF or 

subject to the Rules.
 

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(b) Except as otherwise provided by the Rules, no Person, including a Participant, may 

establish, hold or control a position in excess of such position limits and a Participant 

may not maintain a position in excess of such position limits for a Customer if such 

Participant knows, or with reasonable care should know, that such position will cause 

such Customer to exceed the applicable position limits.

Rule 518. Exemptions from Position Limits.

The SEF may grant exemptions from the position limits under Rule 517 for bona fide hedging 

positions and risk management positions and otherwise on good cause shown and to the extent 

permitted by Applicable Law. Any Person seeking such an exemption must file an application 

with the SEF in the manner and within the time limits prescribed by the SEF. The SEF may approve 

an exemption subject to limitations and conditions. The decision of the SEF on such a request 

shall be final.

Rule 519. Position Accountability.

The SEF may establish from time to time a daily position accountability level for any Contract. 

Such accountability levels will apply only with respect to trading on the SEF or subject to the 

Rules. Any Person, including a Participant, who owns or controls Contracts with a notional 

amount in excess of the applicable daily position accountability level, or as ordered by the SEF,

shall be subject to the following provisions:

(a) Such Person shall immediately notify the SEF and provide, in a timely manner upon 

request by the SEF, information regarding the nature of the position, trading strategy, 

and hedging information, if applicable.

(b) Such Person shall, if so ordered by the SEF, acting in its sole discretion, liquidate any or 

all of the positions, or not increase further the positions which exceed such levels, or 

otherwise manage the position.

(c) Such positions must be managed and liquidated in an orderly manner within the time 

period specified by the SEF, and such Person shall notify the SEF upon completion of such 

actions.

(d) This Rule 519 shall not limit the jurisdiction of the SEF to take action that it determines 

necessary or appropriate in respect of any positions on the SEF.

(e) Upon request, Participants must provide the SEF with information, in a form and manner 

acceptable to the SEF, identifying the owner, any controlling parties and any additional 

required information for each reportable account.
 

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Rule 520. Aggregation of Positions.

For purposes of position limits and position accountability levels with respect to trading on the 

SEF or subject to the Rules, positions in Contracts will be aggregated as required by Applicable 

Law.

Rule 521. Orders Eligible for Post-Execution Allocation.

(a) Only the following categories of Account Managers (each, an “Eligible Account 

Manager”) may place a bunched Order on the SEF or that is subject to the Rules:

(i) a commodity trading advisor registered with the CFTC pursuant to the Act or 

excluded or exempt from registration under the Act or the CFTC Regulations, 

except for entities exempt under CFTC Regulation 4.14(a)(3);

(ii) an investment adviser registered with the SEC pursuant to the Investment 

Advisers Act of 1940 or with a state pursuant to applicable state law or excluded 

or exempt from registration under the Investment Advisers Act of 1940 or 

applicable state law or rule;

(iii) a bank, insurance company, trust company, or savings and loan association subject 

to federal or state regulation;

(iv) a foreign adviser that exercises discretionary trading authority solely over the 

accounts of non-U.S. persons, as defined in CFTC Regulation 4.7(a)(1)(iv);

(v) a futures commission merchant registered with the CFTC pursuant to the CEA; or

(vi) an introducing broker registered with the CFTC pursuant to the CEA.

(b) Bunched Orders must be allocated and recorded in accordance with CFTC Regulation 

1.35(b)(5). Bunched Orders may be entered using an account series designation or 

suspense account number; provided that the Order is being placed by an Eligible Account 

Manager for multiple accounts eligible for post-execution allocation.

Additionally, for all such bunched Orders executed on the SEF or subject to the Rules, the 

final account-specific allocations must be provided to the Clearing Member no later than 

the end of trading on the same trading day.

Rule 522. Orders Entered Prior to SEF Opening.
 

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The SEF will not accept, or act upon, Orders submitted prior to the opening of the trading session. 

Any such submissions will be disregarded by the SEF.

Rule 523. Rejection of Orders; Cancellation.

(a) The SEF may reject any Order submitted to the SEF (whether for the Order Book or 

another means of execution) consistent with Applicable Law.

(b) In order to ensure fair and orderly markets, the SEF may cancel any Order and may cancel 

or adjust any Transaction pursuant to its Error Trade Policy which can be found on the 

SEF’s website at https://www.theice.com/swaptrade.

(c) Actions taken under this Section 523 shall be without prejudice to the rights of the SEF 

to take other actions (including Emergency Actions) under the Rules.

Rule 524. Pre-Execution Communications.

A Participant or Customer (or its Account Manager) may engage in Pre-Execution 

Communications with respect to Transactions to be executed on the SEF or subject to the Rules 

where the Participant or Customer wishes to be assured that another Participant or Customer 

will take the opposite side of an Order under the following circumstances:

(i) A Person may not engage in Pre-Execution Communications on behalf of another 

Person unless such Person has previously consented to permit such 

communications;

(ii) Any Person engaged in Pre-Execution Communications shall not (A) disclose to a 

Person not involved in such communications the details of such communications 

or (B) enter an Order to take advantage of information conveyed during such 

communications, except in accordance with this Rule; and

(iii) If entered into the Order Book, each Order for a Required Transaction that results 

from Pre-Execution Communications will be subject to Rule 512.

This Rule 524 shall not limit communications in respect of Permitted Transactions.

As used herein, “Pre-Execution Communications” shall mean communications between two 

Participants (or, if applicable, their Customers) for the purpose of discerning interest in the 

execution of a Transaction prior to the entry of an Order with respect to such Transaction on the 

SEF, which include any discussion of the size, side of the market or Price of an Order or potentially 

forthcoming Order.
 

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Rule 525. Acceptable Orders.

The following Order types are supported and shall be available in such Contracts as determined 

by the SEF from time to time (listed in no particular order):

(a) “Limit Orders” – Limit Orders are Orders to buy or sell a stated quantity at a specified 

Price, or at a better Price, if obtainable. Unless otherwise specified, any residual volume 

from an incomplete Limit Order is retained in the central Order Book until the end of the 

day unless it is withdrawn or executed.

(b) “Market Orders” – Market Orders are executed at the best Price or Prices available in 

the Order Book at the time the Order is received by the SEF until the Order has been 

filled in its entirety. However, a Market Order will not trade outside of any Price 

reasonability limits (“Reasonability Limits”) established pursuant to the SEF’s Error 

Trade Policy.

(c) “Index Roll Spread Orders” – Index Roll Spread Orders are Orders to purchase a specified 

notional of one Contract and sell a specified notional of another Contract at a stated 

Price difference, where the index and maturity referenced by each Contract is the same, 

but the series of the index referenced by each Contract is different.

Index Roll Spread Orders may only trade against other matching Index Roll Spread Orders and 

the Prices of the legs, which may exceed the daily price limit for the respective product, will be 

generated by an algorithm determined by the SEF.

An Index Roll Spread Order to buy is defined as an Order to buy the greater maturity Contract 

and sell the lesser maturity Contract, and an Index Roll Spread Order to sell is defined as an Order 

to sell the greater maturity Contract and buy the lesser maturity Contract.

The ratio of notional traded on each leg of an Index Roll Spread Order is set by the SEF in advance, 

and may either be equal notional on each leg, or weighted according to the relative duration 

values of each Contract, such that the notional on the lower duration leg of the Index Roll Spread 

Order is defined as the duration of the higher duration leg of the Index Roll Spread Order divided 

by the duration of the lower duration leg of the Index Roll Spread Order. When placing an Index 

Roll Spread Order, the notional specified by the Authorized Trader is always the notional 

associated with the higher duration leg of the Index Roll Spread Order.

(d) “Calendar Spread Orders” – Calendar Spread Orders are Orders to purchase a specified 

notional of one Contract and sell a specified notional of another Contract in the same 

index, and same series of index, but with a different maturity date, at a stated Price 

difference. Calendar Spread Orders may either trade against other matching Calendar 
 

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Spread Orders or may be traded against outright Contracts. When traded against 

outright Contracts, the outright Contract Prices are always used for each of the legs of 

the Calendar Spread Order. When traded against another Calendar Spread Order, the 

Prices of the legs of such Transactions will be generated by a calendar spread algorithm 

determined by the SEF and the Prices of the legs of such Transactions may exceed the 

daily Price limit for the respective Contract.

A buy Calendar Spread Order is defined as buying the Contract with the greater maturity and 

selling the lesser maturity Contract and a sell Calendar Spread Order is defined as selling the 

Contract with the greater maturity and purchasing the lesser maturity Contract.

The ratio of notional traded on each leg of a Calendar Spread Order is set by the SEF in advance, 

and may either be equal notional on each leg, or weighted according to the relative duration 

values of each Contract, such that the notional on the lower duration leg of the Calendar Spread 

Order is defined as the duration of the higher duration leg of the Calendar Spread Order divided 

by the duration of the lower duration leg of the Calendar Spread Order. When placing a Calendar 

Spread Order, the notional specified by the Authorized Trader is always the notional associated 

with the higher duration leg of the Calendar Spread Order.

(e) “Cross Index Calendar Spread Orders” – Cross Index Calendar Spread Orders are Orders 

to purchase a specified notional of a Contract referencing one index and series and sell 

a specified notional of another Contract in a different index or index series, at a stated 

Price difference. Cross Index Calendar Spread Orders may either trade against other 

matching Cross Index Calendar Spread Orders or may be traded against outright 

Contracts. When traded against outright Contracts, the outright Contract prices are 

always used for each of the legs of the Cross Index Calendar Spread Order. When traded 

against another Cross Index Calendar Spread Order, the Prices of the legs of such 

Transactions will be generated by a cross index calendar spread algorithm determined 

by the SEF and the Prices of the legs of such Transactions may exceed the daily Price limit 

for the respective Contract.

A buy Cross Index Calendar Spread Order is defined as buying the Contract with the greater 

maturity Contract and selling the lesser maturity Contract, and a sell Cross Index Calendar Spread 

Order is defined as selling the Contract with the greater maturity and purchasing the lesser 

maturity Contract.

The ratio of notional traded on each leg of a Cross Index Calendar Spread Order is set by the SEF

in advance, and may either be equal notional on each leg, or weighted according to the relative 

duration values of each Contract, such that the notional on the lower duration leg of the Cross 

Index Calendar Spread Order is defined as the duration of the higher duration leg of the Cross 
 

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Index Calendar Spread Order divided by the duration of the lower duration leg of the Cross Index 

Calendar Spread Order. When placing a Cross Index Calendar Spread Order, the notional 

specified by the Authorized Trader is always the notional associated with the higher duration leg 

of the Cross Index Calendar Spread Order.

(f) “Brokered Order” – Brokered Orders may only be placed by a Non-Participant Broker for 

Brokered Trades. A Brokered Order shall be a pair of Orders (one Order to buy, one 

Order to sell) where the Prices and notionals of each Order are the same 

(g) “Mid-Market Order” – Mid-Market Orders are Orders to purchase or sell a specified 

notional of a Contract at either (i) the average of the prevailing best bid and offer present 

on the Trading System at any time, or (ii) a Price determined by the SEF, which can be 

based on market information, last trade in the market, or information derived from third 

party sources. The SEF will indicate to all Market Participants with access to the Trading 

System, when there are one or more Mid-Market Orders present on a Contract. 

An order may contain one (1) or more of the following functionalities:

(h) “Reserve Quantity Orders” – An Order may specify a maximum disclosure volume to be 

shown to the market 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. Reserve Quantity Orders 

may be submitted for those Contracts as determined by the SEF from time to time.

(i) “Good For Day Orders” – Good For Day Orders (“GFD”) are Orders to buy or sell a stated 

quantity at a stated Price which remain active in the Order Book until such Orders are 

either executed, canceled by an Authorized Trader, or the market in which the Order has 

been placed closes. GFD Orders may be submitted for those Contracts as determined by 

the SEF.

(j) “Good Until” – Good Until Orders (“GU”) are Orders to buy or sell a stated quantity at a 

stated Price which remain active in the Order Book until such Orders are either executed, 

canceled by an Authorized Trader, or a period of time, specified by the Authorized Trader 

has elapsed. GU Orders may be submitted for those Contracts as determined by the SEF

from time to time.

(k) “Immediate or Cancel” – Immediate or Cancel Orders (“IOC”) are Orders to buy or sell a 

stated quantity at a stated Price which must immediately be transacted as best as 

possible against the resting Orders in the Order Book. Any quantity that cannot be 
 

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immediately transacted is cancelled and will not constitute a resting Order in the Order 

Book. IOC Orders may be submitted for those Contracts as determined by the SEF from 

time to time.

(l) “Order Cancels Orders” - Order Cancels Orders (“OCO”) are a pair of linked Orders (two 

Orders to buy, or two Orders to sell) in two different Contracts that remain active in the 

Order Book until one of the Orders is filled or partially filled, at which time the other 

Order will be immediately cancelled. OCOs may be submitted for Commodity Contracts 

as determined by the SEF from time to time.

(m) “Non-Disclosed Order” - Non Disclosed Order (“NDO”) is an Order to buy or sell that is 

placed by an Authorized Trader in the Order Book, but is not otherwise visible to other 

Authorized Traders. An NDO is only visible to Authorized Traders belonging to the same 

Market Participant from which the NDO originates. Trade execution will occur when an 

Order opposite the NDO is entered into the Order Book, and such Order either Crosses

or Locks with the NDO. If the Order Crosses the NDO, a Trade will be executed at the 

average Price of the intended Order and the NDO. If an Order Locks with the NDO, then 

the Trade will be executed at that Price. In any event, whenever a Trade execution occurs 

involving an NDO, the Trade Price will become public.

Rule 526. Revising Orders.

The price or volume of an Order that has not fully traded may be revised. If the volume is 

reduced, the time priority originally assigned to the Order does not change. Revising the price or 

increasing the volume will change the Order’s time priority in the queue to the time the Platform 

receives the revision.

Rule 527. Deactivating and Deleting Orders.

When an Authorized Trader logs off, all of their Orders are deactivated except for Orders 

designated as GFD. If for any reason the connection to the Trading System is lost, all Orders 

entered from that location are deactivated including Orders designated as GFD.

Rule 528. Execution of Orders.

(a) A Transaction is executed when the following conditions occur:

(i) one Order is a bid and the other is an offer;

(ii) the two Orders are for the same Contract and, if an option Order, the same strike 

Price and option type, if available; and
 

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(iii) the Price of the bid (offer) equals or is greater (less) than the Price of the offer 

(bid).

(b) All orders entered and activated are queued by the time of acceptance by the Order Book 

as a valid Order and matched on a first-in-first-out price and time priority basis.

(c) Details of each Transaction executed on the SEF or subject to the Rules will be recorded 

by the SEF, and confirmation of the Transaction will be displayed on the Platform for 

each Authorized Trader who is a party to the Transaction.

(d) Failure of the SEF to broadcast any message in respect of a Transaction on the SEF or 

subject to the Rules shall not invalidate such Transaction.

(e) In the event that the Trading System or any part of the Trading System fails, the SEF’s 

determination that a Transaction has or has not been made shall be conclusive and 

binding.

(f) For certain Contracts, a workup session (known as “Volume Clearing”) may commence 

after a Transaction is executed in the Order Book. During a Volume Clearing session, any 

Market Participants that have the appropriate authorization to trade the respective 

Contract are invited to buy or sell any permitted quantity of the Contract that has just 

been transacted at the previously executed Price. The initial parties to a Transaction, 

upon which the Volume Clearing session is triggered, will be provided with priority during 

the initial part of a Volume Clearing session. During a Volume Clearing session, any 

Orders (either already in the Order Book, arriving in the Order Book during the Volume 

Clearing session, or entered directly into the Volume Clearing window) that are equal to 

or better than the Price of the Transaction that triggered the Volume Clearing session 

will be automatically included in that Volume Clearing session. Orders in the Order Book 

that are not filled during the Volume Clearing session will remain in the Order Book 

unless and until cancelled or expired. Orders entered into the Volume Clearing window 

that are not filled during the Volume Clearing session will be cancelled, unless otherwise 

specified by the Market Participant at the time the Order is entered. The SEF will 

determine the duration of a respective Volume Clearing session on a Contract by 

Contract basis and Market Participants will be notified that a Volume Clearing session 

has been initiated upon the appearance of a visible countdown clock, which will indicate 

the duration and the time remaining in the respective Volume Clearing session. If a 

Transaction occurs in the Order Book while a Volume Clearing session is in progress, the 

existing Volume Clearing session will be immediately terminated, and a new Volume 

Clearing session will be initiated at the most recently transacted price from the Order 

Book. Any Orders from the initial Volume Clearing session that could receive Price 
 

80

improvement if executed in the new Volume Clearing session will automatically be 

transferred to the new Volume Clearing Session.

Rule 529. Order Entry.

(a) An Authorized Trader entering an Order, other than in a clerical capacity, on behalf of a 

Customer, other than an Order for the Authorized Trader’s own account, must have 

appropriate industry registration, if required.

(b) An Authorized Trader, who does have the appropriate industry registration, if required, 

or ability to act in a comparable capacity under Applicable Law, may enter nondiscretionary Orders on behalf of a Customer. Such Authorized Trader may enter 

discretionary Orders or non-discretionary Orders for the account of the Participant that 

is their employer or for their own account if they are authorized by such Participant to 

do so and they do not enter or handle Customer Orders.

(c) Orders for a Customer, other than an Order entered by a Customer for its own account, 

may only be entered from the premises of an entity appropriately registered to conduct 

such Customer business.

(d) An Order shall consist of an indication of buy or sell interest, the specific Contract related 

to the Order, and the size of the Order. For Cleared Swaps, a Clearing Member must also 

be specified (unless the Participant is a Clearing Member).

(e) It shall be the duty of each Authorized Trader to:

i. Submit Orders that include their User ID; 

ii. Input the Price, quantity, SEF Contract code and appropriate account designation 

for each Order; and

iii. Provide the SEF will the information required pursuant to CFTC Regulation 

45.8(h)(1).

(f) The account designation must be an account number, account name or other identifying 

notation that is uniquely tied to a specific account owner for whom the Order is placed.

i. A suspense account may be utilized at the time of the Order entry for bunched 

Orders that are eligible for post-trade allocation and which are made pursuant to 

and in accordance with Rule 521.
 

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Rule 530. Legal Certainty for SEF Trades

A Transaction entered into on or pursuant to the SEF Rules shall not be void, voidable, subject to 

rescission, otherwise invalidated, or rendered unenforceable as a result of: (1) a violation by the 

SEF of the provisions of section 5h of the CEA or Applicable CFTC Regulations; (2) any CFTC

proceeding to alter or supplement a rule, term, or condition under Section 8a(7) of the CEA or to 

declare an emergency under Section 8a(9) of the CEA; or (3) any other proceeding the effect of 

which is to: (i) alter or supplement a specific term or condition or trading rule or procedure; or 

(ii) require the SEF to adopt a specific term or condition, trading rule or procedure, or to take or 

refrain from taking a specific action.
 

