CFTC Staff Letter 18-02: Time Limited No-Action Relief for Shorcan Energy Brokers Inc. Registration

Division of Swap Dealer and
Intermediary Oversight
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Matthew B. Kulkin
Director
CFTC Letter No. 18-02
No-Action
February 15, 2018
Division of Swap Dealer and Intermediary Oversight Re: Time Limited No Action Position on Introducing Broker and Associ￾ated Person Registration Ladies and Gentlemen:
This letter is in response to a request for a no-action position received by the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“Commission”) from Intercontinental Exchange, Inc. (“ICE”) on behalf of its wholly-owned subsidiary, Shorcan Energy Brokers Inc. (“Shorcan”), from com￾pliance with certain Commission registration requirements. Specifically, ICE asked that DSIO provide temporary relief to Shorcan from the requirements that a person who comes within the definition of an introducing broker (“IB”) 2 or an associated person (“AP”) 3 of an IB must be registered with the Commission before engaging in business as DSIO understands based on representations from ICE that:
a) Shorcan is incorporated in Ontario, Canada and based in Alberta, Canada; b) Shorcan is not currently registered, nor required to be registered, in the United States; c) Shorcan currently relies on a registration exemption to intermediate trades in Canada; and d) As a result of the plans for the Transitioning Contracts (discussed below), Shorcan is working with the Alberta Securities Commission, the firm’s principal regulator in Canada, to obtain interim relief or ac￾commodation until such time as Shorcan is appropriately registered as a dealer under Canadian secu￾rities laws. 2 For the definition of IB, see Section 1a(31) of the Commodity Exchange Act (“CEA”) and Commission regulation 1.3(mm). 7 U.S.C. 1a(31) and 17 CFR 1.3(mm). The Commission’s regulations are found in
Chapter 17 of the Code of Federal Regulations, 17 CFR Part 1 et seq.
3 An “associated person” is any natural person who is associated in certain capacities with an IB or other specified intermediaries. 17 CFR 1.3(aa).

Shorcan: Time Limited Registration No-Action Position such.
4 This request is made in connection with Shorcan’s involvement with the planned transition by ICE on February 19, 2018 (the “Transition Date”) of certain ICE North American Oil and ICE Financial Natural Gas Liquids contracts (the “Transitioning Contracts”) currently trading on ICE Futures Europe to instead begin trading on ICE Futures U.S., a designated contract market registered with the Commission.5 In connection with the Transitioning Contracts, ICE has represented to DSIO that if the requested relief is not granted there could be detrimental impacts to Shorcan, its cus￾tomers and to the markets as a whole. Specifically, that (a) Shorcan will incur business disruptions and could incur the irreparable loss of its customers; (b) Shorcan’s custom￾ers will be denied access to the markets unless they establish new broker relationships (which would require adequate lead time to set up the necessary relationships, contrac￾tual agreements and operational processes); and (c) the markets as a whole will be nega￾tively impacted by the loss of an intermediary and potentially the loss of transactions currently intermediated through Shorcan. By this letter, DSIO is providing temporary registration no-action relief to Shorcan and its APs (collectively, the “Applicants”) where such persons are required to register with the Commission solely by virtue of their involvement with the transition of the Transi￾tioning Contracts as described above. This relief is subject to compliance with certain conditions and will terminate as detailed below. The purpose of this temporary no￾action position is to provide the Applicants with sufficient time for the completion of the registration process as applicable to them. Because registration is not effective instanta￾neously with the submission of a registration application, the temporary no-action posi￾tion taken in this letter will help to avoid business interruptions with respect to the Transitioning Contracts by providing relief to those Applicants who are unable to be￾come registered by the Transition Date. 6 By issuing this letter, DSIO intends to provide assurance that, as long as an Applicant files an application for registration on or before the Transition Date, and complies with the other conditions set forth below, engaging in activities relating to the Transitioning Contacts requiring registration as an IB or an AP of an IB with the Commission before the Applicant has been registered with the Com￾mission will not, in and of itself, result in DSIO recommending that the Commission commence an enforcement action against the Applicant.

