Bakkt BitcoinTM Daily and Monthly Futures - Technology and Operations Group (TOG) Call

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Bakkt BitcoinTM Daily and Monthly Futures - Technology and Operations Group (TOG) Call
Bakkt BitcoinTM
Daily and Monthly Futures
Technology and Operations
Group (TOG) Call

July 19, 2019
Bakkt BitcoinTM Daily and Monthly Futures - Technology and Operations Group (TOG) Call
Bakkt Overview
Bakkt Overview
•   Bakkt is working with Intercontinental Exchange (NYSE: ICE) to deliver institutional-grade
    infrastructure for digital assets, starting with physically delivered bitcoin futures. The BakktTM
    Bitcoin Daily and Monthly Futures contracts bring federally regulated price discovery to bitcoin
    markets and enable physical delivery through secure, regulated custody.

•   The Bakkt Bitcoin Daily and Monthly Futures will be regulated consistent with the CFTC’s
    regulatory requirements, as well as the compliance regime governing other contracts at ICE
    Futures U.S. (IFUS), a CFTC-regulated Designated Contract Market (DCM), and at ICE Clear
    US (ICUS), a CFTC-regulated Derivatives Clearing Organization (DCO). The contracts will be
    traded on IFUS and cleared by ICUS.

•   The Bakkt Warehouse secures bitcoin delivered upon contract expiration and will be operated
    by a limited purpose trust company that will serve as a qualified custodian of bitcoin subject to
    approval by the NY Department of Financial Services (NYDFS). Bakkt leverages a best-in-class
    cyber and physical security program, carries insurance for bitcoin held in both warm and cold
    wallets, operates robust know-your-customer and anti-money laundering controls, and
    independent governance.

•   Bakkt’s infrastructure creates the first end-to-end regulated environment for traders to deliver
    and receive bitcoin in exchange for USD in standardized settlement cycles.

•   For additional information, please reference the Bakkt website.

                                                                         INTERCONTINENTAL EXCHANGE   3
ICE Offering
Bakkt Bitcoin (USD) Futures Product Overview

•   ICE plans to launch two new products subject to regulatory approval of the Bakkt Warehouse.
    The two products are:

      •   The Bakkt Bitcoin (USD) Daily Futures. A daily settlement bitcoin future, which will
          enable customers to transact in a same-day market.

      •   The Bakkt Bitcoin (USD) Monthly Futures. A monthly bitcoin futures contract will enable
          trading in the front month and across the forward pricing curve.

•   Both contracts will trade on ICE Futures U.S. and will be cleared by ICE Clear US.

•   Both contracts will be leveraged futures and will be margined in the same way as all other
    futures contacts on ICE Clear US are margined.

      •   The futures contracts will be margined by ICE Clear US, including the collection of initial
          margin collateral and variation margin to manage risk. This approach is consistent with
          capital-efficient risk management practices in global futures markets, ranging from oil
          and gold to interest rates and equity index futures.

                                                                        INTERCONTINENTAL EXCHANGE   5
Core Elements of Bitcoin Daily/Monthly Futures

Exchange & Clearing                                     Bakkt Warehouse
• Direct access for institutional investors and large    • Secure digital asset warehouse architecture
  customers via ICE Futures U.S. & ICE Clear US            featuring offline storage, continuous monitoring and
                                                           alerting, and secured private ICE Global Network for
• Same Guarantee Fund; ICUS will contribute an extra       participant connectivity
  $35 million to the fund which can only be used for
  losses related to the Bitcoin contracts (ICE/Bakkt     • Strict operating procedures to direct the safekeeping
  skin-in-the-game)                                        and storage of customers’ digital assets
• Bakkt and ICE Futures U.S. are bringing federally      • The Bakkt Warehouse is the software system used
  regulated price discovery to bitcoin markets.            to fulfill delivery obligations associated with the
  Supported by the same technology and expertise           Bakkt Bitcoin Daily and Monthly Futures
  that powers ICE’s global markets, the Bakkt Bitcoin
  Daily and Monthly Futures contracts enable physical    • Bakkt Warehouse users will have the ability to
  delivery through secure, regulated custody.              deposit bitcoin from their external wallets to fulfill
                                                           delivery obligations. All bitcoin withdrawals are
• Bank-level AML/KYC policies, paired with extensive       restricted to verified and ‘whitelisted’ blockchain
  blockchain surveillance                                  addresses.