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CHAPTER 6: INTENTIONALLY OMITTED
 

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CHAPTER 7: BLOCK TRADES, BROKERED TRADES AND NONCOMPETITIVE TRANSACTIONS

Rule 701. Block Trades.

(a) Each Order underlying a Block Trade must (1) state explicitly that it is to be, or may be, 

executed by means of a Block Trade, (2) satisfy such appropriate minimum block size for 

the respective Contract as specified in Rule 701(k) and Applicable Law, (3) be entered 

into solely between Eligible Contract Participants, and (4) comply with any other 

Applicable CFTC Regulations governing Block Trades.

(b) Each party to a Block Trade must either be a Participant or a Customer, and shall comply 

with all applicable Rules other than those which by their terms only apply to trading 

through the Platform. The SEF will only accept Block Trades for particular Contracts as 

specified by the SEF and published by Circular.

(c) Block Trades must be reported to the SEF in a manner prescribed from time to time by 

the SEF in a Circular. Parties to a Block Trade are required to submit the Transaction to 

the SEF as soon as technologically practicable after execution, but in no event shall the 

Block Trade be submitted to the SEF later than 10 minutes after it has been arranged by 

the parties. For the purpose of this Rule 701(c) only, a Block Trade is deemed “arranged” 

at such time that the parties have agreed to the Price, size and other relevant terms of 

the Contract that is the subject of the Block Trade. Upon request by the SEF, such 

Participant shall produce satisfactory evidence that the Block Trade meets the 

requirements set forth in this Rule 701.

(d) Parties to a Block Trade are required to submit such Transactions to the SEF through the 

use of either a (i) third-party affirmation platform (e.g. ICE Link®), or (ii) graphical user 

interface provided by ICE Data, LP (collectively, “IST’s Off-Facility Block Trade 

Workflow”). IST’s Off-Facility Block Trade Workflow allows parties to agree and affirm 

the price, size and other relevant terms of a Block Trade. Once the proposed Block Trade 

is affirmed by the parties, a Clearing Member designated by each party is then required 

to utilize IST’s Off-Facility Block Trade Workflow to perform the required credit/limit 

check of the proposed Block Trade prior to its execution and submission to the SEF for 

reporting. The SEF may accept a Block Trade if the details are complete and accurate, 

are timely submitted, and otherwise comply with these Rules.

(e) Block Trade prices will not trigger unexecuted Orders in the Order Book.
 

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(f) Each Participant or Customer that is a party to a Block Trade must comply with the 

recordkeeping requirements set forth in the Rules, to include the requirements of Rule 

401(h).

(g) Participants or Customers (or their Account Managers) are not permitted to aggregate 

Orders across multiple accounts or multiple Participants or Customers in order to meet 

the Appropriate Minimum Block Size for a Block Trade, except that a Participant or 

Customer (or its Account Manager) with more than $25,000,000 in total assets under 

management and that is either: (1) a commodity trading advisor registered pursuant to 

Section 4n of the CEA, or exempt from registration under the CEA, or a principal thereof, 

who has discretionary trading authority or directs client accounts; (2) an investment 

adviser who has discretionary trading authority or directs client accounts and satisfies 

the criteria of § 4.7(a)(2)(v) of the CFTC Regulations; or (3) a foreign person who performs 

a similar role or function as the persons described in paragraphs (h)(6)(i)(A) or (h)(6)(i)(B) 

of CFTC Regulation 43.6 and is subject as such to foreign regulation can aggregate Orders

to meet the Appropriate Minimum Block Size for a Block Trade.

(h) Block Trades must be executed at a Price which is fair and reasonable in light of the (1) 

size of such Block Trade, (2) Price and size of other Transactions in the same Contract on 

the SEF at the relevant time; (3) Price and size of Transactions in other relevant markets, 

at the relevant time; and (4) the circumstances of the markets or the Participants or 

Customers to the Block Trade.

(i) The SEF will issue a written record of the terms of the Transaction resulting from the 

Block Trade pursuant to Rule 515. 

(j) Block Trades between Affiliates will not be considered a wash transaction under Rule 

502(c)(ix) if the following additional criteria are met: (i) each party must have a separate 

and independent legal bona fide business purpose for engaging in the Transactions; and 

(ii) each party’s decision to enter into the Block Trade must be made by a separate and 

independent decision-maker.

(k) The following are the Appropriate Minimum Block Size (“MNR”) for Block Trades. 

ICE Swap Trade Appropriate Minimum Block Size Requirements for Block Trade Submissions in 

USD Millions Notional

Tenor Spread (basis points running)

> <= > 175 350
 

85

<= 175 350

0Y (0 days) 2Y (746 days) 320 140 66

2Y (746 days) 4Y (1,477 days) 200 82 41

4Y (1,477 days) 6Y (2,207 days) 110 32 26

6Y (2,207 days) 8Y 6M (3,120 days) 110 20 13

8Y 6M (3,120 days) 12Y 6M (4,581 days) 130 26 13

12Y 6M (4,581 days) 46 63 41

With respect to the above table:

• All MNR values are in U.S. Dollars in millions of notional amount. If a Contract is 

denominated in a currency other than U.S. Dollars, the submitting Participant or 

Customer must use a currency exchange rate that has been widely published within 

the preceding two Business Days from the date of the execution of the Transaction to 

determine whether the Transaction meets the MNR. The Participant or Customer is 

required to maintain as part of its book and records the manner and method of 

arriving at the U.S. Dollar calculation. 

• All days are calendar days from Transaction date.

• All basis points are basis points running. Transactions negotiated in a price quotation 

convention other than basis points must be converted to basis points, using 

reasonably prevailing market standard conversion models and assumptions regarding 

inputs to the conversion model such as recovery rates and interest rates.

• For option and tranche Transactions, when determining the correct spread bucket to 

apply to a Transaction, the spread level of the underlying index contract at the time 

of arrangement of the Transaction must be used.

• For option Transactions, when determining the correct maturity bucket to apply, the 

maturity of the underlying swap Contract must be used. 

Rule 702. Brokered Trades.

(a) With respect to a Permitted Transaction, a Non-Participant Broker may arrange a 

Transaction off the Platform between two parties, each of which is a Participant (or a 

Customer), to be executed pursuant to the Rules (“Brokered Trades”).
 

86

(b) A Participant Broker may direct an Order of a Participant (or a Customer) to the SEF to 

be executed pursuant to the Rules. However, a Participant Broker is prohibited by these 

Rules from arranging a Brokered Trade.

(c) The Non-Participant Broker shall present the Orders to the SEF using technology 

provided by the SEF and such Brokered Trades are required to be reported to the SEF in 

a manner (and subject to the deadlines) prescribed from time to time by the SEF, after 

price, size, and other relevant terms of the Brokered Trade have been agreed by the 

parties thereto, and in any event within 15 minutes after such Brokered Trade is 

arranged.

(d) A Brokered Trade will not be deemed an executed Transaction between the parties 

thereto until it is received and accepted by the SEF and the SEF has confirmed such 

Transaction.

(e) Within 10 minutes after a Brokered Trade has been executed, the parties to such 

Brokered Trade must affirm the Transaction in a manner specified by the SEF from time 

to time and published by Circular. If the parties do not affirm the Transaction within the 

required timeframe, the Brokered Trade will be rejected by the SEF.
 

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CHAPTER 8: DISCIPLINARY RULES

Rule 801. General.

(a) Jurisdiction.

i. The SEF, acting through its compliance department and Disciplinary Panels, shall 

have the authority to initiate and conduct investigations and prosecute Violations 

committed by Market Participants, Clearing Members and Supervised Persons 

and to impose sanctions for such Violations as provided in the Rules.

ii. Each Participant, upon becoming a Participant, shall file with the SEF a written 

notice designating an agent for receiving service of documents, and thereafter, 

notify the SEF upon any change to the relevant agent. If a Participant fails to 

designate an agent, Participant consents to mailing service to its address on file 

with the SEF, and delivery thereof shall be deemed to have occurred as of the 

date of such mailing.

iii. The provisions of this Chapter 8 shall not apply to or limit the authority of the SEF 

to limit Trading Privileges or take other actions under Rule 309 or 406 or to take 

Emergency Actions.

(b) Enforcement Authority and Duties.

i. It shall be the duty of the CCO and the SEF’s compliance department personnel 

under the direction of the CCO to enforce the Rules. To the extent permitted by 

Applicable Law the CCO shall have the authority to inspect the books and records 

of all Market Participants, Clearing Members and Supervised Persons and to 

require any Market Participants, Clearing Members and Supervised Persons to 

appear before it to answer questions regarding possible Violations.

ii. The compliance department may delegate its authority under these Rules to 

initiate and conduct investigations and prosecute Violations to the Regulatory 

Services Provider.

iii. No member of the compliance department shall be a Market Participant or 

Supervised Person, or operate under the direction or control of any Person or 

Persons with Trading Privileges.

iv. The compliance department has the authority to:
 

88

(A) initiate and conduct inquiries and investigations;

(B) prepare investigative reports and make recommendations concerning 

initiating disciplinary proceedings;

(C) determine whether a reasonable basis exists for finding a Violation, and 

for authorizing the issuance of Notices of Charges against Persons alleged to have 

committed Violations if the CCO believes the matter should be adjudicated; and

(D) prosecute alleged Violations within the SEF’s disciplinary jurisdiction.

v. The CCO, upon a good faith determination that there are substantial reasons to 

believe that such immediate action is necessary to protect the best interests of 

the SEF, may order that any Person be denied access to the SEF for a period not 

to exceed 60 days. Notice shall promptly be given to the Person subject to the 

access denial. Such notice shall state the reasons for the denial, the effective 

date, time and the duration of the denial and advise the Person of his right to an 

expedited hearing before the Disciplinary Panel by filing a request with the CCO 

within 10 Business Days after receiving the notice.

(c) Investigation.

i. The compliance department shall prepare a written investigative report with 

respect to any matter investigated. Where the compliance department 

determines that no reasonable basis exists for finding a Violation, the report shall 

include the reason the investigation was initiated, a summary of the complaint, 

if any, the relevant facts, and the compliance department’s analysis and 

conclusions. Where the compliance department determines that a reasonable 

basis exists for finding a Violation, the report shall include the reason the 

investigation was initiated, a summary of the complaint, if any, the relevant facts, 

the compliance department’s analysis and conclusion, and a recommendation as 

to whether disciplinary action should be pursued. The investigative report shall 

then be provided to the CCO for decision.

ii. If the CCO concludes that a Violation has occurred, the CCO may:

(A) Issue a warning letter to the Person that is the subject of the investigation, 

informing such Person that there has been a Violation and that such continued 

activity may result in disciplinary sanctions. Such a warning letter is neither a 

penalty nor a finding of a Violation. Issuance of such warning letters shall be 

subject to the limitations in CFTC Rules 37.203 and 37.206;
 

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(B) Impose a summary fine under Rule 811, if appropriate;

(C) Negotiate and enter into a written settlement agreement with such 

Person, whereby such Person, with or without admitting fault or guilt, may agree 

to any of the sanctions set forth in Rule 810; or

(D) Determine to bring formal proceedings before a Disciplinary Panel under 

this Chapter 8.

(d) The President, the Board, CCO, the Compliance staff, any committee or subcommittee 

and any panel of any committee or subcommittee, engaged in any investigation of, 

examination into, or hearing involving any matter pursuant to the Rules shall have the 

power to summon any Person and any employee of any Participant to appear before him 

or it, to give testimony under oath or in any other manner required by him or it and to 

produce any documents, books or records. If any Person or any employee of any 

Participant fails to obey any such summons or to give any such testimony or to produce 

any such documents, books or records, such failure shall constitute a violation of this 

Rule and shall be reported to the Disciplinary Panel for appropriate action.

Rule 802. Notice of Charges.

(a) If the CCO determines that a matter should be adjudicated in a formal hearing before a 

disciplinary panel, the compliance department shall serve a notice of charges (a “Notice 

of Charges”) on the Respondent.

(b) Such Notice of Charges shall state:

i. the acts, practices or conduct that the Respondent is alleged to have engaged in;

ii. the Rule or provision of Applicable Law alleged to have been violated or about to 

be violated;

iii. the proposed sanctions;

iv. the Respondent has a right to a hearing;

v. the Respondent has the right to be represented by legal counsel or any other 

representative of its choosing in all succeeding stages of the disciplinary process;
 

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vi. the period of time within which the Respondent can request a hearing on the 

Notice of Charges, which will not be less than 20 days after service of the Notice 

of Charges;

vii. that any failure to request a hearing within the period stated, except for good 

cause, will be deemed to constitute a waiver of the right to a hearing;

viii. that the failure of the Respondent to file an Answer within 20 days after service 

of the Notice of Charges will be deemed an admission of all of the allegations in 

the Notice of Charges; and

ix. that any allegation in the Notice of Charges that is not expressly denied will be 

deemed to be admitted.

Rule 803. Answer to Notice of Charges; Reply.

(a) The Respondent shall serve on the compliance department a written answer (an 

“Answer”) to the Notice of Charges and a written request for a hearing on the charges 

within 20 days of the date of service of the Notice of Charges.

(b) An Answer shall be signed by the Respondent, or its representative, and contain a 

statement specifying the allegations that the Respondent:

i. denies or admits; and

ii. does not have sufficient information to either deny or admit.

(c) Any failure by the Respondent to timely serve an Answer to a Notice of Charges will be 

deemed to be an admission to the allegations in such Notice of Charges. Any failure by 

the Respondent to answer one or more allegations in a Notice of Charges will be deemed 

to be an admission of that allegation or those allegations. Any allegation in a Notice of 

Charges that the Respondent fails to expressly deny will be deemed to be admitted. A 

general denial by the Respondent, without more, will not satisfy the requirements of 

paragraph (b) above.

(d) The compliance department may serve on the Respondent a reply to the Answer (a 

“Reply”) within five days of the date of service of the Answer. The Reply must be limited 

to the matters set forth in the Answer.

Rule 804. Settlement.
 

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(a) A Respondent may at any time propose in writing an offer of settlement related to 

anticipated or instituted disciplinary proceedings.

(b) Any offer of settlement should contain proposed findings and sanctions and be signed 

by the Respondent and submitted to the Disciplinary Panel presiding over the matter.

(c) A Respondent may offer to settle disciplinary proceedings without admitting or denying 

the findings contained in the order of the disciplinary proceedings but must accept the 

jurisdiction of the SEF over it and over the subject matter of the proceedings and consent 

to the entry of the findings and sanctions imposed.

(d) If a Respondent submits an offer of settlement in accordance with paragraph (a) above, 

the relevant Disciplinary Panel will forward the offer to the CCO. Any preliminary 

determination by the CCO to accept the offer shall be submitted for review by the 

Disciplinary Panel. If the Disciplinary Panel agrees, then the CCO shall conditionally 

accept an offer of settlement, and the settlement will become final upon the expiration 

of 20 days after an order of the disciplinary proceedings consistent with the terms of the 

offer of settlement is served on the Respondent.

(e) If an offer of settlement is accepted by the Disciplinary Panel, the Disciplinary Panel 

accepting the offer must issue a written decision specifying the Violations it has reason 

to believe were committed, including the basis or reasons for the Disciplinary Panel’s 

conclusions, and any sanction to be imposed, which must include full Customer 

restitution where Customer harm is demonstrated. If applicable, the decision must also 

include a statement that the respondent has accepted the sanctions imposed without 

either admitting or denying the Rule Violations.

(f) If an offer of settlement is accepted and the related order of disciplinary proceedings 

becomes final, the Respondent’s submission of the offer will be deemed to constitute a 

waiver of the right to notice, opportunity for a hearing and review and appeal under the 

Rules.

(g) If the offer of settlement of a Respondent is not accepted, fails to become final or is 

withdrawn by the Respondent, the matter will proceed as if the offer had not been made 

and the offer and all documents relating to it will not become part of the record. Neither 

a Respondent nor the relevant Disciplinary Panel may use an unaccepted offer of 

settlement as an admission or in any other manner at a hearing of, or appeal from, 

disciplinary proceedings.

Rule 805. Disciplinary Panel.
 

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(a) The Chief Compliance Officer shall appoint the members of the Disciplinary Panels. The 

Chief Compliance Officer or the Board may remove a member of a Disciplinary Panel for 

cause. No member of a Disciplinary Panel shall be subject to Statutory Disqualification.

(b) Disciplinary Panels shall not include any members of the SEF’s compliance department 

or any Person involved in adjudicating any other stage of the same proceeding.

(c) Disciplinary Panels must meet any applicable composition requirements under 

Applicable Law, to include CFTC Regulation 1.64(c) and Part 40 of the CFTC Regulations.

(d) The Disciplinary Panel shall conduct hearings in connection with any disciplinary 

proceedings, to make findings, render decisions, and impose sanctions (other than 

summary fines under Rule 811) pursuant to this Chapter 8.

Rule 806. Hearing (Disciplinary Procedures & Sanctions).

(a) A fair hearing will be conducted before members of the Disciplinary Panel.

(b) Following receipt of an Answer from a Respondent, or failure of a Respondent to provide 

an Answer, the Disciplinary Panel will promptly convene a hearing to conduct the 

disciplinary proceedings with respect to such Respondent. Parties to a disciplinary 

proceeding include each Respondent and the compliance department.

(c) The chair of the Disciplinary Panel may continue, adjourn or otherwise conduct the 

hearing, as he or she may deem appropriate. The chair of the Disciplinary Panel will 

determine all procedural and evidentiary matters and will not be bound by any 

evidentiary or procedural rules or law. Once admitted during the hearing, the 

Disciplinary Panel may consider, and attach the weight it believes appropriate to, 

evidence or other materials.

Rule 807. Respondent Review of Evidence.

Prior to the commencement of a hearing, each Respondent will be given the opportunity to 

review all books, records, documents, papers, transcripts of testimony and other tangible 

evidence in the possession or under the control of the SEF that the compliance department will 

use to support the allegations and proposed sanctions in the Notice of Charges or which the chair 

of the Disciplinary Panel deems relevant to the disciplinary proceedings. Notwithstanding the 

foregoing, no Respondent will have the right to review, and the SEF will have no obligation to 

disclose, any information protected by attorney-client privilege.

Rule 808. Conducting Hearings.
 

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(a) At a hearing conducted in connection with any disciplinary proceedings, the compliance 

department will present its case supporting the allegations and proposed sanctions in 

the Notice of Charges to the Disciplinary Panel. If a Respondent has timely filed an 

Answer to the Notice of Charges in accordance with the Rules, the Respondent is entitled 

to attend and participate in the hearing.

(b) At a hearing conducted in connection with any disciplinary proceedings, the Disciplinary 

Panel or the compliance department and each respondent may:

i. present evidence and facts determined relevant and admissible by the chair of 

the Disciplinary Panel;

ii. call and examine witnesses; and

iii. cross-examine witnesses called by other parties.