4 For IB registration requirements, see CEA Section 4d(g) and Commission regulation 3.4(a). 7 U.S.C. 6d(g) and 17 CFR 3.4(a). For AP registration requirements, see CEA Section 4k and Commission regula￾tions 3.4(a) and 3.12(a). 7 U.S.C. 6k and 17 CFR 3.4(a) and 3.12(a). 5 A list of the Transitioning Contracts is in Annex A to this letter. 6 In this regard, DSIO is mindful of the need to strike an appropriate balance between the regulatory ob￾jectives of registering persons intermediating transactions subject to the jurisdiction of the Commission and providing those persons with sufficient time to comply with their new regulatory requirements.

Shorcan: Time Limited Registration No-Action Position
I. Regulatory Background
The CEA and the regulations of the Commission issued thereunder require that a person who comes within the definition of an IB must be registered with the Commission prior to engaging in business as such.7 Additionally, persons who come within the definition of the term AP of an IB must be registered with the Commission before engaging in business as such. 8 The National Futures Association (“NFA”) has been delegated authority by the Com￾mission to perform the full range of registration functions with regard to applicants for and persons registered as an IB or an AP of an IB.9
II. DSIO No-Action Position
Based on the foregoing, DSIO believes that a time limited no-action position is warrant￾ed. Accordingly, during the period from and including the Transition Date to and ex￾cluding August 19, 2018 (the “No-Action End Date”), DSIO will not recommend that the Commission commence an enforcement action against an Applicant for failure to be registered with the Commission as an IB or an AP of an IB, as applicable, where the re￾quirement to be registered as such arises solely from the Applicant being involved with the Transitioning Contracts, provided:

1. In the case of Shorcan, (a) on or before the Transition Date, Shorcan files with
   NFA a registration application sufficient for its registration as an IB to be desig￾nated by NFA to be in “pending” status; and (b) on or before March 19, 2018, Shorcan files with NFA a Form 1-FR-IB or guarantee agreement, in accordance with the requirements of Commission regulation 1.10(a)(2)(ii); 10
2. In the case of an AP of Shorcan, on or before the date the Applicant engages in
   activity requiring registration as an AP, he or she files with NFA a registration

7 See n.4, supra. and Part 3 of the Commission’s regulations, which concern the registration of IBs and other intermediaries under the CEA. 8 Id. 9 See, e.g., 48 Fed. Reg. 35158 (Aug. 3, 1983), whereby the Commission delegated to NFA the authority to register IBs and APs of IBs. 10 17 CFR 1.10(a)(2)(ii). DSIO notes that this temporary no-action position applies to the requirement in Commission regulation 1.10(a)(2)(ii) generally applicable to IBs to file a Form 1-FR-IB or guarantee agreement concurrently with the filing of its registration application.

Shorcan: Time Limited Registration No-Action Position application sufficient for his or her registration as an AP of Shorcan to be desig￾nated by NFA to be in “pending” status; 11 and
3. Subject to the foregoing and the relief provided by this letter, on and after the
Transition Date and until the expiration of such relief, the Applicant is subject to and makes a good faith effort to comply with the CEA and the Commission’s regulations applicable to its activities as an IB or AP of an IB, as applicable, as if the Applicant was in fact registered in such capacity. This registration no-action position will terminate with respect to an Applicant on the earliest of: (1) the date on which NFA provides notice in accordance with Commission regulation 3.2(c) 12 that such Applicant is registered as an IB or AP of an IB, as the case may be; (2) the date five days after service by NFA of a notice on such Applicant pursu￾ant to NFA Registration Rule 504 13 that the person may be disqualified from registration under CEA Section 8a(2) or 8a(3); 14 and (3) the N0-Action End Date. This letter, and the positions taken herein, represent the views of DSIO only, and do not necessarily represent the position or view of the Commission or of any other office or division of the Commission. The relief issued by this letter does not excuse persons rely￾ing on it from compliance with any other applicable requirements contained in the CEA or in Commission regulations. Further, this letter, and the positions taken herein, is based upon the representations made to DSIO. Any different, changed, or omitted mate￾rial facts or circumstances might render this no-action position void.

11 NFA Registration Rule 401 (Qualification Testing Requirement) generally requires that each person ap￾plying to be registered as an AP must take and pass the National Commodity Futures Examination. NFA’s rules may be accessed on NFA’s Web site, www.nfa.futures.org. 12 17 CFR 3.2(c). 13 See Part 500 of NFA’s registration rules, “Proceedings to Deny, Condition, Suspend and Revoke Regis￾tration.” 14 7 U.S.C. 12a(2) and (3). CEA Sections 8a(2) and 8a(3) provide the grounds and procedures by which an application for registration may be denied.

