Introduction of Clearing For ICE Futures ECX Carbon Financial Instrument CER Options Contract

Introduction

Further to ICE Futures Circular 08/038 R11 dated 23 April 2008 we provide below information about the clearing of the above contract.

Launch Information

The ICE Futures ECX Carbon Financial Instrument CER Options Contract will be launched on Friday, 16 May 2008.

TRS/CPS Contract File for ICE Futures

The ICE TRS/CPS system will be upgraded to include details of the new contract. PC Gateway users are reminded that they will need to download a new Contracts File (CONTRACT.DAT) for the ICE Futures exchange before downloading any trade data for that day. If you have any questions with regard to this please contact the ICE Help Desk 020 7488 5100 (London).

Clearing Procedures

This contract will be processed by the Clearing and Processing System (CPS) in the same way as existing ICE Futures contracts.

London SPAN Parameters

The contract will be margined using London SPAN. The London SPAN Parameters are available on LCH.Clearnet Ltd website under the 'Risk Management'/'Ltd' section of the LCH.Clearnet website. HTTP://www.lchclearnet.com

PPS and Banking Procedures

Standard Clearing House PPS and banking procedures will apply to this contract. If you have any queries regarding PPS arrangements please contact Siobhan White on +44 (0)20 7426 7044 or Siobhan.white@lchclearnet.com .

Fees

LCH.Clearnet Registration fee charged will be €1.50 per lot per side. The Option Exercise fee will be €2.00 per lot exercised or assigned. Fees will be included in the usual month end Fee invoices and collected through PPS in the normal way on the payment date.

LCH.Clearnet Ltd Rulebook

Amendments and additions to the LCH.Clearnet Ltd Rulebook  (General Regulations, Default Rules Settlement Finality Regulations and Procedures) for this contract will be available on LCH.Clearnet Ltd website in due course, under the section ‘Rules & Regulations’/’Ltd’/’Recent and Forthcoming Rulebook Changes’. http://www.lchclearnet.com

Further Information

If you have any questions or would like further information please contact one of the following:

Yours sincerely

David Farrar

Director, Head of Commodities and Metals

Commercial Services