(c) Any Person entitled, or required or called upon, to attend a hearing before a Disciplinary 

Panel pursuant to paragraph (b) above will be given reasonable notice, confirmed in 

writing, specifying the date, time and place of the hearing, and the caption of the 

disciplinary proceedings. Any individual representing a Participant or Customer, and any 

Authorized Trader or Supervised Person called as witnesses is required to appear at the 

hearing and, where applicable, produce evidence. The SEF will make reasonable efforts 

to secure the presence of all other Persons called as witnesses whose testimony would 

be relevant.

(d) The Disciplinary Panel may summarily impose sanctions on any Person, subject to the 

SEF’s jurisdiction pursuant to Rule 301, that impedes or delays the progress of a hearing.

(e) The SEF will arrange for any hearing conducted in connection with disciplinary 

proceedings to be recorded verbatim, or substantially verbatim, in a manner capable of 

accurate transcription. If the Respondent requests a copy of all or portions of the 

recording of a hearing, the chair of the Disciplinary Panel may within his or her sole 

discretion require the Respondent to pay the costs for transcribing the recording of the

hearing.

(f) Upon request of the CFTC, the SEF will transcribe the record of any hearing conducted in 

connection with a disciplinary proceeding and provide such transcript to the CFTC.

Rule 809. Decision of Disciplinary Panel.
 

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(a) As promptly as is reasonable following a hearing, the Disciplinary Panel will issue a 

written order rendering its decision based on the weight of the evidence contained in 

the record of the disciplinary proceedings. A decision by a majority of the Disciplinary 

Panel will constitute the decision of the Disciplinary Panel.

(b) The SEF will serve a copy of the order of the disciplinary proceedings on the respondent 

and the compliance department. The order will include:

i. the Notice of Charges or summary of the allegations;

ii. the Answer, if any, or a summary of the Answer;

iii. a summary of the evidence introduced at the hearing or, where appropriate, 

incorporation by reference of the investigative report;

iv. findings of fact and conclusions concerning each allegation, including a complete 

explanation of the evidentiary and other basis for such findings and conclusions 

with respect to each allegation;

v. each specific Rule and/or provision of Applicable Law that the respondent is 

found to have violated; and

vi. the sanctions, if any, imposed including the basis for such sanctions and the 

effective date of each sanction.

(c) The order of the disciplinary proceedings will become final upon the expiration of 20 

days after the order is served on the Respondent and provided to the compliance 

department.

(d) The Rules do not permit any appeal of a determination by the Disciplinary Panel.

Rule 810. Sanctions; Expenses.

(a) If the Disciplinary Panel determines that a Respondent has committed a Violation for 

which the SEF has jurisdiction, the Disciplinary Panel may impose one or more of the 

following sanctions or remedies:

(i) censure or reprimand,

(ii) restriction, suspension or termination of Trading Privileges,

(iii) a warning letter, subject to the limitations in Applicable CFTC Regulations,
 

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(iv) a cease and desist order,

(v) a fine,

(vi) restitution (which may, include full Customer restitution) or disgorgement, or

(vii) any other sanction or remedy determined to be appropriate under the 

circumstances.

The SEF may impose a fine of up to $100,000 for each Violation. Each Participant shall be 

responsible for paying any fine or other amount imposed on, but not paid by, any of its 

Authorized Traders, Customers or Supervised Persons.

(b) If the Disciplinary Panel determines that a respondent has violated the Rules or a 

provision of Applicable Law for which the SEF has jurisdiction, the Disciplinary Panel may 

also require the respondent to pay to the SEF an amount equal to any and all out-ofpocket expenses incurred by the SEF in connection with the investigation and 

prosecution of such Violations.

Rule 811. Summary Fines.

With respect to any Person’s use or access to the SEF, the Chief Compliance Officer may impose 

summary fines of no more than ten thousand dollars ($10,000) for each violation, without the 

need for a formal hearing under this Chapter 8, in any case in which it is concluded that there 

may have been a violation of:

(a) Rule 303(t) - Criteria for Becoming a Participant

(b) Rule 308(c) - Participant User Administrators; Passwords

(c) Rule 401 - Duties of Participants

(d) Rule 402 - Required Disclosures

(e) Rule 403(b) - Right of Inspection

(f) Rule 404 - Financial Notices

(g) Rule 405(b) - Customers

(h) Rule 408 - Books and Records of ISVs
 

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(i) Rule 512 - Cross Trades; Simultaneous Buy And Sell Orders

(j) Rule 519(e) - Position Accountability

(k) Rule 524 - Pre-Execution Communications

(l) Rule 529 - Order Entry

(m) Rule 701 - Block Trades

(n) Rule 702 - Brokered Trades

The authority to impose such a summary fine does not limit the Chief Compliance Officer’s 

authority to refer the matter to a Disciplinary Panel pursuant to the provisions of this Chapter 8 

instead of imposing a summary fine. A summary fine imposed in accordance with this Rule shall 

become final and effective and payment shall become due and owing to the SEF fifteen (15) days 

after receipt of the fine.

Rule 812. Effective Date of Penalties.

(a) If a Person enters into a settlement agreement with the SEF, any penalty included as a 

part of such settlement agreement shall become final and effective on the date that the 

CCO approves such settlement agreement.

(b) Any decision (including any penalty) by a Disciplinary Panel shall be the final decision of 

the SEF and shall become effective fifteen (15) days, or such longer time as the 

Disciplinary Panel may specify, after a copy of the written decision of the Disciplinary 

Panel has been served on the Respondent and delivered to the CFTC; provided, however, 

that, in any case where the Respondent has consented to the action taken and to the 

timing of its effectiveness, the Disciplinary Panel may cause the decision involving any 

disciplinary action (including any penalty) to become effective prior to the fifteen (15) 

day period.

(c) If a Person fails to pay any fine imposed by the Disciplinary Panel on or before the date 

on which such fine becomes due and payable, such Person shall be suspended 

automatically without further action by the SEF and shall remain suspended until such 

fine is paid in full and the Person is reinstated; provided, however, that on written 

application received prior to such date, the Hearing Panel, in its sole discretion, may 

postpone the date when payment is due.

Rule 813. Publication and Written Notice of Disciplinary Actions.
 

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(a) A brief summary of the disposition of a finding by the CCO, or the Disciplinary Panel, and 

each hearing, settlement, and each imposition of any penalty, shall be kept permanently 

in the Person’s file. The record of any hearing, together with all of the papers, shall be 

retained for a period of five (5) years.

(b) All proceedings conducted before the Disciplinary Panel shall be confidential and shall 

not be disclosed to any Person except:

(i) as required by law or by the Rules;

(ii) in any action or proceeding brought by or against the SEF;

(iii) as may be determined from time to time by the Board.

(c) In any case where:

(i) a Person enters into any settlement agreement with the SEF; or

(ii) the Disciplinary Panel renders a decision finding a Person guilty of any Rule 

violation;

the SEF shall make public its findings and the reason for its action, including any action taken or 

penalty ordered and written notice of any suspension, expulsion, disciplinary action or denial of 

access shall be given to the CFTC and to the Person who is suspended, expelled, disciplined or 

denied access within thirty (30) days of the date such action becomes final, which notice shall 

include the reasons for the action in the form and manner the CFTC prescribes.
 

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CHAPTER 9: ARBITRATION

Rule 900. Jurisdiction.

(a) Any Claim or grievance by a Customer against a Participant shall, if the Customer so 

elects, be settled by arbitration in accordance with these Arbitration Rules unless the 

Claim or grievance is capable of being settled by arbitration under the rules of a 

registered futures association, as defined in the CEA, or a national securities association, 

as defined in the Exchange Act. If such a Claim or grievance is made in accordance with 

these Arbitration Rules, any counterclaim permissible under subparagraph (a)(ii) of Rule 

903 of these Arbitration Rules shall, if asserted by such Participant, likewise be settled 

by arbitration in accordance with these Arbitration Rules.

(b) Any Allowable Claim by a Participant against another Participant, whether originating 

before or during the period of time that the parties are Participants, shall be settled by 

arbitration in accordance with these Arbitration Rules unless the claim is capable of being 

settled by arbitration under the rules of a registered futures association, as defined in 

the CEA, or a national securities association, as defined in the Exchange Act. If such an 

Allowable Claim is made in accordance with these Arbitration Rules, any Allowable Claim 

which may be asserted as a counter-claim under subparagraph (a)(ii) of Rule 903 shall 

likewise be settled by arbitration in accordance with these Arbitration Rules. Arbitration 

proceedings invoked pursuant to this paragraph shall be independent of, and shall not 

interfere with or delay the resolution of, a Customer’s Claims and grievances submitted 

for arbitration pursuant to paragraph (a).

(c) All other disputes or controversies, regardless of their nature, between or among any 

two (2) or more parties, shall, if agreed to by all parties involved, be settled by arbitration 

in accordance with these Arbitration Rules. Arbitration proceedings invoked pursuant to 

this paragraph shall be independent of, and shall not interfere with or delay the 

resolution of, a Customer’s Claims and grievances submitted for arbitration pursuant to 

paragraph (a).

(d) Notwithstanding the foregoing, any Panel or, in the absence of a Panel, any three (3) 

members of the Arbitration Committee appointed by the Chairman of the Arbitration 

Committee, in its sole and absolute discretion, may decline to take jurisdiction of, or, 

having taken jurisdiction may at any time decline to proceed further with, any Claim or 

grievance or any other dispute, controversy or counterclaim, other than such as may be 

asserted under paragraph (a) of this Rule.
 

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(e) The commencement of an arbitration under these Rules by a Customer against a 

Participant will not in itself preclude a Participant from exercising its rights and remedies 

under its agreements with a Customer, nor will these Arbitration Rules be deemed to 

permit a Customer to obtain any stay, injunction or similar relief that would preclude a 

Participant from exercising such rights and remedies as a result of the commencement 

of an arbitration under these Rules.

(f) Except as expressly set forth in this Chapter 9, the SEF shall have no responsibility with 

respect to any Claim or grievance or dispute between or among two or more Participants 

and/or their Customers, or any action, suit or proceeding arising therefrom or relating 

thereto.

Rule 901. Definitions.

Unless otherwise indicated, the following terms shall, for the purposes of Chapter 9 of the Rules 

(the “Arbitration Rules”), have the following meanings:

Claim or grievance

Any dispute which arises out of or relating to Transactions subject to the Rules by or 

through a Participant, which dispute does not require for adjudication the presence of 

essential witnesses or third parties over whom the SEF does not have jurisdiction or who 

are otherwise not available. The term “Claim or grievance” shall not include any claim or 

grievance against the SEF or against a Clearing House.

Customer

Any Person with a Claim or grievance against a Participant; provided, however, that it 

shall not include Participants.

Claimant

A Person who asserts a Claim pursuant to these Arbitration Rules.

Respondent

A Person against whom a Claim is asserted pursuant to these Arbitration Rules.
 

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Allowable Claim

A Claim for losses arising directly from or relating to a Transaction. An Allowable Claim 

shall not include legal or other incidental expenses incurred in connection with any such 

losses or with the events giving rise to any such losses.

Rule 902. Quorum and Disqualification.

(a) The Arbitration Committee shall consist of such number of Persons as the Board shall 

determine from time to time. The President shall appoint Public Directors of the Board 

as the Chairman and Vice Chairman of the Arbitration Committee and shall appoint 

employees of Participants and Persons who are not Participants to the Arbitration 

Committee to serve until new committees are appointed. The President may at any time 

remove any member of the Arbitration Committee, with or without cause, and all 

vacancies shall be filled as in the case of an original appointment. A Person shall be 

disqualified from taking any action as a member of the Arbitration Committee or as an 

arbitrator prescribed in the Arbitration Rules if such Person or an Affiliate has an interest 

in the Claim or dispute. Any member of the Arbitration Committee may disqualify 

himself or herself for any reason he or she deems appropriate. Each member of the 

Arbitration Committee or arbitrator appointed to hear and determine a Claim or 

grievance shall conduct himself or herself in a manner consistent with the ABA/American 

Arbitration Association’s “Code of Ethics for Arbitrators in Commercial Disputes” and 

shall disclose to the Chairman of the Arbitration Committee, who shall thereafter advise 

the parties to the arbitration, at any stage of the arbitration, any past or present, direct 

or indirect financial, business, professional, family or social relationship which is likely to 

affect an appearance or which might reasonably create an appearance of partiality or 

bias.

(b) If the Chairman of the Arbitration Committee is disqualified or is unavailable, the Vice 

Chairman of the Arbitration Committee shall act as Chairman. If both the Chairman and 

the Vice Chairman of the Arbitration Committee are disqualified or are unavailable, the 

President shall appoint another member of the Arbitration Committee, who is not 

affiliated with a Participant, to act as Chairman.

(c) The lesser of a majority or three (3) members of the Arbitration Committee shall 

constitute a quorum for the transaction of business. Any action taken by a vote of the 

majority of the Arbitration Committee members present at a meeting at which a quorum 

is present shall be deemed to be a valid action of the Arbitration Committee.

Rule 903. Procedure.
 

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(a) Claims Asserted Pursuant to Rules 902(a) and (b).

(i) A Person desiring to invoke the provisions of this paragraph (a) shall, within two 

(2) years from the time the Claim or grievance arose, file with the SEF a Notice of 

Arbitration. The Notice of Arbitration shall set forth the name and address of the 

party or parties against whom the Claim or grievance is being asserted, the nature 

and substance of the Claim or grievance, the relief requested and the factual and 

legal basis alleged to underlie such relief. In the event of a Notice of Arbitration 

submitted by a Customer, such Notice of Arbitration shall indicate whether the 

Customer elects to have the Claim or grievance heard and determined by a Mixed 

Panel, as provided in subparagraph (a)(iii) of this Rule. Failure to so indicate will 

be deemed a waiver of such election.

The Notice of Arbitration shall be accompanied by the Claimant’s non-refundable 

check payable to the SEF in payment of the arbitration fee. The amount of the fee 

shall be determined by the amount of the relief requested in the Notice of 

Arbitration, as follows:

Relief Requested Amount of Fee

Up to $100,000 $1,000

$100,001 and above $1,000, plus 1/2% of excess over $100,000

(ii) Upon receipt, the SEF shall promptly deliver a copy of the Notice of Arbitration to 

each Respondent and to the Chairman of the Arbitration Committee. Each 

Respondent shall, within twenty (20) days following the delivery of such Notice, 

file an Answering Statement with the SEF, with a copy to the Claimant, setting 

forth its position with respect to the Claimant’s Claim or grievance. Any allegation 

in the Notice of Arbitration not denied by a Respondent in its Answering 

Statement shall be deemed admitted.

The Answering Statement may set forth one (1) or more counterclaims against the 

Claimant, provided that any such counterclaims (A) arise out of the Trade or 

occurrence that is the subject of the Claimant’s claim or grievance and (B) do not 

require for adjudication the presence of essential witnesses, parties or third (3rd) 

Persons over which the SEF does not have jurisdiction. Other counterclaims are 

permissible only if the Claimant agrees to the submission thereof after such 

counterclaims have arisen.
 

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If an Answering Statement sets forth one (1) or more counterclaims, the Claimant 

shall reply to such counterclaims within twenty (20) days following delivery of the 

Respondent’s Answering Statement. The Reply shall be filed with the SEF, with a 

copy to the Respondent involved.

(iii) The Chairman of the Arbitration Committee, promptly after receipt by the SEF of 

the Answering Statement, shall appoint a Panel of disinterested Persons to hear 

and determine the Claim or grievance, selecting one (1) as the Chairman of the 

Panel. If the amount of relief requested is more than or equal to $100,001, the 

Panel shall be composed of three (3) or more individuals. If the amount of relief 

requested is less than $100,001, a sole arbitrator may be appointed by the 

Chairman of the Arbitration Committee in accordance with subparagraph (a)(viii) 

of the Rule. In a case where a Customer has, in its Notice of Arbitration, elected a 

Mixed Panel, at least a majority of the Persons selected shall not be Participants, 

clearing participant or clearing member of a Clearing House, or any employee 

thereof, or otherwise associated with a Clearing House. Promptly following such 

appointment, the SEF shall forward copies of the Notice of Arbitration Answering 

Statement and Reply, if there be one, to the Panel members selected.

(iv) The SEF shall notify the parties of the appointment of the members of the Panel. 

Any party objecting to all or any members of the Panel shall file such objection 

with the Chairman of the Arbitration Committee within ten (10) days of the giving 

of such notice by the SEF. The Chairman of the Arbitration Committee shall then 

determine whether changes in the composition of the Panel are appropriate, and 

if so, shall make such changes. Any vacancy occurring on the Panel for any reason 

shall be filled by an individual appointed by the Chairman of the Arbitration 

Committee. The parties shall be notified of the filling of such vacancy and may file 

objections to the new appointee to the Panel in accordance with the procedure 

set forth above.

(v) (A) The parties shall, within a time specified by the Chairman of the Panel, 

furnish each other and the Panel with a statement listing the witnesses 

expected to be called and the documents expected to be introduced into 

evidence, together with copies of such documents. Unless the Panel 

waives compliance with this requirement, no witness may testify and no 

documentary evidence may be introduced at the hearing unless listed in 

(and, in the case of documents, furnished with) such statement.

(B) After the exchange of documents, any party may notify another party and 

the Chairman of the Panel of any pertinent documents and information it 
 

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seeks from such other party that were not provided as part of the 

document exchange. The other party has five (5) days to provide the 

requested documents or information or object to their production. Any 

objection to a request for the production of documents or other 

information shall be resolved by the Chairman of the Panel, or his or her 

designee.

(vi) The Panel shall establish, on not less than ten (10) days’ written notice to the 

parties, the date, time and place of the hearing. Each Panel shall determine the 

procedures to be followed in any hearing before it, including the use of 

preliminary hearings to resolve discovery disputes, simplify the issues, and 

expedite the hearings, except that the following shall apply in every case:

(A) Each of the parties shall be entitled to appear personally at the hearing.

(B) Each of the parties, at their own expense, shall have the right to be 

represented by counsel in any aspect of the proceeding.

(C) Each of the parties shall be entitled to (1) prepare and present all relevant 

facts in support of the Claims or grievances, defenses or counterclaims, 

and to present rebuttal evidence to such Claims or grievances, defenses or 

counterclaims made by the other parties, (2) examine the other parties, 

(3) examine any witnesses appearing at the hearing, and (4) examine all 

relevant documents presented in connection with the Claim or grievance, 

or any defense or counterclaim applicable thereto.

(D) The formal rules of evidence shall not apply.

(E) No verbatim record shall be made of the proceedings, unless requested by 

a party who shall bear the cost of such record. If such a request is made, 

a stenographic transcript shall be taken, but not transcribed unless 

requested by a party who shall bear the cost of such transcription.

(F) Ex parte contacts by any of the parties with members of the Panel shall not 

be permitted.

(G) The Panel shall have the power, on the request of any party or on its own 

motion, to require any Person to testify and/or to produce documentary 

evidence in the proceedings as and to the extent provided for in Rule 904.
 

