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All trades executed on the ICE platform are monitored by or attributable to responsible individuals who are accountable for the trading activities of both the member and the member's customers where applicable. The responsible individual is also responsible for the conduct of trades executed in the member's name.
To become a member of ICE Endex in respect of the gas storage markets, a candidate must enter into an agreement with the respective storage operator and become a Member of the relevant spot market by completing a membership form, By entering into the membership agreement, the member acknowledges that it will adhere to all Exchange regulations and regulations applicable to storage trading. All storage trades executed on the ICE platform are monitored by or attributable to a responsible individual who is accountable for the trading activities of the member. The responsible individual is also responsible for the conduct of trades executed in the member's name.
There are two categories of Exchange membership that determine the type of business which members may conduct at ICE Endex, as well as a Clearing Participant category. In addition to the Membership categories, a member's status as a clearer will also impact the type of business they may conduct.
General Participants* may trade their own** business and clients' business. They may also do give ups. If the General Participant is a clearing member as well, they may clear their own business, clients' business or clear for any other member of the exchange who is not a member of the clearing house.
Trade Participants* may trade their own** business, but may not trade on behalf of clients or do give ups. Likewise, if a Trade Participant is a clearer, he may only clear his own business.
*General Participant and Trade Participant categories of membership must either be clearing members or, as non-clearing members, must enter into a clearing agreement with a General Participant who is a clearing member.
**It is understood that "Own" business is business transacted solely for the benefit of that Member, a wholly owned subsidiary of that Member, the parent company of that Member, or a company in that Member's group of companies. Such business undertaken by a Member on behalf of another group company must not in turn be business undertaken on behalf of a third party.
The Participant Membership criteria, which an applicant must meet at the outset and must continue to meet as a Participant, are set out below. They are also detailed in the ICE Endex Regulations and Participants are expected to inform ICE Endex of failure or anticipated failure to meet the membership criteria.
Below are the main criteria for an ICE Endex membership:
ICE Endex uses pre-determined levels of financial requirements established by the clearing house for those Members who are clearing members. Therefore, in accordance with the financial requirements set by ICE Clear Europe: