ICE U.S. OTC COMMODITY MARKETS, LLC. (ICE)
Conditional Limit Form
For Significant Price Discovery Contracts
Participants may use this form to apply for a Conditional Limit from spot month position limits (Please see Appendix A for levels) in Significant Price Discovery Contracts (“SPDC”). Participants must demonstrate that they have no activity or position in the CME/ NYMEX physically-settled Henry Hub Natural Gas Futures contract (NG) during the last three (3) trading days prior to expiration. For Basis Swap contracts, Participants must also demonstrate that they have no cash position at the related basis hub during the last seven (7) days of trading in the expiring contract and provide information on the related OTC positions.
Position Information:
Please provide the Net Long/(Net Short) exposure for all positions related to the Henry Hub during the last three days of trading, and for Basis Swaps, all positions at the related basis hub during the last seven (7) days of trading. This includes, but is not limited to the following:
-
Physical/Forward Contracts at a fixed price differential
-
Physical Basis at a fixed price differential
-
Physical bid week Index
-
Cleared and Bi-Lateral Financial Swaps at a fixed price differential
-
Cleared and Bi-Lateral Financial Basis Swaps at a fixed price differential
-
Other - any other position related to the Henry Hub or related basis hub
(Please include any supplemental or supporting position information as an attachment to this form)
Attestation:
I attest that will not own or control a position in the
(Participant)
CME/NYMEX Henry Hub Natural Gas Future (NG) for the last three (3) days before expiration, and for Basis Swap contracts, have no cash position at the related basis hub during
(Product Code)
the last seven (7) days of trading in the expiring contract. (See Appendix A for Product Codes)
Participant Information:
Participant Name: Date:
Submitted by (Print Name): Signed:
Position/Title: Telephone #:
E-Mail:
This form must be submitted no later than four (4) trading days prior to the expiration of the spot month Henry Hub Natural Gas Futures contract to:
Market Regulation
ICE U.S. OTC Commodity Markets, LLC. (ICE)
353 North Clark Street, Suite 3100
Chicago, IL, 60654
Fax : (312) 836-6620
OTCMarketRegulation@theice.com
Any questions regarding the use of this form should be directed to:
Erik Haas, Manager - Market Regulation, at (312) 836-6733 Erik.Haas@theice.com; or
Rebecca Hampton, Analyst – Market Regulation, at (312) 836-6708 Rebecca.Hampton@theice.com.
Appendix A
List of Significant Price Discovery Contracts eligible for Conditional Limit (as of February 23, 2011)
Contract Name
|
Product Code
|
Spot Month
Position Limit (in ICE Lots)
|
Conditional Limit
(in ICE Lots)
|
Alberta, Nova Inventory Transfer (AECO) Basis Swap
|
AEC
|
12,500
|
25,000
|
Chicago Citygate Basis Swap
|
DGD
|
5,000
|
10,000
|
Henry Hub LD1 Fixed Price Swap
|
H
|
4,000
|
20,000
|
Houston Ship Channel Basis Swap
|
HXS
|
7,500
|
15,000
|
Northwest Pipeline Corp - Rocky Mountains Basis Swap
|
NWR
|
7,500
|
15,000
|
PG&E Citygate Basis Swap
|
PGE
|
5,000
|
10,000
|
SoCal Border Basis Swap
|
SCL
|
12,500
|
25,000
|
Waha Hub - West Texas Basis Swap
|
WAH
|
5,000
|
10,000
|
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