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Clearing & Settlement

ICE NGX acts as the central counterparty for all cleared transactions, acting as the buyer to every seller, and the seller to every buyer.

This provides full cycle anonymity for virtually all transactions and introduces a neutral third party that ensures performance on both sides. There is no mutualized or legal relationship amongst counterparties and all collateral provided by or for Contracting Party is segregated and used only for that Contracting Party and its Contracting Party Affiliates.

ICE NGX is committed to ensuring the security and integrity of the clearing operation and has a robust risk management plan to identify and manage risks to the ongoing operation of the clearinghouse. ICE NGX does not enter into transactions nor take positions in energy products for any reason other than to provide clearing services.

Clearing


Clearing Operations & Structure

ICE NGX operates a non-mutualized, direct clearing operation, whereby all market participants clear directly without the mediation of a third party clearing member. In order to secure the clearing operation against the failure of one or more Contracting Parties, several contingencies make up ICE NGX’s clearing structure.

Margin requirements are calculated to determine the estimated cost of liquidating a Contracting Party portfolio if required in a default scenario. Margin requirements include unpaid receivables for delivered product, mark-to-market and initial margin on forward positions, as well as additional margin as deemed necessary to ensure that the clearinghouse can effectively manage a Contracting Party’s failure to perform their obligations if ever required.

In the event of a failure to perform on physical delivery, ICE NGX has the ability to backstop and provide alternate supplies or markets for physical natural gas.

In the event of a failure to perform financially, ICE NGX may draw on collateral that has been deposited by the defaulting party in support of their margin requirement. Collateral deposited by Contracting Parties may only be used to remedy a performance failure on the part of the Contracting Party who failed to perform. ICE NGX does not mutualize this performance risk across the collective group of Contracting Parties.

Guarantee Fund and Liquidity Resources

ICE NGX fully self-funds its Guarantee Fund, which comprises

  • default insurance provided by Export Development Canada, with USD 200 million coverage after the first loss amount of USD 15 million, plus
  • ICE NGX capital, as set out in the table below (updated quarterly).

Liquidity for the guarantee fund is provided by

  • a USD 200 million letter of credit issued by Royal Bank of Canada and held in trust by BNY Trust Company of Canada for the benefit of Contracting Parties, accessible by Contracting Parties in accordance with the Contracting Party Agreement (“CPA”), and
  • USD 15 million held on deposit as restricted cash to fund the first loss amount under the default insurance policy.

ICE NGX also maintains credit facilities and additional liquid resources to ensure that, at a minimum, all regulatory financial resources and liquidity provisions are maintained.

Funds Available for DCO Default Waterfall:
A) Guarantee Fund$215.0USD
B) ICE NGX Capital$39.0USD
Total Financial Resources$254.0

As of September 30, 2022

Clearing Documents and Downloads

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Settlement Dates


2022

Financial Transactions Delivery MonthDaily Indexed Products Settlement Dates7A Index Products Delivery/Financial Month7A Index Products Settlement Date
Dec-21January 11, 2022Dec-21January 11, 2022
Jan-22February 8, 2022Jan-22February 8, 2022
Feb-22March 8, 2022Feb-22March 8, 2022
Mar-22April 8, 2022Mar-22April 8, 2022
Apr-22May 9, 2022Apr-22May 9, 2022
May-22June 8, 2022May-22June 8, 2022
Jun-22July 11, 2022Jun-22July 11, 2022
Jul-22August 9, 2022Jul-22August 9, 2022
Aug-22September 9, 2022Aug-22September 9, 2022
Sep-22October 11, 2022Sep-22October 11, 2022
Oct-22November 8, 2022Oct-22November 8, 2022
Nov-22December 8, 2022Nov-22December 8, 2022
Dec-22January 10, 2023Dec-22January 10, 2023
Jan-23February 8, 2023Jan-23February 8, 2023

2023

Financial Transactions Delivery MonthDaily Indexed Products Settlement Dates7A Index Products Delivery/Financial Month7A Index Products Settlement Date
Dec-22January 10, 2023Dec-22January 10, 2023
Jan-23February 8, 2023Jan-23February 8, 2023
Feb-23March 8, 2023Feb-23March 8, 2023
Mar-23April 11, 2023Mar-23April 11, 2023
Apr-23May 8, 2023Apr-23May 8, 2023
May-23June 8, 2023May-23June 8, 2023
Jun-23July 11, 2023Jun-23July 11, 2023
Jul-23August 9, 2023Jul-23August 9, 2023
Aug-23September 11, 2023Aug-23September 11, 2023
Sep-23October 10, 2023Sep-23October 10, 2023
Oct-23November 8, 2023Oct-23November 8, 2023
Nov-23December 8, 2023Nov-23December 8, 2023
Dec-24January 9, 2024Dec-24January 9, 2024
Jan-24February 8, 2024Jan-24February 8, 2024

Physical and Financial Transactions

Settlement Dates

2022

Financial MonthHolidayDelivery/Financial MonthPhysical Gas and Electricity Transactions Settlement Date
Jan-22
New Years Day
January 1, 2022Dec-21January 25, 2022
Feb-22
Family Day
February 21, 2022Jan-22February 25, 2022
Mar-22Feb-22March 25, 2022
Apr-22
Good Friday
April 15, 2022Mar-22April 25, 2022
May-22
Victoria Day
May 23, 2022Apr-22May 25, 2022
Jun-22May-22June 27, 2022
Jul-22
Canada Day
July 1, 2022Jun-22July 25, 2022
Aug-22
Civic Holiday
August 1, 2022Jul-22August 25, 2022
Sep-22
Labour Day
September 5, 2022Aug-22September 26, 2022
National Day for Truth and Reconciliation
September 30, 2022Sep-22October 25, 2022
Oct-22
Thanksgiving
October 10, 2022Oct-22November 25, 2022
Nov-22
Remembrance Day
November 11, 2022Nov-22December 28, 2022
Dec-22
Christmas Day
December 26, 2022Dec-22January 25, 2023
Boxing Day
December 27, 2022

2023

Financial MonthHolidayDelivery/Financial MonthPhysical Gas and Electricity Transactions Settlement Date
Jan-23

New Years Day

January 2, 2023Dec-22January 25, 2023
Feb-23

Family Day

February 20, 2023Jan-23February 27, 2023
Mar-23
Feb-23March 27, 2023
Apr-23

Good Friday

April 7, 2023Mar-23April 25, 2023
May-23

Victoria Day

May 22, 2023Apr-23May 25, 2023
Jun-23
May-23June 26, 2023
Jul-23

Canada Day

July 3, 2023Jun-23July 25, 2023
Aug-23

Civic Holiday

August 7, 2023Jul-23August 25, 2023
Sep-23

Labour Day

September 4, 2023Aug-23September 25, 2023

National Day for Truth and Reconciliation

October 2, 2023Sep-23October 25, 2023
Oct-23

Thanksgiving

October 9, 2023Oct-23November 27, 2023
Nov-23

Remembrance Day

November 13, 2023Nov-23December 27, 2023
Dec-23

Christmas Day

December 25, 2023Dec-23January 25, 2024

Boxing Day

December 26, 2023Jan-24

NOTE: Daily Cash Settlement invoices will not be processed on weekends or holidays listed above. Payments will be deferred to the following business day.