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(vii) The Panel shall, within sixty (60) days of the termination of the hearing, render its 

award in writing and deliver a copy thereof either in person or by first-class mail 

to each of the parties. The Panel, in its award, may grant any remedy or relief 

which it deems just and equitable, including, without limitation, the awarding of 

interest and the arbitration fee; provided, however, that any costs incurred as a 

result of having a Mixed Panel shall be borne by the Participant unless the Panel 

determines that the Customer acted in bad faith in initiating or conducting the 

proceeding. The award of the Panel shall be final and binding upon each of the 

parties to the arbitration, and judgment upon such award may be entered by any 

court having jurisdiction. Any Participant who is a Respondent in an arbitration 

conducted pursuant to the Rules shall notify the Legal Department of the SEF of 

any judicial proceeding based on the award. In addition, any award, if not 

complied with within the time specified in the award, shall be enforceable by 

disciplinary proceedings pursuant to the Rules.

(viii) Notwithstanding any other provision of this paragraph (a), including the right of a 

Customer to elect a Mixed Panel pursuant to Rule 903(a)(iii), if a Notice of 

Arbitration sets forth Claims or grievances aggregating less than $100,001, and the 

Answering Statement submitted by the Respondent either does not raise 

counterclaims or raises one (1) or more counterclaims aggregating less than 

$100,001, the Chairman of the Arbitration Committee may, at the request of any 

party or on his or her own motion, in his or her sole and absolute discretion, decide 

that there shall not be a hearing, in which case the following procedures shall

apply:

(A) The Chairman of the Arbitration Committee shall notify both parties that 

neither the Claims or grievances nor the counterclaims, if any, aggregate 

to $100,001.

(B) The Claimant shall, within twenty (20) days of such notification, submit to 

the SEF, with a copy to each of the Respondents, a memorandum (together 

with such supporting documents, affidavits and other materials as the 

Claimant deems pertinent) setting forth the bases upon which he or she 

believes he or she is entitled to the relief requested in the Notice of 

Arbitration.

(C) Each Respondent shall, within twenty (20) days of its or his or her receipt 

of the Claimant’s memorandum and supporting documentation, submit to 

the SEF, with a copy to the Claimant, a memorandum (together with such 

supporting documents, affidavits and other materials as the respondent 
 

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deems pertinent) setting forth the bases upon which he or she believes 

that the relief requested by the Claimant should be denied and, if said 

Respondent has raised counterclaims in his or her Answering Statement, 

the bases upon which he or she believes he or she is entitled to the relief 

requested by such counterclaims.

(D) The Chairman of the Arbitration Committee may, on the request of any 

party or on his or her own motion, in his or her sole and absolute discretion 

determine whether to allow or require the submission of reply or 

additional papers, unless a Respondent has asserted one (1) or more 

counterclaims, in which case the Claimant shall be entitled to reply to such 

counterclaims within ten (10) days of delivery of the Respondent’s 

memorandum setting forth the bases thereof.

(E) The Chairman of the Arbitration Committee or his or her designee, acting 

as sole arbitrator, shall, within thirty (30) days of his or her receipt of the 

final papers filed, render an award in writing and deliver a copy thereof 

either in person or by first-class mail to each of the parties. The sole 

arbitrator in his or her award may grant any remedy or relief which he or 

she deems just and equitable, including, without limitation, the awarding 

of interest and the arbitration fee; provided, however, that any costs 

incurred as a result of a Customer requesting a Mixed Panel shall be borne 

by the Participant unless the sole arbitrator determines that the Customer 

acted in bad faith in initiating or conducting the proceeding. The decision 

of the sole arbitrator shall be final and binding upon each of the parties to 

the arbitration, and judgment upon such award may be entered by any 

court having jurisdiction. In addition, any award, if not complied with 

within the time specified in the award, shall be enforceable by disciplinary 

proceedings pursuant to the Rules.

(ix) The failure of any party to an arbitration to comply with any of the requirements 

of this paragraph (a), or with any demand or request of either the Panel, the sole 

arbitrator or the Chairman of the Arbitration Committee shall be deemed a 

Violation and shall, in addition to any other action the SEF may take for any such 

Violation, subject such party to such action by the Panel, the sole arbitrator or the 

Chairman of the Arbitration Committee (including without limitation the entry of 

an award against such party) as it or he or she shall deem appropriate under the 

circumstances.
 

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(x) Notwithstanding the provisions of subparagraph (x) of this paragraph (a), either 

the Panel, the sole arbitrator or the Chairman of the Arbitration Committee, may 

for good cause shown extend any time limitation imposed by this paragraph (a) 

(except the two (2) year and the thirty (30) day limitation periods set forth in 

subparagraph (a)(i)) or may excuse any neglect to comply therewith or with any 

other requirement of this paragraph (a) or demand or request of the Panel, the 

sole arbitrator or the Chairman of the Arbitration Committee.

(b) Other Claims Asserted Pursuant to Rule 902(c).

(i) Any dispute or controversy between or among any two (2) or more parties may, if 

all of the parties to such dispute or controversy so agree, be settled by arbitration 

in accordance with this paragraph (b). Such dispute or controversy shall be heard 

and determined in accordance with the procedures set forth in paragraph (a) of 

this Rule, except for the following:

(A) In lieu of the procedure set forth in the first sentence of subparagraph (i) 

of paragraph (a), the provisions of this paragraph (b) shall be invoked by 

the submission by all of the parties concerned of an agreement to submit 

the dispute or controversy to arbitration in accordance with this paragraph 

(b) and to be bound by the award of the arbitrators. Following such 

submission, the SEF shall forward to the party requesting relief the 

information set forth in subparagraph (i) of paragraph (a) of this Rule, 

whereupon all of the other procedures set forth in said subparagraph (i) of 

paragraph (a) shall apply.

(B) None of the limitations on counterclaims set forth in subparagraph (ii) of 

paragraph (a) shall apply.

Rule 904. Withdrawal of Claims.

Any Notice of Arbitration may be withdrawn at any time before an Answering Statement is filed 

in accordance with these Rules.

If an Answering Statement has been filed, any withdrawal shall require consent of the party 

against which the Claim or grievance is asserted.

Rule 905. Modification of Award.
 

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On written application to the Legal Department of the SEF by a party to an arbitration, within 

twenty (20) days after delivery of the award to the applicant, the Panel or sole arbitrator may 

modify the award if:

(a) there was a miscalculation of figures or a mistake in the description of any Person, thing, 

or property referred to in the award; or

(b) the Panel or sole arbitrator has awarded upon a matter not submitted to it and the award 

may be corrected without affecting the merits of the decision upon the issues submitted; 

or

(c) the award is imperfect in a matter of form, not affecting the merits of the controversy.

Written notice of the application shall be given to the other parties to the arbitration. Written 

objection to the modification must be served on the SEF and the other parties to the arbitration 

within ten (10) days of receipt of the application. The Panel or sole arbitrator shall dispose of any 

application made under this Rule in writing, signed and acknowledged by the Panel or sole 

arbitrator, within thirty (30) days after either written objection to the modification has been 

served on it or the time for serving said objection has expired, whichever is earlier. The parties 

may in writing extend the time for such disposition either before or after its expiration.

Rule 906. Compensation of Arbitrators.

The parties to an arbitration shall pay the arbitrators appointed in each matter compensation in 

accordance with such fee schedule as the Board may from time to time determine. The 

arbitrators in each such matters shall determine the proportion in which such compensation shall 

be paid by each of the parties.

Rule 907. Failure to Comply With Award.

(a) Any Participant in whose favor an award has been rendered pursuant to this Chapter 

shall promptly notify the Legal Department of the SEF, in writing, if the award is not 

complied with. Any Participant, who fails to comply with the terms of an award rendered 

against such Participant, shall be subject to the procedures set forth in this Rule. 

Specifically, upon receipt of a notice or information indicating that a Participant has 

failed to comply with the terms of an award rendered against such Participant, the SEF 

shall notify such Participant against whom or which the award was rendered of the SEF’s 

intention to suspend its privileges as a Participant and afford the Participant an 

opportunity to be heard by a panel of the Arbitration Committee appointed by the 

Chairman for the sole purpose of proving that the award has been satisfied, provided 

that the Legal Department of the SEF receives a written request from the Participant for 
 

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such a hearing within five (5) Business Days after receipt of such notice by the Participant. 

Failure to so request such a hearing shall be deemed an acknowledgment by the

Participant that the award has not been complied with. Any such hearing shall be 

conducted in accordance with such procedures as the Panel shall determine. The Panel 

shall consist of no less than three (3) members of the Arbitration Committee. Following 

any such hearing, the Panel shall determine whether the Participant has failed to timely 

satisfy the award and shall promptly advise the SEF, and all parties in the proceeding, of 

its determination.

(b) If the Panel shall find, or if a Participant shall acknowledge, that it has failed to comply 

with any award rendered pursuant to this Chapter when and as provided by such award, 

the Participant may be suspended, as provided in these Rules, and shall remain 

suspended until the award is complied with and the suspended Participant is reinstated.
 

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CHAPTER 10: CLEARING AND FINANCIAL RESPONSIBILITY; REPORTING

Rule 1001. Designation of Clearing Houses.

As part of the Contract Specifications for each Contract that is eligible to be cleared or required 

to be cleared, the SEF shall designate one or more Clearing Houses for clearing of such Contract. 

For the avoidance of doubt, the SEF may treat each Contract to be cleared at a different Clearing 

House as being a different Contract for all purposes of the Rules.

Rule 1002. Cleared Swaps.

(a) Each Cleared Swap (including any Required Transaction) shall be cleared through a 

Clearing House indicated in the applicable Contract Specifications that is a derivatives 

clearing organization registered under the CEA or a derivatives clearing organization that 

is exempt from registration under the CEA.

(b) For each Cleared Swap a Participant (or, if applicable, its Customer) expects to enter into 

on the SEF or subject to the Rules, the Participant (or, if applicable, its Customer) must 

be a Clearing Member of the applicable Clearing House or have established a clearing 

relationship with a Clearing Member of the applicable Clearing House.

(c) Acceptance of Orders for a Cleared Swap will be subject to Rule 516. Following execution 

of a Transaction in a Cleared Swap, the SEF shall submit such Transaction to the 

applicable Clearing House for each Participant (or, if applicable, its Customer) party 

thereto, as applicable.

(d) If a Cleared Swap is affirmatively rejected by the relevant Clearing House, such

Transaction shall be deemed void ab initio. The SEF shall have the right to suspend 

Trading Privileges of the Participant or Participants that executed the Transaction or the 

account of the Customer on whose behalf the Participant executed the Transaction that 

was rejected or take any other action permitted by the Rules. The SEF will report the 

cancellation of the Transaction as required by Part 43 and Part 45 of the CFTC 

Regulations.

Rule 1003. Uncleared Swaps.

Any Participant (or its Customer, if applicable) that is not a Swap Dealer and is placing an Order 

with respect to a Contract that is an Uncleared Swap, prior to placing such Order, shall have 

designated a Swap Intermediary and entered into a Swap Intermediation Arrangement. Such 

Swap Intermediary shall have entered into a master agreement or other applicable agreement 

that will govern the related Transaction following execution with the relevant counterparty, and 
 

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such Participant (or Customer) shall have entered into a Swap Intermediation Arrangement 

(including a master agreement or other applicable agreement that will govern the related 

offsetting Transaction between the Participant (or Customer) and the Swap Intermediary). Such 

agreements shall comply with all applicable swap trading documentation requirements and other 

requirements under Applicable Law, including as to relevant credit support terms. Acceptance 

of an Order for an Uncleared Swap will be subject to Rule 516; provided that this Rule 1003 shall 

not apply to any Transaction in a Commodity Contract.

Rule 1004. Transaction Reporting.

(a) The SEF will report all Transactions (including accepted Block Trades) subject to reporting 

by the SEF under Applicable CFTC Regulations as soon as technologically practicable after 

the Transaction has been executed to ICE Trade Vault, LLC, with respect to a Cleared

Swap in a Credit Contract and Uncleared Swaps in Commodity Contracts, or DTCC Data 

Repository (U.S.) LLC, with respect to an Uncleared Swap in a Credit Contract. However, 

in limited circumstances the SEF reserves the right to submit a Cleared Swap in a Credit 

Contract to the DTCC Data Repository (U.S.) LLC if necessary to satisfy the SEF’s or a 

Market Participant’s reporting obligations under Part 43 and 45 of the CFTC Regulations. 

With respect to Transactions in Contracts, the SEF may disclose publicly reportable 

Transaction and Pricing data to Market Participants prior to the public dissemination of 

such data by an SDR; provided that, the SEF may only provide such Transaction and 

Pricing data to Market Participants no earlier than the time the SEF transmits such 

information to an SDR.

(b) The parties to a Transaction will be responsible for compliance with their own reporting 

obligations, if any, with respect to such Transaction under Applicable CFTC Regulations. 

Notwithstanding the preceding sentence, the SEF will identify the Person that is the 

Reporting Counterparty to a Transaction in accordance with CFTC Regulation 45.8. If the 

counterparties to a Transaction are of the same reporting designation, the SEF will 

designate the seller as the Reporting Counterparty for such Transaction. 

(c) If a Market Participant that is a counterparty to a Transaction becomes aware of an error 

or omission in the Transaction or Pricing data which was reported to an SDR by the SEF 

with respect to such Transaction, either through its own initiative or through notice by 

its counterparty to the Transaction, such Market Participant shall inform the SEF of such 

error or omission and promptly submit corrected data to the SEF, to the extent that the 

error or omission in reporting was the fault of the Market Participant or its counterparty.
 

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(d) The SEF will record and report to the CFTC all data required to be reported to the CFTC 

under Part 16 of the CFTC Regulations, in the form and manner required by such 

regulations.

CHAPTER 11: MISCELLANEOUS

Rule 1101. Governing Law.

The Rules, and all matters arising out of or relating thereto, shall be governed by and construed 

in accordance with the laws of the State of New York.

Rule 1102. Transaction Terms.

(a) The SEF may establish Contract Specifications for each Contract listed for trading on the 

SEF or subject to the Rules. Such Contract Specifications may be based on, or 

incorporate, the applicable Contract Specifications of any relevant Clearing House for 

such Contract.

(b) Upon execution of a Transaction in a Cleared Swap and acceptance thereof for clearing, 

such Transaction (or any resulting Transactions) is deemed to be a legally binding 

obligation of the Participant (or the relevant Customer) and will be subject to the rules 

and regulations of the applicable Clearing House.

(c) Upon execution of a Transaction in an Uncleared Swap, solely as between the parties 

thereto, such Transaction shall be deemed a legally binding obligation of the Participant 

at the time the SEF provides notice of acceptance or execution of such Transaction and 

shall be subject to the applicable master agreement or other documentation agreed 

between such parties. For the avoidance of doubt, no further action, other than that 

described in the preceding sentence, need be taken or is otherwise required to be done, 

in order for such Transaction in an Uncleared Swap to be deemed a legally binding 

Transaction as between the parties thereto, and such Transaction will be deemed 

“confirmed” for all purposes upon delivery of the written record of the Transaction 

pursuant to Rule 515.

Rule 1103. Limitation on Liability.

(a) EXCEPT AS OTHERWISE SET FORTH IN THE RULES OR OTHERWISE UNDER APPLICABLE 

LAW, NEITHER THE SEF NOR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’

REPRESENTATIVES SHALL BE LIABLE TO ANY PERSON, OR ANY PARTNER, DIRECTOR, 
 

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OFFICER, AGENT, EMPLOYEE THEREOF, FOR ANY LOSS, DAMAGE, INJURY, DELAY, COST, 

EXPENSE, OR OTHER LIABILITY OR CLAIM, WHETHER IN CONTRACT, TORT OR 

RESTITUTION, OR UNDER ANY OTHER CAUSE OF ACTION, SUFFERED BY OR MADE 

AGAINST THEM AS A RESULT OF THEIR USE OF SOME OR ALL OF THE TRADING SYSTEM

AND BY MAKING USE OF THE TRADING SYSTEM, SUCH PERSONS EXPRESSLY AGREE TO 

ACCEPT ALL LIABILITY ARISING FROM THEIR USE OF SAME.

(b) EXCEPT AS OTHERWISE SET FORTH IN THE RULES OR OTHERWISE UNDER APPLICABLE 

LAW, NEITHER THE SEF NOR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’

REPRESENTATIVES SHALL BE LIABLE TO ANY PERSON, OR ANY PARTNER, DIRECTOR, 

OFFICER, AGENT, EMPLOYEE THEREOF, FOR ANY LOSS, DAMAGE, INJURY, DELAY, COST, 

EXPENSE, OR OTHER LIABILITY OR CLAIM, WHETHER IN CONTRACT, TORT OR 

RESTITUTION, OR UNDER ANY OTHER CAUSE OF ACTION, SUFFERED BY OR MADE 

AGAINST THEM ARISING FROM: (A) ANY FAILURE OR NON-AVAILABILITY OF THE 

TRADING SYSTEM; (B) ANY ACT OR OMISSION ON THE PART OF THE SEF, ITS 

REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES INCLUDING WITHOUT 

LIMITATION A DECISION OF THE SEF TO SUSPEND, HALT, OR TERMINATE TRADING OR 

TO VOID, NULLIFY OR CANCEL ORDERS OR TRADES IN WHOLE OR IN PART; (C) ANY 

ERRORS OR INACCURACIES IN INFORMATION PROVIDED BY THE SEF, AFFILIATES OR THE 

TRADING SYSTEM; (D) UNAUTHORIZED ACCESS TO OR UNAUTHORIZED USE OF THE 

TRADING SYSTEM BY ANY PERSON; OR (E) ANY FORCE MAJEURE EVENT AFFECTING THE 

SEF. THIS LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF WHETHER OR NOT THE 

SEF, ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES (OR ANY 

DESIGNEE THEREOF) WAS ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE 

POSSIBILITY OF SUCH DAMAGES.

(c) NO PARTICIPANT, CLEARING MEMBER, NON-PARTICIPANT BROKER, CUSTOMER, 

ACCOUNT MANAGER, AUTHORIZED TRADER, SUPERVISED PERSON OR ANY OTHER 

PERSON SHALL BE ENTITLED TO COMMENCE OR CARRY ON ANY PROCEEDING AGAINST 

THE SEF, ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES, IN 

RESPECT OF ANY ACT, OMISSION, PENALTY OR REMEDY IMPOSED PURSUANT TO THE 

RULES OF THE SEF. THIS SECTION SHALL NOT RESTRICT THE RIGHT OF SUCH PERSONS 

TO APPLY FOR A REVIEW OF A DIRECTION, ORDER OR DECISION OF THE SEF BY A 

COMPETENT REGULATORY AUTHORITY.

