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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Notices
agent to a Transferee nominated by the Buyer and which may be the Buyer through the input of Trade Nominations into the CEGH electronic system. Under Part EE, Clearing Members would authorize the Clearing House to make Trade Nominations on their behalf. The amendments would also establish certain timing requirements for exchange of futures for physical and swap transactions under exchange rules.
Proposed amendments to Part EE
would address certain the responsibilities of the Clearing House and relevant parties for delivery under the Contracts, supplementing the existing provisions of the Rules.
Specifically, the Clearing House would not be responsible for the performance of CEGH. Further, neither the Buyer nor the Seller, nor their Transferees or Transferors, would have any claim against the Clearing House for any loss incurred as a result of the condition or operation of the Transmission Network unless provided in the ICE Endex Rules.
A definition of ICE Endex VTP
Natural Gas Daily Futures is being proposed. Where applicable, amendments will be made throughout Part EE to apply to the ICE Endex VTP
Natural Gas Daily Futures in addition to ICE Endex VTP Natural Gas Futures.
The existing defined term ICE Endex VTP Natural Gas is being proposed to be changed to ICE Endex VTP Natural Gas Futures for clarity and to distinguish that contract from the new daily futures contract. Various other corrections to the use of defined terms and other typographical and similar corrections are also being proposed.
Section 3.4 which describes the price of the Contracts is being proposed to be amended to provide that the price at which the Contract is delivered is the Exchange Delivery Settlement Price for the Delivery Day of each of the ICE
Endex VTP Natural Gas Futures or ICE
Endex Natural Gas Daily Futures in accordance with the ICE Endex Rules instead of the Business Day immediately prior to the calendar day on which the Delivery Month for the ICE Endex VTP Natural Gas Futures commences. This change is intended to update the Delivery Procedures to reflect current practice with respect to the ICE Endex VTP Natural Gas Futures.
Section 3.6 which describes cessation of trading is being proposed to be revised so that such procedures apply to ICE Endex VTP Natural Gas Daily Futures in addition to ICE Endex VTP
Natural Gas Futures. The description of the cessation of trading is also being proposed to be revised to clarify that it is consistent with the ICE Endex Rules.
The ICE Endex VTP Natural Gas Daily
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Futures ceases trading one business day prior to the Delivery Day.
Section 3.7 which describes the Exchange for Physicals EFPs and Exchange for Swaps EFSs is being proposed to be amended to specify that ICE Endex VTP Natural Gas Daily Futures, EFPs and EFSs may be posted up to thirty minutes following the cessation of trading in accordance with ICE Endex Rules.
In Section 6 Delivery Timetable, an outdated reference to ICE Endex Austrian VTP Natural Cas Futures is being proposed to be updated to ICE
Endex VTP Natural Gas Futures.
A new Section 8 is being proposed to be added which includes a routine delivery timetable, from the last trading day of the Contract through final settlement, for ICE Endex VTP Natural Gas Daily Futures. The timetable specifies procedures, deadlines and requirements submissions of delivery intentions, nominations of Transferors or Transferees, Conversion and Confirmation Reports, notification files to the nomination agent, provision of Buyers and Sellers security, final confirmation of the delivery report, release of Sellers security and Buyers top-up following completion of delivery, payment and invoicing.
A new Section 9 is being proposed to be added which includes a delivery timetable for failed delivery for ICE
Endex VTP Natural Gas Daily Futures.
The timetable specifies the procedures and timing with respect to calling and releasing additional Sellers Security and/or Buyers Security and invoicing, payment and receipt of failed deliveries.
A note is also added that, in the event of a failed delivery, the Clearing House may retain Buyers Security and/or Sellers Security.
A new Section 11.2 is being proposed to be added that provides a delivery documentation summary with respect to ICE Endex VTP Natural Gas Daily Futures. The timetable specifies the reports produced by the Clearing House and made available to Buyers and Sellers electronically, an explanation of each such report, and when each such report is made available. A note is also added that provides that such timetable may be altered at the discretion of the Clearing House.

applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing agency or for which it is responsible, and the protection of investors and the public interest. The proposed amendments are designed to facilitate the clearing of a new physically settled natural gas futures contract that is being launched for trading by the ICE Endex exchange. The amendments would set out the obligations and roles of Clearing Members and the Clearing House. ICE
Clear Europe believes that its financial resources, risk management, systems and operational arrangements are sufficient to support clearing of such contract and to address physical delivery under such contract and to manage the risks associated with such contract. As a result, in ICE Clear Europes view, the amendments would be consistent with the prompt and accurate clearance and settlement of the Contract as set out in the proposed Delivery Procedures amendments, and the protection of investors and the public interest consistent with the requirements of Section 17Ab3F of the Act.7 In ICE Clear Europes view, the amendments would not affect the safeguarding of funds or securities in the custody or control of the clearing agency or for which it is responsible, within the meaning of Section 17Ab3F.8
In addition, Rule 17Ad22e10 9
requires that each covered clearing agency establish and maintain transparent written standards that state its obligations with respect to the delivery of physical instruments, and establish and maintain operational practices that identify, monitor and manage the risks associated with such physical deliveries. As discussed above, the amendments to the Delivery Procedures relating to the delivery and settlement under the Contract and ICE
Endex exchange contract terms would set out the obligations and roles of Clearing Members, the Clearing House and the Central European Gas Hub CEGH. The amendments would also adopt relevant procedures for such deliveries, which would facilitate identifying, monitoring and managing risks associated with delivery.

b Statutory Basis Section 17Ab3F of the Act 6
requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent
B Clearing Agencys Statement on Burden on Competition ICE Clear Europe does not believe the proposed rule changes would have any impact, or impose any burden, on 7 15

U.S.C. 78q1b3F.
U.S.C. 78q1b3F.
9 17 CFR 240.17Ad22e10.
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U.S.C. 78q1b3F.

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