                                                                            INTERCONTINENTAL EXCHANGE    6
Bakkt Bitcoin (USD) Daily Future Specifications
                            Contract                  Bakkt Bitcoin (USD) Daily Future

                                       A physically settled daily futures contract for bitcoin held in the
  Description
                                       Bakkt Warehouse
  Contract Symbol                      BTC
  Contract Size                        1 bitcoin
  Price Quotation                      USD per bitcoin, to two decimal places
                                       $2.50 per bitcoin ($2.50 per contract). Block Trades may be
  Minimum Price Movement
                                       executed at $0.01 per bitcoin ($0.01 per contract).
  Daily Price Limit                    None
                                       Each Exchange Business Day on which commercial banks are
  Eligible Contract Dates
                                       generally open for business in New York
  Listing Cycle                        Up to 70 consecutive Eligible Contract Dates
  Final Settlement                     Physical delivery in the Bakkt Warehouse
  Delivery Location                    The Bakkt Warehouse
  Last Trading Day                     6:00 PM Eastern Prevailing Time on the Contract Date
  Last/Only Delivery Day               The second Exchange Business Day after the Contract Date
  Trading Hours                        8:00 PM to 6:00 PM - Preopen at 7:55 PM - All times EPT
  Non-Screen Trade Types               Block Trades permitted
  Block Trade Minimum Quantity         10 lots
                                       NCR - 50.00; RL: - 150.00;
  NCR, RL and IPL Levels
                                       IPL- 300.00, 5 second recalculation and hold periods.
                                       Screen Trades: $1.00 per side
  Exchange and Clearing Fees
                                       Block, Crossing Order and EFRP Trades: $1.60 per side
  Daily Settlement Window              4:58 to 5:00 pm EPT
  Position Limits                      100,000 lots in any Contract Date
  Listing Exchange                     ICE Futures U.S.
  Clearing Venue                       ICE Clear US

                                                                   INTERCONTINENTAL EXCHANGE           7
Bakkt Bitcoin (USD) Monthly Future Specifications
                             Contract               Bakkt Bitcoin (USD) Monthly Future

                                        A physically settled monthly futures contract for bitcoin held in
  Description
                                        the Bakkt Warehouse
  Contract Symbol                       BTM
  Contract Size                         1 bitcoin
  Price Quotation                       US Dollars per bitcoin, to two decimal places
                                        $2.50 per bitcoin ($2.50 per contract). Block Trades may be
  Minimum Price Movement
                                        executed at $0.01 per bitcoin ($0.01 per contract).
  Daily Price Limit                     None
  Listing Cycle                         Up to 12 consecutive contract months
  Final Settlement                      Physical delivery in the Bakkt Warehouse
  Delivery Location                     Bakkt Warehouse
                                        The second business day prior to the Delivery Day for the
  Last Trading Day
                                        contract month
  Last / Only Delivery Day              The third Friday of the contract month
  Trading Hours                         8:00 PM to 6:00 PM, preopen at 7:55 PM, all times EPT
  Non-Screen Trade Types                Block Trades permitted
  Block Trade Minimum Quantity          10 lots
                                        NCR - 50.00; RL: - 150.00;
  NCR, RL and IPL Levels
                                        IPL- 300.00, 5 second recalculation and hold periods.
                                        Screen Trades: $1.25 per side
  Exchange and Clearing Fees
                                        Block, Crossing Order and EFRP Trades: $1.85 per side
  Daily Settlement Window               4:58 to 5:00 PM EPT
  Position Limits                       100,000 lots in any Contract Month
  Listing Exchange                      ICE Futures U.S.
  Clearing Venue                        ICE Clear US

                                                                    INTERCONTINENTAL EXCHANGE          8
Key Trading Features
•   Trade At Settlement - TAS trades are available for the Bakkt Bitcoin Monthly Futures.

