ICE column

ICE Rule 8 (excerpts)

8B.03 Clearing Authorizations and System Managed Accounts

(b). A Clearing Participant guarantees the financial obligations of all Direct Access Trading Participants (and all employees and customers that the said Direct Access Trading Participant provides Trading System access to under the provisions of the Rules) that it executes a Clearing Authorization Guaranty form for or issues one or more SMAs for.


8B.05 Reasonability Limits, Interval Price Limits, and Anchor Price for Futures

(a). The Exchange sets and may vary Reasonability Limits (“RL”) and Interval Price Limits (“IPL”) on futures within the system for each Contract, beyond which the Trading System will not execute orders.

(b). RLs are updated based on market activity, whereas IPLs are updated based on market activity and time.

(c). Beyond the RLs and IPLs, the Trading System will not execute orders unless the market moves to bring them within the RL or IPL. Orders to sell at prices below the lower RL or IPL, and orders to buy at prices above the upper RL or IPL, will not be accepted by the Trading System.

source: The ICE RULE 8