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Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices
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bb. Amendments to Delivery Procedures Various changes are proposed to the Delivery Procedures to update provisions to update various operational practices and make other drafting improvements.
It is proposed that a new paragraph 7
be added to the Delivery Procedures to reference the alternative delivery procedure for Emission Contracts as set out in paragraph A.7 of the Delivery Procedures. Subsequent paragraphs would be renumbered and conforming amendments to cross-references would be made.
Various changes would made throughout to remove references to the legacy ICE System Crystal, and update this to refer to ECS, MFT and ICE FEC
which are the systems now used by the Clearing House. Similarly, changes are proposed to delete Delivery Documentation Summaries and form references where ECS has replaced the manual submission of forms to the Clearing House. These changes are made throughout the Delivery Procedures, including in relation to ICE Gasoil Futures in Part B, and ICE Futures UK
Natural Gas Contracts in Part D, ICE
Endex TTF Natural Gas Contracts in Part F, ICE Endex Gaspool Natural Gas Contracts in Part G, ICE Endex NCG
Natural Gas in Part H, ICE Endex ZTP
Natural Gas Contracts in Part I, ICE
Deliverable US Emissions Contracts in Part N, Financials & Softs White Sugar Contracts in Part Q, Financials & Softs Gilt Contract in Part U and Equity Futures/Options in Part Z.
In Part A ICE Deliverables EU
Emissions Contracts, references to Account, which is no longer a defined term in the Delivery Procedures, would be corrected to reference the defined term, Registry Account. The defined term, Contract Date, would be amended such that it would no longer include a Business Day on which the Delivery Period commences for those trades executed on a Business Day.
Section 9.3 would be deleted as unnecessary as Part A no longer references auction contracts.
Also in Part A, the procedures following the entry into an EADP
Agreement by a Clearing Member and the Clearing House would be amended such that the existing Contract would no longer be liquidated, but instead dealt with in the manner specified in the EADP. If the existing Contract were to be liquidated under the EADP, this would be done on the basis of the Exchange Delivery Settlement Price.
Delivery under the EADP Agreement would be subject to the requirements set out in the entirety of paragraph 7

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instead of just paragraph 7.3. The amendments would provide that the Clearing Members and Clearing House would have a reasonable period of time after the Failed Delivery to enter into an EADP Agreement or effect delivery under EADP instead of only until the close of business on the Business Day following the day of the Failed Delivery before the Clearing House refers the matter to the relevant exchange.
Pursuant to the amendments, the Clearing House would also consider what reasonable next steps it should take. The Clearing House could decide to take one of the listed steps, but pursuant to the amendments would not be limited by the list and would not be required to Invoice Back affected Contracts.
Part M ICE Endex German Power Futures would be deleted as these contracts have been delisted from the relevant exchange.
In Part N, outdated references to ICE
OTC Contracts would be deleted.
In Part U, new provisions relating to failed settlement and non-delivery of securities under a Financials & Softs Gilt Contract would be added, including as to the steps the Clearing House can take to promote settlement in accordance with the contract terms and the requirements of the CREST central securities depository and allocation of the costs of such steps to the Clearing Member that failed to make delivery.
These changes are intended to reflect existing practices and provide consistency with provisions of the Delivery Procedures for other contracts, including Part Z.
In Part Z, relating to Equity Futures and Options, various updates would be made to reference the correct settlement facilities and relevant settlement details and settlement procedures. The treatment of corporate events relating to underlying securities would be clarified through reference to the relevant Exchange corporate action policy.
Provisions dealing with failed deliveries and partial deliveries would also be clarified, including as to the steps the Clearing House may take to facilitate delivery, the rights and responsibilities of the buying clearing member with respect to onward deliveries under other contracts and the allocation of costs to clearing members. The buying-in timetable would also be clarified. Other typographical corrections and similar drafting clarifications would be made throughout Part Z.
In the first table in Part FF, with respect to the receipt of documents by the Clearing House, the statement that in the event of non-availability of any of the listed delivery documents, Seller
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may substitute a letter of indemnity in favor of the Buyer would be removed.
Various other typographical corrections and updates to use of defined terms and cross-references are made throughout the Delivery Procedures.
cc. Introduction of a Summary Disciplinary Process and Other Disciplinary Process Updates Amendments would be made to the Rules to introduce a summary fining power for the Clearing House in line with other ICE exchanges for which ICE
Clear Europe provides clearing services and to make certain minor drafting improvements to the disciplinary process provisions of the Rules. The intention behind these provisions is to introduce a more streamlined sanctioning process for clear-cut and minor rules violations, examples of which are cited in the rule itself and discussed further below, rather than having these subject to the formal and more cumbersome proceedings of a disciplinary committee.
In Rule 101, the definition of Appeal Panel would be amended to include reference to the new Summary Disciplinary Process. Also in Rule 101, a new definition of Summary Disciplinary Process would be introduced.
A minor amendment is proposed to Rule 102j to refer to new Rule 1008 in the context of disciplinary proceedings under the Rules. An amendment is proposed to Rule 102p to clarify that Disciplinary Panels, Summary Disciplinary Committees and Appeal Panels are also able to exercise discretion in the same way as the Clearing House.
Amendments are proposed to 1002i and 1003b to make reference to the new Summary Disciplinary Process. In 1005c, the word exclusive would be deleted in relation to discretion, as Rule 102p now governs this matter.
New Rule 1005g would be added to make clear that Rule 1005 applies as the appeal process for the Summary Disciplinary Process.
Proposed Rule 1008 would be introduced to set out the new summary disciplinary process against a Clearing Member, clarifying the situations in which these new Rules apply, the sanctioning power of the Summary Disciplinary Process and the process by which the Summary Disciplinary Process would be conducted. The Summary Disciplinary Process may be applied in relation to: The late filing or submission of any document, notice or information; the late making of any payment; any failure to record a
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