Shorcan: Time Limited Registration No-Action Position Questions concerning the relief in this letter may be directed to Mathew B. Kulkin, Di￾rector, DSIO at (202) 418-5213 or mkulkin@cftc.gov; or Frank Fisanich, Chief Counsel, DSIO, at (202) 418-5949 or ffisanich@cftc.gov. Very truly yours, _______________________ Matthew B. Kulkin Director Division of Swap Dealer and Intermediary Oversight cc: Regina Thoele, Compliance National Futures Association, Chicago Yvette Christman, Registration National Futures Association, Chicago

Shorcan: Time Limited Registration No-Action Position
ANNEX A
Transitioning Contracts

Commodity
Code
Logical
Code
Product Description Contract
Type
UL7 UL7 67‐grade USGC ULSD (Platts) vs Heating Oil 1st Line Future Future NH2 NH2 Argus 62‐grade NYH ULSD vs Heating Oil 1st Line Future Future NH7 NH7 Argus 67‐grade NYH ULSD vs Heating Oil 1st Line Future Future BAK BAK Argus Bakken (Clearbrook) Crude Oil Future Future ARH ARH Argus LLS Average Price Option Option ARH ARH Argus LLS Future Future ARI ARI Argus LLS vs Brent 1st Line Future Future ARJ ARJ Argus LLS vs Dated Brent (Platts) Future Future ARK ARK Argus LLS vs WTI 1st Line Average Price Option Option 180‐18U ARP Argus LLS vs WTI 1st Line Balmo Future Future ARK ARK Argus LLS vs WTI 1st Line Future Future ARL ARL Argus LLS vs WTI Trade Month Average Price Option Option ARQ ARQ Argus LLS vs WTI Trade Month Balmo Future Future ARL ARL Argus LLS vs WTI Trade Month Future Future ARM ARM Argus Mars Future Future ARN ARN Argus Mars vs Brent 1st Line Future Future ARO ARO Argus Mars vs WTI 1st Line Average Price Option Option ART ART Argus Mars vs WTI 1st Line Balmo Future Future ARO ARO Argus Mars vs WTI 1st Line Future Future ARW ARW Argus Mars vs WTI Trade Month Average Price Option Option ARS ARS Argus Mars vs WTI Trade Month Balmo Future Future ARW ARW Argus Mars vs WTI Trade Month Future Future 03G‐04A JCI Argus NYH Jet vs Heating Oil 1st Line Balmo Future Future JCH JCH Argus NYH Jet vs Heating Oil 1st Line Future Future TAB TAB Argus Sour Crude Index (ASCI) Diff Calendar Future Future TOB TOB Argus Sour Crude Index (ASCI) Diff Trade Month Future Future AIO AIO Argus ULSD NYH Buckeye Pipeline vs Heating Oil 1st Line Future Future AIP AIP Argus ULSD NYH Colonial Offline vs Heating Oil 1st line Future Future CSH CSH Argus WCS (Cushing) Crude Oil Trade Month Future Future AIM AIM Argus WTI CMA Trade Month Future Future ACT ACT Argus WTI Cushing Trade Month Future Future MSN MSN Argus WTI Houston vs Argus WTI Midland Trade Month Future Future AIL AIL Argus WTI Houston vs WTI 1st Line Average Price Option Option AIK AIK Argus WTI Houston vs WTI 1st Line Balmo Future Future AIL AIL Argus WTI Houston vs WTI 1st Line Future Future ACL ACL Argus WTI Houston vs WTI Trade Month Balmo Future Future ACM ACM Argus WTI Houston vs WTI Trade Month Future Future MST MST Argus WTI Midland vs Argus WTS Trade Month Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