(d) NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, IN NO EVENT WILL THE SEF 

OR ANY OF ITS REPRESENTATIVES, AFFILIATES OR AFFILIATES’ REPRESENTATIVES BE 

LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL 

DAMAGES (WHETHER OR NOT THE SEF OR ANY SUCH PERSON HAD BEEN INFORMED OR 

NOTIFIED OR WAS AWARE OF THE POSSIBILITY OF SUCH DAMAGES). 
 

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(e) THE LIMITATIONS ON LIABILITY IN THIS RULE 1103 SHALL NOT PROTECT ANY PARTY FOR 

WHICH THERE HAS BEEN A FINAL DETERMINATION (INCLUDING EXHAUSTION OF ANY 

APPEALS) BY A COURT OR ARBITRATOR TO HAVE ENGAGED IN WILLFUL OR WANTON 

MISCONDUCT OR FRAUD. ADDITIONALLY, THE FOREGOING LIMITATIONS ON LIABILITY 

OF THIS RULE SHALL BE SUBJECT TO THE CEA AND THE REGULATIONS PROMULGATED 

THEREUNDER, EACH AS IN EFFECT FROM TIME TO TIME.

Rule 1104. Limitation on Damages.

The maximum aggregate liability of the SEF, its Representatives, Affiliates and Affiliates’

Representatives to any Person or any partner, director, officer, agent, employee thereof, on an 

aggregate basis, for any and all claims made in relation to the use of or failure of the Trading 

System or any action or failure to act in any calendar year shall be two million dollars 

($2,000,000), however that liability arises, including (without limitation) breach of contract, tort, 

misrepresentation or breach of statutory duty. This aggregate liability limit applies regardless of 

whether a claim is allowed under Rule 1103 or the limitation in Rule 1103 is found by a court of 

competent jurisdiction to be invalid, unlawful, or unenforceable. Notwithstanding the foregoing, 

to the extent that there has been a final determination (including exhaustion of any appeals) by 

a court or arbitrator that the SEF, its Representatives, Affiliates and Affiliates’ Representatives

have engaged in willful or wanton misconduct or fraud, the limitations on damages described in 

this Rule 1104 shall not apply to damages as a result thereof.

Rule 1105. Indemnification.

(a) In the event any legal proceeding is brought by a third party against the SEF which arises 

directly or indirectly from the use of or access to the Trading System by a Participant, 

Clearing Member, Customer or a Supervised Person, Authorized Trader, Account 

Manager or Non-Participant Broker acting for such Participant, Clearing Member or 

Customer, such Participant, Clearing Member, Customer or Non-Participant Broker, as 

applicable, undertakes to hold the SEF harmless in respect of, and to reimburse to the 

SEF all costs related to same including all legal fees and expenses; provided that the 

foregoing reimbursement shall not apply to the extent that such costs arises out of (1) a 

breach by the SEF of any of its obligations under the Rules, or (2) willful or wanton 

misconduct or fraud by the SEF, its Representatives, Affiliates or Affiliates’ 

Representatives.

(b) Each Participant, Clearing Member, Customer or Non-Participant Broker shall indemnify 

and hold the SEF, its Representatives, Affiliates or Affiliates’ Representatives harmless 

from and against all costs, including without limitation amounts paid to settle an action 

or to satisfy a judgment, legal and professional fees, expenses for attending trials, 
 

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hearings and meetings, that the SEF incurs in any civil, criminal or administrative action, 

suit, proceeding, investigation, inquiry, hearing, appeal, or review that is threatened or 

brought against the SEF, or in respect of which the SEF is compelled or requested to 

participate, in respect of any act committed or permitted by the Participant, Clearing 

Member, Customer, Authorized Trader, Account Manager, Supervised Person or NonParticipant Broker; provided that the foregoing indemnity shall not apply to the extent 

that such costs arise out of or in connection with (1) a breach by the SEF of any of its 

obligations under the Rules, or (2) fraud, willful or wanton misconduct by the SEF, its 

Representatives, Affiliates or Affiliates’ Representatives. 

(c) Any Participant, Clearing Member, Customer, Account Manager or Non-Participant 

Broker which institutes an action or proceeding against the SEF, its Representatives, 

Affiliates or Affiliates’ Representatives, and which fails to prevail in such action or 

proceeding, shall reimburse the SEF and its Representatives, Affiliates or Affiliate’s 

Representatives, for any and all costs or expenses (including but not limited to attorneys’

fees, expenses of investigation and amounts paid by way of indemnifying any 

Representatives or other Persons by the SEF) incurred in connection with the defense of 

such action or proceeding.

(d) If the SEF is subject to any claim by a third party which would, if the claim were successful, 

be likely to give rise to a right on the part of the SEF to make a claim under Rule 1105(a) 

or (b) above against a Participant (or any Person identified therein):

(i) the SEF will:

(A) promptly provide such Participant, Clearing Member, Customer or NonParticipant Broker with notice of such claim and all documentation and 

correspondence in its possession that is materially relevant to the claim 

(except to the extent that the provision of such documentation or 

correspondence to the Participant is restricted by a duty of confidentiality 

or by any Applicable Law); and

(B) provide the Participant, Clearing Member, Customer or Non-Participant 

Broker with a reasonable opportunity to comment on correspondence and 

documents proposed to be sent by the SEF to the claimant that is material 

to the claim (except to the extent that the provision of any draft 

correspondence is restricted by a duty of confidentiality or by any 

Applicable Law);
 

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(ii) the Participant, Clearing Member, Customer or Non-Participant Broker shall have 

the right to defend against, negotiate, settle, or otherwise deal with a claim, 

provided that:

(A) if the Participant, Clearing Member, Customer or Non-Participant Broker

elects to defend against, negotiate, settle, or otherwise deal with a claim, 

it shall, within thirty (30) calendar days (or sooner if the nature of the claim 

so requires) from the date of receipt of notice from the SEF of the claim, 

notify the SEF, the relevant officer, or the relevant employee, as applicable, 

of its intent to do so;

(B) the Participant, Clearing Member, Customer or Non-Participant Broker will 

at all times conduct itself with high standards of integrity and fair dealing

and with reference to the SEF’s good reputation and regulatory status; and

(C) the Participant, Clearing Member, Customer or Non-Participant Broker will 

consult with the SEF in connection with any document or proposed 

document concerning the claim that relates to the SEF or makes 

statements about the SEF's conduct, and will take into account any 

reasonable suggestions or comments received by it from the SEF in relation 

to any such document or proposed document (and the reasonableness of 

any comments of the SEF shall be interpreted, without limitation, with 

reference to the principles set out in Rule 1105(d)(ii)(B)); 

(D) the Participant, Clearing Member, Customer or Non-Participant Broker

shall undertake, conduct and control, through reputable independent 

counsel of its own choosing (which the SEF shall find reasonably 

satisfactory) and at Participant’s sole cost and expense, the settlement or 

defense thereof;

(E) the Participant, Clearing Member, Customer or Non-Participant Broker will 

not, without the prior written consent of the SEF, settle or compromise or 

consent to the entry of any judgment with respect to the claim unless such 

settlement includes an unconditional release and no admission of fault of 

the SEF and any indemnified party from all liability arising out of such 

claim; and

(iii) if the Participant, Clearing Member, Customer or Non-Participant Broker does not 

elect to itself defend against, negotiate, settle, or otherwise deal with a claim

within the period specified in Rule 1105(d)(ii)(A),
 

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(A) the Participant, Clearing Member, Customer or Non-Participant Broker will 

promptly provide the SEF with all documentation and correspondence in 

its possession that is materially relevant to the claim (except to the extent 

that the provision of such documentation or correspondence to the SEF is 

restricted by a duty of confidentiality or by any Applicable Law); and

(B) the SEF will, in addition to its obligations in Rule 1105(d)(i):

(i) take into account any reasonable suggestions or comments 

received by it from the Participant, Clearing Member, Customer or 

Non-Participant Broker in relation to proposed correspondence or 

documents referred to in Rule 1105(d)(i)(B) above (and the 

reasonableness of any comments shall be interpreted, without 

limitation, with reference to the principles set out in Rule 

1105(d)(ii)(B)); and

(ii) consult with the Participant, Clearing Member, Customer or NonParticipant Broker in respect of the resolution of the claim, 

including, prior to any settlement, in respect of the terms of 

settlement.

Rule 1106. Disclaimer of Warranties.

(a) THE SEF PROVIDES ANY LICENSED PRODUCTS, ACCESS TO THE PLATFORM, THE 

EQUIPMENT AND ANY PART OR PARTS OF THE TRADING SYSTEM, ON AN “AS IS” BASIS.

(b) EXCEPT AS SPECIFICALLY PROVIDED IN ANY WRITTEN AGREEMENT, THE SEF AND ITS 

AFFILIATES MAKE NO, AND HEREBY DISCLAIM ALL, WARRANTIES, CONDITIONS, 

UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, 

COMMON LAW OR OTHERWISE, IN RELATION TO ANY LICENSED PRODUCTS, 

EQUIPMENT OR ANY PART OR PARTS OF THE TRADING SYSTEM. THE SEF AND ITS 

AFFILIATES SPECIFICALLY DISCLAIM ALL IMPLIED WARRANTIES OF MERCHANTABILITY, 

FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE SEF AND ITS 

AFFILIATES FURTHER DISCLAIM ALL WARRANTIES, IMPLIED OR OTHERWISE, RELATING 

TO ANY THIRD PARTY MATERIALS, TO INCLUDE ANY MATERIALS PROVIDED BY AN ISV, 

THE ICE LINK PLATFORM OR ANY PRE-EXECUTION LIMIT CHECKING SERVICE.

(c) THE SEF DOES NOT GUARANTEE THE SEQUENCE, TIMELINESS, ACCURACY OR 

COMPLETENESS OF ANY OF THE SEF’s OR ITS AFFILIATE’S MARKET DATA OR GUARANTEE 

THE ACCURACY, RESPONSIVENESS OR COMPLETENESS OF THE TRADING SYSTEM, THE 
 

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TRADING SYSTEM SOFTWARE, THE RELATED DOCUMENTATION, OR ANY SERVICES 

PROVIDED BY ANY THIRD PARITIES, TO INCLUDE ANY ISV, THE ICE LINK PLATFORM OR

ANY PRE-EXECUTION LIMIT CHECKING SERVICE.

Rule 1107. Arbitration and Venue.

(a) Any actions, suits or proceedings against the SEF, its Representatives, Affiliates or 

Affiliates' Representatives must be brought within two (2) years from the time that a 

cause of action, suit or proceeding has accrued.

(b) Any dispute, claim, difference or controversy between the SEF and any Participant or 

other Person subject to the jurisdiction of the SEF arising out of or relating to these Rules 

or any action or activity on the SEF (a “Dispute”) shall be referred to and finally resolved 

by arbitration.

(c) Such arbitration shall be conducted in accordance with the International Arbitration 

Rules of the American Arbitration Association – International Centre for Dispute 

Resolution (the “AAA Rules”). Capitalized terms in this Rule 1107 that are not otherwise 

defined in the Rules shall have the meaning given to them in the AAA Rules.

(d) The Tribunal for purposes of such arbitration shall consist of three arbitrators, who shall 

be appointed in accordance with the AAA Rules. The members of the Tribunal will be 

persons with experience with respect to the subject matter of the Dispute. Tribunal 

members shall not be current or former employees or directors of any Participant, 

Customer, Authorized Trader or Supervised Person that is a party to the arbitration, 

current or former employees of the SEF or any person or persons with a material interest 

or conflict of interest in the outcome of the Dispute.

(e) The seat or legal place of such arbitration shall be New York, New York.

(f) The language used in the arbitral proceedings shall be English.

(g) The award of the arbitral Tribunal will be final and binding on the parties to the 

arbitration 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.

(h) This Rule 1107 shall be without prejudice to and shall not limit in any way the right of 

the SEF to exercise any right or remedy or institute or conduct any proceeding (including 

a disciplinary proceeding) under the Rules.
 

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(i) To the extent that notwithstanding clause (b) any Dispute is not subject to or eligible for 

arbitration under this Rule 1107, such Dispute shall be brought in the U.S. federal or New 

York State courts located in the Borough of Manhattan in New York City, New York, and 

the SEF and each Participant, Customer, Authorized Trader and Supervised Person 

hereby expressly consents to the exclusive jurisdiction of such courts and waives any 

objection to venue therein. Furthermore, each such party hereby waives any right it may 

have to trial by jury in any such Dispute.

Rule 1108. Suspension and Waiver of Rules.

The time frames fixed by these Rules, interpretations or policies of the SEF for the doing of any 

act or acts may be extended, or the doing of any act or acts required by these Rules or any 

interpretations or policies of the SEF may be waived, and any provision of these Rules or any 

interpretations or policies of the SEF may be suspended by the Board or by any eligible officer 

whenever, in the judgment of the Board or such eligible officer, as applicable, such extension, 

waiver or suspension is necessary or expedient. Any such extension, waiver or suspension under 

this Rule may continue in effect after the event or events giving rise thereto but shall not continue 

in effect for more than three business days after the date thereof unless it shall be approved by 

the Board within such period.

Rule 1109. Trading by Employees Prohibited.

(a) No officer, director, manager, employee, representative or agent of the SEF shall:

(i) trade or participate directly or indirectly in any transaction in any Contract or 

related commodity interest, except to the extent necessary to carry out the 

provisions of any Rule, or as otherwise permitted pursuant to an exemption 

granted in accordance with this Rule; 

(ii) trade or participate directly or indirectly in any transaction in a commodity 

interest traded or cleared by a linked exchange, designated clearing organization

or contract market other than the SEF if the officer, director, manager, employee, 

representative or agent of the SEF has access to material, non-public information 

concerning such commodity interest;

(iii) disclose any material, non-public information obtained as a result of such Person’s 

employment or relationship with the SEF where such Person has or should have a 

reasonable expectation that the information disclosed may assist another Person 

in trading any Contract or any similar transaction, underlying asset or any other 

interest in respect thereof; provided that an employee is not prohibited from 
 

119

making disclosures in the course of the employee’s duties, or to another selfregulatory organization, court of competent jurisdiction or representative of any 

agency or department of the federal or state government acting in his or her 

official capacity; or 

(iv) trade for such Person’s own account, or for or on behalf of any other account, in 

any commodity interest, on the basis of any material, non-public information 

obtained as a result of such Person’s employment or relationship with the SEF.

(b) From time to time, the SEF may adopt additional Rules which set forth circumstances 

under which exemptions from the trading prohibition contained in paragraph (a)(i) will 

be granted. The effectiveness of such rules and the procedures for administration of 

such rules shall be governed by Applicable Law.

Rule 1110. Forms; Transmission of Data.

(a) In connection with any transaction or matter handled through, with or by the SEF under 

or pursuant to the Rules, the form of any required list, notice or other document shall 

be as from time to time prescribed by the SEF, and additions to, changes in and 

elimination of any such forms may be made by the SEF at any time in its discretion.

(b) Any Person that is required to deliver a document to the SEF or to any other Person 

pursuant to these Rules may execute such document by means of a mechanically or 

electronically reproduced facsimile signature of a representative of such Person; 

provided that such Person shall have complied with such requirements as may be 

prescribed by the SEF in connection with the use of such facsimile signatures.

Rule 1111. Amendments to the Rules.

The SEF shall be authorized to amend these Rules and any related procedures or other 

documents from time to time with the approval of the Board and without the consent of any 

other Person, subject to Applicable Law, and in connection therewith to determine the effective 

date of any such amendment (which shall not be prior to the date the amendment is adopted) 

and whether, and how, any such amendment may apply to existing Contracts as of the effective 

date; provided that, no such Rule amendment shall materially affect existing Transactions or 

disputes that arise prior to such Rule Amendment. Notwithstanding anything to the contrary, 

nothing in this Rule 1111 shall limit the SEF’s authority to take Emergency Actions under Rule 

208. The SEF will notify Participants and Clearing Members of Rule changes by Circular. Each 

Participant, Customer, Authorized Trader and Supervised Person shall be bound by any such 

amendment.
 

120

CHAPTER 12: CREDIT CONTRACTS TERMS AND CONDITIONS

Rule 1201. Scope

(a) The rules in this chapter govern the trading of Credit Contracts and Options on Credit 

Contracts. The Clearing Organization(s) for each contract is specified in the specifications 

document for each Contract. Any matters not specifically covered herein related to trading, 

clearing, settlement or otherwise related to Transactions involving Credit Contracts and options 

on Credit Contracts shall be governed by the Rules and the Clearing House rules. In the event of 

any inconsistency between the Rules in this chapter and any other SEF Rule, the Rules in this 

chapter shall govern.

(b) The SEF shall list for trading hereunder Contracts and options on Contracts as may be 

designated by the SEF from time to time.

Rule 1202. Definitions

As used in this chapter the following terms shall have the following meanings:

Index Administrator

Markit North America, Inc., or Markit Group Limited, or one of its subsidiaries or any 

successor sponsor according to each index.

ICE Clear Credit

ICE Clear Credit, a Delaware limited liability company.

ICE Clear Europe

ICE Clear Europe, a company organized under the laws of England and Wales.

Index Roll Date

the date on which the Index Administrator, creates a new series on the respective credit 

index.

Rule 1203. Reserved

Rule 1204. Reserved

Rule 1205. Contract Months
 

121

Trading shall be conducted in the months of March and September, or as otherwise specified by 

the Board. The number of months open for trading at any time shall be determined by the SEF.

Rule 1206. Price Basis

There shall be no price limits on any Contracts. All bids and offers shall be quoted and minimum 

price fluctuations shall be as follows:

Contract Name Price Basis

Minimum Price 

Fluctuation

Markit® CDX® North American Investment Grade CDX 

Index

Basis Points 0.0001

Markit® CDX® North American Investment Grade High 

Volatility Index

Basis Points 0.25

Markit® CDX® North American High Yield CDX Index Price 0.0001

Markit® CDX® Emerging Markets Index Price 0.01

Markit® CDX® Emerging Markets EX-EU Index Price 0.01

Markit® iTraxx® Europe Index Basis Points 0.0001

Markit® iTraxx® Crossover Index Basis Points 0.0001

Markit® iTraxx® Europe HiVol Index Basis Points 0.25

Markit® iTraxx® Europe Senior Financials Index Basis Points 0.25

Markit® iTraxx® Europe Subordinated Financials Index Basis Points 0.25

Markit® CDX North American Investment Grade Index 

Option

Cents 0.25

Markit® CDX North American High Yield Index Option Cents 0.25

Markit® iTraxx® Europe Index Option Cents 0.25

Markit® iTraxx® Crossover Index Option Cents 0.25
 

122

Contract Name Price Basis

Minimum Price 

Fluctuation

Markit ®iTraxx® Europe Senior Financials Index Option Cents 0.25

Markit® CDX® North American Investment Grade Index 

Tranche

Basis Points or 

Points Upfront

1 Basis Point or 

0.01 points 

upfront

Markit® CDX® North American High Yield Index 

Tranche

Basis Points or 

Points Upfront

1 Basis Point or 

0.01 points 

upfront

Markit® iTraxx® Europe Index Tranche Basis Points or 

Points Upfront

1 Basis Point or 

0.01 points 

upfront

Markit iTraxx Asia Ex-Japan Index Basis Points 0.0001

Markit iTraxx Japan Index Basis Points 0.0001

Markit iTraxx Australia Index Basis Points 0.0001

Markit® iTraxx® Corp CEEMEA Basis Points 0.0001

Markit® iTraxx® Sovx CEEMEA Basis Points 0.0001

Markit® iTraxx® Sovx CEEMEA EXEU Basis Points 0.0001

Markit® iBoxx® EUR Corporates Basis Points 0.125

Markit® iBoxx® EUR Liquid High Yield Basis Points 0.125

Markit® iBoxx® USD Liquid High Yield Basis Points 0.125

Markit® iBoxx® USD Liquid Investment Grade Basis Points 0.125

Markit® iTraxx® Crossover Index Tranche Basis Points or 

Points Upfront

1 Basis Point or 

0.01 points 

upfront

Rule 1207. Last Trading Day
 

123

The last trading day for each Contract shall be the maturity date of each Contract.

