SUBMISSION COVER SHEET
SUBMISSION COVER SHEET Registered Entity Identifier Code (optional) Date: 26 April 2012 I M P O R T A N T : CHECK BOX IF CONFIDENTIAL TREATMENT IS REQUESTED. X ORGANIZATION FILING AS A: ICE CLEAR EUROPE LIMITED DCM SEF X DCO SDR TYPE OF FILING Rules and Rule Amendments Certification under § 40.6 (a) or § 41.24 (a) “Non-Material Agricultural Rule Change” under § 40.4 (b)(5) Notification under § 40.6 (d) Request for Approval under § 40.4 (a) or § 40.5 (a) Advance Notice of SIDCO Rule Change under § 40.10 (a) Products X Certification under § 39.5(b), § 40.2 (a), or § 41.23 (a) Swap Class Certification under § 40.2 (d) Request for Approval under § 40.3 (a) Novel Derivative Product Notification under § 40.12 (a) RULE NUMBERS Circular No. C12/035 DESCRIPTION Introduction of clearing for additional OTC Contracts ECM/SPDC ICE OTC New Cleared Product Specifications April 2012 This material may not be reproduced or redistributed in whole or part without the express, prior written consent of IntercontinentalExchange, Inc. Copyright Intercontinental Exchange, Inc. 2012. All Rights Reserved. www.theice.com Table of Contents 1 1.1 1.2 1.3 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 2.11 2.12 3 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 FINANCIAL GAS ................................................................................................................................................ 3 Natural Gas Index Swap: Columbia Gulf, Mainline ....................................................................................... 3 Natural Gas Swing Swap: Columbia Gulf, Mainline ....................................................................................... 4 Natural Gas Swing Swap: Tennessee Zone 0 Swing Swap .............................................................................. 5 FINANCIAL POWER ......................................................................................................................................... 6 Financial Power Swap – ERCOT North 345KV Daily Swap ........................................................................... 6 Financial Power Options – ERCOT North 345KV Daily Option (Lookback) ............................................... 6 Financial Power Swap – MISO Indiana Hub Real Time Daily Swap ............................................................. 8 Financial Power Options – MISO Indiana Hub Real Time Peak Daily Options (Lookback) ....................... 9 Financial Power Swap – Nepool MH DA LMP Off-Peak Monthly Mini ...................................................... 10 Financial Power Swap – Nepool MH DA LMP Peak Monthly Mini ............................................................. 11 Financial Power Options – Nepool MH DA Peak Daily Options ................................................................... 12 Financial Power Swap – PJM WH Real Time Off-Peak Monthly Mini........................................................ 13 Financial Power Swap – AD Hub RT Peak Daily Swap ................................................................................. 14 Financial Power Options – AD HUB Real Time Peak Daily Options (Lookback) ....................................... 15 Financial Power Options – SP-15 EZ Gen Hub DA LMP Peak Daily Option.............................................. 16 Financial Power Options – Mid-C DA Peak Daily Option ............................................................................. 17 OIL ...................................................................................................................................................................... 19 Gasoline Outright - Singapore Mogas 92 Unleaded (Platts) Swap ................................................................ 19 Gasoline Outright - Singapore Mogas 95 Unleaded (Platts) Swap ................................................................ 20 Gasoline Outright - Singapore Mogas 97 Unleaded (Platts) Swap ................................................................ 21 Fuel Oil Outright - 180 cst Singapore Fuel Oil Average Price Option .......................................................... 22 Fuel Oil Outright - 3.5% FOB RDAM Barges Fuel Oil Average Price Option ........................................... 24 Fuel Oil Outright - Mini 180 cst Singapore Fuel Swap (100MT)................................................................... 25 Fuel Oil Outright - Mini 380 cst Singapore Fuel Swap (100MT)................................................................... 26 Heating Oil Outright - Heating Oil Average Price Option ............................................................................. 