ICE Futures U.S. updated its responses to frequently asked questions concerning pre-execution communications and related cross trade procedures to provide market participants with guidance on the newly converted energy futures and options contracts.
The FAQs address the execution of orders resulting from pre-execution communications regarding energy futures and options transactions, as well as the requirements for handling simultaneous buy and sell orders not involving pre-execution communications. Among other things, the FAQs clarify that energy futures and options transaction orders resulting from pre-execution communications must be executed by submitting a crossing order containing quantity and price data into the electronic trading system (ETS). The crossing order for energy futures and options products will be automatically activated five seconds after submission.
The exchange notice, which includes a link to the FAQs, is available here.