•   Position Limits - The limits for each of the Bakkt Bitcoin Daily and Monthly Futures are 100,000 contracts net long
    or net short in any one Contract Date or all Contract Dates combined (for the Daily Futures) and 100,000 contracts
    net long or net short in any one Contract Month or all Contract Months combined (for the Monthly Futures).

•   Settlement Prices - There is no reliance on the bitcoin spot market for settlement pricing for the Bakkt Bitcoin
    Daily and Monthly Futures.

•   Trading Hours - Trading hours are 8:00 p.m. EPT to 6:00 p.m. EPT, Sunday to Friday.

•   Trading Fees - Fees are waived through December 31, 2019.

•   Block Minimums - The minimum block trade size is 10 contracts.

•   Market Makers - IFUS intends to introduce market maker programs to support screen trading of the Bakkt Bitcoin
    Daily and Monthly Futures. Please contact Laura Edelman for more information – laura.edelman@theice.com

•   Spreads - All spread combinations for all listed contracts in the Bakkt Bitcoin Monthly Futures will be supported
    and subset in Daily Futures (more details to follow).

       •   For calendar spread orders in the Bakkt Bitcoin Daily and Monthly Futures contracts, a buy order is defined
           as purchasing the far month and selling the near month, and a sell order is defined as selling the far month
           and purchasing the near month.

       •   The leg prices for the spreads are calculated by applying an exchange calculated ‘anchor price’ at the time
           of the trade to the near month. The difference between the near month and the executed spread price will
           be applied to the far month.

                                                                                    INTERCONTINENTAL EXCHANGE   9
Trading Firm Processes
•   Access and Trading Capabilities for the Daily and Monthly Bakkt Bitcoin Futures will follow existing
    processes

       •   Products will be available for DAU, ISV, and WebICE trading
       •   Market data to be distributed via existing IFUS Financials multicast channels on the ICE iMpact Datafeed
       •   No changes to FIX OS API/iMpact API
       •   Same Trade Capture, POF, and Drop Copy APIs are available
       •   Strongly recommend all users test the new products in API Test
       •   The relevant market types and multicast channels are below:

             Market Type ID    Market Type Name                                    Multicast Group(s)

                                                      (EXISTING) IFUS Financials FOD Live Updates, IFUS Financials Top5PL Live
                                                      Updates, IFUS Financials FOD Snapshots, IFUS Financials Top5PL Snapshots
                                  Digital Asset
                  178
                                    Futures
                                                      (NEW) Digital Assets FOD Live Updates, Digital Assets Top5PL Live Updates,
                                                      Digital Assets FOD Snapshots, Digital Assets Top5PL Snapshots

       NOTE: Existing customers who also are authorized to trade other ICE Futures products can leverage the existing IFUS* channels.
       New customers who are only authorized to trade Digital Assets may leverage the new channels.

       • Charting capabilities on ICE Data Analytics (IDA) platform
       • Same EOD and Settlement processing
       • LEIs will be required of Trading Firms accessing Bakkt Bitcoin Futures

•   Pre-Trade Risk Management

       • Trading must use the Exchange’s System Managed Clearing Accounts (SMAs) activated for Digital Assets
       • SMA lot limit checks will not change
       • No availability of Locally Managed Accounts (LMAs) for Bakkt Bitcoin futures

                                                                                            INTERCONTINENTAL EXCHANGE       10
Digital Asset Futures on ICE Global Network
 Multiple connectivity options available to access Digital Asset Futures
 over the ICE Global Network

                         Global
                         access             VPN             Cloud                       Consolidated
     ICE Colo
                         centers            Access          Connect                     Feed

Fastest access     Digital Asset      Execution        Execution                Digital Asset
to Digital Asset   Futures market     services for     services for             Futures market
Futures real       data and           Digital Asset    Digital Asset            data over the
time market        execution          Futures          Futures                  ICE
data and           services           available over   accessible               Consolidated
execution          accessible         the ICE VPN      through public           Feed,
services           globally via the                    cloud                    accessible via
                   ICE Global                          environment              the ICE Global
through LCN at     Network (fiber                                               Network
350 East           and wireless)
Cermak (ICE
Colo and
Equinix)

                                                            INTERCONTINENTAL EXCHANGE     11
Digital Asset Futures on ICE Global Network
Existing or new customers: how to access Digital Asset Futures over the
ICE Global Network?