MLT MLT Argus WTI Midland vs WTI 1st Line Average Price Option Option MLU MLU Argus WTI Midland vs WTI 1st Line Balmo Future Future MLT MLT Argus WTI Midland vs WTI 1st Line Future Future MLS MLS Argus WTI Midland vs WTI Trade Month Balmo Future Future MSV MSV Argus WTI Midland vs WTI Trade Month Future Future AFH AFH Argus WTS vs WTI 1st Line Average Price Option Option AFI AFI Argus WTS vs WTI 1st Line Balmo Future Future AFH AFH Argus WTS vs WTI 1st Line Future Future AVS AVS Argus WTS vs WTI Trade Month Balmo Future Future AVT AVT Argus WTS vs WTI Trade Month Future Future ETC ETC Chicago Ethanol (Platts) Future Future ABL ABL Argus ANS vs Brent 1st Line Future Future DFL DFL Daily Gulf Coast Jet Fuel (Platts) vs Heating Oil 1st Line Future Future DFK DFK Daily Gulf Coast ULSD (Platts) vs Heating Oil 1st Line Future Future DWO DWO Daily WTI 1‐Month Calendar Spread Future Future DWO DWO Daily WTI 1‐Month Calendar Spread Option Option DFF DFF Diesel 10ppm FOB ARA Barges (Platts) vs Heating Oil 1st Line Future Future EHL EHL EU‐Style Heating Oil vs Low Sulphur Gasoil Future Future EHL EHL EU‐Style Heating Oil vs Low Sulphur Gasoil Option Option WUL WBS EU‐Style WTI Future Future WUL WBS EU‐Style WTI Option Option 14X 14X New York 3.0% Fuel Oil (Platts) Future Future GOK GOK Fuel Oil 380 CST Singapore (Platts) vs USGC HSFO (Platts) Future (in Bbls) Future 1Y4‐1YY GPR Group 3 Sub‐Octane Gasoline (Platts) vs RBOB Gasoline 1st Line Balmo Future Future GDL GDL Group 3 Sub‐Octane Gasoline (Platts) vs RBOB Gasoline 1st Line Future Future DCS DCS Group 3 ULSD (OPIS) vs Heating Oil 1st Line Future Future GUH GUH Group 3 ULSD (Platts) vs Heating Oil 1st Line Future Future G3V G3V Group 3 V‐Grade Sub‐Octane Gasoline (OPIS) vs RBOB Gasoline 1st Line Future Future 056‐060 GDN Gulf Coast CBOB 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Balmo Future Future GDM GDM Gulf Coast CBOB 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Future Future JCF JCF Gulf Coast Jet Fuel (Platts) Average Price Option Option 0Z0‐0ZU JCG Gulf Coast Jet Fuel (Platts) Balmo Future Future GCJ GCJ Gulf Coast Jet Fuel (Platts) Mini Future Future 04B‐055 JHP Gulf Coast Jet Fuel (Platts) vs Heating Oil 1st Line Balmo Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
JCF JCF Gulf Coast Jet Fuel (Platts) Future Future GUB GUB Gulf Coast Jet Fuel (Platts) vs Brent 1st Line Future Future JHO JHO Gulf Coast Jet Fuel (Platts) vs Heating Oil 1st Line Future Future JCU JCU Gulf Coast ULSD (Platts) vs Gulf Coast Jet Fuel (Platts) Future Future MXQ‐‐ MYU GCH Gulf Coast ULSD (Platts) vs Heating Oil 1st Line Balmo Future Future GUU GUU Gulf Coast ULSD (Platts) Future Future GUV GUV Gulf Coast ULSD (Platts) vs Brent 1st Line Future Future GOH GOH Gulf Coast ULSD (Platts) vs Heating Oil 1st Line Future Future GUX GUX Gulf Coast ULSD (Platts) vs Low Sulphur Gasoil 1st Line Future Future GUW GUW Gulf Coast ULSD (Platts) vs WTI 1st Line Future Future 000‐00U UMM Gulf Coast Unl 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Balmo Future Future UM1 UM1 Gulf Coast Unl 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Future Future HOF UHO Heating Oil 1st Line Future Future HOM HOM Heating Oil 1st Line Mini Future Future HBT HBT Heating Oil 1st Line vs Brent 1st Line Future (in Bbls) Future 1IM‐1JG UL9 Heating Oil 1st Line vs Low Sulphur Gasoil 1st Line Balmo Future (in Bbls) Future ULM ULM Heating Oil 1st Line vs Low Sulphur Gasoil 1st Line Future (in Bbls) Future ULL ULL Heating Oil 1st Line vs Low Sulphur Gasoil 1st Line Future (in MTs) Future