55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-165

December 13, 2023

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 USDX® Market Maker 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 terms of the

new ICE Futures U.S. USDX Market Maker Program (“Program”), which are set forth in Exhibit 

A. The Program was launched in June 2023 and was scheduled to terminate on December 31, 

2023. The Exchange believes that the recently launched Program has helped tighten markets in the 

covered products and that termination of the program may reduce liquidity. As such, the Exchange 

is extending the Program for two additional years; provided, however, that the Exchange in its sole 

discretion may cancel the Program prior to December 31, 2025. The extension will become 

effective on January 1, 2024. All other Program terms remain unchanged. 

The Exchange certifies that the amended 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 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

Enc.
EXHIBIT A

ICE Futures U.S. USDX Contracts Market Maker Program

Program Purpose

The purpose of the Program is to incentivize participants to increase central limit order book 

liquidity in the products listed below; this enhanced liquidity will benefit all participants in the 

marketplace.

Product Scope

U.S. Dollar Index futures and options contracts.

Eligible Participants

IFUS may designate an unlimited number of participants in the Program, who may be Exchange 

members or non-members. In order to be considered for selection into the Program, potential 

participants must have maintained a sufficient monthly average volume in program or other 

Exchange contracts over the past three 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 start date for the Program shall be the Effective Date; the end date shall be December 31, 

202[3]5.

Obligations

Participants must agree to make two-sided markets in the U.S. Dollar Index futures contract. 

Participants are required 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

[PARAGRAPH REDATCED]

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.