                  Existing                                    New
                  Customers                                   Customers

                                             Interested in learning more about
  Contact your ICE Data Services             the capabilities of ICE Global
  representative to enable connectivity      Network in terms of connectivity
  to the Digital Asset Futures               (Fiber/Wireless) and Colocation to
  (multicast feed, execution services)       access Digital Asset Futures?
                                             Please contact ICE Data Services.

                      https://www.theice.com/data-services/global-network

                      iceglobalnetwork-info@theice.com

                      sales@bakkt.com
                                                           INTERCONTINENTAL EXCHANGE   12
Data Fees & Connectivity

•   Users accessing ICE Futures US markets can add bitcoin to their access IDs with no additional
    cost.

•   Market data fee waiver through June 30 2020. Thereafter, if you are not a subscriber to IFUS
    data, there will be a retail–priced data feed. If you are an IFUS subscriber, the data associated
    with the Bakkt Bitcoin Daily and Monthly Futures is included for no fee.

•   Consistent with receiving IFUS data, access is seamless on our applications, WebICE and ICE
    Connect, or via authorized vendors and ISVs. Existing direct access users who are authorized
    and approved can enable Bakkt Bitcoin Daily and Monthly Futures market data from the API.
    Delayed data can be found on www.theice.com and www.bakkt.com.

•   Trading and clearing firms already authorized and approved to use the ICE Global Network will be
    able to access IFUS through existing connections.

•   Connectivity should be seamless for current WebICE users or those accessing IFUS through
    Independent Software Vendors (ISVs) or Direct Access User Connectivity. If you’d like to access
    the Bakkt Bitcoin Daily and Monthly Futures through your existing API connection, please email
    the ICE Help Desk.

                                                                         INTERCONTINENTAL EXCHANGE   13
Trading Onboarding for New IFUS Customers
•   Reach out to your FCM to ensure that they support clearing of the Bakkt Bitcoin Daily and Monthly Futures
•   Determine how to trade:

       •   TYPE A: WebICE - ICE’s proprietary futures trading platform
       •   TYPE B: Direct User Access into IFUS via FIX API-Custom built software
       •   TYPE C: Independent Software Vendor - Third party front-end access to IFUS markets
       •   TYPE D: Sponsored access via FCM - Connectivity via FCM’s access to IFUS markets

•   TYPE A, B or C: Sign IFUS onboarding documents
•   TYPE B: Sign API documents

•   ALL TYPES: Complete the Bakkt Warehouse Agreement and the Bakkt Warehouse Customer Identification
    Form
•   ALL TYPES: Designate user access to the Bakkt Warehouse by completing the Bakkt Warehouse
    Registration Form

       •   Select the level of user access type:

           •   Admin Users – deposit, withdraw, transfer bitcoin
           •   View Only Users – login and view-only

       •   Bakkt will create and send logins to the Bakkt Warehouse for the designated users

                                                                           INTERCONTINENTAL EXCHANGE   14
Trading Onboarding for Existing IFUS Customers

•   Partner with a FCM that supports the clearing of the Bakkt Bitcoin Daily and Monthly Futures

•   Reach out to ICE User Administration to request the enablement of the digital asset futures
    market type

      •   Complete the Bakkt Warehouse Agreement and the Bakkt Warehouse Customer
          Identification Form

•   (Optional) Existing API members can test their Bakkt API connectivity by emailing
    integrate@theice.com

•   Designate user access to the Bakkt Warehouse by completing the Bakkt Warehouse
    Registration Form:

      •   Select the level of user access type:

             •   Admin Users – deposit, withdraw, transfer bitcoin

             •   View Only Users – login and view-only

      •   Bakkt will create and send logins to the Bakkt Warehouse for the designated users

                                                                        INTERCONTINENTAL EXCHANGE   15
Regulation
• Futures will be traded through a registered DCM and cleared through a
   registered DCO.