27 Gasoline Outright - RBOB Gasoline Average Price Option .......................................................................... 29 Ethanol Swap – Chicago Ethanol ..................................................................................................................... 31 Ethanol Swap – New York Ethanol .................................................................................................................. 32 ICE OTC Contract Specifications for April 2012 Launch Page 2 of 33 www.theice.com 1 FINANCIAL GAS 1.1 Natural Gas Index Swap: Columbia Gulf, Mainline Description Monthly cash settled, Natural Gas Index Swap: Inside FERC’s Gas Market Report vs Gas Daily, Columbia Gulf, Mainline. Contract Symbol CGI Contract Size per lot 2500 MMBtu Unit of Trading Any multiple of 2,500 MMBtus Currency USD and cents per MMBtu Trading Price Quotation Five hundredths of a cent ($0.0005) per MMBtu Settlement Price Quotation One hundredth of a cent ($0.0001) per MMBtu Minimum Price Fluctuation One hundredth of a cent ($0.0001) per MMBtu Contract Pricing Premium is expressed as positive or negative. Floating Price A A price in dollars per MMBtu dry equal to the Index Price, as reported in Platts Inside FERC's Gas Market Report in the first of the month publication for each month, for the corresponding Hub and Determination Periods. Floating Price B The 'Floating Price' shall be the average of the midpoint prices for each calendar day during the Determination Period as published in the 'Daily Price Survey' table of 'Gas Daily'. The floating price for any business day shall be the midpoint of the prices published in such sections of 'Gas Daily' on such business day for the immediately preceding business day. The floating price for any day that is not a business day shall be the midpoint of the prices for the section of 'Gas Daily' on the immediately succeeding business day of the prices for the immediately preceding business day. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per MMBtu dry calculated by deducting the average of the daily prices quoted in Platts' Gas Daily, Daily Price Survey for the corresponding dates of the settlement month from the First of the Month Index Price for the Louisiana - Onshore South, Columbia Gulf, Mainline listing as published in Platts' 'Inside FERC's Gas Market Report'. Contract Series Up to 120 consecutive months. Last Trading Day Close of business on the 2nd Business Day after the contract series. ICE OTC Contract Specifications for April 2012 Launch Page 3 of 33 www.theice.com Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 1.2 Natural Gas Swing Swap: Columbia Gulf, Mainline Description Financial Natural Gas Swing Swap; Fixed Price for Gas Daily; Columbia Gulf, Mainline. Contract Symbol CGR Contract Size per lot 2500 MMBtu Unit of Trading Any multiple of 2,500 MMBtus Currency USD and cents per MMBtu Trading Price Quotation One tenth of a cent ($0.001) per MMBtu Settlement Price Quotation One hundredth of a cent ($0.0001) per MMBtu Minimum Price Fluctuation One hundredth of a cent ($0.0001) per MMBtu Fixed Price The traded price or the previous day’s settlement price. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward, and derivative markets for both physical and financial products. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per mm Btu based on the Gas Daily Day Ahead Index for Columbia Gulf, Mainline, as published in the 'Daily Price Survey' table of 'Gas Daily.' Contract Series Up to 365 consecutive daily contracts. Last Trading Day One business day following the Nominal Contract Day. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA ICE OTC Contract Specifications for April 2012 Launch Page 4 of 33 www.theice.com Clearing Venue ICEU 1.3 Natural Gas Swing Swap: Tennessee Zone 0 Swing Swap Description Financial Natural Gas Swing Swap: Fixed Price for Gas Daily; Tennessee Zone 0. Contract Symbol TZR Contract Size per lot 2500 MMBtu Unit of Trading Any multiple of 2,500 MMBtus Currency USD and cents per MMBtu Trading Price Quotation One tenth of a cent ($0.001) per MMBtu Settlement Price Quotation One hundredth of a cent ($0.0001) per MMBtu Minimum Price Fluctuation One hundredth of a cent ($0.0001) per MMBtu Fixed Price The traded price or the previous day’s settlement price. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward, and derivative markets for both physical and financial products. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per mm Btu based on the Gas Daily Day Ahead Index for Tennessee Zone 0, as published in the 'Daily Price Survey' table of 'Gas Daily.'. Contract Series Up to 365 consecutive daily contracts Last Trading Day One business day following the Nominal Contract Day. