55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-61

May 16, 2023

Mr. Christopher J. Kirkpatrick

Secretary of the Commission

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, NW

Washington, DC 20581

Re: Extension of WTI vs Brent Arb Option 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, notice that 

the Exchange is extending the term of the WTI vs Brent Arb Options Incentive Program

(“Program”) through May 31, 2025. The Program, which was launched on February 22, 2018 

with the listing of WTI vs Brent Option Contracts, was scheduled to terminate on May 31, 2023

(see ICE Futures U.S. Submission No. 22-207). However, the Exchange believes that the 

program will continue to help tighten markets and build interest in the covered products and is, 

therefore, extending the Program for an additional two-year term, provided, however, that the 

Exchange in its sole discretion may cancel the Program prior to that time. 

The Exchange certifies that the Program 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 is not aware of any opposing views with regard to the Program extension, 

which will become effective on June 1, 2023, and further certifies that, concurrent with this 

filing, a copy of this submission was posted on the Exchange’s website at 

(https://www.theice.com/futures-us/regulation#rule-filings). 

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

Enc.
EXHIBIT A

[PARAGRAPHS REDACTED]

ICE Futures U.S. WTI vs Brent Arb Option Incentive Program

Program Purpose

The purpose of the Program is to attract and incentivize participants to trade ICE Futures U.S. WTI and 

Brent Arb Options including Calendar Spread Options in Brent and WTI contracts to increase liquidity in 

the products; this enhanced liquidity will benefit all participants in the marketplace. 

Product Scope

All ICE Futures U.S. WTI and Brent Arb Options including Calendar Spread Options in Brent and WTI 

contracts (“Products”).

Eligible Participants

[REDACTED]

Program Term

The term of the program shall end on May 31, 202[3]5. 

Obligations

Participants agree to provide the Exchange with information acceptable to the Exchange detailing 

Participants’ trading activity under the program, and the Exchange may require an additional third party 

verification report

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 no longer meets the 

eligibility requirements of this Program.