55 East 52nd Street

New York, NY 10055

BY ELECTRONIC TRANSMISSION

Submission No. 23-106

June 29, 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 Environmental Markets Capped 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 terms of the

new ICE Futures U.S. Environmental Markets Capped Program (“Program”), which are set forth in 

Exhibit A. The Exchange believes the new Program, which will become effective on July 17, 2023, 

will incentivize liquidity and volume in Environmental futures and options contracts. 

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

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 US Environmental Markets Capped Incentive Program 

Program Purpose

The purpose of the Program is to incentivize participants to increase liquidity in the products listed 

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

Product Scope

All North American Physical Environmental Markets Products listed on ICE Futures U.S. 

Eligible Participants

IFUS may designate ten (10) participants in the Program, who may be Exchange members or nonmembers. In order to be considered for selection into the Program, potential participants must have 

maintained a sufficient volume in program or other Exchange Environmental 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 initial term of the program will end on December 31, 2024.

Obligations

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 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.