• ICE Futures US is the DCM, and ICE Clear U.S is the DCO.
• Contract specifications in DCM/DCO rules will require physical delivery of BTC to
   the Bakkt Warehouse and settlement of contract by transfer of BTC.

• Regulation by the US Commodity Futures Trading Commission (CFTC) will apply
   to the Bakkt Bitcoin Daily and Monthly Futures. The Futures will be regulated
   consistent with the CFTC’s regulatory requirements, as well as the compliance
   regime governing other contracts at IFUS, a CFTC-regulated Designated
   Contract Market (DCM), and at ICE Clear US (ICUS), a CFTC-regulated
   Designated Clearing Organization (DCO).

• To provide regulated custody in the Bakkt Warehouse, Bakkt has filed with the
   New York State Department of Financial Services (NYDFS) for approval to form
   a limited-purpose trust company that would serve as a qualified custodian of
   bitcoin under applicable law.

                                                             INTERCONTINENTAL EXCHANGE   16
Clearing Process
Clearing Process

• All trading participants will need a futures commission merchant (FCM) who is a
   clearing member of ICUS to trade and clear the Bakkt Bitcoin Daily and Monthly
   Futures.

• Initial margin must be met in USD cash or US Treasuries. Please liaise with your
   Clearer to determine what they require to be posted as collateral. Variation margin
   must be paid in USD cash.

• The contracts will be included in the existing EOD margin process where ICE Clear
   US calls for initial and variation margin.

• Clearing members will not be required to handle bitcoin. The Bakkt Warehouse
   operations team will interact directly with trading participants to facilitate blockchain
   transactions. Clearing members will be given access to the Bakkt Warehouse to
   view customer bitcoin balances.

                                                                 INTERCONTINENTAL EXCHANGE   18
Clearing Documentation

• Existing clearing members of ICE Clear US who only plan to clear client business
   do not need to sign any new documentation to clear the bitcoin futures.

• Clearing members wishing to see their client’s bitcoin balances in the Bakkt
   Warehouse only need to complete a Bakkt Warehouse registration form informing
   the Warehouse of who in the clearing member’s organization requires access to the
   Warehouse for this purpose.

• Existing clearing members of ICE Clear US who plan to clear house business need
   to enter into a Bakkt Warehouse Participant Agreement with the Bakkt Warehouse
   to open accounts at the Warehouse.

                                                             INTERCONTINENTAL EXCHANGE   19
Guarantee Fund
•   The new futures will be supported by the existing guaranty fund

       •   ICE Clear US will contribute an additional $35MM to the guarantee fund which can only be
           used for losses related to bitcoin contracts

•   The risk waterfall will be

       •   Margin and guaranty fund of defaulting clearing member

       •   New bitcoin specific skin in the game but this will only be used for bitcoin related losses -
           $35MM total

       •   Existing skin in the game - $68MM total

       •   Guaranty fund contributions of non defaulting clearing members

       •   Assessments

•   ICE Clear US will run a conservative bitcoin stress test on each clearing member’s portfolio and
    any clearing member showing losses in this stress test will have to post incremental initial margin
    to cover the shortfall

       •   This stress test protects ICE Clear US from concentrated or large directional positions in
           bitcoin contracts

                                                                          INTERCONTINENTAL EXCHANGE   20
Bakkt Bitcoin Futures Contract Delivery Process
•   At the point a Bakkt Bitcoin Futures contract expires:

      •    Each clearing member’s outstanding positions are migrated to a delivery positions within ICUS.

      •    Clearing members will choose from a list of their client’s Delivery Accounts in the Bakkt Warehouse
           that will make or take delivery of bitcoin.

      •    It is important to note, if the same clearing member and/or Delivery Account is both long and short in
           the same contract, no netting of positions will occur during the delivery matching process. Thus, a
           clearing member and/or Delivery Account that holds a gross outstanding position will be required to
           both make and take delivery. Therefore, it is key that clearing member firms accurately report their
           end-of-day positions to ICE Clear US and make needed adjustments to these positions in a timely
           manner.