HBW HBW Heating Oil 1st Line vs WTI 1st Line Future Future HOF UHO Heating Oil Average Price Option Option TDE TDE Daily EU‐Style WTI Option Option TDE TDE Daily EU‐Style WTI Future Future 01Q‐02K LA5 LA Jet Fuel (Platts) vs Heating Oil 1st Line Balmo Future Future LA4 LA4 LA Jet Fuel (Platts) vs Heating Oil 1st Line Future Future GHK‐GIO FOE New York 1% Fuel Oil (Platts) vs USGC HSFO (Platts) Balmo Future Future FOD FOD New York 1% Fuel Oil (Platts) vs USGC HSFO (Platts) Future Future FRA‐FSE FOX New York 1% Fuel Oil (Platts) Balmo Future Future FOW FOW New York 1% Fuel Oil (Platts) Future Future GGF‐GHJ FOI New York 1% Fuel Oil (Platts) vs Fuel Oil 1% FOB NWE Cargoes (Platts) Balmo Future Future FOH FOH New York 1% Fuel Oil (Platts) vs Fuel Oil 1% FOB NWE Cargoes (Platts) Future Future NFB NFB New York 1% Fuel Oil (Platts) vs Brent 1st Line Future Future GIP‐GJT FOL New York 1% Fuel Oil (Platts) vs WTI 1st Line Balmo Future Future FOK FOK New York 1% Fuel Oil (Platts) vs WTI 1st Line Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
14W 14W New York 3.0% Fuel Oil (Platts) vs USGC HSFO (Platts) Future Future ETN ETN New York Ethanol (Platts) Future Future HOC HOC New York Harbour ULSD 1‐Month Calendar Spread Future Future HOC HOC New York Harbour ULSD 1‐Month Calendar Spread Option Option RCM RCM RBOB Gasoline 1‐Month Calendar Spread Future Future RCM RCM RBOB Gasoline 1‐Month Calendar Spread Option Option 0X0‐0XU RSE RBOB Gasoline 1st Line Balmo Future Future RBS UHU RBOB Gasoline 1st Line Future Future RBM RBM RBOB Gasoline 1st Line Mini Future Future 140‐14U GDR RBOB Gasoline 1st Line vs Argus Eurobob Oxy FOB Rotterdam Barges Balmo Mini Future Future GDO GDO RBOB Gasoline 1st Line vs Argus Eurobob Oxy FOB Rotterdam Barges Future Future GDQ GDQ RBOB Gasoline 1st Line vs Argus Eurobob Oxy FOB Rotterdam Barges Mini Future Future 1F6‐1G0 GDT RBOB Gasoline 1st Line vs Argus Eurobob Oxy FOB Rotterdam Barges Balmo Future Future RBR RBR RBOB Gasoline 1st Line vs Brent 1st Line Future Future RBW RBW RBOB Gasoline 1st Line vs WTI 1st Line Future Future RBS UHU RBOB Gasoline Average Price Option Option 1EB‐1F5 RBQ RBOB vs Brent 1st Line Balmo Future (in Bbls) Future TMS TMS TMX SYN 1a Index Future Future SYN SYN TMX SYN 1b Index Future Future TMF TMF TMX C5 1a Index Future Future TMC TMC TMX C5 1b Index Future Future TML TML TMX LSB 1a Index Future Future TMR TMR TMX SW 1a Index Future Future 1TT‐1UN TMZ TMX SW 1a Index Balmo Future Future TMU TMU TMX UHC 1a Index Future Future UHB UHB TMX UHC 1b Index Future Future TMW TMW TMX WCS 1a Index Average Price Option Option TMW TMW TMX WCS 1a Index Future Future 1SY‐1TS TMY TMX WCS 1a Index Balmo Future Future VYH‐VZL TDY TMX WCS 1b Index Balmo Future Future TDX TDX TMX WCS 1b Index Future Future TMN TMN ULSD 10ppm CIF MED Cargoes (Platts) vs Heating Oil 1st Line Future Future TNN TNN ULSD 10ppm CIF NWE Cargoes (Platts) vs Heating Oil 1st Line Future Future UHL UHL ULSD NYH Colonial Offline (Platts) vs Heating Oil 1st Line Future Future GUE GUE Gulf Coast Export ULSD Cargoes (Platts) Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