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU ICE OTC Contract Specifications for April 2012 Launch Page 5 of 33 www.theice.com 2 FINANCIAL POWER 2.1 Financial Power Swap – ERCOT North 345KV Daily Swap Description Financial Power Swap – Peak, ERCOT North Zone 345KV, Look Back Contract Symbol ENO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Five Business days following the nominal contract day. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trade in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement In respect of final settlement, the price will be the arithmetic average of the 15-minute Real Time SPPs for the ERCOT North 345kV Hub (as described in section 3.5.2 of the ERCOT Nodal Protocols, as may be amended or supplemented from time to time), as published by ERCOT for all peak hours in the Determination Period.. Contract Series Up to 365 consecutive peak days Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.2 Financial Power Options – ERCOT North 345KV Daily Option (Lookback) Description Financial Power Options on Peak Daily, ERCOT North Zone 345KV, Look Back ICE OTC Contract Specifications for April 2012 Launch Page 6 of 33 www.theice.com Contract Symbol ENO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Five Business days following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Margin Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the ERCOT N 345KV as made public by the ICE, Inc. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Contract Series Up to 365 consecutive peak days. Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day ICE OTC Contract Specifications for April 2012 Launch Page 7 of 33 www.theice.com Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.3 Financial Power Swap – MISO Indiana Hub Real Time Daily Swap Description Financial Power Swap – Peak, MISO Indiana Hub Daily Real Time LMP, Look Back Contract Symbol IDO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Six Business days following the nominal contract day. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trades in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per MWh equal to the arithmetic average of the hourly real time Locational Marginal Price (LMPs) during the settlement (nominal) date for MISO IN Hub published by MISO. Contract Series Up to 365 consecutive peak days. Final Payment Date Six Business Days following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU ICE OTC Contract Specifications for April 2012 Launch Page 8 of 33 www.theice.com 2.4 Financial Power Options – MISO Indiana Hub Real Time Peak Daily Options (Lookback) Description Financial Power Options on Peak Daily, MISO Indiana Hub Real Time LMP, Look Back Contract Symbol IDO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Six Business Days following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Margin Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the MISO IN Hub Real Time as made public by the ICE, Inc. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a prorata basis. Contract Series Up to 365 consecutive peak days. ICE OTC Contract Specifications for April 2012 Launch Page 9 of 33 www.theice.com Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.5 Financial Power Swap – Nepool MH DA LMP Off-Peak Monthly Mini Description Monthly cash settled Financial Power Swap – Off-Peak, Mini NEPool Mass Hub hourly Day-Ahead LMP Contract Symbol NOM Contract Size 5 MWh Unit of Trading Any multiple of 5 MWh Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Close of business three US Business Days following the last calendar day of the contract series. Fixed Price The traded price or the previous day's settlement price. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trade in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per MWh equal to the arithmetic average of the day ahead hourly 'locational based marginal prices' (LBMPs) for NEPool Mass Hub published by the New England Independent System Operator for all offpeak hours in the month of production as per ISDA commodity definitions. ICE OTC Contract Specifications for April 2012 Launch Page 10 of 33 www.theice.com Contract Series Up to 110 months Final Payment Date The Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.6 Financial Power Swap – Nepool MH DA LMP Peak Monthly Mini Description Monthly cash settled Financial Power Swap – Peak, Mini NEPool Massachusetts Hub Day-Ahead LMP Contract Symbol NEM Contract Size 16 MWh Unit of Trading Any multiple of 16 MWh Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Close of business three US Business Days following the last calendar day of the contract series. Fixed Price The traded price or the previous day's settlement price. