55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 24-3

January 4, 2024

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: Amendments to the Micro NYSE FANG+TM Index Exchange Member Firm Fee 

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 Micro NYSE FANG+ Index Exchange Member Firm Fee 

Program (“Program”) through December 31, 2024, as set forth in Exhibit A. The MICRO NYSE 

FANG+ contract was first listed by the Exchange in November 2017 and the market is still 

growing. The Exchange believes that the Program has helped attract volume and promote liquidity 

in the product. As such, the Exchange and has decided to extend the Program for an additional 

year. All other terms remain unchanged. 

 

The terms of the Program are set forth in Exhibit A. The Program offers market 

participants that are member firms of ICE Futures US or another qualifying exchange the ability 

to earn discounted Exchange and Clearing fees for proprietary trading of NYSE FANG+ Index 

contracts. Program participants must meet certain pre-set monthly volume levels in order to earn 

discounted rates. 

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 is not aware of any opposing views with regard to the amendments, which 

will become effective on January 19, 2024 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/futuresus/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

General Counsel

Enc.

cc: Division of Market Oversight

New York Regional Office
EXHIBIT A

ICE Futures U.S.®, Inc. MICRO NYSE FANG+TM Index Contract Exchange Member Firm Fee Program

The program offers entities that are corporate members of a number of qualifying derivatives exchanges 

that execute proprietary trades in MICRO NYSE FANG+ Index futures and options contracts (“the 

program contracts”) during a calendar month a fee reduction which is rebated to the participant’s 

clearing member and passed on to the participant. The fee reduction is more fully described below.

Participant Name __________________________________________________________

Type of Membership (check one)

CME CBOT CBOE

__ Corporate Member __ Corporate Member __ Corporate Member

NYMEX ISE IFUS

__ Corporate Member __ Corporate Member __ Corporate Member

 NYSE Euronext ICE Futures Europe CFE

__ Corporate Member __ Corporate Member __ Corporate Member

NFA Registration ID (if applicable):_________________________________

Please identify the proprietary account/s you will be using for trading ICE Futures U.S. MICRO NYSE 

FANG+ Index contracts; only trades in identified accounts are eligible for program rates.

ICE Futures U.S. Clearing Member Proprietary Trading Account Number

Clearing Member Contact: _________________________

Phone:_________________________ Email: _________________________________________

For each calendar month that a participating firm meets the volume thresholds shown below in 

proprietary trades in the program contracts, the participant shall qualify for the reduced Exchange and 

Clearing Fee shown below:

Discounted Exchange and Clearing Fees Minimum Monthly

Proprietary Account Volume

$ .025/side for all MICRO FANG+ contracts 50,000 sides

$ .050/side for all MICRO FANG+ contracts 10,000 sides 

$ .075/side for all MICRO FANG+ contracts 5,000 sides 
Only transactions in the program contracts executed by the participating firm in its proprietary 

account(s) are eligible for reduced fees in this program; for the avoidance of doubt EFRP and block trade 

transactions in the program contracts are eligible for reduced fees. If necessary, the participant will 

achieve the stated fee discount via a rebate that will be paid to the participant’s Clearing Member on a 

monthly basis. Such rebate will be paid after the Clearing Member has provided to the Exchange an 

accounting of the participant’s proprietary trading account volume in the program contracts and 

demonstrated that a higher fee has been charged. All rebate requests must be provided to Exchange 

audit personnel by the 7th business day of the subsequent month.

The Member Firm Fee Program shall commence on the first trading day of the program contracts and 

shall continue through trade date December 31, 202[3]4, or until further notice but in no case for a 

period to exceed three years. ICE Futures U.S. reserves the right to remove any participant from the 

Program at its discretion, and to terminate or amend the program terms at any time.

As a qualified representative of the member firm applying to participate in the Program, I hereby certify 

that the information provided above is true and correct. I hereby acknowledge and understand that ICE 

Futures U.S., including but not limited to the Market Regulation Department, will be reviewing trading in 

the proprietary account(s) listed above to determine whether the firm continues to meet the 

requirements of the Member Firm Fee Program and whether the firm should continue or be renewed as 

a participant in the Member Firm Fee Program. I authorize ICE Futures U.S. to contact the clearing 

member of the participating firm from time to time to confirm its continued eligibility for the program 

and authorize its clearing member to release all trading information related to the proprietary 

account(s) listed above to ICE Futures U.S.

Signature: _____________________________________ Date: __________

Printed Name: __________________________________

Title: __________________________________________

Telephone Number: ______________________________

E-Mail: ____________________________________

Please call Ted Doukas (312.836.6712) or Laura Brandeis (212 323-8874) with questions about the 

program. The application should be returned to ted.doukas@theice.com.