      •    After receiving a clearing member firm’s intentions, the Bakkt Warehouse automatically ”reserves”
           bitcoin in each designated seller’s Delivery Account. Reserved bitcoin is not eligible for transfer out
           of the seller’s Delivery Account.

      •    ICE Clear US, as part of its EOD, collects USD delivery funds from buying clearing member firms.

      •    On the designated delivery date, the Bakkt Warehouse executes delivery and moves previously
           reserved bitcoin from the sellers’ to the buyers’ delivery account.

      •    ICE Clear US then releases USD bitcoin delivery proceeds to the selling clearing member firms.

      •    $9.75 delivery fee, waived until year-end.

                                                                                  INTERCONTINENTAL EXCHANGE   21
Bakkt Bitcoin Futures Backend Clearing Reports
•   MPDAD Digital Asset Deliveries Report

    •   A new Member Digital Asset Deliveries report will be generated in PDF and CSV formats.
        This report provides Clearing members information about their Digital Asset Delivery
        positions that are scheduled for delivery the next business day, and the associated invoice
        amounts per Margin Account, Currency, Exchange, Commodity Code and Delivery
        Account.

•   GSPD / GSCD Files

    •   The Bakkt Bitcoin Daily and Monthly Futures products and contracts will be included in the
        GSPD and GSCD reports respectively.

•   GSPV / GSPVE

    •   The Bakkt Bitcoin Daily and Monthly Futures contract settlement prices will be published
        in the GSPV and GSPVE reports respectively.

•   ICE RISK MODEL (IRM) Arrays

    •   IRM arrays will include the standard margin rates for the for both Bakkt Bitcoin Daily and
        Monthly Futures products along with contract settlement prices.

                                                                      INTERCONTINENTAL EXCHANGE   22
Bakkt Warehouse
Bakkt Warehouse
•   Bakkt has a world-class cybersecurity program, leveraging the sophistication of the same
    systems that protect ICE Futures U.S. and the New York Stock Exchange, with additional
    controls customized for the unique aspects of protecting digital assets.

•   The delivery accounts in the Bakkt Warehouse will be in the client / end user’s name. The
    clearing member will not need to have an account at the Warehouse and will not need to interact
    with bitcoin. The clearing member will have visibility into the bitcoin that it’s clients hold at the
    Warehouse.

•   To provide regulated custody in the Bakkt Warehouse, Bakkt has filed with the New York State
    Department of Financial Services (NYDFS) for approval to form a limited-purpose trust company
    that would serve as a qualified custodian of bitcoin under applicable law.

•   The use of the Bakkt Warehouse is paired with the Bakkt Bitcoin Daily and Monthly Futures and
    is available only for the purpose of trading the Bakkt Bitcoin Daily and Monthly Futures.

•   There is no fee to custody bitcoin at the Bakkt Warehouse that is associated with the Bakkt
    Bitcoin Daily and Monthly Futures.

                                                                          INTERCONTINENTAL EXCHANGE   24
Bakkt Warehouse
•   Security: Private key operations occur in audited secure facilities equipped with armed security,
    biometric controls, hardware security modules, and require geographically-distributed multi-
    signature. Additional processes, such as separation of duties, destination wallet whitelisting, and
    volume and velocity controls are enforced using internally-developed software. Physical security,
    application development lifecycle, and cyber security are built using that same processes and
    controls used by IFUS and NYSE.

•   Insurance: Digital asset storage is insured with a $100,000,000 policy for cold storage and a
    $25,000,000 policy for warm storage. Rebalancing occurs across cold and warm storage tiers as to
    not exceed insurance coverage per tier. These policies are issued by a leading global syndicate
    and are regularly reviewed to ensure coverage limits are based on risk and assets under custody.

•   Anti-money laundering: Institutional quality AML and KYC practices, coupled with on-chain
    provenance research and risk scoring supports the quality of participants and bitcoin within the
    ecosystem.

•   The Bakkt Warehouse facilitates the tracking and allocation of bitcoin balances using an internal
    ledger. This internal ledger records deposits, transfers, deliveries and withdrawals from Bakkt
    warehouse.