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trade in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per MWh equal to the arithmetic average of the day ahead hourly 'locational marginal prices' (LMPs) for NEPool Mass Hub published by the New England Independent System Operator for all peak hours in the month of production as per ISDA commodity definitions. Contract Series Up to 110 months Final Payment Date The Business Day following the Last Trading Day. ICE OTC Contract Specifications for April 2012 Launch Page 11 of 33 www.theice.com Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.7 Financial Power Options – Nepool MH DA Peak Daily Options Description Financial Power Options on Peak Daily, NEPool Mass Hub DA Contract Symbol EDP Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day One business day following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Margin Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the Nepool MH DA as made public by the ICE, Inc. When exercised against, the Clearing House, at ICE OTC Contract Specifications for April 2012 Launch Page 12 of 33 www.theice.com its discretion, selects sellers against which to exercise on a pro-rata basis. Contract Series Up to 365 consecutive peak days. Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.8 Financial Power Swap – PJM WH Real Time Off-Peak Monthly Mini Description Monthly cash settled Financial Power Swap – Off-Peak, Mini PJM Western Hub Real Time hourly LMP Contract Symbol OMI Contract Size 5 MWh Unit of Trading Any multiple of 5 MWh Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Close of business three US Business Days following the last calendar day of the contract series Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trade in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per MWh equal to the arithmetic average of hourly prices posted by PJM Interconnection, LLC under the heading PJM-Daily Real- ICE OTC Contract Specifications for April 2012 Launch Page 13 of 33 www.theice.com Time Locational Marginal Pricing Files: Western Hub for all off-peak hours in the month of production as per ISDA commodity definitions. Contract Series Up to 110 months Final Payment Date The Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.9 Financial Power Swap – AD Hub RT Peak Daily Swap Description Financial Power Swap – Peak, AD Hub Daily Real Time LMP, Look Back Contract Symbol DDO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh for Blocks ($0.05 on screen) Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day One business day following the nominal contract day. Floating Price In respect of daily settlement, the Floating Price will be determined by ICE based on Volume Weighted Trades in the settlement period plus consideration of other cash and derivative markets where necessary. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per MWh equal to the arithmetic average of the hourly real time Locational Marginal Price (LMPs) during the settlement (nominal) date for AD Hub published by AD. Contract Series Up to 365 consecutive peak days. Final Payment Date One Business Day following the Last Trading Day ICE OTC Contract Specifications for April 2012 Launch Page 14 of 33 www.theice.com Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.10 Financial Power Options – AD HUB Real Time Peak Daily Options (Lookback) Description Financial Power Options on Peak Daily, PJM AEP-Dayton Hub Real Time LMP, Look Back Contract Symbol DDO Contract Size 800 MWhs Unit of Trading Any multiple of 800 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day One business day following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Margin Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the PJM AEP-Dayton Hub Real ICE OTC Contract Specifications for April 2012 Launch Page 15 of 33 www.theice.com Time as made public by the ICE, Inc. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Contract Series Up to 365 consecutive peak days. Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.11 Financial Power Options – SP-15 EZ Gen Hub DA LMP Peak Daily Option Description Financial Power Options on Peak Daily, SP-15 EZ Gen Hub (Day-Ahead LMP) Contract Symbol SDP Contract Size 400 MWhs Unit of Trading Any multiple of 400 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day Seven Business days following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of ICE OTC Contract Specifications for April 2012 Launch Page 16 of 33 www.theice.com Margin trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the SP-15 EZ Gen Hub DA as made public by the ICE, Inc. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a prorata basis. Contract Series Up to 365 consecutive peak days. Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 2.12 Financial Power Options – Mid-C DA Peak Daily Option Description Financial Power Options on Peak Daily, Fixed Price for ICE Day Ahead Power Price Report – Mid Columbia Contract Symbol MPD Contract Size 400 MWhs Unit of Trading Any multiple of 400 MWhs Currency USD and cents per MWh Trading Price Quotation One cent ($0.01) per MWh ICE OTC Contract Specifications for April 2012 Launch Page 17 of 33 www.theice.com Settlement Price Quotation One cent ($0.01) per MWh Minimum Price Fluctuation One cent ($0.01) per MWh Last Trading Day One business day following the nominal contract day. Option Type Options are European style and will be automatically exercised on the expiry day if they are "in the money". If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. Option Premium/Daily Margin Options are equity-style and there is no daily Variation Margin payment. The premium is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. OM for all options contracts is based on SPAN. Expiry 22:30 London Time (17:30 EST). Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more 'in the money' with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per MWh equal to the price for the Mid-C DA as made public by the ICE, Inc. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Contract Series Up to 365 consecutive peak days. Strike Prices A minimum of ten strike prices in increments of $1.00 per MWh above and below the at-the-money strike price. Strike price boundaries are adjusted according to futures price movements. Custom strikes are allowed in five cent ($0.05) increments. Final Payment Date One Business Day following the Last Trading Day. Business Days US Business Days MIC Code IEPA Clearing Venue ICEU ICE OTC Contract Specifications for April 2012 Launch Page 18 of 33 www.theice.com 3 OIL 3.1 Gasoline Outright - Singapore Mogas 92 Unleaded (Platts) Swap 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 Settlement Price Quotation One tenth of a cent ($0.001) per Barrel Minimum Price Fluctuation One tenth of a cent ($0.001) per Barrel Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Barrel based on the arithmetic average of the mid-point of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for the "Gasoline 92 unleaded" quotation for each Business Day in the determination period. Contract Series Up to 48 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA ICE OTC Contract Specifications for April 2012 Launch Page 19 of 33 www.theice.com Clearing Venue ICEU 3.2 Gasoline Outright - Singapore Mogas 95 Unleaded (Platts) Swap Description A monthly cash settled swap based on the Platts daily assessment price for Singapore Mogas Gasoline 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 Settlement Price Quotation One tenth of a cent ($0.001) per Barrel Minimum Price Fluctuation One tenth of a cent ($0.001) per Barrel Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Barrel based on the arithmetic average of the mid-point of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for the "Gasoline 95 unleaded" quotation for each Business Day in the determination period. Contract Series Up to 48 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA ICE OTC Contract Specifications for April 2012 Launch Page 20 of 33 www.theice.com Clearing Venue 3.3 ICEU Gasoline Outright - Singapore Mogas 97 Unleaded (Platts) Swap Description A monthly cash settled swap based on the Platts daily assessment price for Singapore Mogas Gasoline 97 unleaded. Contract Symbol SMS Contract Size 1,000 Barrels Unit of Trading Any multiple of 1,000 Barrels Currency US Dollars and cents Trading Price Quotation One cent ($0.01) per Barrel Settlement Price Quotation One tenth of a cent ($0.001) per Barrel Minimum Price Fluctuation One tenth of a cent ($0.001) per Barrel Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Barrel based on the arithmetic average of the mid-point of the high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf Marketscan" under the heading "Asia Products" subheading "Singapore" and "FOB Singapore" for the "Gasoline 97 unleaded" quotation for each Business Day in the determination period. Contract Series Up to 48 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA ICE OTC Contract Specifications for April 2012 Launch Page 21 of 33 www.theice.com Clearing Venue 3.4 ICEU Fuel Oil Outright - 180 cst Singapore Fuel Oil Average Price Option Description The 180 cst Singapore Fuel Oil Average Price Option is based on the underlying 180 cst Singapore Fuel Oil Swap (SZS) and will automatically exercise into the settlement price of the Swap on the day of expiry of the options contract. Hedge Instrument The delta hedge for the 180cst Singapore Fuel Oil Average Price Option is the 180cst Singapore Fuel Oil Cargoes Swap (SZS). 