55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-76

May 21, 2023

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: New MSCI Contract Bank Incentive Program

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

Dear Mr. Kirkpatrick:

Pursuant to Commission Regulation 40.6(a), ICE Futures U.S., Inc. (“IFUS” or 

“Exchange”) submits, by written certification, notice that the Exchange is launching a new MSCI 

Contract Investment Bank Incentive Program (“Program”). The new Program replaces the existing 

MSCI Contract Investment Bank Incentive Program (see ICE Futures U.S. Submission No. 22-254)

The terms and conditions for the new Program are set forth in Exhibit A; and the terms and 

conditions of the prior program, which is simultaneously being terminated, are set forth in Exhibit 

B. 

The Exchange certifies that the new Program complies with the requirements of the 

Commodity Exchange Act and the rules and regulations promulgated thereunder. In particular, the 

new Program, which will become effective on June 6, 2023, 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.
EXHIBIT A

ICE Futures MSCI Contract Investment Bank Trading Incentive Program

Program Purpose

The purpose of the Program is to incentivize investment banks to provide volume and increase 

liquidity in the Exchange’s MSCI futures complex. This enhanced liquidity will benefit all 

participants in the marketplace.

Product Scope

MSCI Index Futures 

Eligible Participants

This Program is open to five investment banks and firms which are affiliates of investment banks. 

Program Term

The Program term shall end on December 31, 2023.

Obligations

[REDACTED] 

Program Incentives

[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. 
EXHIBIT B

ICE Futures MSCI Contract Investment Bank Trading Incentive Program

Program Purpose

The purpose of the Program is to incentivize investment banks to provide volume and increase 

liquidity in the Exchange’s MSCI futures complex. This enhanced liquidity will benefit all 

participants in the marketplace.

Product Scope

MSCI Index Futures 

Eligible Participants

This Program is open to five investment banks and firms which are affiliates of investment banks. 

Program Term

The Program term shall end on December 31, 2023.

Obligations

[REDACTED]

Program Incentives

[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.