RBO RBO USGC HSFO (Platts) Average Price Option Option FPA‐FQE RBP USGC HSFO (Platts) Balmo Future Future RBO RBO USGC HSFO (Platts) Future Future 1JH‐1KB GCT USGC HSFO (Platts) vs Brent 1st Line Balmo Future Future GCS GCS USGC HSFO (Platts) vs Brent 1st Line Future Future GJU‐GKY GOD USGC HSFO (Platts) vs Fuel Oil 3.5% FOB Rotterdam Barges (Platts) Balmo Future (in Bbls) Future GOE GOE USGC HSFO (Platts) vs Fuel Oil 3.5% FOB Rotterdam Barges (Platts) Future (in Bbls) Future NVV NVV USGC HSFO (Platts) vs Fuel Oil 3.5% FOB Rotterdam Barges (Platts) Future (in MTs) Future GUF GUF USGC HSFO (Platts) vs WTI 1st Line Future Future TIZ TIZ WTI 12‐Month Calendar Spread Future Future TIZ TIZ WTI 12‐Month Calendar Spread Option Option TIA TIA WTI 1‐Month Calendar Spread Future Future TIA TIA WTI 1‐Month Calendar Spread Option Option 02L‐03F WBT WTI 1st Line Balmo Future Future R WBS WTI 1st Line Future Future RMM RMM WTI 1st Line Mini Future Future B20‐B2U BTE WTI 1st Line vs Brent 1st Line Balmo Future Future BTD BTD WTI 1st Line vs Brent 1st Line Future Future 02L‐03F WBT WTI Average Price Balmo Option Option R WBS WTI Average Price Option Option WTB WBS WTI Bullet Future Future TIB TIB WTI vs Brent Bullet Future Future TIB TIB WTI vs Brent Spread Option Option ECC ECC Ethane in E/P Mix, OPIS Conway In‐Well Average Price Option Option ETE ETE Ethane, OPIS Mt. Belvieu Non‐TET Average Price Option Option NGE NGE Natural Gasoline, OPIS Mt. Belvieu Non‐TET Average Price Option Option NBI NBI Normal Butane, OPIS Mt. Belvieu Non‐TET Average Price Option Option PRC PRC Propane, OPIS Conway In‐Well Average Price Option Option PRL PRL Propane, OPIS Mt. Belvieu TET Average Price Option Option BUC BUC Benzene, PCW US Contract Price Future Future BUI BUI Benzene, PCW US Index Fixed Price Future Future ABR ABR Butane, Argus CIF ARA Future Future 1ON‐1PH BUN Butane, Argus CIF ARA Balmo Future Future ABM ABM Butane, Argus CIF ARA Mini Future Future 1PI‐1QC BUR Butane, Argus Far East Index (AFEI) Balmo Future Future ABF ABF Butane, Argus Far East Index (AFEI) Future Future BUQ BUQ Butane, Argus Far East Index (AFEI) Mini Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
ABS ABS Butane, Argus Saudi CP Future Future BUS ABS Butane, Argus Saudi CP Mini Future Future ABO ABO Butane, Argus Sonatrach CP Future Future ECC ECC Ethane in E/P Mix, OPIS Conway In‐Well Future Future LPE‐LQI ECD Ethane in E/P Mix, OPIS Conway In‐Well Balmo Future Future ECB ECB Ethane in E/P Mix, OPIS Mt. Belvieu Non‐TET Future Future LNZ‐LPD ECA Ethane in E/P Mix, OPIS Mt. Belvieu Non‐TET Balmo Future Future ETD ETD Ethane, OPIS Mt. Belvieu Other Non‐TET Future Future ETE ETE Ethane, OPIS Mt. Belvieu Non‐TET Future Future EEA‐EFE ETF Ethane, OPIS Mt. Belvieu Non‐TET Balmo Future Future ISC ISC Isobutane, OPIS Conway In‐Well Future Future LWH‐LXL ISD Isobutane, OPIS Conway In‐Well Balmo Future Future ISO ISO Isobutane, OPIS Mt. Belvieu Non‐TET Future Future LVC‐LWG ISP Isobutane, OPIS Mt. Belvieu Non‐TET Balmo Future Future ISL ISL Isobutane, OPIS Mt. Belvieu TET Future Future ZHF‐ZIJ ISQ Isobutane, OPIS Mt. Belvieu TET Balmo Future Future M00‐M0U ETG Ethylene, PCW Mont Belvieu Balmo Future Future ETH ETH Ethylene, PCW Mont Belvieu Future Future NGC NGC Natural Gasoline, OPIS Conway In‐Well Future Future LJF‐LKJ NGG Natural Gasoline, OPIS Conway In‐Well Balmo Future Future NGW NGW Natural Gasoline, OPIS