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 Settlement Price Quotation One tenth of one cent ($0.001) per Metric Tonne Minimum Price Fluctuation One tenth of one cent ($0.001) per Metric Tonne Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 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 arithmetic average of the mean between the relevant high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf MarketScan" under the heading "Singapore" subheading "FOB Singapore" for "HSFO 180 CST" quotation for each Business Day in the determination period. Option Type Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The swap resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances than the Last Trading Day. No manual exercise is ICE OTC Contract Specifications for April 2012 Launch Page 22 of 33 www.theice.com permitted. Strike Price Intervals A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.25 within a range of $250 to $1,000. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. Expiry 16:30 London Time. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more "in the money" with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per Metric Tonne equal to the arithmetic average of the settlement prices of the Platts 180 cst Singapore Fuel Oil Swap for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Option Premium/Daily Margin The 180 cst Singapore Fuel Oil Average Price Options are premiumpaid-upfront options. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premiumpaid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option. Contract Series Up to 60 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA Clearing Venue ICEU ICE OTC Contract Specifications for April 2012 Launch Page 23 of 33 www.theice.com 3.5 Fuel Oil Outright - 3.5% FOB RDAM Barges Fuel Oil Average Price Option Description The 3.5% FOB RDAM Barges Fuel Oil Average Price Option is based on the underlying 3.5% FOB RDAM Barges Fuel Oil Swap (BAR) and will automatically exercise into the settlement price of the Swap on the day of expiry of the options contract. Hedge Instrument The delta hedge for the 3.5% FOB Rotterdam Barges Average Price Option is the 3.5% FOB Rotterdam Barges Swap (BAR). 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 Settlement Price Quotation One tenth of one cent ($0.001) per Metric Tonne Minimum Price Fluctuation One tenth of one cent ($0.001) per Metric Tonne Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 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 arithmetic average of the mean between the relevant high and low quotations appearing in the "Platts European MarketScan" under the heading "Northwest Europe Barges" subheading "FOB Rotterdam" for the "Fuel Oil 3.5%" quotation for each Business Day in the determination period. Option Type Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The swap resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances than the Last Trading Day. No manual exercise is permitted. Strike Price Intervals A minimum of 10 strikes above and below at the money in $1.00 increments will be listed at launch. This contract will support Custom ICE OTC Contract Specifications for April 2012 Launch Page 24 of 33 www.theice.com Option Strikes with strikes in increments of $0.25 within a range of $150 to $900. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. Expiry 16:30 London Time. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more "in the money" with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per Metric Tonne equal to the arithmetic average of the settlement prices of the Platts 3.5% FOB RDAM Barges Swap for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Option Premium/Daily Margin The 3.5% FOB RDAM Barges Average Price Options are premium-paidupfront options. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option. Contract Series Up to 60 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days UK Business Days MIC Code IEPA Clearing Venue ICEU 3.6 Fuel Oil Outright - Mini 180 cst Singapore Fuel Swap (100MT) Description A monthly cash settled mini swap based on the Platts daily assessment price for 180 CST Singapore Fuel Oil. ICE OTC Contract Specifications for April 2012 Launch Page 25 of 33 www.theice.com Contract Symbol SZZ Contract Size 100 Metric Tonnes Unit of Trading Any multiple of 100 Metric Tonnes Currency US Dollars and cents Trading Price Quotation One cent ($0.01) per Metric Tonne Settlement Price Quotation One tenth of a cent ($0.001) per Metric Tonne Minimum Price Fluctuation One tenth of a cent ($0.001) per Metric