Rule 1208. Daily and Final Settlement Price

The relevant clearing house shall publish a daily and final settlement price. Final settlement for 

any contract month shall be made in accordance with the procedures of the relevant Clearing 

Organization.

Rule 1209. Position Limits

Transactions in Credit Contracts shall be subject to the limitations on position and other 

requirements set forth in chapter 5 of the Rules.

Rule 1210. Trading Hours

Trading hours for all Credit Contracts is Monday through Friday from 7:00 AM London time to 5:30

PM New York time. Trading hours on the last trading day of any Credit Contracts end at 4:30 PM 

London time for iTraxx Credit Contracts and 4:30 PM New York time for CDX Credit Contracts.

Rule 1211. Reserved

Rule 1212. Reserved

Rule 1213. Reserved

Rule 1214. Reserved

Rule 1215. Reserved

Rule 1216. Reserved

Rule 1217. Reserved

Rule 1218. Reserved

Rule 1219. Reserved

Rule 1220. Reserved
 

124

Credit Index Contract Specifications

Rule 1221. Markit CDX.NA.IG

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 1,000,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 100,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) of the most liquid North American 

entities with investment grade credit ratings as published by Markit® 

from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

125

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol CDX.NA.IG

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

126

Rule 1222. Markit CDX.NA.HY

Currency USD

Contract Minimum 

Notional Amount

Order Book: 1,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 250,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 100,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred (100) liquid North American entities with high yield credit 

ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Index Points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 index points; minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 27 (or the Business Day immediately thereafter) and March 

27 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 27 shall have a maturity 

date of December 27 (or the first Business Day thereafter if December 

27 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol CDX.NA.HY

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None

Daily Price Limit None

Block Enabled Yes
 

127

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

128

Rule 1223. Markit CDX.NA.IG.HIVOL

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 250,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Thirty (30) entities in the IG Index with the widest 5-year Average CDS 

Spreads over the last 90 days prior to the HVol index composition as 

published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol CDX.NA.IG.HIVOL

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None
 

129

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

130

Rule 1224. Markit CDX.EM

Currency USD

Contract Minimum 

Notional Amount 

Order Book: 1,000,000

All other execution methods: As agreed by counterparties

Contract Maximum 

Notional Amount

Order Book: 200,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 100,000

All other execution methods: As agreed by counterparties

Contract 

Description

Sovereign issuers from Latin America, Eastern Europe, the Middle East, 

Africa and Asia as published by Markit from time to time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Index Price

Minimum Price 

Fluctuation

The price quotation convention shall be .01 index points; minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol CDX.NA.EM

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None
 

131

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

132

Rule 1225. Markit iTraxx Europe Main

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum 

Notional Amount

Order Book: 2,000,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) of the most liquid European entities 

with investment grade credit ratings as published by Markit® from time 

to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol ITRX EUR

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None
 

133

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

134

Rule 1226. Markit iTraxx Crossover

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 10,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 50,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 10,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Up to seventy-five (75) European entities with non-investment grade 

credit ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol ITRX XOVER

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None
 

135

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

136

Rule 1227. Markit iTraxx Main HiVol

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 2,000,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Thirty (30) entities with the widest 5-year CDS spreads from the Markit 

iTraxx® Europe Non-Financials Index as published by Markit® from time 

to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol iTraxx Europe HiVol

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None
 

137

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

138

Rule 1228. Markit iTraxx® Europe Senior Financials Index

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Amount

Order Book: 1,500,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Twenty Five (25) financial entities from the Markit iTraxx® Europe index 

referencing senior debt as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be 0.25 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol iTraxx Europe Senior Financials

Final Settlement 

(cleared contracts)

Cash settlement at expiration based upon the relevant clearing house 

daily settlement price of the cleared swap on the corresponding swap 

series on the last trading day of the expiring contract

Final Settlement 

Date

Last Trade Date

Position Limit None

Daily Price Limit None
 

139

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

140

Rule 1229. Markit iTraxx® Europe Subordinated Financials Index

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 350,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Twenty Five (25) financial entities from the Markit iTraxx® Europe index 

referencing subordinated debt as published by Markit® from time to 

time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .25 basis point (bps); minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol iTraxx Europe Subordinated Financials

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

141

Rule 1230. Markit CDX® North American Investment Grade Index Option

Currency USD

Contract Minimum 

Notional Amount

Order Book: 50,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 750,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 50,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) of the most liquid North American 

entities with investment grade credit ratings as published by Markit® 

from time to time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Cents (option premium)

Minimum Price 

Fluctuation

The price quotation convention shall be .25 cents; minimum price 

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1 based on liquidity

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day 

thereafter if the 20th Calendar day is not a business day

Option Style European

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise 

Provisions

None

Strike Price Listing 

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below 

the at-the-money Strike Price. Price boundaries are adjusted according 

to the price of the underlying swap.

Symbol CDX.NA.IG Option

Position Limit None
 

142

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

143

Rule 1231. Markit CDX® North American High Yield Index Option

Currency USD

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred (100) liquid North American entities with high yield credit 

ratings as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Cents (option premium)

Minimum Price 

Fluctuation

The price quotation convention shall be 0.25 cents; minimum price 

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day 

thereafter if the 20th Calendar day is not a business day

Option Style European
 

144

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise 

Provisions

None

Strike Price Listing 

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below 

the at-the-money Strike Price. Price boundaries are adjusted according 

to the price of the underlying swap.

Symbol CDX.NA.HY Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

145

Rule 1232. Markit iTraxx® Europe Main Option

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 500,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) liquid European entities with 

investment grade credit ratings as published by Markit® from time to 

time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price 

Fluctuation

The price quotation convention shall be .25 cents; minimum price 

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day 

thereafter if the 20th Calendar day is not a business day

Option Style European
 

146

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise 

Provisions

None

Strike Price Listing 

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below 

the at-the-money Strike Price. Price boundaries are adjusted according 

to the price of the underlying swap.

Symbol iTraxx Europe Main Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

147

Rule 1233. Markit iTraxx® Crossover Index Option

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 250,000,000 

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Up to seventy-five (75) European entities with non-investment grade 

credit ratings as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price 

Fluctuation

The price quotation convention shall be .25 cents; minimum price 

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

Option Style European
 

148

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise 

Provisions

None

Strike Price Listing 

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below 

the at-the-money Strike Price. Price boundaries are adjusted according 

to the price of the underlying swap.

Symbol iTraxx Europe Crossover Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

149

Rule 1234. Markit iTraxx® Europe Senior Financials Index Option

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 500,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Twenty Five (25) financial entities from the Markit iTraxx® Europe index 

referencing senior debt as published by Markit® from time to time

Contract Months Any calendar month beginning with January through December, with 

up to 24 contracts listed at any given time.

Price Quotation Cents

Minimum Price 

Fluctuation

The price quotation convention shall be .25 cents; minimum price 

fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month, of first New York business day 

thereafter if the 20th Calendar day is not a business day

Option Style European
 

150

Exercise Method Manual

Exercise Procedure Manual exercise or abandon

Exercise Day Last Trade Date

Automatic Exercise 

Provisions

None

Strike Price Listing 

Provisions

A minimum of 1 Strike Price in increments of $0.01 above and below 

the at-the-money Strike Price. Price boundaries are adjusted according 

to the price of the underlying swap.

Symbol iTraxx Europe Senior Financials Option

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

151

Rule 1235. Markit CDX® North American Investment Grade Index Tranche

Currency USD

Contract Minimum 

Notional Amount

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) of the most liquid North American 

entities with investment grade credit ratings as published by Markit® 

from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price 

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01 

points upfront; minimum price fluctuation may vary by trade type.

Attachment and 

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

152

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol CDX.NA.IG Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

153

Rule 1236. Markit CDX® North American High Yield Index Tranche

Currency USD

Contract Minimum 

Notional Amount

Order Book: 25,000,000 

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000 

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 25,000,000 

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred (100) liquid North American entities with high yield credit 

ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price 

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01 

points upfront; minimum price fluctuation may vary by trade type.

Attachment and 

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

154

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol CDX.NA.HY Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

155

Rule 1237. Markit iTraxx® Europe Main Index Tranche

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 50,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 1,000,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 10,000,000 

All other execution methods: As agreed by counterparties

Contract 

Description

One hundred twenty five (125) of the most liquid European entities 

with investment grade credit ratings as published by Markit® from time 

to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price 

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01 

points upfront; minimum price fluctuation may vary by trade type.

Attachment and 

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

156

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol ITRX EUR Tranche

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

157

Rule 1238. Markit iTraxx Asia Ex-Japan

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 300,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Forty (40) of the most liquid Asian entities with investment grade credit 

ratings as published by Markit® from time to time, excluding entities 

domiciled in Japan

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date.
 

158

Symbol ITRX.ASIA.EXJAPAN

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

159

Rule 1239. Markit iTraxx Japan

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 9,000,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Fifty (50) of the most liquid Japanese entities with investment grade 

credit ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis Points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis points; minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 27 (or the Business Day immediately thereafter) and March 

27 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 27 shall have a maturity 

date of December 27 (or the first Business Day thereafter if December 

27 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol ITRX.JAPAN
 

160

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

161

Rule 1240. Markit iTraxx Australia

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 300,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Twenty five (25) of the most liquid Australian entities with investment 

grade credit ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

162

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol ITRX.AUS

Position Limit None

Daily Price Limit None

Block Enabled No

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

163

Rule 1241. Markit iTraxx® Corp CEEMEA

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 200,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Twenty five (25) of the most liquid corporate and quasi-sovereign 

entities from Central & Eastern European, Middle Eastern and African 

countries, as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

164

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol ITRX.CORP.CEEMA

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

165

Rule 1242. Markit ITraxx® Sovx CEEMEA

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 200,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Eleven (11) of the most liquid sovereign entities from Central & Eastern 

European, Middle Eastern and African countries, as published by 

Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

166

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol ITRX.SOVX.CEEMA

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

167

Rule 1243. Markit iTraxx® Sovx CEEMEA EXEU

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 200,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Up to twelve (12) of the most liquid sovereign entities from Central & 

Eastern European, Middle Eastern and African countries (excluding 

countries that are European Union member states, or are expected to 

become European Union member states during the 6 month period 

following the creation of a new index series), as published by Markit® 

from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points

Minimum Price 

Fluctuation

The price quotation convention shall be .0001 basis point (bps); 

minimum price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

168

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date.

Symbol ITRX.SOVX.CEEMA.EXEU

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

169

Rule 1244. Markit CDX® EM EX-EU

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

14 Sovereign issuers from Latin America, Eastern Europe, the Middle 

East, Africa and Asia, excluding Hungary.

Contract Months March and September; one or two months listed at all times

Price Quotation Index Points

Minimum Price 

Fluctuation

The price quotation convention shall be .01 index points; minimum 

price fluctuation may vary by trade type.

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 18

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

170

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of March 20 shall have a maturity 

date of June 20 (or the first Business Day thereafter if June 20 is not a 

Business Day) occurring up to 10 years following the Roll Date. Each 

index series with a Roll Date of September 20 shall have a maturity date 

of December 20 (or the first Business Day thereafter if December 20 is 

not a Business Day) occurring up to 10 years following the Roll Date.

Symbol CDX.EM.EX-EU

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

171

Rule 1245. Markit® iBoxx® EUR Corporates

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Description Total Return Swap referencing the Markit iBoxx EUR Corporate index.

Contract Months March, June, September and December; up to 16 months listed at all 

times

Price Quotation Basis Points

Minimum Price 

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX EUR Corp

Position Limit None
 

172

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

173

Rule 1246. Markit® iBoxx® EUR Liquid High Yield

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract Description Total Return Swap referencing the Markit iBoxx EUR Liquid high Yield 

index.

Contract Months March, June, September and December; up to 16 months listed at all 

times

Price Quotation Basis Points

Minimum Price 

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX EUR LIQ HY Corp
 

174

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

175

Rule 1247. Markit® iBoxx® USD Liquid High Yield

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Total Return Swap referencing the Markit iBoxx USD Liquid High Yield 

index.

Contract Months March, June, September and December; up to 16 months listed at all 

times

Price Quotation Basis Points

Minimum Price 

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX USD LIQ HY
 

176

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

177

Rule 1248. Markit® iBoxx® USD Liquid Investment Grade

Currency USD

Contract Minimum 

Notional Amount

Order Book: 5,000,000

Block Trades: In accordance with Rule 701(k)

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 100,000,000

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 5,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Total Return Swap referencing the Markit iBoxx USD Liquid Investment 

Grade index.

Contract Months March, June, September and December; up to 16 months listed at all 

times

Price Quotation Basis Points

Minimum Price 

Fluctuation

0.125 basis points

Listing Cycle N/A

Series N/A

Roll Date N/A

First Trade Date Date of contract listing

Last Trade Date 

(Maturity Date)

20th calendar day of the Contract Month.

Symbol IBOXX USD LIQ IG
 

178

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

179

Rule 1249. Markit® iTraxx® Crossover Index Tranche

Currency EUR

Contract Minimum 

Notional Amount

Order Book: 10,000,000

All other execution methods: As agreed by counterparties

Contract Maximum

Notional Amount

Order Book: 1,000,000,000 

All other execution methods: As agreed by counterparties

Contract Minimum 

Notional Increment

Order Book: 10,000,000

All other execution methods: As agreed by counterparties

Contract 

Description

Up to seventy-five (75) European entities with non-investment grade 

credit ratings as published by Markit® from time to time

Contract Months March and September; one or two months listed at all times

Price Quotation Basis points, or points upfront depending upon the contract

Minimum Price 

Fluctuation

The price quotation convention shall be 1 basis point (bps) or 0.01 

points upfront; minimum price fluctuation may vary by trade type.

Attachment and 

Detachment Points

As agreed by counterparties

Listing Cycle Tenors of 1 through 10 Years based on liquidity

Series All Series, initiated with series 1

Roll Date September 20 (or the Business Day immediately thereafter) and March 

20 (or the Business Day immediately thereafter) of each calendar year

First Trade Date Date of contract listing
 

180

Last Trade Date 

(Maturity Date)

Each index series with a Roll Date of September 20 shall have a maturity 

date of December 20 (or the first Business Day thereafter if December 

20 is not a Business Day) occurring up to 10 years following the Roll 

Date. Each index series with a Roll Date of March 20 shall have a 

maturity date of June 20 (or the first Business Day thereafter if 

December 20 is not a Business Day) occurring up to 10 years following 

the Roll Date.

Symbol ITRX XOVER Tranche

Position Limit None

Daily Price Limit None

Block Enabled Yes

NCR and RL Variable by contract type and price. See Error Trade Policy for more 

details.
 

181

CHAPTER 13: COMMODITIES CONTRACT TERMS AND CONDITIONS

Rule 1301. Scope.

(a) The rules in this Chapter govern the trading of Commodity Contracts. Any matters not 

specifically covered herein related to trading, settlement or otherwise related to Transactions 

involving Commodity Contracts shall be governed by the Rules of the SEF. In the event of any 

inconsistency between the Rules in this Chapter and any other SEF Rule, the Rules in this Chapter 

shall govern.

(b) The SEF shall list for trading hereunder Commodity Contracts as may be designated by the 

SEF from time to time.

Rule 1302. Definitions.

As used in this Chapter, the following terms shall have the following meanings:

Commodity Contract

The term “Commodity Contract” shall include Commodity Swaps, Option on Commodity 

Swaps, and any other interests or instruments traded on or subject to the Rules.

CAISO

The Term “CAISO”, or its successor, shall mean the California Independent System 

Operator which reports market prices on its website at oasis.caiso.com or its successor.

Contract Period

The Term “Contract Period” shall mean the expiration month or date of the Contract.

ERCOT

The Term “ERCOT” shall mean the Electric Reliability Council of Texas, or its successor, 

which reports market prices on its website at www.ercot.com or its successor.

Gas Daily

The Term “Gas Daily” shall mean Platts Gas Daily, or any successor publication, published 

by The McGraw-Hill Companies Inc. or its successor.
 

182

Inside FERC

The Term “Inside FERC” shall mean Platts Inside F.E.R.C.’s Gas Market Report, or any 

successor publication, published by The McGraw-Hill Companies Inc. or its successor.

ISO

The term “ISO” shall mean Independent System Operator.

ISO New England

The Term “ISO New England” shall mean the Independent System Operator of New 

England, or its successor, which reports market prices on its website at www.iso-ne.com 

or its successor.

Last Trading Day

The term “Last Trading Day” shall mean the last day on which trading is permitted for 

swap in accordance with the Rules.

LMBP

The term “LMBP” shall mean locational based marginal pricing.

LMP

The term “LMP” shall mean locational based marginal pricing.

MISO

The Term “MISO” shall mean the Midwest Independent Transmission System Operator, 

Inc., or its successor, which reports market prices on its website at www.midwestiso.org 

or its successor.

MMBTU or MMBtu or mmbtu

The Term “MMBTU”, “MMBtu” and “mmbtu” each means one million British thermal 

units
 

183

NYISO

The Term “NYISO” shall mean the New York Independent System Operator, or its 

successor, which reports market prices on its website at www.nyiso.com or its successor.

PJM

The Term “PJM” shall mean the PJM Interconnection regional transmission organization, 

or its successor, which reports market prices on its website at www.pjm.com or its 

successor.

Platts Asia-Pacific/Arab Gulf Marketscan

The Term “Platts Asia-Pacific/Arab Gulf Marketscan” shall mean Platts Asia-Pacific/Arab 

Gulf Marketscan, or any successor publication, published by the McGraw-Hill Companies 

Inc. or its successor.

“Platts®” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for 

use by Intercontinental Exchange, Inc. Platts does not sponsor, endorse, sell or promote 

the Contracts specified in this chapter and Platts makes no recommendations concerning 

the advisability of investing in any Contracts.