Mt. Belvieu Non‐TET vs WTI 1st Line Future Future NGE NGE Natural Gasoline, OPIS Mt. Belvieu Non‐TET Future Future LGA‐LHE NGF Natural Gasoline, OPIS Mt. Belvieu Non‐TET Balmo Future Future NBC NBC Natural Gasoline, OPIS Mt. Belvieu Other Non‐TET Future Future NGL NGL Natural Gasoline, OPIS Mt. Belvieu TET Future Future LSS‐LTW NGK Natural Gasoline, OPIS Mt. Belvieu TET Balmo Future Future NGB NGB NGL Basket, OPIS Mt. Belvieu Non‐TET Future Future NBE NBE Normal Butane, OPIS Mt. Belvieu Other Non‐TET Future Future IBC IBC Normal Butane, OPIS Conway In‐Well Future Future LKK‐LLO IBD Normal Butane, OPIS Conway In‐Well Balmo Future Future NBI NBI Normal Butane, OPIS Mt. Belvieu Non‐TET Future Future LEA‐LFE NBJ Normal Butane, OPIS Mt. Belvieu Non‐TET Balmo Future Future NBR NBR Normal Butane, OPIS Mt. Belvieu TET Future Future LRN‐LSR NBS Normal Butane, OPIS Mt. Belvieu TET Balmo Future Future P10‐P1U PPN Polymer Grade Propylene (PGP), PCW Mont Belvieu Balmo Future Future PPL PPL Polymer Grade Propylene (PGP), PCW Mont Belvieu Future Future APC APC Propane, Argus CIF ARA Average Price Option Option 1HR‐1IL ABG Propane, Argus CIF ARA vs Naphtha CIF NWE Cargoes (Platts) Balmo Future Future

Commodity
Code
Logical
Code
Product Description Contract
Type
APN APN Propane, Argus CIF ARA vs Naphtha CIF NWE Cargoes (Platts) Future Future APC APC Propane, Argus CIF ARA Future Future LMU‐LNY APD Propane, Argus CIF ARA Balmo Future Future AFM AFM Propane, Argus CIF ARA Mini Future Future AFE AFE Propane, Argus Far East Index (AFEI) Average Price Option Option AFL AFL Propane, Argus Far East Index (AFEI) Mini Future Future 1GW‐1HQ ABK Propane, Argus Far East Index (AFEI) vs Naphtha C+F Japan Cargoes (Platts) Balmo Future Future ARR ARR Propane, Argus Far East Index (AFEI) vs Naphtha C+F Japan Cargoes (Platts) Future Future EGD EGD Propane, Argus Far East Index (AFEI) vs Propane, Argus CIF ARA Future Future VRD‐VSH EGE Propane, Argus Far East Index (AFEI) vs Propane, Argus CIF ARA Balmo Future Future AFE AFE Propane, Argus Far East Index (AFEI) Future Future LLP‐LMT AFF Propane, Argus Far East Index (AFEI) Balmo Future Future SCP SCP Propane, Argus Saudi CP Future Future AFS AFS Propane, Argus Sonatrach CP Future Future TOT TOT Propane, OPIS CIF ARA ToT Cargoes Future Future PRC PRC Propane, OPIS Conway In‐Well Future Future LIA‐LJE PRD Propane, OPIS Conway In‐Well Balmo Future Future PRH PRH Propane, OPIS Hattiesburg Future Future CEJ CEJ Propane, OPIS Mt. Belvieu Non‐TET vs Propane, Argus CIF ARA Future Future CEZ CEZ Propane, OPIS Mt. Belvieu Non‐TET vs Propane, Argus Far East Index (AFEI) Future Future PRN PRN Propane, OPIS Mt. Belvieu Non‐TET Future Future LAA‐LBE PRO Propane, OPIS Mt. Belvieu Non‐TET Balmo Future Future 1YZ‐1ZT PBP Propane, OPIS Mt. Belvieu Other Non‐TET Balmo Future Future PBO PBO Propane, OPIS Mt. Belvieu Other Non‐TET Future Future CEK CEK Propane, OPIS Mt. Belvieu TET vs Propane, Argus CIF ARA Future Future CEY CEY Propane, OPIS Mt. Belvieu TET vs Propane, Argus Far East Index (AFEI) Future Future PRL PRL Propane, OPIS Mt. Belvieu TET Future Future LCA‐LDE PRM Propane, OPIS Mt. Belvieu TET Balmo Future Future PLM PLM Propane, OPIS Mt. Belvieu TET Mini Future Future AFK SCP Propane, Argus Saudi CP Mini Future Future