Tonne Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 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 arithmetic average of the mean between the relevant high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf MarketScan" under the heading "Singapore" subheading "FOB Singapore" for "HSFO 180 CST" quotation for each Business Day in the determination period. Contract Series Up to 60 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA Clearing Venue ICEU 3.7 Fuel Oil Outright - Mini 380 cst Singapore Fuel Swap (100MT) Description A monthly cash settled mini swap based on the Platts daily assessment price for 380 CST Singapore Fuel Oil. ICE OTC Contract Specifications for April 2012 Launch Page 26 of 33 www.theice.com Contract Symbol SYY Contract Size 100 Metric Tonnes Unit of Trading Any multiple of 100 Metric Tonnes Currency US Dollars and cents Trading Price Quotation One cent ($0.01) per Metric Tonne Settlement Price Quotation One tenth of a cent ($0.001) per Metric Tonne Minimum Price Fluctuation One tenth of a cent ($0.001) per Metric Tonne Last Trading Day First Business Day following the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. 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 arithmetic average of the mean between the relevant high and low quotations appearing in the "Platts Asia-Pacific/Arab Gulf MarketScan" under the heading "Singapore" subheading "FOB Singapore" for "HSFO 380 CST" quotation for each Business Day in the determination period. Contract Series Up to 60 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days Singapore Business Days MIC Code IEPA Clearing Venue ICEU 3.8 Heating Oil Outright - Heating Oil Average Price Option Description The Heating Oil Average Price Option is based on the underlying Heating Oil 1st Line Swap (HOF) and will automatically exercise into the settlement price of the 1st Line Swap on the day of expiry of the ICE OTC Contract Specifications for April 2012 Launch Page 27 of 33 www.theice.com options contract. Hedge Instrument The delta hedge for the Heating Oil Average Price Option is the Heating Oil 1st Line Swap (HOF). Contract Symbol HOF Contract Size 1,000 Barrels (42,000 gallons) Unit of Trading Any multiple of 1,000 Barrels (42,000 gallons) Currency US Dollars and cents Trading Price Quotation One hundredth of a cent ($0.0001) per Gallon Settlement Price Quotation One hundredth of a cent ($0.0001) per Gallon Minimum Price Fluctuation One hundredth of a cent ($0.0001) per Gallon Last Trading Day Last Business Day of the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Gallon based the average of the daily settlement prices as made public by NYMEX for the New York Harbor No. 2 Heating Oil Futures contract for the month of production per ISDA commodity definitions for the contract month. Option Type Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The swap resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances than the Last Trading Day. No manual exercise is permitted. Strike Price Intervals A minimum of 10 strikes above and below at the money in $0.01 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.001 within a range of $0.500 to $10.000. These ranges may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. ICE OTC Contract Specifications for April 2012 Launch Page 28 of 33 www.theice.com Expiry 19:30 London Time. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more "in the money" with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per Gallon equal to the arithmetic average of the settlement prices of the Heating Oil 1st Line Swap for the contract month. When exercised against, the Clearing House, at its discretion, selects sellers against which to exercise on a pro-rata basis. Option Premium/Daily Margin The Heating Oil Average Price Options are premium-paid-upfront options. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option. Contract Series Up to 24 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days ICE Business Days MIC Code IEPA Clearing Venue ICEU 3.9 Gasoline Outright - RBOB Gasoline Average Price Option Description The RBOB Gasoline Average Price Option is based on the underlying RBOB Gasoline 1st Line Swap (RBS) and will automatically exercise into the settlement price of the 1st Line Swap on the day of expiry of the options contract. Hedge Instrument The delta hedge for the RBOB Gasoline Average Price Option is the RBOB Gasoiline 1st Line Swap (RBS). Contract Symbol RBS ICE OTC Contract Specifications for April 2012 Launch Page 29 of 33 www.theice.com Contract Size 1,000 Barrels (42,000 gallons) Unit of Trading Any multiple of 1,000 Barrels (42,000 gallons) Currency US Dollars and cents Trading Price Quotation One hundredth of a cent ($0.0001) per Gallon Settlement Price Quotation One hundredth of a cent ($0.0001) per Gallon Minimum Price Fluctuation One hundredth of a cent ($0.0001) per Gallon Last Trading Day Last Business Day of the settlement period Fixed Price The traded price or the previous day's settlement price Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Gallon based on the average of the daily settlement prices as made public by NYMEX for the RBOB Gasoline Futures contract quotation for each Business Day in the determination period. Option Type Options are Asian-style and will be automatically exercised on the expiry day if they are "in the money". The swap resulting from exercise immediately goes to cash settlement relieving market participants of the need to concern themselves with liquidation or exercise issues. If an option is "out of the money" it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances than the Last Trading Day. No manual exercise is permitted. Strike Price Intervals A minimum of 10 strikes above and below at the money in $0.01 increments will be listed at launch. This contract will support Custom Option Strikes with strikes in increments of $0.001 within a range of $0.500 to $10.000. This range may be revised from time to time according to future price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. Expiry 19:30 London Time. Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more "in the money" with reference to the relevant reference price. Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per Gallon equal to the arithmetic average of the settlement prices of the RBOB Gasoline 1st Line Swap for the contract month. When exercised against, the Clearing House, at its discretion, selects ICE OTC Contract Specifications for April 2012 Launch Page 30 of 33 www.theice.com sellers against which to exercise on a pro-rata basis. Option Premium/Daily Margin The RBOB Gasoline Average Price Options are premium-paid-upfront options. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option. Contract Series Up to 48 consecutive months will be listed commencing with the next calendar month. Quarterly and calendar tenors will be listed within the total number of listed monthly contract months as appropriate. An additional 12 months will be added to the end of the series upon the expiry of prompt December contract. Final Payment Dates One Business Day following the Last Trading Day Business Days ICE Business Days MIC Code IEPA Clearing Venue ICEU 3.10 Ethanol Swap – Chicago Ethanol Description A monthly cash settled swap based on the Platts daily price quotations for Chicago Ethanol (terminal) Contract Symbol ETC Contract Size per lot 42,000 Gallons Unit of Trading Any multiple of 42,000 Gallons Currency USD and cents Trading Price Quotation To one hundredth of a cent ($0.0001) per Gallon Settlement Price Quotation To one hundredth of a cent ($0.0001) per Gallon Minimum Price Fluctuation To one hundredth of a cent ($0.0001) per Gallon ICE OTC Contract Specifications for April 2012 Launch Page 31 of 33 www.theice.com Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Gallon based on the average of the high and low quotation from Platts for Chicago Ethanol (terminal) for each Business Day in the determination period. Contract Series Up to 48 consecutive months Last Trading Day First Business Day following the settlement period Final Payment Date One Business Day following the Last Trading Day Business Days US Business Days MIC Code IEPA Clearing Venue ICEU 3.11 Ethanol Swap – New York Ethanol Description A monthly cash settled swap based on the Platts daily price quotations for New York Ethanol (barge) Contract Symbol ETN Contract Size per lot 42,000 Gallons Unit of Trading Any multiple of 42,000 Gallons Currency USD and cents Trading Price Quotation To one hundredth of a cent ($0.0001) per Gallon Settlement Price Quotation To one hundredth of a cent ($0.0001) per Gallon Minimum Price Fluctuation To one hundredth of a cent ($0.0001) per Gallon Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products. Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per Gallon based on the average of the high and low quotation from Platts for New York Ethanol (barge) for each Business Day in the determination period. ICE OTC Contract Specifications for April 2012 Launch Page 32 of 33 www.theice.com Contract Series Up to 48 consecutive months Last Trading Day First Business Day following the settlement period Final Payment Date One Business Day following the Last Trading Day Business Days US Business Days MIC Code IEPA Clearing Venue ICEU ICE OTC Contract Specifications for April 2012 Launch Page 33 of 33
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