Platts Crude Oil Marketwire

The Term “Platts Crude Oil Marketwire” shall mean Platts Crude Oil Marketwire, or any 

successor publication, published by the McGraw-Hill Companies Inc. or its successor.

“Platts®” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for 

use by Intercontinental Exchange, Inc. Platts does not sponsor, endorse, sell or promote 

the Contracts specified in this chapter and Platts makes no recommendations concerning 

the advisability of investing in any Contracts.

Platts European Marketscan

The Term “Platts European Marketscan” shall mean Platts European Marketscan, or any 

successor publication, published by The McGraw-Hill Companies Inc. or its successor. 

“Platts®” is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for 

use by Intercontinental Exchange, Inc. Platts does not sponsor, endorse, sell or promote 

the Contracts specified in this chapter and Platts makes no recommendations concerning 

the advisability of investing in any Contracts.
 

184

Pricing Calendar

The Term “Pricing Calendar” shall mean the holiday calendar relevant for determining the 

publication dates of a Reference Price.

Pricing Date

The Term “Pricing Date” shall mean the day on which the applicable prices are announced 

or published by the Price Source.

Price Source

The Term “Price Source” shall mean the publication (or such other origin of reference) 

containing (or reporting) the Specified Price (or prices from which the Specified Price is

calculated).

Reference Price

The Term “Reference Price” shall mean any of the commodity reference prices specified 

in the 2005 ISDA Commodity Definitions, or any successor publications, or a commodity 

reference price specified using the commodity reference price framework described in 

the 2005 ISDA Commodity Definitions, or its successor.

Specified Price

The Term “Specified Price” shall mean the explicit price reported in or by the Price Source, 

or capable of being determined from information reported in or by, the relevant Price 

Source.

Rule 1303. Trading Hours.

Trading in Commodity Contracts is available at all times except during system maintenance. 

Maintenance windows are reserved each weekday from 6:05 PM ET through 7:25 PM ET and 

Friday 6:05 PM ET through Sunday 5:00 PM ET.

Rule 1304. - Rule 1369. Reserved
 

185

Rule 1370. Daily CFD - Dated Brent vs First Month BFOE Swap

Contract Description: A cash settled swap based on the difference between Platts Dated Brent 

and the first listed Platts BFOE month.

Contract Symbol: BSM

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Second Business Day after the nominal contract date

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks ($/barrel)” for 

“Brent (Dated)” and the average of the “Mid” quotations for the “Spot Crude Assessment” for 

“Brent” for the first quoted month for each Business Day that both are determined during the 

contract month.

Roll Adjust Provision: N/A

Contract Series: 130 days, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

186

Rule 1371. Weekly CFD - Dated Brent vs First Month BFOE Swap

Contract Description: A cash settled swap based on the difference between the Platts daily 

assessment price for Dated Brent and the first listed Platts BFOE month.

Contract Symbol: CFD

Contract Size: 200 barrels

Unit of Trading: CFD’s will trade as weekly packages on the execution platform. Each weekly 

contract of 1,000 bbls will be divided into 5 daily contracts of 200 bbls each. No holidays are 

observed, and thus, holiday and publication interruptions, with regard to final settlement, will be 

final settled at the average of the applicable daily prints within the relevant week. Each day in 

the CFD will settle independently and sequentially, once the final weekly average is determined.

Currency: US Dollars and cents

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

Last Trading Day: Eight calendar days following the nominal contract day.

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Key benchmarks ($/barrel)” for 

“Brent (Dated)” and the average of the “Mid” quotations for the “Spot Crude Assessment” for 

“Brent” for the first quoted month for each Business Day that both are determined during the 

contract month.

Roll Adjust Provision: N/A

Contract Series: 130 consecutive Days, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
 

187

Rule 1372. Weekly CFD - Dated Brent vs Second Month BFOE Swap

Contract Description: A cash settled swap based on the difference between the Platts daily 

assessment price for Dated Brent and the second listed Platts BFOE month.

Contract Symbol: CFT

Contract Size: 200 barrels

Unit of Trading: Any multiple of 200 barrels.

Currency: US Dollars and cents

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

Last Trading Day: Eight calendar days following the nominal contract day.

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in "Platts Crude Oil Marketwire" under the heading "Key benchmarks ($/barrel)" for 

"Brent (Dated)" and the average of the “Mid” quotations for the "Spot Crude Assessment" for 

"Brent" for the second quoted month for each Business Day that both are determined during the 

contract period.

Roll Adjust Provision: N/A

Contract Series: 130 consecutive Days

Final Payment Dates: One Business Day following the Last Trading Day

Business Days: UK Business Days

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

188

Rule 1373. Fuel Oil 1% FOB NWE Cargoes Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for 1% FOB NWE Cargoes Fuel Oil

Contract Symbol: CAR

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest Europe cargoes” subheading “FOB NWE” 

for “Fuel oil 1.0%” for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

189

Rule 1374. Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 1% FOB NWE Cargoes Fuel Oil and the Platts daily assessment price for 

3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: FOS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe cargoes” 

subheading “FOB NWE” for “Fuel oil 1.0%” and the average of the “Mid” quotations appearing in 

the “Platts European Marketscan” under the heading “Northwest Europe barges” subheading 

“FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the 

determination period. Non-Common Pricing Applies

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

190

Rule 1375. Fuel Oil 180 CST Singapore Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for 180 CST Singapore Fuel Oil.

Contract Symbol: SZS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” 

and “FOB Singapore” for “HSFO 180 CST ($/mt)” for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

191

Rule 1376. Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily assessment price 

for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: NVS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Mediterranean cargoes” 

subheading “FOB MED (Italy)” for “Fuel Oil 3.5%” and the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe barges” 

subheading “FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in 

the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

192

Rule 1377. Fuel Oil 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: BAR

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB 

Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

193

Rule 1378. Fuel Oil 380 CST Singapore Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for 380 CST Singapore Fuel Oil

Contract Symbol: SYS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” 

and “FOB Singapore” for “HSFO 380 CST ($/mt)” for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

194

Rule 1379. Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol: CAS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest Europe cargoes” subheading “FOB NWE” 

for “Fuel Oil 1.0%” for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

195

Rule 1380. Fuel Oil 1% FOB NWE Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for 1% FOB NWE Cargoes Fuel Oil and the Platts daily 

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: FOT

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe cargoes” 

subheading “FOB NWE” for “Fuel oil 1.0%” and the average of the “Mid” quotations appearing in 

the “Platts European Marketscan” under the heading “Northwest Europe barges” subheading 

“FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the 

determination period. 

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

196

Rule 1381. Fuel Oil 180 CST Singapore Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for 180 CST Singapore Fuel Oil.

Contract Symbol: SZT

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” 

and “FOB Singapore ($/barrel)” for “HSFO 180 CST ($/mt)” for each business day (as specified 

below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

197

Rule 1382. Fuel Oil 3.5% FOB Med Cargoes vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo 

Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily 

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: NVT

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Mediterranean cargoes” 

subheading “FOB MED (Italy)” for “Fuel Oil 3.5%” and the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe barges” 

subheading “FOB Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in 

the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

198

Rule 1383. Fuel Oil 380 CST Singapore Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for 380 CST Singapore Fuel Oil

Contract Symbol: SYT

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

Asia-Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” 

and “FOB Singapore ($/barrel)” for “HSFO 380 CST ($/mt)” for each business day (as specified 

below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

199

Rule 1384. Marine Fuel 0.5% FOB Rotterdam Barge Swaps

Description: A monthly cash settled swap based on the Platts daily assessment price for 0.5% 

FOB Rotterdam Barges Marine Fuel.

Contract Symbol: MF3

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “$/mt” quotations appearing in the 

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

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

200

Rule 1385. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 3.5% CIF Med Cargoes Fuel Oil and the Platts daily assessment price 

for 3.5% FOB Med Cargoes Fuel Oil

Contract Symbol: AIN

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Mediterranean cargoes” 

subheading “CIF Med (Genova/Lavera)” for “Fuel oil 3.5%” and the average of the “Mid” 

quotations appearing in the “Platts European Marketscan” under the heading “Mediterranean 

cargoes” subheading “FOB MED (Italy)” for “Fuel oil 3.5%” for each business day (as specified 

below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Date: Five (5) New York Business Days after each settlement date via wire transfer 

of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

201

Rule 1386. Fuel Oil 180 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 180 CST Singapore Fuel Oil and the Platts daily assessment price for 

3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: SFS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the "Mid" quotations 

appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" 

subheading "Singapore" and "FOB Singapore" for "HSFO 180 CST ($/mt)" and the average of the 

"Mid" quotations appearing in the "Platts European Marketscan" under the heading "Northwest 

Europe barges" subheading "FOB Rotterdam" for "Fuel Oil 3.5%" for each business day (as 

specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan and Platts European 

Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

202

Rule 1387. Fuel Oil 380 CST Singapore vs. 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 380 CST Singapore Fuel Oil and the Platts daily assessment price for 

3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: SJS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the "Mid" quotations 

appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" 

subheading "Singapore" and "FOB Singapore" for "HSFO 380 CST ($/mt)" and the average of the 

"Mid" quotations appearing in the "Platts European Marketscan" under the heading "Northwest 

Europe barges" subheading "FOB Rotterdam" for "Fuel Oil 3.5%" for each business day (as 

specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan and Platts European 

Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

203

Rule 1388. Singapore Gasoil Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Singapore Gasoil.

Contract Symbol: GST

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore 

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

204

Rule 1389. Singapore Gasoil Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for Singapore Gasoil.

Contract Symbol: GSS

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts 

Asia-Pacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore 

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

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

205

Rule 1390. Marine Fuel 0.5% FOB Singapore Swap

Description: A monthly cash settled swap based on the Platts daily assessment price for 0.5% 

FOB Singapore Marine Fuel.

Contract Symbol: MF4

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “$/mt” quotations appearing in the 

“Platts Asia-Pacific/Arab Gulf Marketscan” under the heading “Marine Fuel” for “0.5% FOB 

Singapore cargo” for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds.

Business days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

206

Rule 1391. 3.5% CIF Med Cargoes vs 3.5% FOB Med Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for 3.5% FOB Med Cargoes Fuel Oil and the Platts daily 

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil

Contract Symbol: FQJ

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Mediterranean cargoes” 

subheading “CIF Med (Genova/Lavera)” for “Fuel Oil 3.5%” and the average of the “Mid” 

quotations appearing in the “Platts European Marketscan” under the heading “Mediterranean” 

subheading “FOB MED (Italy) ” for “Fuel Oil 3.5%” for each business day (as specified below) in 

the determination period.

Roll Adjust Provision: N/A

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

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

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

207

Rule 1392. Reserved
 

208

Rule 1393. Reserved
 

209

Rule 1394. Marine Fuel 0.5% FOB Rotterdam Barges vs Fuel Oil 3.5% FOB Rotterdam Barges 

Swap

Description: A monthly cash settled swap based on the difference between the Platts daily 

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

price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: MF5

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “$/mt” quotations appearing in the 

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

barge” and the average of “Mid” quotations appearing in the “Platts European Marketscan” 

under the heading “Northwest Europe barges” subheading “FOB Rotterdam” for “Fuel Oil 

3.5%” for each business day (as specified below) in the determination period. 

Roll Adjust Provision: N/A

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

Payment Dates: Five (5) New York Business Days after each settlement date via wire transfer 

of Federal funds

Business days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

210

Rule 1395. Marine Fuel 0.5% FOB USGC Barges Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price for 

0.5% FOB USGC Marine Fuel.

Contract Symbol: MF1

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

cents per barrel based on the average of the “Mid” quotations appearing in the “Platts US 

Marketscan” under the heading “Marine Fuel” for “0.5% FOB USGC Barges” for each business day 

(as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

211

Rule 1396. Marine Fuel 0.5% FOB USGC Barges vs USGC HSFO Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Marine Fuel 0.5% FOB USGC Barges and the Platts 

daily assessment price for USGC HSFO Swap.

Contract Symbol: MF2

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts US Marketscan” under the heading “Marine Fuel” for “0.5% FOB USGC 

Barges” and the average of the “Mid” quotations appearing in the “Platts US Marketscan” under 

the heading “Gulf Coast” subheading “Houston” and “$/barrel” for “USGC HSFO” for each 

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds.

Business days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

212

Rule 1397. Singapore Mogas 95 Unleaded Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Singapore Mogas. 95 Unleaded

Contract Symbol: SMF

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore 

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

213

Rule 1398. Singapore Mogas 95 Unleaded Balmo Swap

Contract Description: A balance of the monthly cash settled swap based on the Platts daily 

assessment price for Singapore Mogas 95 Unleaded

Contract Symbol: SMG

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Singapore” subheading “FOB Singapore 

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

214

Rule 1399. Singapore Jet Kerosene Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Singapore Jet Kerosene.

Contract Symbol: SRS

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia

‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and 

“FOB Singapore” for “Kerosene” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

215

Rule 13100. Singapore Jet Kerosene Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for Singapore Jet Kerosene.

Contract Symbol: SBJ

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts Asia

‐Pacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and 

“FOB Singapore ($/barrel)” for “Kerosene” for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

216

Rule 13101. Reserved
 

217

Rule 13102. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Swap

Contract Description: A monthly cash settled swap based on the difference of the Platts daily 

assessment price for Jet FOB Rotterdam Barges and the Platts daily assessment price for Jet CIF 

NWE Cargoes Swap

Contract Symbol: JRJ

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe barges” 

subheading “FOB Rotterdam” for “Jet” and the average of the “Mid” quotations appearing in the 

“Platts European Marketscan” under the heading “Northwest Europe cargoes” subheading “CIF 

NWE/Basis ARA” for “Jet” for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

218

Rule 13103. Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference of

the Platts daily assessment price for Jet FOB Rotterdam Barges and the Platts daily assessment

price for Jet CIF NWE Cargoes Swap

Contract Symbol: JCR

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” 

quotations appearing in the “Platts European Marketscan” under the heading “Northwest 

Europe barges” subheading “FOB Rotterdam” for “Jet” and the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest Europe cargoes” 

subheading “CIF NWE/Basis ARA” for “Jet” for each business day (as specified below) in the

determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
 

219

Rule 13104. Singapore Mogas 92 Unleaded Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Singapore Mogas Gasoline 92 unleaded.

Contract Symbol: SMT

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the “Platts AsiaPacific/Arab Gulf Marketscan” under the heading “Asia Products” subheading “Singapore” and 

“FOB Singapore” for “Gasoline 92 unleaded” for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

220

Rule 13105. Reserved
 

221

Rule 13106. Naphtha CIF NWE Cargoes Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Naphtha CIF NWE Cargoes

Contract Symbol: NEC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest European cargoes” subheading “CIF 

NWE/Basis ARA” for “Naphtha” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

222

Rule 13107. Naphtha CIF NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily

assessment price for Naphtha CIF NWE Cargoes.

Contract Symbol: NEH

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest Europe cargoes” subheading “CIF 

NWE/Basis ARA” for “Naphtha” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

223

Rule 13108. Naphtha CIF NWE Cargoes vs Brent 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Naphtha CIF NWE Cargoes and the ICE daily settlement price for Brent 

1st Line Future

Contract Symbol: NOB

Contract Size: 1,000 metric tonnes (8,900 bbls)

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest European 

cargoes” subheading “CIF NWE/Basis ARA” for “Naphtha” and the average of the settlement 

prices as made public by ICE for the front month Brent 1st Line Future for each business day (as 

specified below) in the determination period.

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except 

for the expiration date of the commodity’s underlying delivery month’s futures contract. On such 

date, the applicable pricing quotation will be rolled to the following month’s futures contract.

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

224

Rule 13109. Naphtha CIF NWE Cargoes vs Brent 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Naphtha CIF NWE Cargoes and the ICE daily 

settlement price for Brent 1st Line Future

Contract Symbol: NCB

Contract Size: 1,000 metric tonnes (8,900 bbls)

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the “Platts European Marketscan” under the heading “Northwest European 

cargoes” subheading “CIF NWE/Basis ARA” for “Naphtha” and the average of the settlement 

prices as made public by ICE for the front month Brent Crude Future for each business day (as 

specified below) in the determination period.

Non-Common Pricing applies.

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except 

for the expiration date of the commodity’s underlying delivery month’s futures contract. On such 

date, the applicable pricing quotation will be rolled to the following month’s futures contract.

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan and ICE

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

225

Rule 13110. Eurobob Oxy FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Eurobob Oxy FOB Rotterdam Barges.

Contract Symbol: GDG

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the “Platts

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB 

Rotterdam” for “Eurobob” for each business day (as specified below) in the determination 

period.

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

226

Rule 13111. Platts LNG Derivatives Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for the LNG Japan/Korea Marker (JKM). 

Contract Symbol: JKM

Contract Size: 10,000 MMBtu per contract month

Unit of Trading: Any multiple of 10,000 MMBtus

Currency: US Dollars and cents

Trading Price Quotation: One tenth of one cent ($0.001) per MMBtu

Last Trading Day: Trading shall cease on the 15th calendar day of the calendar month prior to 

the contract month. If the 15th calendar day is not a business day, then trading shall cease on 

the next preceding business day.

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

and cents per MMBtu based on the average of the relevant quotations appearing in “Platts LNG 

Daily” under the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES Japan/Korea 

Marker (JKM)" for “JKM (month)” for each business day (as specified below) in the determination 

period.

Non-Common Pricing applies.

Contract Series: Up to 12 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts LNG Daily

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

227

Rule 13112. 180cst Middle East FOB Arab Gulf Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Middle East 180 CST FOB Arab Gulf Fuel Oil.

Contract Symbol: MEA

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East 

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 180 CST ($/mt)" for each 

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

Contract Series: Up to 72 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

228

Rule 13113. 380cst Middle East FOB Arab Gulf Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Middle East 380 CST FOB Arab Gulf Fuel Oil.

Contract Symbol: ME2

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East 

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 380 CST ($/mt)" for each 

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

Contract Series: Up to 72 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

229

Rule 13114. 180cst Middle East FOB Arab Gulf Balmo Swap

Contract Description: A balance of the month cash settled future based on the Platts daily 

assessment price for Middle East 180 CST FOB Arab Gulf Fuel Oil.