•   Bakkt will undergo regular financial, security and operational control audits, including SOC
    certifications.

                                                                        INTERCONTINENTAL EXCHANGE   25
Bakkt Warehouse End-of-Day Reports

• MWDIR Delivery Intentions Report
   • A MWDIR report will be created for each active Bakkt Warehouse Participant.
   • A version will be created for clearing member Participants that will show
      delivery intentions for its owned delivery accounts.

   • A separate version will be generated for a Customer Participant that will
      include delivery intentions for accounts owned by the applicable Customer
      Participant.

• MFT Folder
   • A new MFT folder will be created for clearing members called “digital assets”
      where the new reports created by the Bakkt Warehouse will be posted for
      firms participating in the service.

                                                             INTERCONTINENTAL EXCHANGE   26
UAT Testing
• July 22nd, 2019 – UAT begins for clearing members & trading participants
• UAT is a critical step in ensuring that ICUS clearing members are prepared to
   support their customers trading of the new contracts.

   • Testing of clearing and delivery capabilities, including processing deliveries
      that result from trading activity with test bitcoin tokens.

   • Production parallel test-run with clearing members & trading participants to
      ensure successful reporting and operational workflow integration with ISVs
      and internal back office systems.

   • IFUS and ICUS will have working group calls to help prepare for the new
      contracts and UAT.

• For ICE Clear US the UAT testing for the new bitcoin products will be part of the
   testing of the broader 8.7 clearing release. Contact sales@bakkt.com to
   participate in this UAT Testing.

                                                                    INTERCONTINENTAL EXCHANGE   27
Timelines
Key Documents
Key Contacts
Digital Asset Key Timeline

• July 22nd, 2019 - UAT begins for clearing members & trading participants
• July 22nd , 2019 - API Test Environment available
• First day of trading – A launch date is expected in Q3 2019.The launch will
   follow UAT and Bakkt’s receipt of regulatory approval from NYDFS.

• https://www.bakkt.com/index
• https://www.bakkt.com/publicdocs/Bakkt_faq.pdf

                                                             INTERCONTINENTAL EXCHANGE   29
Key Contacts
   Business Contact      Contact for general business inquiries                                                    sales@bakkt.com

                         Existing customers who need access to bitcoin product to develop and test API
                                                                                                                 integrate@theice.com
                         integrations in the API Test environment.
 Trading Platform API    New customers who need access to bitcoin product to develop and test API
                                                                                                                   sales@bakkt.com
      Integration        integrations in the API Test environment
                                                                                                             conformancesupport@theice.c
                         Customers who need to schedule exchange conformance testing
                                                                                                                         om

Market Making Programs   More details surrounding Bakkt's performance based incentive programs                     sales@bakkt.com

 The Bakkt Warehouse     General inquiries, including onboarding to the Bakkt Warehouse.                        operations@bakkt.com

   ICE Futures U.S.                                                                                          icefuturesusmembership@thei
                         Membership of ICE Futures U.S.
     Membership                                                                                                          ce.com

       ICE Clear         Inquiries about ICE Clear U.S. membership or changes being made in support of
                                                                                                                iceclearus@theice.com
   U.S. Membership       the Bakkt Bitcoin Daily and Monthly Futures

                                                                                                             iceuseradministration@theice.c
Production User Set-Up   ICE company, user, and account set up
                                                                                                                          om

Participant Agreements   ICE Participant agreements                                                          accountservices@theice.com

    Datacenter and       SFTI, Colo and Hub connectivity to Production and DR sites (Basildon, Chicago,            ICEglobalnetwork-
     Connectivity        Atlanta)                                                                                   info@theice.com
                         ICE functionality and requests for training on WebICE and other tools for trading
   WebICE Training                                                                                              icehelpdesk@theice.com
                         participants

 Compliance/Reporting    Regulatory reporting and compliance                                                  compliance-us@theice.com

                                                                                              INTERCONTINENTAL EXCHANGE       30
Q & A Session
Disclaimer

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                                                                                     INTERCONTINENTAL EXCHANGE   32
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