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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$32.7USD
Total Financial Resources$247.7

As of September 30, 2021

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

Physical and Financial Transactions

Settlement Dates

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

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