Contract Symbol: ME9

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Middle East 

physical oil assessments" and "FOB Arab Gulf ($/barrel)" for "HSFO 180 CST ($/mt)" for each 

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

Contract Series: Up to two consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

230

Rule 13115. Reserved
 

231

Rule 13116. Reserved
 

232

Rule 13117. Reserved
 

233

Rule 13118. Reserved
 

234

Rule 13119. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Premium Unleaded 10ppm FOB Med Cargoes

Contract Symbol: UCC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med 

(Italy)" for "Prem Unl 10ppm" for each business day (as specified below) in the determination 

period

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

235

Rule 13120. Premium Unleaded Gasoline 10ppm FOB Med Cargoes Balmo Swap

Contract Description: A balance of the month cash settled based on the Platts daily assessment 

price for Premium Unleaded 10ppm FOB Med Cargoes

Contract Symbol: UCC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med 

(Italy)" for "Prem Unl 10ppm" for each business day (as specified below) in the determination 

period

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

236

Rule 13121. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Gasoil 0.1% CIF Med Cargoes and the ICE daily settlement price for 

Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULQ

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes" 

subheading "CIF Med (Genova/Lavera)" for "Gasoil 0.1%" and the average of the settlement 

prices as made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as 

specified below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

237

Rule 13122. Gasoil 0.1% CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Gasoil 0.1% CIF Med Cargoes and the ICE daily 

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULW

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes" 

subheading "CIF Med (Genova/Lavera)" for "Gasoil 0.1%" and the average of the settlement 

prices as made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as 

specified below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

238

Rule 13123. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Gasoil 0.1% CIF NWE Cargoes and the ICE daily settlement price for 

Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULT

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "CIF NWE/Basis ARA" for "Gasoil 0.1%" and the average of the settlement prices as 

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

239

Rule 13124. Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Gasoil 0.1% CIF NWE Cargoes and the ICE daily 

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULXContract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "CIF NWE/Basis ARA" for "Gasoil 0.1%" and the average of the settlement prices as 

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

240

Rule 13125. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily settlement price for ICE 

Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULR

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made 

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) 

in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

241

Rule 13126. Gasoil 0.1% FOB ARA Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily 

settlement price for ICE Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULY

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made 

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) 

in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

242

Rule 13127. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference of the Platts daily 

assessment price for Jet FOB Rotterdam Barges and the ICE daily settlement price for Low Sulphur 

Gasoil 1st Line Future

Contract Symbol: ULK

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Jet"and the average of the settlement prices as made public 

by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) in the 

determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

243

Rule 13128. Jet FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference of the 

Platts daily assessment price for Jet FOB Rotterdam Barges and the ICE daily settlement price for 

Low Sulphur Gasoil 1st Line Future

Contract Symbol: N/A

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Jet"and the average of the settlement prices as made public 

by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) in the 

determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

244

Rule 13129. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference of the Platts daily 

assessment price for Jet CIF NWE Cargoes and the ICE daily settlement price for Low Sulphur 

Gasoil 1st Line Future

Contract Symbol: ULJ

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "CIF NWE/Basis ARA" for "Jet" and the average of the settlement prices as made 

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) 

in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

245

Rule 13130. Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference of the 

Platts daily assessment price for Jet CIF NWE Cargoes and the ICE daily settlement price for Low 

Sulphur Gasoil 1st Line Future

Contract Symbol: UME

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "CIF NWE/Basis ARA" for "Jet" and the average of the settlement prices as made 

public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified below) 

in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

246

Rule 13131. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for the Diesel 10 ppm FOB ARA Barges and the ICE daily settlement price 

for Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULE

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Diesel 10 ppm" and the average of the settlement prices as 

made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

247

Rule 13132. Diesel 10ppm FOB ARA Barges vs Low Sulphur Gasoil 1st Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for the Diesel 10 ppm FOB ARA Barges and the 

ICEsettlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: UMA

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Diesel 10 ppm" and the average of the settlement prices as 

made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period. Non-Common Pricing applies

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan and ICE

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

248

Rule 13133. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for ULSD 10ppm CIF Med Cargoes and the ICE daily settlement price for 

Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULI

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes" 

subheading "CIF Med (Genova/Lavera)" for "10ppm ULSD" and the average of the settlement 

prices as made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as 

specified below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

249

Rule 13134. ULSD 10ppm CIF MED Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for ULSD 10ppm CIF Med Cargoes and the ICE daily 

settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: UMC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes"

subheading "CIF Med (Genova/Lavera)" for "10ppm ULSD" and the average of the settlement 

prices as made public by ICE for Low Sulphur Gasoil 1st Line Future for each business day (as 

specified below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

250

Rule 13135. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for the ULSD 10 ppm CIF NWE Cargoes and the ICE daily settlement price 

for Low Sulphur Gasoil 1st Line Future

Contract Symbol: ULF

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "CIF NWE/Basis ARA" for "ULSD 10 ppm" and the average of the settlement prices as 

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

251

Rule 13136. ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for the ULSD 10 ppm CIF NWE Cargoes and the ICE 

daily settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: UMD

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the “Mid” quotations appearing in 

the "Platts European Marketscan" under the heading "Northwest Europe cargoes" subheading 

"CIF NWE/Basis ARA" for "ULSD 10 ppm" and the average of the settlement prices as made public 

by ICE for the Low Sulphur Gasoil Future for each business day (as specified below) in the 

determination period. Non-Common Pricing applies

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan and ICE

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

252

Rule 13137. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Gasoil 50 ppm FOB Rotterdam Barges and the ICE daily settlement 

price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: N/A

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Gasoil 50 ppm" and the average of the settlement prices as 

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

253

Rule 13138. Gasoil 50ppm FOB Rotterdam Barges vs Low Sulphur Gasoil 1st Line Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Gasoil 50 ppm FOB Rotterdam Barges and the ICE 

daily settlement price for Low Sulphur Gasoil 1st Line Future

Contract Symbol: N/A

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 5,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: Twenty Five ($0.25) cents per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe barges" 

subheading "FOB Rotterdam" for "Gasoil 50 ppm" and the average of the settlement prices as 

made public by ICE for the Low Sulphur Gasoil 1st Line Future for each business day (as specified 

below) in the determination period

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Low Sulphur Gasoil Futures specified in the Floating Price terms above will be 

used except for the expiration date of the commodity's underlying delivery month's futures 

contract. On such date, the applicable pricing quotation will be rolled to the following month's 

futures contract

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling
 

254

Rule 13139. Urals NWE vs Dated Brent Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Urals North and Platts daily assessment price for 

Dated Brent (Mediterranean Dated strip).

Contract Symbol: CFV

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot 

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent” 

for “Mediterranean Dated strip” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

255

Rule 13140. Urals NWE vs Dated Brent Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Urals North and Platts daily assessment price for Dated Brent 

(Mediterranean Dated strip).

Contract Symbol: CFU

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot 

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent” 

for “Mediterranean Dated strip” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 36 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

256

Rule 13141. Urals NWE vs Dated Brent Half Monthly Swap

Contract Description: A half monthly cash settled swap based on the difference between the 

Platts daily assessment price for Urals North and Platts daily assessment price for Dated Brent 

(Mediterranean Dated strip).

Contract Symbol: N/A

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot 

assessments” subheading “$/bbl” for “Urals (Rotterdam)” and the average of the “Mid”

quotations appearing in “Platts Crude Oil Marketwire” under the heading “Forward Dated Brent” 

for “Mediterranean Dated strip” for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 4 consecutive months (8 half months), or as otherwise determined by the 

SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

257

Rule 13142. Urals Med vs Dated Brent Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for Urals Med and Platts daily assessment price for 

Dated Brent.

Contract Symbol: UCG

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO Spot 

Assessments ($/barrel)” for “Urals RCMB (Recombined)” and the average of the “Mid”

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

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

period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

258

Rule 13143. Urals Med vs Dated Brent Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Urals Med and Platts daily assessment price for Dated Brent.

Contract Symbol: UCF

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot 

assessments” subheading “$/bbl” for “Urals RCMB (Recombined)” and the average of the “Mid”

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

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

period.

Roll Adjust Provision: N/A

Contract Series: Up to 36 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

259

Rule 13144. Urals Med vs Dated Brent Half Monthly Swap

Contract Description: A half monthly cash settled swap based on the difference between the 

Platts daily assessment price for Urals Med and Platts daily assessment price for Dated Brent.

Contract Symbol: N/A

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 100,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in “Platts Crude Oil Marketwire” under the heading “Russian Urals/ESPO spot 

assessments” subheading “$/bbl” for “Urals RCMB (Recombined)” and the average of the “Mid”

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

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

period.

Roll Adjust Provision: N/A

Contract Series: Up to 4 consecutive months (8 half months), or as otherwise determined by the 

SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

260

Rule 13145. Singapore Mogas 92 Unleaded Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for Singapore Mogas Gasoline 92 unleaded.

Contract Symbol: SMU

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts AsiaPacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and 

"FOB Singapore ($/barrel)" for "Gasoline 92 unleaded" for each business day (as specified below) 

in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

261

Rule 13146. Reserved
 

262

Rule 13147. Reserved
 

263

Rule 13148. Reserved 
 

264

Rule 13149. Fuel Oil 1% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for 1% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: FOB

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Northwest Europe Barges" subheading "FOB 

Rotterdam" for "Fuel Oil 1.0%" for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

265

Rule 13150. Fuel Oil 1% FOB Rotterdam Barges Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for 1% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: FOC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Northwest Europe Barges" subheading "FOB 

Rotterdam" for "Fuel Oil 1.0%" for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

266

Rule 13151. Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for 1% FOB Rotterdam Barges Fuel Oil and the Platts daily assessment 

price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol: FBC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe Barges" 

subheading "FOB Rotterdam" for "Fuel Oil 1.0%" and the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

267

Rule 13152. Fuel Oil 1% FOB Rotterdam Barges vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for 1% FOB Rotterdam Barges Fuel Oil and the Platts

daily assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol: FBD

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations

appearing in the "Platts European Marketscan" under the heading "Northwest Europe Barges" 

subheading "FOB Rotterdam" for "Fuel Oil 1.0%" and the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The

terms reflected in such contracts shall be controlling.
 

268

Rule 13153. New York 1% Fuel Oil Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for New York 1% Fuel Oil.

Contract Symbol: FOW

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US 

Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and 

"Cargo" for "No. 6 1%" for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

269

Rule 13154. New York 1% Fuel Oil Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for New York 1% Fuel Oil.

Contract Symbol: FOX

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US 

Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and 

"Cargo" for "No. 6 1%" for each business day (as specified below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

270

Rule 13155. New York 1% Fuel Oil vs Brent 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference the Platts daily 

assessment price for New York 1% Fuel Oil and the ICE daily settlement price for Brent 1st Line 

Future.

Contract Symbol: NFB

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading 

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the settlement prices as 

made public by ICE for the front month Brent 1st Line Future for each business day (as specified 

below) in the determination period.

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except 

for the expiration date of the commodity's underlying delivery month's futures contract. On such 

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

271

Rule 13156. New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for New York 1% Fuel Oil and the Platts daily assessment price for 1% FOB 

NWE Cargoes Fuel Oil.

Contract Symbol: FOH

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading 

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the 

determination period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan and Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

272

Rule 13157. New York 1% Fuel Oil vs Fuel Oil 1% FOB NWE Cargoes Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for New York 1% Fuel Oil and the Platts daily 

assessment price for 1% FOB NWE Cargoes Fuel Oil.

Contract Symbol: FOI

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading 

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the “Mid” quotations 

appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" 

subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the 

determination period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan and Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

273

Rule 13158. New York 1% Fuel Oil vs USGC HSFO Fuel Oil Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for New York 1% Fuel Oil and the Platts daily assessment price for US Gulf 

Coast High Sulphur Fuel Oil.

Contract Symbol: FOD

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast” subheading “New 

York Harbor" subheading "Delivered cargo ($/bbl)" and for "No. 6 1%" and the average of the 

“Mid” quotations appearing in the "Platts US Marketscan" under the heading "Gulf Coast" 

subheading "Houston" and "$/bbl" for "USGC HSFO” for each business day (as specified below) 

in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

274

Rule 13159. New York 1% Fuel Oil vs USGC HSFO Fuel Oil Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for New York 1% Fuel Oil and the Platts daily 

assessment price for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol: FOE

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast” subheading “New 

York Harbor" subheading "Delivered cargo ($/bbl)" and for "No. 6 1%" and the average of the 

“Mid” quotations appearing in the "Platts US Marketscan" under the heading "Gulf Coast" 

subheading "Houston" and "$/bbl" for "USGC HSFO" for each business day (as specified below) 

in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

275

Rule 13160. USGC HSFO Fuel Oil Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol: RBO

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US 

Marketscan" under the heading "Gulf Coast" subheading "Houston" and "$/bbl" for "USGC HSFO”

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

276

Rule 13161. USGC HSFO Fuel Oil Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for US Gulf Coast High Sulphur Fuel Oil.

Contract Symbol: RBP

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in the "Platts US 

Marketscan" under the heading "Gulf Coast" subheading "Houston" and "$/bbl" for "USGC HSFO”

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

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

277

Rule 13162. USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the Platts daily assessment 

price for 3.5% FOB Rotterdam Barges Fuel Oil (in mts).

Contract Symbol: NVV

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the difference between the average of the “Mid” quotations 

appearing in the “Platts US Marketscan” under the heading “Gulf Coast” subheading “Houston” 

and “$/barrel” for “USGC HSFO” and the average of the “Mid” quotations appearing in the “Platts 

European Marketscan” under the heading “Northwest Europe barges” subheading “FOB 

Rotterdam” for “Fuel Oil 3.5%” for each business day (as specified below) in the determination 

period. conversion factor: 1 metric tonne = 6.35 barrels. Non-Common Pricing Applies.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan and Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

278

Rule 13163. USGC HSFO Fuel Oil vs Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description: A balance of the month cash settled swap based on the difference 

between the Platts daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the Platts 

daily assessment price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: GOD

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston" 

and "$/bbl" for "USGC HSFO” the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Northwest Europe barges" subheading "FOB 

Rotterdam" for "Fuel Oil 3.5%" for each business day (as specified below) in the determination 

period. Conversion Factor: 1 metric tonne = 6.35 barrels.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan and Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

279

Rule 13164. Fuel Oil 3.5% FOB Rotterdam Barges Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for 3.5% FOB Rotterdam Barges Fuel Oil.

Contract Symbol: BAS

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

European Marketscan" under the heading "Northwest Europe barges" subheading "FOB 

Rotterdam" for "Fuel Oil 3.5%" for each business day (as specified below) in the determination 

period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

280

Rule 13165. USAC HSFO vs USGC HSFO Fuel Oil Swap 

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for New York 3% Fuel Oil and Platts daily assessment price for USAC HSFO 

and the Platts daily assessment price for USGC HSFO. 

Contract Symbol: 

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the “Platts US Marketscan” under the heading “Atlantic Coast” subheading “New 

York Harbor” and “Delivered cargo ($/barrel)” for “USAC HSFO” and the average of the “Mid” 

quotations appearing in the “Platts US Marketscan” under the heading “Gulf Coast” subheading 

“Houston” and “$/barrel” for “USGC HSFO” for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 6 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

281

Rule 13166. New York 1% Fuel Oil vs WTI 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference the Platts daily 

assessment price for New York 1% Fuel Oil and the daily settlement price for WTI 1st Line Future.

Contract Symbol: FOK

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading 

"Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%"and the average of the settlement prices as 

made public by ICE for the front month ICE WTI 1st Line Future contract for each business day (as 

specified below) in the determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

282

Rule 13167. USGC HSFO Fuel Oil vs Brent 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the ICE settlement price for 

Brent 1st Line Future.

Contract Symbol: GCS

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston" 

and "$/bbl" for "USGC HSFO" and the average of the settlement prices as made public by ICE for 

the front month Brent Crude Future for each business day (as specified below) in the

determination period.

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except 

for the expiration date of the commodity's underlying delivery month's futures contract. On such 

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

283

Rule 13168. USGC HSFO Fuel Oil vs. WTI 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for US Gulf Coast High Sulphur Fuel Oil and the ICEsettlement price for 

WTI 1st Line Future.

Contract Symbol: GUF

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in the "Platts US Marketscan" under the heading "Gulf Coast" subheading "Houston" 

and "$/bbl" for "USGC HSFO” and the average of the settlement prices as made public by NYMEX

for the front month WTI Future contract for each business day (as specified below) in the 

determination period.

Roll Adjust Provision: N/A

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts US Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

284

Rule 13169. Gasoil 0.1% FOB ARA Barges vs Brent 1st Line Swap

Contract Description: A monthly cash settled swap based on the difference between the Platts 

daily assessment price for Gasoil 0.1% FOB ARA Barges and the ICE daily settlement price for 

Brent 1st Line Future.

Contract Symbol: GRB

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 1,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the difference between the average of the “Mid” quotations 

appearing in "Platts European Marketscan" under the heading "Northwest Europe barges"

subheading "FOB Rotterdam" for "Gasoil 0.1%" and the average of the settlement prices as made 

public by ICE for the front month Brent 1st Line Future for each business day (as specified below) 

in the determination period. Conversion factor: 1 metric tonne = 7.45 barrels.

Roll Adjust Provision: In order to use the correct Floating Price quotations, the nearby month 

quotation for ICE Brent Futures specified in the Floating Price terms above will be used except 

for the expiration date of the commodity's underlying delivery month's futures contract. On such 

date, the applicable pricing quotation will be rolled to the following month's futures contract.

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

Final Payment Dates: Five (5) New York Business Days after each settlement date via wire 

transfer of Federal funds

Business Days: Publication days for Platts European Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

285

Rule 13170. Reserved
 

286

Rule 13171. Naphtha C+F Japan Cargo Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Naphtha C+F Japan.

Contract Symbol: NJC

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Japan 

physical oil assessments" and "C+F Japan" for the "Naphtha ($/mt)" quotation for each business 

day (as specified below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 36 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

287

Rule 13172. Naphtha C+F Japan Cargo Balmo Swap

Contract Description: A balance of the month cash settled swap based on the Platts daily 

assessment price for Naphtha C+F Japan

Contract Symbol: NJD

Contract Size: 1,000 metric tonnes

Unit of Trading: Any multiple of 1,000 metric tonnes

Currency: US Dollars and cents

Trading Price Quotation: One cent ($0.01) per metric tonne

Last Trading Day: Last Trading Day of the contract month

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

and cents per metric tonne based on the average of the “Mid” quotations appearing in the "Platts 

Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Japan 

physical oil assessments" and "C+F Japan ($/mt)" for "Naphtha" for each business day (as 

specified below) in the determination period.

Roll Adjust Provision: N/A

Contract Series: Up to 2 consecutive months, or as otherwise determined by the SEF

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Asia-Pacific/Arab Gulf Marketscan

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.
 

288

Rule 13173. Platts Dubai Swap

Contract Description: A monthly cash settled swap based on the Platts daily assessment price 

for Dubai Crude.

Contract Symbol: N/A

Contract Size: 1,000 barrels

Unit of Trading: Any multiple of 50,000 barrels

Currency: US Dollars and cents

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

Last Trading Day: Last Trading Day of the contract month

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

and cents per barrel based on the average of the “Mid” quotations appearing in "Platts Crude Oil 

Marketwire" under the heading "Key benchmarks ($/bbl)" for "Dubai" prompt month for each 

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

Roll Adjust Provision: N/A

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

Final Payment Dates: Fourteen (14) Calendar Days after each settlement date via wire transfer 

or Federal funds

Business Days: Publication days for Platts Crude Oil Marketwire

Other Terms: To be confirmed directly between the parties in their full form of contract. The 

terms reflected in such contracts shall be controlling.