55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 24-11

January 23, 2024

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Amendments to the MSCI India NTR Futures Contract Incentive Program

Submission Pursuant to Section 5c(c)(1) of the Act and Regulation 40.6

Dear Mr. Kirkpatrick:

Pursuant to Commodity Futures Trading Commission (“CFTC”) Regulation 40.6(a), ICE 

Futures U.S., Inc. (“IFUS” or “Exchange”) hereby submits by written certification, the amendments

to the terms of the MSCI India NTR Futures Contract Incentive Program (“Program”), which are 

set forth in Exhibit A. 

The Exchange certifies that the amended Program, which will become effective on

February 7, 2024, complies with the requirements of the Commodity Exchange Act and the rules 

and regulations promulgated thereunder. In particular, the Program complies with Core Principle 4

(Monitoring of Trading), Core Principle 9 (Execution of Transactions) and Core Principle 12 

(Protection of Market Participants). The Program does not impact order execution priority or 

otherwise give participants any execution preference or advantage. In addition, the Exchange’s 

Market Regulation Department actively monitors for trading abuses using electronic exception 

reports and will take appropriate action against any participants engaging in market abuses. 

The Exchange further certifies that, concurrent with this filing, a notice of pending 

certification was posted on the Exchange’s website. A copy of this submission may be accessed at 

(https://www.theice.com/futures-us/regulation#rule-filings). The Exchange is not aware of any

opposing views with respect to the Program. 
If you have any questions or need further information, please contact me at 212-748-4021 

or at jason.fusco@theice.com.

Sincerely,

Jason V. Fusco

Assistant General Counsel

Market Regulation

Enc.

cc: Division of Market Oversight
EXHIBIT A

ICE Futures U.S.®, Inc. MSCI India Index NTR Futures Contract

Incentive Program

Program Purpose

The purpose of the Program is to incentivize participants to provide volume and increase liquidity 

in the Exchange’s MSCI India Index NTR futures contract. This enhanced liquidity will benefit all 

participants in the marketplace.

Product Scope

MSCI India Index NTR Futures 

Eligible Participants

IFUS may designate ten participants in the Program. In order to be considered for selection into the 

Program, potential participants must have maintained a sufficient monthly average volume in one 

or more MSCI Index futures contracts over the past six months at the time of application. 

Notwithstanding the foregoing the Exchange may add or subtract from the aforementioned criteria 

as it deems necessary.

Program Term

The Program term shall end on December 31, 2024.

Program Obligations

[PARAGRAPH REDACTED]

Program Incentives

[PARAGRAPH REDACTED]

Monitoring and Termination of Status

The Exchange shall monitor trading activity and participants’ performance and shall retain the right 

to revoke participants’ status if it concludes from review that a Program participant has failed to 

meet its obligations or no longer meets the eligibility requirements of this Program.